Double digit growth for insolvency specialist Begbies

Insolvency specialists Begbies Traynor enjoyed a surge in revenues in the six months to the end of September 2024 and are on course to hit a target of £200m in income.

Analysts expect the Manchester-based professional services group to post full year “adjusted” pre-tax profits of £23.0m-£24.3m, which this morning’s statement said the company was “confident of delivering”.

The business made pre-tax profits of £4.7m on turnover of £76.3m in the half year, with adjusted profits of £11.5m.

The business has grown by acquisition and market share, but also by an increased insolvency activity levels in higher value cases.

Ric Traynor, Executive Chairman of Begbies Traynor Group: “I am pleased to report a strong first half performance in which we have continued to execute our strategy to grow the business, reporting high double-digit growth in revenue and profit.

“This builds on a decade of profitable growth, which has been driven by investing in organic development and earnings enhancing M&A. Since 2014 we have tripled the size of the business with a six-fold increase in adjusted profit before tax. Building on this track record, we are making good progress towards our medium-term revenue target of £200m.

“Market conditions remain supportive for the group’s service lines which is reflected in our current activity levels and positive momentum across the business. This, together with our financial performance in the first six months, leaves the board confident of delivering current market expectations for the full year, which will extend our longstanding track record of strong, profitable growth.”