Begbies Traynor revenue up 31% to £110m

Manchester-based corporate rescue firm Begbies Traynor Group plc said its revenue in the year to April 30, 2022, increased 31% to £110 million, 7% of which was organic.

Adjusted profit before tax rose 55% to £17.8 million.

The firm said the performance was “comfortably ahead of original market expectations due to acquisitions and improved trading.”

Statutory profit before tax rose to £4 million from £1.9 million.

Begbies Traynor is recommending a 17% increase in the total dividend for the year to 3.5p, the fifth consecutive year of dividend growth.

On its current trading and outlook, the company said it has started the new financial year in a strong position and is “confident of delivering plans for further growth towards the top end of current market expectations.”

The current range of company-compiled analysts’ forecasts for year ended April 30, 2023, are for revenue of £110 million to £118 million and adjusted profit before tax of £18.5 million to £19.7 million.

Begbies Traynor Group CEO Ric Traynor said: “We have reported a further successful year for the group, with financial performance comfortably ahead of original market expectations due to acquisitions and improved trading.

“The results reflect the material increase in our scale and service offerings and a continuation of the strong financial track record we have built over recent years, resulting from our organic and acquisitive growth strategy.

We have started our new financial year in a strong position and are confident of delivering our plans for further growth.

“At this early stage of the year, we anticipate results towards the top end of current market expectations.

“The development of the group in recent years, and the extensive areas of expertise that we have built up across our national office network, leaves us well positioned to respond to the challenging economic backdrop.

Our healthy balance sheet and cash generation underpin our capacity to make further acquisitions and deliver organic growth initiatives, thereby continuing our track record of growth.

“We will provide an update on trading at the annual general meeting in September 2022.”

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