Begbies Traynor post strong first half year results

Professional services consultancy Begbies Traynor has announced strong first half year results for the six months ending October 31, 2024.

The Preston headquartered group generated revenue of £76.3m in the period, up from £65.9m in the previous year - a 16 per cent rise.

Adjusted EBITDA rose from £12.8m to £15.3m, with adjusted profit before tax also rising from £9.9m to £11.5m.

The company says it is confident it is on target to delivering full year results in line with current market expectations.

Begbies Traynor is also on track to deliver a medium-term revenue target of £200m.

Ric Traynor, executive chairman of Begbies Traynor Group, said: “I am pleased to report a strong first half performance in which we have continued to execute our strategy to grow the business, reporting high double-digit growth in revenue and profit.

“This builds on a decade of profitable growth, which has been driven by investing in organic development and earnings enhancing M&A. Since 2014 we have tripled the size of the business with a six-fold increase in adjusted profit before tax. Building on this track record, we are making good progress towards our medium-term revenue target of £200m.

“Market conditions remain supportive for the group’s service lines which is reflected in our current activity levels and positive momentum across the business. This, together with our financial performance in the first six months, leaves the board confident of delivering current market expectations for the full year, which will extend our longstanding track record of strong, profitable growth.”

The firm has now had seven consecutive years of dividend growth since 2017 and says it is well-placed to continue investing in successful organic and acquisitive strategy.

Q3 trading update will be issued in late February 2025.

Begbies Traynor launched in Preston in 1993 when its founders opened the office in Winckley Court. Then known as Buchler Phillips Traynor, the team was headed up by Ric Traynor and Andrew Dick.

A combination of organic growth and acquisitions has seen the business grow into a national and international AIM-listed company with more than 100 offices.