Leading professional services provider Begbies Traynor has announced revenues increased by 11% over the six months to October 31 – despite the challenges posed by the pandemic.
In half-year results released on Tuesday, the Manchester-headquartered insolvency specialist said it had seen a “strong financial performance”, with revenues of £37.5m compared with £33.8m for the same period last year.
Profit before tax fell from £1.9m to £0.5m, although adjusted profit before tax rose from £4m to £5m, with the latter reflecting increased non-cash acquisition accounting charges.
Ric Traynor, executive chairman of Begbies Traynor Group, which has offices across the country, said:
“I am pleased to report a strong financial performance in the period, maintaining our recent track record of growing revenue and adjusted earnings.
“Despite the challenges of lockdowns this year, and a subdued insolvency market, we expect our results for the full year will be at least in line with the current market consensus, which would represent a further year of growth.
“With the benefit of our strong financial position we continue to look for opportunities to develop and enhance the group, both organically and through selective acquisitions, and we remain confident in our outlook for the current and future years.
“We will provide an update on third quarter trading in early March 2021.”
The statement said all areas of the group had performed well – with “good returns” from acquisitions and organic investment in the business recovery and financial advisory.
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That’s as well as a recovery in performance from service lines in property advisory and transactional services, which were impacted by the first national lockdown.
In terms of the coronavirus pandemic, the group said it had “successfully absorbed” its impact during the first few months of the financial year. The “majority” of property advisory services teams worked remotely, as did business recovery and financial advisory teams.