Manchester-based corporate rescue firm Begbies Traynor Group plc said on Tuesday its revenue in the year to April 30 increased 19% to £83.8 million, 6% of which was organic, and adjusted profit before tax rose 25% to £11.5 million.

Statutory profit before tax was fell to £1.9 million from £2.9 million.

The firm has recommended a 7% increase in its total dividend for the year to 3.0p, the fourth consecutive year of dividend growth.

In its outlook, Begbies Traynor said: “There remains uncertainty around the timing of Government support measures ending, with some being scheduled to be removed over the course of 2021 and others extended into early 2022.

“Notwithstanding this, we continue to expect an increase in UK insolvency appointments from the second half of our new financial year as the measures are progressively removed, which we are well-placed to service with our increased scale and capabilities.

“Having seen the recovery in our property advisory and transactional service lines to normal trading levels in recent months, we remain confident that the division is well-placed to deliver growth in both revenue and profits in the new year.”

Begbies Traynor executive chairman Ric Traynor said: “I am pleased to report on a year of real progress for the group, with results ahead of our original expectations due to improved trading and acquisitions.

“We have delivered a strong financial performance with another year of growth in revenue and adjusted profits, despite the impact of the Covid-19 pandemic, whilst making substantial investments which have significantly increased the scale of the group and its capabilities.

“Over the last four financial years, we have delivered compound annual growth in adjusted earnings per share of 20%, including 10% organic growth.

“Over the same period we have moved from net debt of £10.3m to net cash of £3.0m at the year end, whilst making value-enhancing acquisitions and delivering 8% compound growth per annum in dividend per share.

“Overall, the group is in a very strong position as we start our new financial year.

“The four acquisitions we have completed since the beginning of 2021 have significantly increased the scale of the group and its capabilities, enhancing the support and advice we provide to UK businesses.

“With the benefit of our recent acquisitions, our organic growth and future acquisition opportunities, we are well positioned to deliver the anticipated material growth in earnings in the new financial year.”