INSOLVENCY specialist Begbies Traynor increased its dividend, thanks to a shaky economy and more firms facing the end of the road.

Revenue reached £65.9m, up from £58.5m when compared to the same period last year, according to its halfyear results published this morning.

Adjusted profit before tax also increased by over £10m to £12.8m, as it was bolstered by companies impacted by a tough economic climate.

The number of firms going bust has risen to its highest level since 2009, according to a study by the UK Insolvency Service.

The consultancy said it "anticipates" a continued increase in insolvency activity as it heads into the final quarter of the year. Begbies Traynor, which has over 100 offices across the UK, increased its interim dividend to 1.3p up from 1.2p last year, Ric Traynor, executive chairman of Begbies Traynor Group, said: "The group's financial performance leaves the board confident of delivering current market expectations for the full year, which will extend our strong financial track record of growth."

(c) 2023 City A.M., source Newspaper