Begbies Traynor bosses expect rising insolvencies in the coming months
Begbies Traynor’s revenue has jumped more than a third over the past year, as the business recovery and financial advisory firm scoops up ailing firms.
Executive chairman of the London-listed group, also a property services consultancy, said a string a acquisitions and a spike in trading has lifted its financials “comfortably ahead of original market expectations.”
Shareholders are now eyeing a windfall, after bosses recommended a 17 per cent increase to its dividend for the year, to 3.5p per share.
It marks Begbies’ fifth year in a row for dividend growth, which is not expected to slow as the firm forecasts more insolvencies on the horizon with the UK’s current cost of living crisis and spiralling inflation.
The country’s current economic climate leaves the business “well positioned”, it said in its full-year results today, which bosses expect to extend beyond 2022.
Chairman Ric Traynor added: “The development of the group in recent years, and the extensive areas of expertise that we have built up across our national office network, leaves us well positioned to respond to the challenging economic backdrop.
“Our healthy balance sheet and cash generation underpin our capacity to make further acquisitions and deliver organic growth initiatives, thereby continuing our track record of growth.”