Begbies Traynor H1 profits down, confident in FY outlook

11th Dec 2023 07:40

(Sharecast News) - Corporate restructuring specialist Begbies Traynor said on Monday that it was confident in its full-year outlook despite interim profits falling year-on-year.

Begbies Traynor said revenues increased 13% in the six months ended 31 October to £65.9m. However, profits slipped from £5.0m to £3.0m as it boosted staff levels in order to better manage a growing number of insolvencies.

Adjusted earnings per share were up from 4.4p at the same time in 2022 at 4.6p.

The AIM-listed firm stated its insolvency and financial advisory unit had performed well, while its property advisory and transactional services divisions continued to provide it with a solid platform for growth.

Begbies Traynor, which hiked its interim dividend from 1.2p to 1.3p, highlighted that it remains confident of delivering full-year results in line with current market expectations and that it expects to see a continued increase in insolvency activity.

As of 0925 GMT, Begbies Traynor shares were up 1.10% at 114.50p.

Reporting by Iain Gilbert at Sharecast.com