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(Alliance News) - Begbies Traynor Group PLC on Wednesday reported a strong financial performance in the six months ended October 31, saying it expects full-year results to be ahead of the year before.
Revenue in the period grew by about 10%, the Manchester-based corporate restructuring specialist said, with adjusted profits before tax growing by about 25%, after absorbing the impact of the UK lockdown in the early part of the financial half-year.
As a result, Begbies Traynor said it expects financial 2021 results to be in line of with the current market consensus, which it puts at adjusted pretax profit of GBP9.8 million. This would be up 6.5% from GBP9.2 million in financial 2020.
Begbies Traynor said it has maintained a strong financial position with net cash of GBP700,000 on October 31, compared to net debt of GBP2.8 million back at the end of April.
Begbies Traynor's business recovery and financial advisory division performed well in the first half of the year, despite the subdued insolvency market resulting from the UK government's Covid-19 financial support measures.
Its property advisory and transactional services division delivered a robust performance in the six months ended October 31, as it absorbed the downside impact of the lockdown at the start of the period.
Executive Chair Ric Traynor, said: "We anticipate continuing our recent financial track record of growth for the year as a whole, ensuring we are well placed to invest in our successful organic and acquisitive growth strategy. Overall, our medium-term outlook remains positive especially once the economy exits this current period of uncertainty."
The company will report interim results on December 8.
Shares in Begbies Traynor were up 5.4% at 91.07 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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