A 10% cent fall in UK corporate insolvency cases in the first three quarters of the year saw half yearly revenues down by 15% at recovery specialists Begbies Traynor.

The firm's results for the six months ended 31 October 2013 show revenues totalling £22.3m compared with £26.1m the year before. Profit before tax remained steady, however, at £2m.

Ric Traynor, executive chairman of Begbies Traynor Group, noted the 'difficult market conditions', saying: 'This half year period has seen a continuation of the trends seen in the recent past, as we had expected. The continuing benign financing environment in the UK has led to further reductions in corporate insolvencies, with a consequent reduction in the group's revenue.'

The firm recently completed the acquisition of Manchester-based insolvency boutique Cooper Williamson which has a strong internet presence, opening the way for more insolvency work with smaller companies.

It is continuing to develop advisory services through BTG Financial Consulting, which the firm said had completed several 'complex assignments', largely working on projects involving significant debt levels.

Traynor said: 'We anticipate some improvement in trading levels in the second half of the financial year, over the traditionally busier winter months, and will benefit from the contribution from the recently completed acquisition.'

The company has also implemented a cost reduction programme which has delivered savings of £2.9m, more than the £2m originally anticipated.

Traynor said: 'With the benefit of our reduced cost base, a stable financial position and committed medium and long-term bank facilities, the group remains in a strong position to take advantage of opportunities to develop and enhance the business, both organically and through selective acquisitions.'