Begbies Traynor Group sees first half profits reach £ 2.7million
The Begbies Traynor Group reported that for the six-month period ended October 31, 2021, pre-tax profits reached £ 2.7million, up from £ 500,000 the year before.
Group profit was boosted by an increase in non-cash amortization costs of recent acquisitions to £ 2.6m (2020: £ 1.5m) and transaction costs below £ 2.7m sterling (2020: £ 3.1 million).
Meanwhile, revenue increased 39% to £ 52.3million during the period, with operating margins reaching 16% (2020: 14.4%).
Looking ahead, following its recent acquisitions and the group’s organic development, the company said it expects an adjusted full-year PBT of between £ 17 million and £ 18.5million.
Ric Traynor, Executive Chairman of the Begbies Traynor Group, said: “I am delighted to report a strong financial performance during the period, which demonstrates the benefits and integration of our recent acquisitions and maintains our history of growth in income and adjusted profit. .
“We have a strong platform for growth and we continue to advance a pipeline of acquisition opportunities, which, along with organic growth initiatives across the group, will allow us to capitalize on our track record and we remain confident in our outlook for the current year. and beyond.”