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