Ric Traynor

The professional services provider said it has ‘maintained a strong financial position’ in the six month period with first-time contribution from prior year acquisitions and robust organic performance, giving enhanced operating margins of 14.6% (2019: 13.2%).

The firm also saw strong adjusted profit growth of 25% with statutory profit before tax reflecting increased non-cash acquisition accounting charges.

Begbies Traynor also announced an increase of 11% % in the interim dividend, building on the increases of the previous three years.

The firm said it had successfully absorbed both the downside impact of lockdown in the first few months of the financial year and a subdued insolvency market resulting from the Government’s COVID-19 financial support measures.

Since the outbreak of COVID-19, the firm’s business recovery and financial advisory teams worked remotely and continued to be appointed on and progress cases, realise assets and complete transactions as usual.

Commenting on the results, Ric Traynor, executive chairman of Begbies Traynor Group, said: “I am pleased to report a strong financial performance in the period, maintaining our recent track record of growing revenue and adjusted earnings. Despite the challenges of lockdowns this year, and a subdued insolvency market, we expect our results for the full year will be at least in line with the current market consensus, which would represent a further year of growth.

“With the benefit of our strong financial position we continue to look for opportunities to develop and enhance the group, both organically and through selective acquisitions, and we remain confident in our outlook for the current and future years. We will provide an update on third quarter trading in early March 2021.”