Begbies Traynor (AIM:BEG) reported solid growth in revenue and pre-tax profit benefiting from a continued rise in business failures.
The insolvency specialist said revenue in the year to 30 April 2023 rose to £121.8mln from £110.0mln while pre-tax profit jumped to £6mln from £4mln.
EPS improved to 1.9p from a loss of 0.3p per share before and the firm raised the total dividend by 9% to 3.8p from 3.5p the year before.
Begbies said double-digit revenue and profit growth across both operating divisions reflected increased insolvency appointments, a contribution from acquisitions in finance broking and property advisory and organic growth from property service lines.
The firm said it started the new financial year in a strong position and is confident of a further year of growth in line with market expectations.
The insolvency revenue order book is strong (up 19% in the year), driven by a continued increase in insolvency market volumes.