REG - Begbies Traynor - AGM Statement

Begbies TraynorAnnouncement

17/09/2024 07:00

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RNS Number : 3905E  Begbies Traynor Group PLC  17 September 2024

17 September 2024

 

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 one of strong financial
performance and represented the continuation of a decade of profitable growth.
This has been driven by our proven growth strategy of investing in organic
development and earnings enhancing M&A, resulting in a diversified and
resilient business. We have delivered this strong financial performance
through the cycle, having tripled the size of the business, underpinned by a
six-fold increase in adjusted profit before tax since 2014. The business
remained highly cash generative, which enabled us to propose a 5% increase in
the dividend, representing our seventh consecutive year of dividend growth.

 

We have made a good start to our new financial year with encouraging activity
levels, whilst continuing to invest in organic development through the
recruitment of additional senior fee earners across the group. Results for the
first quarter to 31 July 2024 were in line with our expectations, reporting
double digit growth in both revenue and adjusted profits versus the
comparative period in 2023.

 

We remain confident of delivering market expectations* for the full year,
reflecting positive momentum across the group and continuing elevated
insolvency levels.

 

There continue to be attractive opportunities for the group to grow and
consolidate in its chosen markets, which remain fragmented and offer
attractive financial returns.

 

Overall, our proven growth strategy together with our broad range of services
and diversified client base gives us confidence of building on our strong
track record.

 

We expect to next update on current trading with our half year results, which
are due to be released in December 2024."

 

* market expectations (as compiled by the group): revenue of £148m - £150m,
adjusted PBT of £23.0m-£24.3m.

 

- 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 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
Communications
              07595 461 231

Reg Hoare / Katie Hunt / Charles Hirst
                             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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