10th Dec 2024 14:31
(Alliance News) - Begbies Traynor Group PLC on Tuesday reported strong first half results which showed continued revenue and profit growth due to supportive market conditions.
The Manchester, England-based consultancy that provides recovery, financial advisory and property services said revenue in the six months to the end of October increased by 16% to GBP76.3 million from GBP65.9 million year-on-year.
Pretax profit also grew by 57% to GBP4.7 million from GBP3.0 million in the prior year.
The company declared an interim dividend of 1.40 pence per share, up by 7.7% from 1.30 pence in the previous year.
Begbies Traynor said it was confident of meeting current market expectations in its full-year results, which it sees as adjusted pretax profit between GBP23.0 million to GBP24.3 million. Full-year adjusted pretax profit for financial 2024 was GBP22.0 million.
The company said market conditions are supportive for its service lines, and it noted "good activity levels" across the business.
It also said it is "making good progress" towards its medium-term revenue target of GBP200 million.
Begbies said it anticipates continuing growth in business recovery, as UK insolvencies remain at "elevated" levels due to demand pressures and cost challenges, including recent rising costs from the UK budget.
Executive Chair Ric Traynor said: "I am pleased to report a strong first half performance in which we have continued to execute our strategy to grow the business, reporting high double-digit growth in revenue and profit. This builds on a decade of profitable growth, which has been driven by investing in organic development and earnings enhancing M&A."
Shares in Begbies Traynor were up 4.6% to 98.76 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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