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Begbies Traynor profits rise after historically busy year

Steve Dinneen
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Insolvency firm Begbies Traynor has emerged as a big winner of the recent crash.

Its profits rose 69 per cent after six months of “historically high” levels of work.

In the first half of last year it made pre-tax profits of £3.6m. Turnover was up 21 per cent to £34.2m.

Earnings before exceptional costs increased by 13 per cent to 4.6m. The interim dividend is increased by nine per cent to 1.2p.

However, it warned full year figures would be slightly below market forecasts after a weak second half for its tax business.

The firm has recently worked on the winding-up of Maghull Construction and the administration of Bold Street store Microzine.

Executive chairman Ric Traynor said: “The group has delivered double digit organic growth in both revenues and profits in the first half, due to the excellent performance of our core insolvency and recovery business.

“However, the level of potential growth in insolvency for the year is now not expected to offset fully the weaker than anticipated performance of the tax practice.”