Begbies Traynor describes 'strong' first-half performance

Business recovery, financial advisory and property consultancy Begbies Traynor reported a “strong” first-half financial performance in an update on Thursday, with revenue expected to have increased 12% to £58.5m.

The AIM-traded firm said adjusted profit before tax was set to have risen 13% year-on-year in the six months ended 31 October, to £9m.

Net debt stood at £2.4m at period end, swinging from net cash of £1.2m a year prior, with the board describing a “robust” operating cash flow net of dividend payments, and acquisition and deferred consideration payments of £7.2m in the six months.

The directors said they were “confident” of delivering market expectations for the full year, extending its strong financial track record of growth.

“We have performed well in the first half with double digit growth and strong performances in both divisions,” said executive chairman Ric Traynor.

“As corporate financial distress levels rise in a deteriorating economic environment, we anticipate continued momentum in activity levels in insolvency and restructuring and we are better placed than ever to take advantage of this with our expanded presence and enhanced service offering.

“We remain confident of delivering market expectations for the full year thereby extending our strong financial track record of growth.”

Begbies Traynor said it would report its half-year results for the six months ended 31 October on 13 December.

At 1257 GMT, shares in Begbies Traynor Group were down 1.82% at 134.5p.

Reporting by Josh White for Sharecast.com.