By Elena Vardon
Begbies Traynor Group has expressed confidence that its fiscal 2024 results will meet market expectations, following an increase in pretax profit for fiscal 2023.
Positive Revenue Outlook
The U.K. business recovery, financial advisory, and property services consultancy has highlighted its company-compiled consensus, which predicts revenue for the upcoming year to range from £127.5 million to £131.4 million ($164.0 million-$169.0 million). Additionally, adjusted pretax profit is expected to be between £21.9 million and £22.7 million.
Strong Position in the Challenging Economic Environment
The Executive Chairman, Ric Traynor, emphasized the strength of the company’s position in the current challenging economic environment. With 80% of its income derived from counter-cyclical and defensive activities, Begbies Traynor Group remains well-positioned.
Encouraging Fiscal 2023 Performance
Begbies Traynor Group achieved pretax profit of £6.0 million in fiscal 2023, compared to £4.0 million in the previous year. On an adjusted basis, the pretax profit for the year ended April 30 stood at £20.7 million, consistent with the figure reported in April and up from £17.8 million in fiscal 2022.
Revenue Growth
Accompanying the improved profitability, revenue increased from £110.0 million to £121.8 million during fiscal 2023.
Dividend Proposal
The group has proposed a total dividend of 3.8 pence per share, a slight increase from the previous year’s 3.5 pence.
