Begbies Traynor upbeat on first-half performance
By Josh White
Date: Thursday 20 Nov 2025
(Sharecast News) - Begbies Traynor was upbeat on its first-half performance on Wednesday, with organic growth lifting revenue and profits despite a softer backdrop for financial advisory work and higher employment costs.
The AIM-traded insolvency and property services group said it remained confident of delivering full-year expectations for the period to 30 April, extending its long-running record of profitable growth.
Revenue for the six months to 31 October rose about 7%, while adjusted profit before tax increased around 5%.
Operating margins narrowed, reflecting £0.7m of additional employer national insurance costs during the period.
Net debt stood at £5.7m at the end of October, compared with net cash of £0.9m at the April year-end, following £3.8m in acquisition earn-out payments, £1.2m of share buybacks and £2.2m in dividends.
Restructuring and financial advisory delivered mixed results.
Revenue grew roughly 8% across the combined division, although profits were flat year-on-year.
Restructuring achieved double-digit organic growth with stable margins, supported by strong instruction levels across an expanded team and demand driven by continued financial distress among UK companies.
Financial advisory saw reduced revenue and weaker margins compared with a strong prior period, as the difficult macroeconomic backdrop and the run-up to the UK Budget delayed several deal completions.
The company said recent senior hires in the business are expected to contribute more materially in the second half.
Its property advisory division posted revenue growth of about 7% and a 25% increase in profits, with valuations and asset advisory performing well amid improved margins from process efficiencies.
Asset sales remained resilient, supported by steady auction volumes.
Consultancy work also delivered strongly, benefiting from prior-year investments and continued demand across sustainability, education and transport planning.
Executive chairman Ric Traynor said the group's new leadership structure, implemented in September with Mark Fry promoted to chief executive, is operating as expected and supporting the development of its growth strategy.
Fry added that both restructuring and property advisory "performed well" in the first half, while financial advisory proved more challenging ahead of the UK Budget.
The company said it was continuing to invest in senior hires and evaluate acquisition opportunities, providing further confidence in meeting the current analyst forecast range for adjusted profit before tax of £23.7m to £24.9m.
Begbies Traynor said it would publish its full half-year results on 9 December.
At 1036 GMT, shares in Begbies Traynor Group were flat at 115.5p.
Reporting by Josh White for Sharecast.com.
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