Begbies Traynor has announced that revenue soared by 17% to £70.5m in the full-year ended 30 April 2020.
According to the group, all areas of the business “performed well” in the period. In business recovery, market share increased to 10%, up from 8% the year prior, whileits financial advisory business saw an increase in corporate finance deals.
Its property advisory and transactional services performance was in line with last year, having “absorbed” the impact of coronavirus. It added that its commercial property agency and valuations, together with business sales agency, were “disrupted” as lockdown paused activities.
The majority of service lines in its property advisory and transactional services are now “operating as expected”, however, and service lines impacted by lockdown have seen increased instruction levels through May, June and July.
The group added that its business recovery and financial advisory sectors start the new financial year in a “strong” position, with an increased order book and benefit of acquisitions and investment.
The group also anticipates an increase in market activity levels as government support measures are withdrawn throughout the coming year.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “I am pleased to report a year of strong financial performance with growth in revenue and earnings delivered by our organic and acquisitive strategy. Our recovery and advisory teams start the new financial year in a strong position to deliver results ahead of last year.
“This reflects an increased order book, together with the benefit of our recent acquisitions and organic investment and an expectation of an increase in market insolvency levels once the short-term Government support measures for the economy are removed.”
He added: “In our property and transactional teams, we have seen encouraging improvements in those service lines impacted by the lockdown and we anticipate further recovery in performance over the remainder of the year. Activity levels for our other property teams have remained robust.
“With our mix of service lines and activities, combined with our strong financial position, we are well placed to continue delivering medium to long-term growth. We continue to progress acquisition and organic investment opportunities given our strong balance sheet, cash generative businesses and counter-cyclical focus.”