Begbies Traynor has benefited again from the rising number of corporate insolvencies to deliver double-digit revenues and profit growth.
The Manchester-based company reported an 11% rise in revenue from £110m to £121.8m for the year ending 30 April. Revenues from insolvency appointments increased to £71m as the group benefited from a “significant increase” in higher-value cases.
Adjusted profit before tax rose by 16% from £17.8m to £20.7m.
Company insolvencies have jumped to the highest levels since monthly records began, driven by rising interest rates and inflation.
Data from the Insolvency Service showed the number of companies declared insolvent in May rose by 40% to 2,552. Construction and retail were some of the hardest-hit sectors.
