Begbies Traynor declare an increased interim dividend of 1.0p (2019: 0.9p), an increase of 11%, which builds on the increases over the three previous years and reflects our confidence in sustaining they financial track record of earnings growth. They remain committed to a long-term progressive dividend policy which takes account of the market outlook, earnings growth and investment plans.
Other financial highlights include:
Revenue growth of 11% (9% acquired) with first-time contribution from prior year acquisitions and robust organic performance, giving enhanced operating margins of 14.6% (2019: 13.2%)
Strong adjusted profit growth of 25% with statutory profit before tax reflecting increased non-cash acquisition accounting charges
All areas of the group performed well:
o Business recovery and financial advisory: good returns from acquisitions and organic investment, including the recruitment of senior fee earners
o Property advisory and transactional services: recovery in performance from service lines previously impacted by lockdown in the spring
Maintained strong financial position with significant levels of headroom within our committed bank facilities enabling continued investment in organic and acquisition opportunities