Begbies Traynor celebrates profit rise; confident in outlook

(Alliance News) - Begbies Traynor Group PLC on Tuesday announced a higher interim dividend amid a jump in statutory profit as it expects to meet full year results in line with current market expectations.

The Manchester, England-based insolvency advisor said pretax profit surged 83% to GBP8.6 million in the six months to October 31, from GBP4.7 million a year ago. Revenue climbed 8.8% to GBP82.0 million from GBP76.3 million.

Adjusted pretax profit climbed 5.2% to GBP12.1 million from GBP11.5 million.

Non-underlying items costs came down 49% to GBP3.5 million from GBP6.5 million, which Begbies said explained the surge in statutory pretax profit.

Bebgbies declared a 7.1% increase in the interim dividend to 1.5p from 1.4p.

Begbies said its half-year performance underpinned the board's confidence in delivering current market expectations for the full year, extending its track record of profitable growth.

It cited an analyst consensus of between GBP23.7 million and GBP24.9 million in adjusted pretax profit, which would be between 0.9% and 6.0% higher than GBP23.5 million in financial 2025.

Executive Chair Ric Traynor said: "Our broad range of services, diversified client base, organic growth initiatives and pipeline of acquisition opportunities, leaves us confident of continuing to build upon our strong track record of growth, as we progress to our medium-term target of GBP200 million revenue." The medium-term target would be 30% higher than GBP153.7 million in financial 2025.

Begbies will release a third quarter trading update in late February.

Begbies shares were 0.9% higher at 111.00 pence each on Tuesday afternoon in London.

By Tom Budszus, Alliance News slot editor

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