Corporate restructuring firm Begbies Traynor Group (LON: BEG) booked strong financial results during the first half of 2019.
The Group’s revenue bounced 21% year-on-year to to £33.8 million, alongside a profit margin up from 12.6% to 13.2%.
The Company also boasted a boost to its adjusted profit before tax, which was up from £3.0 million to £4.0 million, alongside £7.8 million raised in its placing during July 2019.
Begbies Traynor shareholders fared similarly well, with the Group’s dividend rising 13% on-year from 0.8p to 0.9p per share. Similarly, group adjusted basic EPS jumped from 2.1p to 2.6p.
The Company added that during the six month period, it completed three acquisitions. Going forwards, it expected to deliver results at least in line with expectations.
Elsewhere on Tuesday, Greencoat Renewables PLC (LON: GRP) raised €125 million in their share placement, Lloyds Banking Group PLC (LON: LLOY) were accused of mistreating victims of fraud, Koovs PLC (LON: KOOV) goes into administration, and J D Wetherspoon plc (LON: JDW) announced it would create 10,000 jobs.
Begbies Traynor comments
Responding to the results, Executive Chairman Ric Traynor, said,
“I am pleased to report a strong half year financial performance with growth in revenue and earnings, together with improved operating margins. This reflects the benefit of the recent organic development of the group and our investment in acquisitions.”
“The increased scale of the group’s activities, favourable conditions in the UK insolvency market and our strong financial position leaves the group well placed to continue our track record of revenue and profit growth.”
“Following a strong financial performance in the first half of the year, the board remains confident of delivering results at least in line with current market expectations for the full year, including the benefit of the first-time contribution in the second half from our recent acquisitions. We will provide an update on third quarter trading in early March 2020.”
As of 17:06 GMT 10/12/19, the Company’s shares were selling at 88.00p per share. The Group’s p/e ratio is 17.96, their dividend yield stands at 2.95%.