Begbies Traynor Group plc, the Manchester-based business recovery and financial advisory firm, said half-year profit rose as UK companies continue to face a high level of insolvency issues. 

The company said revenue in the half year ended 31 October 2024 increased by 16% to £76.3 million, while adjusted profit before tax rose by 16% to £11.5 million. 

Ric Traynor, Executive Chairman of Begbies Traynor Group, said: “Market conditions remain supportive for the group’s service lines which is reflected in our current activity levels and positive momentum across the business.”

“UK insolvencies remain at elevated levels. We anticipate continuing growth in business recovery, our largest service line, as businesses face continuing demand pressures and cost challenges, including the recent rise in costs following the budget and the prospect of higher-for-longer interest rates.”

Looking forward, the company said it is on track to meet current market expectations for the full year of adjusted profit before tax of £23 million to £24.3 million.