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Insolvency and turnaround specialist Begbies Traynor is, not surprisingly, benefiting from other companies' misfortunes.
Chairman Ric Traynor sees no signs of the boom in busts coming to an end.
Reporting a 40% jump in profits for the year just ended, he said: “Activity levels at the start of the current financial year within the core insolvency business, and therefore for the group as whole are significantly ahead of the same period last year.”
He said that he expected insolvency and administration work “to continue to grow this year and into the medium term” as more and more troubled businesses sought help.
Begbies took on an extra 77 people in its insolvency practice last year, increasing the total to 427.
Insolvencies now account for 80% of revenues, which increased by 29% to £62.1 million in the year to the end of April.
Headline pre-tax profits were up from £7 million to £9.8 million. The full-year dividend goes up by 12% to 2.8p after a final payout of 1.7p.
