Gloom lifts Begbies Traynor shares and profits

Insolvency specialist Begbies Traynor Group rose almost 3% to 61p after posting buoyant annual results, boosted by its growing number of distressed clients. The firm, which provides administration and restructuring services, said full-year pre-tax profit from continuing operations, surged by 20% to £8.7m. "Activity levels for the first two months of the new financial year are slightly ahead of last year and in line with our expectations," executive chairman Ric Traynor said in a statement . The economic recession and a drought of traditional bank lending have pushed hundreds of businesses into insolvency as they struggled to meet interest payments.