Begbies Traynor reports 13 per cent revenue growth
Professional services firm Begbies Traynor has reported a 13 per cent increase in its revenues for the six months ended 31 October 2022.
In what it describes as a “strong first half performance” the group achieved revenues od £58.5 million, up from £52.3 million for the same period last year. Begbies Traynor also reported an increase of profit before tax of 13 per cent, bringing it to £9 million from £8 million.
This has, in turn, seen an increase in its interim dividend to 1.2p (2021: 1.1p), building on the 10 per cent compound annual growth in the dividend since 2017.
With a strong balance sheet and room to manoeuvre within its committed bank facilities, the company says it is “confident of delivering full year results in line with current market expectations”.
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Ric Traynor, Executive Chairman of Begbies Traynor Group, said: "The group's strong performance builds on our consistent track record of growth, with double digit increases in revenues and profits from both divisions which we have continued to grow organically and through acquisitions.
"We expect continued growth from business recovery and financial advisory, given its increased order book, higher level of enquiries and increasing economic headwinds. We are also confident in the prospects for property advisory and transactional services, reflecting its resilient income streams, continuing flow of new instructions and potential to continue developing its mix of services.
"Overall, we remain confident of delivering upon expectations for the full year. Our broad range of services, diversified client base, organic growth initiatives and pipeline of acquisition opportunities, combined with increasing counter-cyclical activity, will enable us to continue to build upon our strong track record in the current year and beyond."
Shares in Begbies Traynor dropped by nearly 6 per cent on Tuesday (13 December).
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Featured image: iStock
