Accounting Firms

Begbies Traynor revenues surge 15%

Accountancy firm Begbies Traynor has announced its revenues reached £60.1m for the year ending 30th April 2019, up 15%.

The company also revealed profits before tax of £3.5m up from £2.3 the previous year, it also reported an improved operating profit margin of 12.6% up from 11.6% in 2018.

The firm said all areas of the group performed well, with business recovery experiencing growth from organic investment, acquisitions and an increase in insolvency numbers nationally. It added its advisory outfit benefitted from the prior year’s acquisition of Springboard Corporate Finance with its property arm continued to develop through focussed investment and acquisition.

It announced a proposed 8% increase in total dividend for the year, the second consecutive year of dividend growth.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “We have reported another year of strong financial performance, ahead of our original expectations, in which we have grown the business organically, completed four acquisitions and increased the dividend whilst reducing net debt. All areas of the group performed well, reflecting the benefits of recent organic investment, an increase in market activity and the good performance of recent acquisitions.

“Looking ahead, we are better positioned than ever with multiple sources of potential growth supported by a strong financial platform. There is currently uncertainty in the UK economy as a result of the Brexit process, but with a combination of our counter-cyclical activities together with our breadth of services, we are well placed to continue our track record of growth in the new financial year and beyond.”

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