Begbies predicts double-digit growth as insolvencies rise
Begbies Traynor Group predicted double digit growth in both revenue and profitability, as the number of insolvencies continues to rise on tough market conditions.
The company has not published any financial results but states it expects its revenue and adjusted operating profit to increase by 13 per cent. Last year, the company reported £58.5m in revenue and £9m adjusted profit before tax.
Its half-year results show the company has net cash of £1.1m on 31 October, a change from its net debt of £2.4m at the same time last year.
Begbies noted that its insolvency teams remain busy with increased year on year activity levels.
Last December, the company said it expects to see demand for its corporate recovery services swell this year as recession begins to bite.
The number of firms going bust has risen to its highest level since 2009 — at the height of the financial crisis, according to the latest data from the UK Insolvency Service last month
Speaking on its results, 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,” he added.
The group will report its half year results for the six months ended 31 October 2023 on Monday 11 December 2023.
Its share price today stands at 1.30p per share.