By Anthony O. Goriainoff
Begbies Traynor Group said pretax profit for the first half of its fiscal year fell after booking higher costs, and that it was confident on delivering current market expectations for the full year.
The U.K. business recovery, financial advisory and property services consultancy said that for the six months ended Oct. 31, pretax profit was 3 million pounds ($3.8 million) compared with GBP5 million in the year-prior period. The company said this reflected a rise in non-cash acquisition accounting charges of GBP3.9 million compared with GBP800,000 the year before, and non-cash amortization costs of GBP3 million, down from GBP3.2 million the year prior.
Adjusted pretax profit–which strips out exceptional and other one-off items–was GBP9.9 million, compared with GBP9 million.
Revenue rose to GBP65.9 million from GBP58.5 million.
The board declared an interim dividend of 1.3 pence a share, up from 1.2 pence the year before.
Company-compiled adjusted pretax profit analyst forecasts for the year are in the GBP21.9 million to GBP22.5 million range.
“Our strong financial position leaves us well placed to continue to invest in the business, both organically and through acquisitions, to further build our scale and range of complementary services,” the company said.
Write to Anthony O. Goriainoff at [email protected]
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