Begbies Traynor set for double-digit growth as business insolvencies increase
The group, which has multiple offices in Yorkshire, said that it expects revenue and adjusted operating profit to increase by around 13 per cent for the six months ending 31 October, with a mix of organic and acquired growth.
Last year, Begbies Traynor reported £58.5 million in revenue and £9 million adjusted profit before tax.
An increase in company insolvencies has also benefited the group. It said that its insolvency teams “remain busy” with increased year on year activity levels.
Ric Traynor, executive chairman of Begbies Traynor Group, said: "We have had a good half year with encouraging activity levels across the group, resulting in double digit growth in both revenue and profitability. At the same time, we have continued to invest for future growth, having completed three acquisitions in the financial year to date in line with our strategy to enhance our service offering and regional coverage.
"We remain confident of delivering market expectations for the full year, extending our strong financial track record of growth."
The announcement follows the firm making a number of acquisitions in the first half of the financial year, including Lincoln-based Banks Long & Co, and the Cardiff-based insolvency team from Jones Giles & Clay.
The group also acquired Andrew Forbes, a property valuation practice based in Bristol.