TIDMBEG
RNS Number : 0122M
Begbies Traynor Group PLC
19 May 2022
19 May 2022
Begbies Traynor Group plc
Year end trading update
Notice of full year results
Results expected to be comfortably ahead of market
expectations
Begbies Traynor Group plc (the 'company' or the 'group'), the
business recovery, financial advisory and property services
consultancy, announces an update on trading for its financial year
ended 30 April 2022.
Summary
-- Results expected to be comfortably ahead of market
expectations* and significantly ahead of prior year:
o Revenue** expected to increase by c.30% to c.GBP109.5m (2021:
GBP83.8m)
o Adjusted PBT** expected to increase by c.55% to c.GBP17.8m
(2021: GBP11.5m)
-- Reflects material increase in scale and scope of the group
since 2021 following acquisitions
-- Maintains strong track record of growth in both revenue and
profitability, with improved operating margins in the year
-- Net cash** of GBP4.7m at 30 April 2022 (2021: GBP3.0m)
* market consensus (as compiled by the company) for revenue of
GBP105.1m and adjusted PBT of GBP17.2m
** all numbers in this statement subject to audit
Divisional performance
Business recovery and financial advisory
-- Strong financial performance with segmental revenue growth of c.35% at improved margins
-- Growth driven by acquisitions completed since 2021 which have
delivered strong results and integrated well into the business
-- Activity levels increased over the year resulting from increased volume of liquidations
-- Insolvency numbers nationally returned to pre-pandemic levels
as government support measures removed:
o Corporate insolvencies* increased by 50% to 16,648 (2021:
11,134)
o Increase to date from liquidations (typically smaller
companies) rather than administrations (typically larger and more
complex instructions)
-- MAF Finance Group (acquired May 2021) traded well in its
first year in the group, with growth in line with earn out
thresholds
-- A successful year for corporate finance with increased number of deal completions
*Source: The Insolvency Service quarterly statistics on the
number of corporate insolvencies (excluding compulsory
liquidations) in England and Wales on a seasonally adjusted basis
for 12 month period to 31 March.
Property advisory and transactional services
-- Good financial performance with segmental revenue growth of c.19% at improved margins
-- Acquisitions of Daniells Harrison (January 2022) and Fernie
Greaves (October 2021) expanded geographical coverage and traded in
line with expectations
-- Strong organic performance reflecting recovery from lockdown impacted prior year
Liquidity
-- Strong operational cash flow resulting in improved financial
position with a net cash balance of GBP4.7m at 30 April 2022 (2021:
GBP3.0m)
o Cash balance stated after paying GBP7.5m of acquisition and
earn outs in the year
-- HSBC facilities* extended to 31 August 2024
o Significant headroom in facilities to fund organic investment
and acquisition opportunities
* Facilities comprise a GBP25m unsecured, committed revolving
credit facility together with a GBP5m uncommitted acquisition
facility
Notice of results
The group will report its final results for the year ended 30
April 2022 on Tuesday 19 July 2022. There will be a virtual analyst
presentation at 9.00am on the day. Please contact begbies@mhpc.com
or on 020 3128 8567 if you would like to receive details.
Ric Traynor, Executive Chairman of Begbies Traynor Group plc,
commented:
"We performed strongly in the financial year with results
comfortably ahead of market expectations and significantly ahead of
the prior year. This reflected the material increase in scale and
scope of the group since 2021 following our acquisitions and
investment in both divisions.
"Our strong financial position has further improved and we
retain substantial resources to make further acquisitions to build
our scale and range of complementary services. We have started the
new financial year confident in our outlook and anticipating a year
of further progress."
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)
Adam James / Patrick Dolaghan
Shore Capital 020 7408 4090
(Joint Broker)
Malachy McEntyre / Mark Percy / Anita Ghanekar / James
Thomas
MHP Communications 020 3128 8567
Reg Hoare / Katie Hunt / Pauline Guenot begbies@mhpc.com
Information on Begbies Traynor Group can be accessed via the
group's website at
www.begbies-traynorgroup.com/investor-relations
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END
TSTAPMFTMTJBBMT
(END) Dow Jones Newswires
May 19, 2022 02:00 ET (06:00 GMT)
Grafico Azioni Begbies Traynor (AQSE:BEG.GB)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Begbies Traynor (AQSE:BEG.GB)
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