StockMarketWire.com - Begbies Traynor Group first-half profits nearly halved as acquisitions costs offset revenue growth.

For the six months ended 31 October 2018, the company's pre-tax profit fell to £0.6m from £1.0m a year earlier.

The company blamed the fall in profits on costs relating to prior year acquisitions of £1.2m and transaction costs of £1.4m. Adjusted pre-tax profit was up from £2.9m to £3.2m.

The interim dividend was increased by 14% to 6.9p a share.

The company said it expected results to be weighted toward the second half of the year, when activity levels tend to pick up. 'We remain confident of delivering increased revenue and earnings in line with current market expectations for the full year. We anticipate a second half weighting to our results, reflecting the completion of current contingent fee engagements together with higher activity levels, said Ric Traynor, Executive Chairman of Begbies Traynor Group.

At 9:58am: [LON:BEG] Begbies Traynor Group PLC share price was -1.5p at 67.3p



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