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Begbies Traynor to beat market forecasts after strong end to year
(Sharecast News) - Shares in Begbies Traynor were rising on Friday after the business recovery and financial advisory firm reported a strong end to its financial year, with revenues, profits and cash ahead of market forecasts. Revenues over the year to 30 April were £153m, up 12% on the previous year and ahead of the company-compiled consensus forecast of £152.1m.
Results were driven by higher insolvency activity levels in higher value cases, strong growth in advisory income, and a good performance in property advisory and transactional services.
Adjusted EBITDA increased 10% year-on-year to £31.3m, ahead of the £30.5m estimate, while net cash was £0.9m by the end of the year, compared with expectations that net debt would swell to £2.6m from £1.4m.
"The group has delivered double digit revenue and EBITDA growth, ahead of consensus expectations, marking its tenth successive year of profit growth," said executive chair Ric Traynor.
"This reflects strong demand across the breadth of the group's services - from insolvency through to complex restructuring and our broad range of complementary financial and real estate advisory services."
Shares were up 3.1% at 101p by 0827 BST.
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