REG - Begbies Traynor - AGM Statement

Begbies TraynorAnnouncement

19/09/2023 07:00

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RNS Number : 8227M  Begbies Traynor Group PLC  19 September 2023

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
(mailto:begbies@mhpgroup.com)

 
 

Further information on Begbies Traynor Group can be accessed via the group's
website at www.ir.begbies-traynorgroup.com.

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