Manchester-based Begbies Traynor Group plc said it expects revenue to increase 12% to £58.5 million for the six months ended October 31, 2022.

In a trading update, the business recovery, financial advisory and property services firm said it is performing well with double digit growth and it expects adjusted profit before tax to increase 13% to £9 million for the six months.

It said it is confident of delivering market expectations for the full year.

The current range of analyst forecasts for adjusted profit before tax is £19.7 million-£20.6 million,  as compiled by the firm.

Begbies Traynor Group executive chairman Ric Traynor said: “We have performed well in the first half with double digit growth and strong performances in both divisions.

“As corporate financial distress levels rise in a deteriorating economic environment, we anticipate continued momentum in activity levels in insolvency and restructuring and we are better placed than ever to take advantage of this with our expanded presence and enhanced service offering.

“We remain confident of delivering market expectations for the full year thereby extending our strong financial track record of growth.”