Begbies Traynor Group plc, the Manchester-based business recovery, financial advisory and property services consultancy, has reported a rise in annual revenue, profit and dividend, all helped by “increased insolvency appointments and enhanced reputation for mid-market insolvencies.”
Group revenue in the year to April 30 increased 11% to £121.8 million and adjusted profit before tax increased 16% to £20.7 million.
Statutory profit before tax rose to £6 million from £4 million.
Begbies Traynor has recommended a 9% increase in total dividend to 3.8p, the sixth consecutive year of dividend growth.
On current trading and outlook, Begbies Trainer said: “Strong order book of insolvency revenue (up 19% in the year), driven by continued increase in insolvency market volumes …
“Well placed to further increase exposure to larger, more complex insolvency appointments with our 11% share of the administration market ranking us second largest nationally by volume (increase from fourth over the last five years) …”
Begbies Traynor CEO Ric Traynor said: “We have reported another successful year of continued growth, with reported results ahead of original market expectations and increased our dividend by 9%.
“We have a proven growth strategy which, over the five year period between 2019 and 2023, has doubled revenue and tripled adjusted profit before tax, from a combination of organic growth and acquisitions.
“This growth has been delivered across insolvency and our full range of advisory and transactional services.
“We have started our new financial year confident in our outlook. The increased scale of the group with complementary professional services and an enhanced client base provides a strong platform for us to continue delivering growth.
“With 80% of income generated from counter-cyclical and defensive activities, we are well-positioned in the current challenging economic environment.
“Our strong balance sheet and cash generation underpin our capacity to deliver organic growth initiatives and progress our pipeline of acquisitions, thereby continuing our track record of growth.”