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Begbies Traynor Group PLC on Tuesday reported strong revenue growth during a year in which the company made accretive acquisitions. The Manchester-based recovery, financial advisory and property services consultancy firm said that in the year that ended April 30, pretax profit fell 3.7% to £5.8 million from £6.0 million the previous year. Revenue grew 12% to £136.7 million from £121.8 million. Administrative expenses rose 9.5% to £51.7 million from £47.2 million, hurting profit. Finance costs climbed to £1.9 million from £1.2 million. The Business Recovery & Advisory division witnessed 7% revenue growth, with Recovery leading the charge with a 13% hike, while the Property Advisory arm’s revenue increased by 26%. The company increased its final dividend 3.8% to 2.7 pence per share from 2.6p, therefore raising the total 5.3% to 4.0p from 3.8p. Executive Chair Ric Traynor said: ‘I am pleased to report on another successful year of strong financial performance, which now represents a decade of profitable growth. This has been driven by our proven growth strategy of investing in organic development and earnings enhancing mergers & acquisitions, resulting in a diversified and resilient business.’ During the year, Begbies completed four acquisitions that contributed £5 million to revenue. The largest of these, the property auctioneer SDL Auctions Ltd, was purchased for a £2.5 million initial cash consideration and delivered £2.0 million total cash flows. Looking ahead, the company said it is confident future growth will be achieved with encouraging activity levels demonstrated across all service lines with positive momentum. Business Recovery activity is also expected to remain at elevated levels through 2025. Begbies Traynor shares were down 1.8% to 97.60 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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