An increase in the number of insolvencies to have taken in recent times has helped Begbies Traynor to record double-digit growth in 2022/23.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The corporate restructuring specialist has said it expects its revenue to increase by around 11% to £122m, while its profit before tax numbers is anticipated to go up by about 16% - from £17.8m to £20.7m.
Broken down by segment, its business recovery financial advisory division recorded revenue growth of around 10% – with good organic growth of around six percent in business recovery activities and the first-time contribution from the Mantra Capital acquisition in July last year being the primary drivers of this.
The momentum seen its insolvency appointments has also been a major contributing factor, with significant increases in higher value cases as well as strong growth in the insolvency order book. Additionally, it’s been able to maintain a good position in the market, having a 13% of the insolvency market and an 11% share of the administration market.
Begbies Traynor executive chairman Ric Traynor said: “We performed strongly in the financial year, with results ahead of market expectations, aided by our increased scale and enhanced reputation in mid-market insolvency.
“We have further developed our range of services, extending both our financial advisory business and property advisory services through earnings accretive acquisitions principally funded by strong cash generation.
“Our strong financial position leaves us well placed to continue to invest in the business, both organically and through acquisitions, to continue building our scale and range of complementary services.
“We have started the new year confident in our outlook for a further year of growth. Our insolvency team will benefit from their recent insolvency appointments, together with anticipated further growth in the insolvency market. We continue to identify growth opportunities for our advisory and property teams, including the recently announced acquisition of Banks Long & Co.”