Surge in insolvencies is good news for Begbies Traynor Group
A surge in insolvencies has been good news for Begbies Traynor Group, which has told investors revenue will be around 11 per cent higher – around £122 million – for the financial year ending April 30.
Profits will also be up 16 per cent at around £20.7 million.
In a statement issued to the London Stock Exchange, the group said it has seen a "good momentum" in new insolvency appointments as well as a "significant" increase in higher value cases.
Read more: Begbies Traynor Group performing 'beyond market expectations'
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, said: "We performed strongly in the financial year, with results ahead of market expectations, aided by our increased scale and enhanced reputation in mid-market insolvency.
"We have further developed our range of services, extending both our financial advisory business and property advisory services through earnings accretive acquisitions principally funded by strong cash generation.
Read more: Begbies Traynor reports 13 per cent revenue growth
"Our strong financial position leaves us well placed to continue to invest in the business, both organically and through acquisitions, to continue building our scale and range of complementary services.
"We have started the new year confident in our outlook for a further year of growth. Our insolvency team will benefit from their recent insolvency appointments, together with anticipated further growth in the insolvency market.
"We continue to identify growth opportunities for our advisory and property teams, including the recently announced acquisition of Banks Long & Co."
