Begbies Traynor 'confident' on outlook following strong FY trading

9th Jul 2024 10:01

(Sharecast News) - Restructuring specialist Begbies Traynor said on Tuesday that it was feeling "confident" following a strong full-year trading performance and positive momentum going in to FY25.

Begbies Traynor said full-year revenues had grown 12% to £136.7m, with business recovery and advisory revenues up 7% and property advisory revenues advancing 26% for a record year.

Adjusted underlying earnings increased from £26.6m to £28.5m, while adjusted pre-tax profits grew £20.7m to £22.0m.

On the other hand, pre-tax profits slipped from £6.0m to £5.8m, while diluted earnings per share halved from 1.8p to 0.9p.

Begbies Traynor also said it had swung from a net cash position of £3.0m at the end of FY23 to a net debt position of £1.4m at the end of FY24, principally due to its completion of four acquisitions during the financial year.

Looking ahead, Begbies Traynor said it was confident of a further year of growth, in line with current market expectations.

As of 1000 BST, Begbies Traynor shares were down 1.81% at 97.60p.

Reporting by Iain Gilbert at Sharecast.com