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23 Feb 2021 07:00
23 February 2021
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 2021.
The group has continued its strong trading performance since the half year across both of its operating divisions. This performance leaves us confident of the outcome for the full year and delivering results at least in line with expectations* for the year as a whole.
The business recovery and financial advisory business continues to perform well, maintaining its run rate for activity levels and new appointments. This is in spite of the continuing Government economic support measures, which as previously reported have reduced the number of insolvencies in the UK since March 2020.
The integration of the recently acquired CVR insolvency business (announced 18 January 2021) is proceeding well and initial trading is in line with our expectations.
The property advisory and transactional services business has delivered a robust performance in the quarter with no adverse impact from the lockdown restrictions over the period, and in line with its second quarter recovery. The recently announced acquisition of HNG and our ongoing investment in complementary property services continues to build our depth and breadth of service together with our geographic coverage.
The group has maintained its strong financial position with significant levels of headroom within our committed bank facilities, having made the recent investments in CVR and HNG.
* current range of analyst forecasts for adjusted PBT of £10.2m-£10.7m
Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:
"The group continues to perform well which gives us confidence in delivering results at least in line with expectations for the current year. With the benefit of recent acquisitions and other organic growth initiatives the group is also well positioned to deliver the anticipated material growth in earnings in the 2021-22 financial year."
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 4588
(Nominated Adviser and Joint Broker)
Emma Gabriel / Angelos Vlatakis
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8168
Reg Hoare / Katie Hunt / Florence Mayo 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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