WE were left speechless today when a news item arrived in our Inbox. We thought we should share it….

Bad news ahead could be good news for Begbies

Begbies Traynor, the Manchester-based insolvency and recovery specialist, has released its interim results for the six months to 31 October 2009. Profit before tax rose by 69 per cent from £2.1m to £3.6m as revenue climbed from £28.3m to £34.2m. Executive chairman Ric Traynor warned that temporary economic support measures taken by the government would slow insolvencies, meaning full-year results are expected to be “slightly below current consensus market expectations”. But he added: “We expect to make considerable further progress as a result of anticipated rises in the level of insolvencies in the second half of the calendar year, consistent with patterns experienced over the last three recessions.”

After recovering our voices, we could only marvel at the middle sentence which is a classic of its kind and worth re-iterating….”temporary economic support measures would slow insolvencies….full year results…slightly below…expectations.”

In other words, “sorry chaps, but we haven’t made nearly as much money as we hoped in this recession, cos the Govt have stepped in to stop companies shutting down and throwing people on the dole.”

But all is not lost, according to Mr Traynor, (pictured)  who looks forward to a rise in the number of insolvencies later this year. “We expect to make considerable further progress,” he opines, loftily.

We find the use of the word “progress” particularly enchanting.

So, that’s alright then. We can expect more companies closing, more jobs going, more families paying the price for a recession caused in City boardrooms not dissimilar to those of Begbies Traynor.

This is the world that we live in….