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23 Feb 2022 07:00
23 February 2022
Begbies Traynor Group plc
Third Quarter Trading Update
Begbies Traynor Group plc (the "group"), the business recovery, financial advisory and property services consultancy, today issues a trading update for its third quarter ended 31 January 2022.
Trading performance in Q3 has been broadly in line with the first half year, which leaves the full year anticipated to be within the range of market expectations* and significantly ahead of last year.
The business recovery & financial advisory division continues to trade in line with expectations. Over the course of this financial year, insolvency numbers have returned to pre-pandemic levels** due to increased liquidations, although administrations (typically larger and more complex instructions) remain much lower than pre-pandemic levels. A return to more normal activity levels in this marketplace is now more likely to benefit our new financial year rather than the current year.
The property advisory & transactional services division continues to perform in line with expectations and reflects the contribution from the two acquisitions completed in the current financial year.
The group has maintained its strong financial position with significant levels of headroom within our committed bank facilities, which ensures we are well placed to continue to invest in our successful growth strategy.
* current range of analyst forecasts for adjusted PBT of £17.0m-£18.5m (consensus £17.5m) - as compiled by the group
** Insolvency Service - quarterly insolvency statistics Q4 2021 published 28 January 2022
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
"We have performed well in Q3, benefiting from the integration of our recent acquisitions and our broad range of complementary services which provide a strong platform for growth. Although insolvency numbers are inexorably rising, the market is still awaiting a rise in the larger and more complex instructions that may result from the current economic headwinds and the removal of the final Government financial support measures in March."
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)
Adam James / Patrick Dolaghan
Shore Capital 020 7408 4090
(Joint Broker)
Malachy McEntyre / Mark Percy / Anita Ghanekar / James Thomas
MHP Communications 020 3128 8572
Reg Hoare / Katie Hunt begbies@mhpc.com
Information on Begbies Traynor Group can be accessed via the Group's website atwww.begbies-traynorgroup.com/investor-relations
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