This success was attributed to the firm’s expanded focus on mid-sized company insolvencies and an escalation in corporate insolvencies due to challenging market conditions.

Despite a minor dip in share prices, dropping by 1.49% to 132.5p, the firm has upheld its commitment to its shareholders, hiking its dividend for the sixth consecutive year. The board has raised the total annual dividend by 9%, from 3.5p to 3.8p.

The Insolvency Service data indicates a stark rise in company insolvencies, reaching the highest monthly levels on record, with the construction and retail sectors being most severely impacted.

Under executive chairman Ric Traynor’s leadership, Begbies Traynor has doubled its revenues over the past five years through a series of strategic acquisitions, including property finance specialist Mantra Capital and chartered surveyors Budworth Hardcastle, Mark Jenkinson & Co, and Banks, Long & Co.

Commenting on the results, Mr Traynor said: “We have reported another successful year of continued growth, with reported results ahead of original market expectations and increased our dividend by 9%.

“We have a proven growth strategy which, over the five year period between 2019 and 2023, has doubled revenue and tripled adjusted profit before tax, from a combination of organic growth and acquisitions. This growth has been delivered across insolvency and our full range of advisory and transactional services.

“We have started our new financial year confident in our outlook. The increased scale of the group with complementary professional services and an enhanced client base provides a strong platform for us to continue delivering growth. With 80% of income generated from counter-cyclical and defensive activities, we are wellpositioned in the current challenging economic environment.

“Our strong balance sheet and cash generation underpin our capacity to deliver organic growth initiatives and progress our pipeline of acquisitions, thereby continuing our track record of growth.”