Begbies Traynor records strong performance during time of uncertainty

Begbies Traynor today said it had recorded a strong performance which was ahead of original expectations due to the impact of acquisitions and improved trading

The results will be studied by City analysts

The business recovery, financial advisory and property services consultancy, has announced its final results for the year ended 30 April 2021.

Group revenue in the year increased by 19% to £83.8m Adjusted profit before tax increased by 25% to £11.5m.

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Commenting on the results, Ric Traynor, Executive Chairman of Begbies Traynor Group, said: "I am pleased to report on a year of real progress for the group, with results ahead of our original expectations due to improved trading and acquisitions. We have delivered a strong financial performance with another year of growth in revenue and adjusted profits, despite the impact of the Covid-19 pandemic, whilst making substantial investments which have significantly increased the scale of the group and its capabilities.

"Over the last four financial years, we have delivered compound annual growth in adjusted earnings per share of 20%, including 10% organic growth. Over the same period we have moved from net debt of £10.3m to net cash of £3.0m at the year end, whilst making value-enhancing acquisitions and delivering 8% compound growth per annum in dividend per share.

"Overall, the group is in a very strong position as we start our new financial year. The four acquisitions we have completed since the beginning of 2021 have significantly increased the scale of the group and its capabilities, enhancing the support and advice we provide to UK businesses. With the benefit of our recent acquisitions, our organic growth and future acquisition opportunities, we are well positioned to deliver the anticipated material growth in earnings in the new financial year."

The group has around 230 staff in Yorkshire.

Mr Traynor said the company's business recovery and financial advisory division has performed well in the year with strong revenue growth and improved margins.

In a statement, he added: "The insolvency market was subdued over the course of the year due to the Government financial support measures and temporary legislation changes, which continue to suppress the number of insolvencies. Our team has done well to outperform this market with an increase in both our market share and average case size."