Business recovery and financial advisory consultancy Begbies Traynor has announced a strong year as the number of insolvencies rises in the UK.
The Manchester-based firm reported revenues growth of 14.5 percent to £60.1m in its financial results for the year ended 30 April, up from £52.4m in 2018.
Of the 14.5 per cent revenue growth, 8.6 per cent was organic and 5.9 per cent was acquired, the report stated.
Adjusted profit before tax also rose to £7.1m, up from £5.6m.
The business said it benefited from an increase in insolvencies, as well as the acquisition of Springboard Corporate Finance in the previous financial year, with all areas of the business performing well.
Begbies Traynor chairman Ric Traynor said: “We have reported another year of strong financial performance, ahead of our original expectations, in which we have grown the business organically, completed four acquisitions and increased the dividend whilst reducing net debt.
“All areas of the group performed well, reflecting the benefits of recent organic investment, an increase in market activity and the good performance of recent acquisitions.”
The consultancy said it is “well placed” to continue its track record of growth, as it entered the new financial year with “positive momentum”.
Mr Taylor said: “Looking ahead, we are better positioned than ever with multiple sources of potential growth supported by a strong financial platform.
“There is currently uncertainty in the UK economy as a result of the Brexit process, but with a combination of our counter-cyclical activities together with our breadth of services, we are well placed to continue our track record of growth in the new financial year and beyond.”
The firm completed acquisitions of four businesses, Croft Transport Planning & Design, KRE (North East), Dunion & Co, and Barker Storey Matthews, over the financial year reported.
Begbies Traynor said the acquired businesses have “performed in line with expectations in the post-acquisition period”.
