The increase in companies entering administration has bolstered the finances at Begbies Traynor.
For the 12 months to April 30, 2023, the Manchester-headquartered business achieved a revenue of £121.8m, up from £110m, and pre-tax profits of £6m, a rise from £4m.
In a statement issued to the London Stock Exchange, the firm said it had been a "successful year of continued growth with results ahead of original market expectations".
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Among many high-profile administrations Begbies Traynor was involved in during the financial year was that of Paperchase, which was then rescued by Tesco in January.
Executive chairman Ric Traynor said: "We have reported another successful year of continued growth, with reported results ahead of original market expectations and increased our dividend by 9%.
"We have a proven growth strategy which, over the five year period between 2019 and 2023, has doubled revenue and tripled adjusted profit before tax, from a combination of organic growth and acquisitions.
"This growth has been delivered across insolvency and our full range of advisory and transactional services.
"We have started our new financial year confident in our outlook. The increased scale of the group with complementary professional services and an enhanced client base provides a strong platform for us to continue delivering growth.
"With 80% of income generated from counter-cyclical and defensive activities, we are well-positioned in the current challenging economic environment.
"Our strong balance sheet and cash generation underpin our capacity to deliver organic growth initiatives and progress our pipeline of acquisitions, thereby continuing our track record of growth."
