Begbies Traynor warns of lower earnings due to insolvency fall

 
Michael Bow
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RESTRUCTURING specialist Begbies Traynor yesterday said revenues were currently lower than last year due to “suppressed” conditions in the insolvency market.

The company, which helps businesses restructure when they fall into insolvency, said a 13 per cent decline in insolvency appointments across the country had been bad news for its own business.

The gloomy prediction sent shares in the company down eight per cent yesterday, wiping £2.6m off the value of the company.

“The board continues to plan for the persistence of current suppressed market conditions,” executive chairman Ric Traynor told investors at the company’s annual general meeting yesterday.