Last checked at 19 Sep 2023 07:00
19 September 2023
Begbies Traynor Group plc
AGM Statement
Trading Update
Begbies Traynor Group plc ("the group"), the professional services consultancy, is today holding its Annual General Meeting. Ric Traynor, Executive Chairman, will make the following statement:
"The last financial year was another successful year of further growth, in which we continued to execute our strategy to grow the business whilst delivering strong, sustainable financial performance, and reported results for the year ahead of original market expectations. This performance was derived from our broadening range of services to an increasingly diverse range of clients.
We have a proven growth strategy which, over the five year period between 2019 and 2023, has doubled revenue from £60m to £122m and tripled adjusted profit before tax from £7m to £21m, from a combination of organic growth and acquisitions. This growth has been delivered across both insolvency and property services, including our full range of advisory and transactional services delivered by both divisions.
We have made a good start to our new financial year with encouraging activity levels across the group whilst continuing to invest in organic development. Results for the first quarter to 31 July 2023 were in line with our expectations, reporting double digit growth in both revenue and adjusted profits.
At this early stage of the financial year, our expectations remain unchanged and we are confident of delivering market expectations* for the full year. With 80% of income generated from counter-cyclical and defensive activities, we remain well-positioned in the current challenging economic environment.
We have continued to make acquisitions to complement and strengthen our range of services, acquiring Banks Long & Co, a Lincoln-based chartered surveyors' practice in May 2023, and the South Wales-based Jones Giles & Clay insolvency team in September 2023. The integration of both businesses is underway and progressing in line with our expectations.
Overall, the group remains in a strong financial position and well placed to continue to invest in the business, both organically and through acquisitions, to further build our scale and range of complementary services.
We will next update on current trading with our half year results, which are due to be released in December 2023."
* current range of analyst forecasts for adjusted PBT of £21.9m-£22.5m (as compiled by the group)
- ENDS -
Enquiries please contact:
Begbies Traynor Group PLC 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8000
(Nominated Adviser and Joint Broker)
Emma Gabriel / Harry Pardoe
Shore Capital 020 7408 4090
(Joint Broker)
Malachy McEntyre / Mark Percy / Anita Ghanekar / James Thomas
MHP 020 3128 8567
Reg Hoare / Katie Hunt / Pauline Guenot begbies@mhpgroup.com
Further information on Begbies Traynor Group can be accessed via the group's website at www.ir.begbies-traynorgroup.com.