Business recovery specialist Begbies Traynor warned that revenues have fallen year-on-year since May 1 as company failures have eased back amid the economic recovery.
Chairman Ric Traynor said fee rates were also coming under pressure and cautioned insolvency market conditions showed no signs of improving but expectations for the remainder of the financial year remain unchanged.
Shares in the company - which has Scottish operations in Edinburgh, Glasgow, Dundee and Aberdeen - fell 3p, or 8%, to 36p.
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