Begbies Traynor has announced that the group “performed well” in the last financial year, with growth in revenue and earnings delivered by an organic and acquisitive strategy.
According to the firm, it continues to be “highly cash-generative”, which has enabled the group to reduce its net debt, complete three acquisitions, and propose increasing the dividend for the year.
The group added it has delivered a “strong” financial performance in the financial year to date, with growth in revenue and earnings reflecting organic growth “complemented” by the contribution from prior year acquisitions.
The group now remains “confident” of delivering current market expectations this year.
It added that the level of new insolvency appointments for the group has been “encouraging” and represents an increase in its share of the insolvency market, which it expects to increase once government support measures are removed.
It noted its insolvency-related machinery and business asset disposal team has “continued to perform well”, while its building consultancy teams have shown “strong growth” over the prior year.
Ric Traynor, executive chairman, said: “Having increased the scale and breadth of service lines over recent years, with a continued focus on counter-cyclical services which generate good margins and are highly cash generative, we remain well-placed to continue our track record of revenue and profit growth.
“We also have a strong balance sheet, providing the resources for further investment in the business along with potential acquisitions to supplement our underlying organic growth.”
The group will next update on current trading with its half year results, which are due to be released in December 2020.