Higher numbers of business failures in the UK boosted results at advisory firm Begbies Traynor, which has reported a jump in annual profit and revenue.

The company unveiled revenue of £60.1 million for the year to April 30, up £52.4 million on a year ago.

Profit before tax increased by more than 50% to £3.5 million.

All areas of the group including business recovery, advisory and property services performed well.

In the recovery division, an increase in insolvency numbers nationally provided new work while investment and acquisitions also supported growth.

The underlying number of corporate insolvencies in 2018 was up 10% on the previous calendar year to 16,106, with Begbies maintaining its significant market share.

Meanwhile advisory services benefited from the acquisition of Springboard Corporate Finance and property was also bolstered by acquisitions.

The results are in line with revised expectations, after the group bumped its forecasts higher in May.

Shares in the company were up 4.35% during mid-morning trading on Tuesday.

Executive chairman Ric Traynor said: “We have reported another year of strong financial performance, ahead of our original expectations, in which we have grown the business organically, completed four acquisitions and increased the dividend whilst reducing net debt.

“All areas of the group performed well, reflecting the benefits of recent organic investment, an increase in market activity and the good performance of recent acquisitions.

“Looking ahead, we are better positioned than ever with multiple sources of potential growth supported by a strong financial platform.

“There is currently uncertainty in the UK economy as a result of the Brexit process, but with a combination of our counter-cyclical activities together with our breadth of services, we are well placed to continue our track record of growth in the new financial year and beyond."

Alys Key is PA City Reporter.