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PRIVACY
Professional Services

Profits almost double at insolvency specialist Begbies Traynor as bankruptcies rise

Begbies Traynor has offices across the country

Begbies Traynor is headquartered in Manchester(Image: PA)

Profits have almost doubled at insolvency specialist Begbies Traynor following a rise in bankruptcies in recent months.

The Manchester-headquartered firm has posted pre-tax profits of £5m for the six months to the end of October 2022, up from £2.7m.

Its revenue also rose from £52.3m to £58.5m over the same period.

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Executive chairman Ric Traynor said: "The group's strong performance builds on our consistent track record of growth, with double digit increases in revenues and profits from both divisions which we have continued to grow organically and through acquisitions.

"We expect continued growth from business recovery and financial advisory, given its increased order book, higher level of enquiries and increasing economic headwinds.

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"We are also confident in the prospects for property advisory and transactional services, reflecting its resilient income streams, continuing flow of new instructions and potential to continue developing its mix of services.

"Overall, we remain confident of delivering upon expectations for the full year.