Begbies Traynor results show ninth successive year of profits growth

Business turnaround specialist Begbies Traynor Group has delivered a set of results which show it has grown profits for the ninth year in a row.

Revenue for 2024 is expected to be at £136m which is a 12 per cent increased on last year's total of £121.8m with the company's net debt sitting at £1.4m.

Adjusted EBITDA expected to increase by 9 per cent to £29m (2023: £26.6m), ahead of market expectations**

The group will report its final results for the year ended 30 April 2024 on July 9.

The strong performance was attributed to growth in key divisions with recent acquisitions also playing their part.

The firms business recovery teams saw revenue growth of 13 per cent with property
advisory and transactional services seeing revenue growth of 25 per cent.

Four acquisitions completed in the financial year including chartered surveyors practice Banks Long & Co, Cardiff-based insolvency team from Jones Giles & Clay, property valuation practice Andrew Forbes and SDL auctions.

Ric Traynor, Executive Chairman of Begbies Traynor Group, said: "We have delivered another strong performance, with EBITDA ahead of market expectations and net debt lower than anticipated. This was driven by increased activity levels in business recovery, which maintained its market-leading position by volume, and very strong growth across our property advisory and transactional services teams.

"The group's cash generation, combined with the significant headroom within our new debt facility, provides us with the flexibility to execute our strategy to continue to grow our scale and range of services both organically and through acquisition.

"We expect business recovery activity levels to remain strong, combined with a recovery in M&A activities and the continued growth across our property services business. We are therefore confident of continuing to build upon our long track record of growth in the current year and beyond."