REG - Begbies Traynor - 3rd Quarter Trading Update and New Debt Facility

Begbies TraynorAnnouncement

26/02/2024 07:00

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RNS Number : 3431E  Begbies Traynor Group PLC  26 February 2024

26 February 2024

Begbies Traynor Group plc

 

Third quarter trading update

 

New debt facility

 

Begbies Traynor Group plc (the "group"), the professional services
consultancy, today issues a trading update for its third quarter ended 31
January 2024 and announces the agreement of a new debt facility with HSBC.

 

Third quarter trading update

 

Financial performance has been consistent with our expectations, with both
divisions trading in line with the outlook stated at the time of our half year
results in December 2023.

 

As a result, our outlook for the year as a whole remains unchanged and the
board therefore remains confident of delivering market expectations* for the
full year, extending our strong financial track record of growth.

 

*current range of analyst forecasts for revenue of £131.1m-£135.2m and
adjusted PBT of £21.9m-£22.5m (as compiled by the group)

 

New debt facility

 

The group is pleased to have agreed its new debt facility with HSBC. This
replaces the group's existing facility with HSBC which was entered into in
2016 and was due to mature in August 2025.

 

The key terms are:

 

·      £25 million committed, unsecured revolving credit facility
(unchanged).

·      An additional £10 million accordion facility (increased from £5
million), allowing further debt capacity to support the group's growth
strategy, subject to certain conditions.

·      Overall facility costs broadly in line with the previous
facility.

·      Initial three-year term until February 2027, with two one-year
extension options, giving a potential maturity date of February 2029.

 

Ric Traynor, Executive Chairman of Begbies Traynor Group plc, commented:

 

"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.

 

"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."

 

 

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)

Emma Gabriel / Harry Pardoe

 

Shore Capital
 
                          020 7408 4090

(Joint Broker)

Malachy McEntyre / Mark Percy / Anita Ghanekar / James Thomas

 

MHP Group
 
 07827 622831

Reg Hoare / Katie Hunt / Charles Hirst
 
begbies@mhpgroup.com (mailto:begbies@mhpgroup.com)

 

 

Information on Begbies Traynor Group can be accessed via the Group's website
at

www.ir.begbies-traynorgroup.com

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