Begbies Traynor shares defy market slump to rise five per cent following good results
Begbies Traynor defied London’s market slump today, with shares rising five per cent following encouraging results.
In a Q3 update the professional services firm said it was “confident” of the outcome of its full year results, although it gave no actual figures.
The business has enjoyed something of an acquisition spree this year. Earlier this month it bought a London-based chartered surveyors in a £1m deal, and before that it bought CVR Global in a deal worth nearly £21m, marking its biggest acquisition to date.
In today’s update the firm said the integration of CVP was “proceeding well” and that initial trading was in line with its expectations.
Begbies said its property advisory and transactional services businesses had delivered “robust” performances in the quarter, and had suffered no adverse impacts from the coronavirus lockdown.
Executive chairman Ric Traynor said: “The group continues to perform well which gives us confidence in delivering results at least in line with expectations for the current year.
“With the benefit of recent acquisitions and other organic growth initiatives the group is also well positioned to deliver the anticipated material growth in earnings in the 2021-22 financial year.”