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(Sharecast News) - Professional services consultancy Begbies Traynor said in a trading update on Monday that it maintained consistency with expectations in the third quarter, with both divisions trading in accordance with the outlook it provided at its half-year results in December.
The AIM-traded firm said that as a result, the overall outlook for the financial year remained unchanged.
It noted that analyst forecasts currently ranged between £131.1m and £135.2m for revenue, and between £21.9m and £22.5m for adjusted profit before tax.
Begbies Traynor also announced a new debt facility, having finalised an agreement with HSBC to replace the existing facility established in 2016 and originally set to mature in August 2025.
The key terms of the new facility included a £25m committed, unsecured revolving credit facility, maintaining the previous level, along with an increased accordion facility of £10m, up from £5m, enabling additional debt capacity to support the group's growth strategy under specific conditions.
Begbies Traynor said the overall costs of the facility were broadly consistent with those of the previous one.
Initially set for a three-year term until February 2027, the agreement included two one-year extension options, potentially extending the maturity date to February 2029.
"We have continued to perform well across the group and our outlook for the full year remains unchanged, which will extend our strong financial track record of growth," said executive chairman Ric Traynor.
"We are pleased to have agreed a new debt facility with HSBC which, alongside the group's cash generation, provides us with the flexibility to complement our organic growth with selective acquisitions.
"This will enable us to both build on our decade-long track record of growth and execute our strategy to extend our scale and range of services."
At 0919 GMT, shares in Begbies Traynor Group were up 0.79% at 110.36p.
Reporting by Josh White for Sharecast.com.
