Shares of Manchester-based corporate rescue firm Begbies Traynor Group plc rose about 9% on Thursday after the firm published an update on trading for its financial year ended April 30, 2022.

Begbies Traynor said its results are expected to be “comfortably ahead of market expectations and significantly ahead of prior year.”

It said revenue is expected to increase by 30% to £109.5 million and adjusted profit before tax is expected to increase by 55% to £17.8 million.

The firm said the update “reflects material increase in scale and scope of the group since 2021 following acquisitions.”

Begbies Traynor said insolvency numbers in England and Wales returned to pre-pandemic levels as government support measures were removed, with corporate insolvencies up 50% to 16,648.

Begbies Traynor CEO Ric Traynor said: “We performed strongly in the financial year with results comfortably ahead of market expectations and significantly ahead of the prior year.

“This reflected the material increase in scale and scope of the group since 2021 following our acquisitions and investment in both divisions.

“Our strong financial position has further improved and we retain substantial resources to make further acquisitions to build our scale and range of complementary services.

“We have started the new financial year confident in our outlook and anticipating a year of further progress.”