StockMarketWire.com - Business recovery and property services consultancy Begbies Traynor posts adjusted pre-tax profits of £4.5m for the year to the end of April - up from £3.6m last time.

Group revenue from continuing operations in the year ended 30 April 2016 increased by 10% to £50.1m (2015: £45.4m). Acquisition-related costs were £1.1m (2015: credit £0.2m). Exceptional costs were £nil (2015: £3.1m). Profit before tax was £0.6m (2015: loss before tax £0.7m). Statutory profit for the year was £0.3m (2015: loss of £1.6m including loss from discontinued operations).

Earnings per share from continuing operations, adjusted for the net of tax impact of amortisation of intangible assets arising on acquisitions, acquisition-related and exceptional costs were 3.2p (2015: 2.9p). Basic and fully diluted earnings per share from continuing operations were 0.3p (2015: loss per share 0.6p).

Net debt reduced by £2.4m to £10.4m at 30 April 2016 (2015: £12.8m), after making acquisition and deferred consideration payments in the year of £1.6m. Gearing reduced to 17% (2015: 21%) and the group retains significant headroom in its committed banking facilities.

Executive chairman Ric Traynor said: "Last year was one of solid progress for the group with results in line with market expectations and growth in both revenue and profits; this reflected the benefit of the investment in our property services division, which now represents 25% of the group's activities. The integration of Eddisons into the group has been completed and synergy savings have exceeded our original expectations.

"Although we remain cautious about activity levels in our counter-cyclical activities in both business recovery and property services in the near term, the recent acquisition of the Pugh auction business, together with the Taylors valuation business, gives the opportunity for growth in earnings in the new financial year.

"We will continue to look for further opportunities to develop and enhance the business, both organically and through selective acquisitions." Story provided by StockMarketWire.com