Corporate restructuring specialist Begbies Traynor has said it expects its upcoming financial year results will be “comfortably ahead of market expectations” and “significantly” on last year.
The Manchester headquartered firm said it expects its revenues will increase 30 per cent to £109.5m and its adjusted pre-tax profits will increase 55 per cent to £17.8m, compared to the previous year.
The strong results come after the restructuring firm said its business had been boosted by a wave of insolvencies linked to the economic impacts of Covid-19.
The advisory company, which has played a role in restructuring a raft of English football clubs including Scarborough F.C. and Crawley Town F.C., said the uptick is the result of acquisitions made last year.
The firm said finance brokerage MAF Finance Group, which Begbies’ acquired for £11.75m in May 2021, had traded well over the previous year.
Acquisitions of UK wide chartered surveyors Daniells Harrison and Sheffield headquartered surveyor Fernie Greaves also expanded Begbies’ geographical footprint, the firm said.
Begbies Traynor executive chairman Ric Traynor said: “We performed strongly in the financial year with results comfortably ahead of market expectations and significantly ahead of the prior year.”
“This reflected the material increase in scale and scope of the group since 2021 following our acquisitions and investment in both divisions.”