Begbies profit falls, credit crunch boosts outlook

LONDON, July 9 (Reuters) - British insolvency specialist Begbies Traynor (BEG.L: Quote, Profile, Research) reported a 25 percent fall in annual pretax profit, in line with expectations, and said the credit crisis would help boost profit over the next year.

The business rescue and asset recovery company, reported adjusted pretax profit of 7 million pounds ($13.81 million) compared with 9.2 million pounds last year.

Revenue from continuing operations was 6.2 million pounds higher at 48.1 million pounds.

Begbies, which typically does well when small and medium-sized businesses are doing badly, said it was confident about its prospects for the coming financial year because it expects the number of businesses in trouble, and those going into insolvency, to rise in the coming months. (Reporting by Rhys Jones; Editing by Erica Billingham)