Last checked at 19 Sep 2019 07:00
19 September 2019
Begbies Traynor Group plc
AGM Statement
Trading Update
Begbies Traynor Group plc ("the group"), the business recovery, financial advisory and property services consultancy, is today holding its Annual General Meeting. Ric Traynor, Executive Chairman, will make the following statement:
"The last financial year was one of strong financial performance, in which we grew the business organically, completed four acquisitions and increased the dividend whilst reducing net debt.
"The benefit of our strategy to increase the scale and quality of the group's businesses, through both investment in organic growth and targeted acquisitions, is reflected in our financial performance. We now have an enhanced breadth of service lines with multiple sources of growth potential. Whilst we retain a counter-cyclical focus, which accounts for 65% of our income, our broad range of services also positions the group well to grow across the economic cycle.
"We have further added to our potential for growth by raising £8.3m in July 2019 to fund further acquisition opportunities.
"All areas of the group have continued to perform well in the first quarter of the new financial year. The market for our counter-cyclical activities (in insolvency, advisory and property services) has been favourable with a 9%* increase in national corporate insolvency appointments in the first six months of the calendar year.
"Revenue and profit growth in the first quarter is in line with our expectations and reflects both the continuing organic development of the group and the contribution from recent acquisitions. We remain confident of delivering current market expectations this year.
"We will next update on current trading with our half year results, which are due to be released in December 2019."
*Source: The Insolvency Service quarterly statistics of corporate insolvency appointments on a seasonally adjusted basis for the six months ended 30 June 2019 of 8,534 (2018: 7,855), which excludes the one-off effect of nil (2018: 573) bulk insolvencies as identified by the Insolvency Service.
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Enquiries please contact:
Begbies Traynor Group PLC 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
David Tyrrell / Sunil Duggal
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt / Pete Lambie
Further information on Begbies Traynor Group can be accessed via the Group's website at www.begbies-traynorgroup.com