Acquisitions boost Begbies Traynor’s financials

Begbies Traynor, the North West business recovery, financial advisory and property services consultancy, has hailed another year of growth.

In a trading update for the year to 30 April 2021, the group revealed results were expected to be ahead of market expectations following a strong performance in Q4.

Revenues for the year is expected to be around £83.7m, up from £70.5m in 2020 and adjusted pre-tax profits are expected to be £11.5m, up from £9.2m in the prior year.

The financial performance has also been boosted by four acquisitions completed in 2021 – three in the financial year and one at the start of the new year “significantly increasing the scale of the group and its capabilities.”

Several high-profile appointments  were also secured in the period; Football Index, Brooks Brothers and Ralph & Russo.

Begbies said the insolvency market continued to be suppressed due to government financial support measures and temporary legislation changes.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “This strong financial performance is despite the impact of a suppressed insolvency market and the lockdown at the start of the financial year.

“Our transactional businesses have bounced back strongly, our organic investments have made good progress and we continue to believe that the number of insolvencies will increase as the government support measures are removed.

“The four acquisitions we have completed since the beginning of 2021 have significantly increased the scale of the group and its capabilities, enhancing the support and advice we provide to UK businesses, and leaving us well-placed to service the expected increase in the number of insolvencies.

“With the benefit of these recent acquisitions and our organic growth opportunities, the group is well positioned to deliver the anticipated material growth in earnings in the new financial year.”