Begbies Traynor FY results come in ahead of original expectations

Revenues rose 18.8% to £83.8m, while adjusted pre-tax profits improved 25% to £11.5m and operating margins inched ahead to 14.8% from 14.3%.

However, pre-tax profits fell from £2.9m to £1.9m and basic earnings per share slumped to just 0.1p from 0.7p a year earlier.

Begbies Trainer also swung from a net debt position of £2.8m to a net cash standing of £3.0m at the end of the year and recommended a 7% increase in its total dividend for the year to 3.0p - its fourth consecutive year of dividend growth.

Chairman Ric Traynor said: "We have delivered a strong financial performance with another year of growth in revenue and adjusted profits, despite the impact of the Covid-19 pandemic, whilst making substantial investments which have significantly increased the scale of the group and its capabilities.

"With the benefit of our recent acquisitions, our organic growth and future acquisition opportunities, we are well positioned to deliver the anticipated material growth in earnings in the new financial year."

As of 1410 BST, Begbies Traynor shares were down 0.61% at 129.40p.