Begbies revenue up 13% amid increase in insolvencies

Begbies Traynor Group plc, the Manchester-based business recovery, financial advisory and property services consultancy, said its revenue in the half year ended October 31, 2023, increased by 13% to £65.9 million and adjusted profit before tax rose 10% to £9.9 million.

The firm reported an increase in interim dividend to 1.3p from 1.2p.

On its current trading and outlook, Begbies Traynor said it anticipates a “continued increase in insolvency activity” and it is confident of delivering full year results in line with current market expectations.

Begbies Traynor Group executive chairman Ric Traynor said: I am pleased to report a strong financial performance in the first six months of the financial year.

“We have continued to execute our strategy to grow the business, reporting double digit revenue and profit growth.

“The group’s financial performance in the first six months leaves the board confident of delivering current market expectations for the full year, which will extend our strong financial track record of growth.

“Our insolvency team has maintained its market-leading position (by volume) in a growing marketplace nationally, with an increase in insolvency numbers reflecting the current interest rate and inflation environment; whilst our advisory and transactional services teams had a successful six months, reflecting the breadth of advice we provide to our clients, which continue to provide a solid platform for growth.

“Our broad range of services, diversified client base, organic growth initiatives and pipeline of acquisition opportunities, combined with increasing counter-cyclical activity, leaves us confident of continuing to build upon our strong track record in the current year and beyond.”