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 their 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 a committed bank facilities enabling continued investment in organic and acquisition opportunities