Begbies first-half revenue up 39% to £52m

Manchester-based corporate rescue firm Begbies Traynor Group plc said on Tuesday its revenue increased 39% to £52.3 million in the half year ended October 31, 2021, and adjusted profit before tax soared 60% to £8 million.

The firm declared a 10% increase in interim dividend to 1.1p.

In its outlook, Begbies Traynor said: “The group’s strong financial performance in the first six months leaves the board confident of delivering market expectations for the full year, which will represent a year of significant growth.”

The current range of analyst forecasts for adjusted profit before tax is £17 million-£18.5 million, as compiled by Begbies Traynor.

The company added: “… national insolvency numbers have increased over the period, as the Government’s pandemic support measures have been removed.

“As previously guided, we expect our results will have a second half weighting, as we anticipate insolvency activity will continue to increase over the remainder of our financial year (to 30 April 2022).

Following our recent acquisitions and organic development of the group, our broad range of complementary services provide a strong platform for growth.

“We continue to progress a pipeline of acquisition opportunities, which together with organic growth initiatives across the group, will enable us to build upon our track record and we remain confident in our outlook for the current year and beyond.”