Financial firm enjoys strongest year in its history

Ric Traynor, Begbies Traynor

Insolvency specialist Begbies Traynor enjoyed one of the strongest years in its history – according to a trading update.

The Manchester based business recovery, financial advisory and property services consultancy is holding its AGM today.

Ric Traynor, executive chairman and founder, said: “The last financial year was one of strong financial performance, in which we grew the business organically, completed four acquisitions and increased the dividend whilst reducing net debt.

“The benefit of our strategy to increase the scale and quality of the group’s businesses, through both investment in organic growth and targeted acquisitions, is reflected in our financial performance.

“We now have an enhanced breadth of service lines with multiple sources of growth potential. Whilst we retain a counter-cyclical focus, which accounts for 65% of our income, our broad range of services also positions the group well to grow across the economic cycle.

“We have further added to our potential for growth by raising £8.3m in July 2019 to fund further acquisition opportunities.”

He added “All areas of the group have continued to perform well in the first quarter of the new financial year.  The market for our counter-cyclical activities (in insolvency, advisory and property services) has been favourable with a 9%* increase in national corporate insolvency appointments in the first six months of the calendar year.

“Revenue and profit growth in the first quarter is in line with our expectations and reflects both the continuing organic development of the group and the contribution from recent acquisitions.  We remain confident of delivering current market expectations this year.”

The firm issued a statement this week following press speculation about property dealings.

Th company  said it no longer occupies properties that its Executive Chair Ric Traynor has an interest in.

The firm was responding to media speculation about commercial properties in Manchester and Preston used by the company that Ric Traynor owns or formerly owned.

Begbies vacated the properties during the 2019 financial year and now has a lease of a new office with a third-party landlord.

 

 

Click here to sign up to receive our new South West business news...
Close