Begbies Traynor reports strong first half growth

Business recovery specialist Begbies Traynor has reported double digit growth in revenues and profits for the six months to October 21, 2023.

A growth in revenue of 13 per cent(8 per cent organic of that organic, and 5 per cent acquired) resulted in an adjusted profit before tax of 10 per cent, when taking into account increased finance costs.

This leaves the company with  net cash of £1.1m, after £4.0m of acquisition-related payments, and well placed to continue investing in successful organic and acquisitive growth strategy.

Extending six consecutive years of dividend growth, the company will issue an interim dividend of 1.3p, up from 1.2p last year.

Ric Traynor, executive chairman of Begbies Traynor Group, 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."