Begbies Traynor breaks £50m revenue barrier
Begbies Traynor has posted full year results showing revenues of £52.4m in 2018, up from £49.7m, while pre-tax profits jumped to £2.3m compared with £600,000 the previous year
10 Jul 2018
The firm’s core business recovery practice reported revenues of £38.3n, up from £36.2m in 2017. Operating costs increased to £30.7m from £28.9m, which Begbies Traynor said was due to acquisitions and increased people costs, and profits rose slightly to £7.6m.
In March the firm acquired Springboard Corporate Finance, a mid-market corporate finance team, and it has also launched BTG Advisory, which brings together the restructuring, financial advisory, corporate finance, forensic and investigation teams to operate as one national team.
Revenue in its property services division increased to £14.2m (2017: £13.5m) with an increase in profits to £3.1m (2017: £2.9m). Begbies Traynor acquired CJM Asset Management, which specialises in the sale of industrial plant and machinery assets through its online platform, physical auction centre and private treaty sales, in February 2018.
The board is to recommend a 9% increase in the dividend for the year to 2.4p from 2.2p, the first annual dividend increase since 2011.
Ric Traynor, executive chairman of Begbies Traynor group, said: ‘It is pleasing to report a further year of progress in developing the group, during which we have continued to deliver earnings growth, reflecting the benefit of the strategic investments we have made in recent years. We have also proposed our first increase in the group's annual dividend since 2011 and at the same time have reported our lowest net debt since 2007.
‘We anticipate continuing our track record of earnings growth in the new financial year, with the benefit of a full year contribution from our recent acquisitions together with growth from our ongoing investments. Overall, we remain in a strong position to invest in further opportunities given our financial resources, in line with our strategy to grow both organically and through selective acquisitions.’
Report by Pat Sweet