Begbies Traynor has reported a revenue growth of 31% in its final results for the year ending 30 April 2022, with its financial performance comfortably ahead of original market expectations due to the firm’s acquisitions and improved trading.
The firm also revealed having enhanced operating margins of 16.9%, which were at 14.8% in 2021. This led to the adjusted profit growth of 55%.
It is reported that the accounting firm had broadened and enhanced its services following an advantageous acquisition. Property advisory and transactional services also experienced growth from the firm’s expanding valuation and consultancy services.
As a result, Begbies Traynor reports having substantial free cash flow generation and ending the financial year with the next cash of £4.7m. In 2021, the firm ended the year with £3.0m.
The firm has recommended a 17% increase in the total dividend for the year to 3.5p, compared to the 3.0p in 2021, as the fifth consecutive year of dividend growth.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “We have reported a further successful year for the group, with financial performance comfortably ahead of original market expectations due to acquisitions and improved trading. The results reflect the material increase in our scale and service offerings.
“We have started our new financial year in a strong position and are confident of delivering our plans for further growth. At this early stage of the year, we anticipate results towards the top end of current market expectations. The development of the group in recent years, and the extensive areas of expertise that we have built up across our national office network, leaves us well-positioned to respond to the challenging economic backdrop.”
He added: “Our healthy balance sheet and cash generation underpin our capacity to make further acquisitions and deliver organic growth initiatives, thereby continuing our track record of growth. We will provide an update on trading at the annual general meeting in September 2022.”