Begbies Traynor Group plc, the Manchester-based business recovery and financial advisory firm, said it expected full-year revenue to grow 12% to about £136 million in an update on trading for its financial year ended 30 April.

The company, which will report results on July 9, said profit margins improved in business recovery and property services, offset by subdued merger and acquisition transactions.

It said it expected adjusted EBITDA to increase by 9% to about £29 million. 

“We have delivered another strong performance, with EBITDA ahead of market expectations and net debt lower than anticipated,” said Ric Traynor, Executive Chairman.

“This was driven by increased activity levels in business recovery, which maintained its market-leading position by volume, and very strong growth across our property advisory and transactional services teams.”

He added: “We expect business recovery activity levels to remain strong, combined with a recovery in M&A activities and the continued growth across our property services business.”