Strong start to the year as Begbies Traynor sees revenues surpass £100m
Acquisitions and improved trading have helped push revenues at Begbies Traynor to more than £100m.
The business recovery and financial advisory services group said its financial performance for the year to 30 April 2022 was ‘comfortably ahead of original market expectations’ as revenues grew from last year’s £83.8m to £110m.
Pre-tax profits for the period also jumped from £1.9m to £4m and the group has ended the year with a net cash balance of £4.7m. This is after £8.2m of acquisition and deferred consideration payments and paying dividends of £4.6m.
The group said business recovery activities achieved ‘significant growth’ following on from the acquisitions of CVR Global and David Rubin & Partners late in the previous financial year.
In addition, it said organic activity increased over the course of the financial year as the Government’s pandemic support measures were gradually removed.
UK insolvency numbers ‘have now returned to pre-pandemic levels’ and the group has increased its market share (by volume).
It also added that it has started the new financial year ‘in a strong position and confident of delivering plans for further growth towards the top end of current market expectations.’
Ric Traynor, Executive Chairman of Begbies Traynor Group, said: “We have started our new financial year in a strong position and are confident of delivering our plans for further growth. At this early stage of the year, we anticipate results towards the top end of current market expectations.
“The development of the group in recent years, and the extensive areas of expertise that we have built up across our national office network, leaves us well positioned to respond to the challenging economic backdrop.
“Our healthy balance sheet and cash generation underpin our capacity to make further acquisitions and deliver organic growth initiatives, thereby continuing our track record of growth. We will provide an update on trading at the annual general meeting in September 2022.”
Begbies Traynor has proposed a total dividend 3.5p per share.
