Corporate rescue firm Begbies Traynor today emerged as one of the few winners from the credit crunch, and it expects to win many more contracts as times get harder.

Chairman Ric Traynor said the year to the end of April was " extraordinary" - starting slowly, but building into a boom time.

"Following one of the quietest periods for corporate insolvency in nearly 20 years, reflecting the ready availability of easy credit, the advent of the credit crunch resulted in a significant change in activity levels," he added.

With offices all over the UK, Begbies it is in a good position to monitor the state of corporate Britain. The company-had to issue a profit warning in December, so sluggish had the insolvency business been, but has since seen revenues soar.

"We start the new financial year with an enhanced insolvency platform, a replenished insolvency caseload and market indicators which continue to predict stronger demand," said Traynor.

Revenues for the year were £48 million, up from £42 million last time. Profits fell £2 million to £8 million, a reflection of the slow start to the year.

Begbies was hired to advise on the collapse of several high-profile businesses lately, notably Silverjet, the airline that stopped flying at the end of May.

Brewin Dolphin said in a recent note to clients: "Surely there has rarely been a better time for an insolvency business. The increasingly worsening economic news should create significant opportunities for Begbies."

Upgrades from other City analysts could follow the upbeat statement today, though some advise caution, noting that the fees for helping companies in the worst trouble can be hard to collect.

Begbies shares today fell 11p to 160p. The total dividend is held at 2.5p.