Begbies Traynor Group plc has reported its pre-tax profits are expected to increase by 55% to £17.8m for the financial year ended 30 April 2022, up from £11.5m in 2021, which is “comfortably” ahead of market expectations.
Revenues are also expected to grow by 30% year-on-year from £83.8m to £109.5m, reflecting a material increase in scale and scope of the group since 2021, following its acquisitions.
This includes the acquisition of MAF Finance Group in May 2021 which reportedly traded well in its first year in the group, with growth in line with earn out thresholds.
All in all, the business recovery and financial advisory services delivered a “strong” financial performance with segmental revenue growth of 35% at improved margins.
The firm experienced a “successful” year for corporate finance with an increased number of deal completions.
Overall, Begbies Traynor’s growth was driven by acquisitions completed since 2021 and due to activity levels increasing over the year, resulting from increased volume of liquidations.
Meanwhile, property advisory and transactional services are expected to grow 19% at improved margins, following the acquisitions of Daniells Harrison in January 2022 and Fernie Greaves in October 2021, expanding the firm’s geographical coverage.
Ric Traynor, executive chairman of Begbies Traynor Group plc, said: “We performed strongly in the financial year with results comfortably ahead of market expectations and significantly ahead of the prior year. This reflected the material increase in scale and scope of the group since 2021 following our acquisitions and investment in both divisions.
“Our strong financial position has further improved and we retain substantial resources to make further acquisitions to build our scale and range of complementary services. We have started the new financial year confident in our outlook and anticipating a year of further progress.”