25 May 2012

Begbies launches new service

23/11/2011 Ben Jaglom

Insolvency specialist Begbies Traynor (BEG) has launched an online portal selling distressed properties.

The AIM-quoted concern remarked that it contains properties that include 'commercial, retail and industrial' spanning a 'wide range of sectors as well as residential property' adding that it was aimed at professional property investors.

Chairman Ric Traynor enthused the portal 'Brings together the considerable assets under our control' and provides a platform 'for other sellers to advertise their distressed properties'. He opined that while the UK property market is 'slow' Begbies has already seen 'significant levels of interest in the properties we have listed'.

Analysts at Shore Capital are forecasting pre-tax profits of £8.3 million (EPS: 6.1p) for the year to April 2012. In 2013 profits of £9.2 million (EPS: 6.7p) are penciled in. A dividend of 2.5p and 2.7p are expected for 2012 and 2013, respectively.

Shares in Begbies have lost over 85 per cent of their value since a 2009 price of 200p, currently trading at 29p since slipping from a January price of 72p. A company that has been under considerable pressure over the last year, a temptingly high yield of 8.6 per cent boosts its appeal, but we think for now its worth holding off amidst tough trading conditions.

Tags: AIM-Quoted, Insolvency business, New websites, Property Market

Sector: Support Services

Companies: Begbies Traynor

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