Begbies Traynor leaps as results 'comfortably' beat expectations

Begbies Traynor Group's shares shot up on Tuesday as the company reported that it expected its full-year profits and revenue to be "comfortably ahead of market expectations".

The business recovery, financial advisory and property services consultancy's assertion came after it performed "strongly" in the final quarter of the year ended 30 April, with its positive showing driven by a number of successful fee realisations combined with a continuing strong performance from both operating divisions.

Cash collection in the period was also "significantly ahead" of expectations, resulting in a year end net debt position of £6m, while the integration of recent acquisitions is proceeding well as their trading has fallen in line with expectations.

Ric Traynor, executive chairman of Begbies Traynor, said: "We have had a successful end to our financial year with our results anticipated to be comfortably ahead of market expectations. We enter the new financial year with a strong order book and favourable market conditions, and are well placed to continue our track record of earnings growth."

Begbies Traynor's shares were up 15.00% at 69.00p at 0921 BST.