Begbies said that all areas of the group performed well over the last financial year. The company said its business recovery unit had enjoyed growth from organic investment, acquisitions and an increase in insolvency numbers.
Group revenue in the year increased by 15 per cent to £60.1m. Adjusted profit before tax increased by 27 per cent to £7.1m.
The firm’s advisory team has also benefited from the acquisition of Springboard Corporate Finance, while the property services consultancy continued to develop through focused investment and acquisition, Begbies said.
Commenting on the results, Ric Traynor, executive chairman of Begbies Traynor Group, said: “We have reported another year of strong financial performance, ahead of our original expectations, in which we have grown the business organically, completed four acquisitions and increased the dividend whilst reducing net debt. All areas of the group performed well, reflecting the benefits of recent organic investment, an increase in market activity and the good performance of recent acquisitions.
“Looking ahead, we are better positioned than ever with multiple sources of potential growth supported by a strong financial platform.
“There is currently uncertainty in the UK economy as a result of the Brexit process, but with a combination of our counter-cyclical activities together with our breadth of services, we are well placed to continue our track record of growth in the new financial year and beyond.”
Mr Traynor also praised the quality of the labour market in Yorkshire and the Humber, where the firm employs around 200 staff at offices in Bradford, Doncaster, Huddersfield, Hull, Leeds, Scunthorpe, Sheffield and York.
He added: “There is a really good quality of professional people in the marketplace - you get the same feel as recruiting in London.”
Mr Traynor also highlighted the strong performance of Eddisons, the Yorkshire-based chartered surveyor which it acquired in 2014.
Headquartered in Leeds, Eddisons was founded in 1844 and offers specialist services to banks, insolvency practitioners, and owners and occupiers of commercial property.
Mr Traynor said: “The team at Eddisons are really keen to push that business forward.”The chairman’s statement to accompany the results, added: “The benefit of our strategy to increase the scale and quality of the group’s businesses through both investment in organic growth and targeted acquisitions is reflected in our financial performance.
“We have delivered consecutive years of earnings growth since 2015, with compound growth in adjusted earnings per share of 14% over the last four years, enabling us to raise the dividend for the last two years.
“The group now has an enhanced breadth of service lines with multiple sources of growth potential. Whilst we retain a counter-cyclical focus, which accounts for 65% of our income, our broad range of services positions the group well to grow across the economic cycle. Our principal activities, which fund our investment programme and enable the payment of dividends, generate strong operating margins and are highly cash generative.
“Our insolvency practice continues to develop through targeted recruitment, focused business development and acquisitions. The practice will also benefit from any cyclical growth in insolvency numbers nationally, reflecting its market leading position.
“Our advisory team has grown through acquisition and recruitment in recent years and we continue to seek opportunities for further growth.
“Our property services business has delivered consecutive years of growth since our initial acquisition of Eddisons in December 2014.
“Our strategy has been to strengthen and broaden both services and geographical coverage, which has resulted in profit growth in the division from £1.9m at our initial investment in December 2014 to £3.8m this year. The business is now focused on three key areas: valuations; auctions and asset sales; and property consultancy, planning and management. In line with our strategy, we will continue to develop and invest in this business.”