BTG Consulting plc (formerly Begbies Traynor Group) is an AIM-listed professional services consultancy delivering solutions for businesses, financial institutions and professional advisers in the areas of corporate recovery, restructuring and turnaround, corporate finance, forensic accounting, investigations and security risk.

The Group serves its clients via an extensive UK office network and through an international association of approved partner firms which enables it to draw together specialist teams from around the world to meet specific cross-jurisdictional challenges.

09 Dec 2025

Strategic diversification clearly paying off

Begbies’ interim results show real momentum, with the positive outlook enhanced by two recent acquisitions and an expanded leadership team. The group has confirmed it is on track for both FY26E consensus expectations and its near-term target of £200m revenues.

Revenues rose 7% to £82m and Adj. PBT was up 5% to £12.1m. The group’s investment in new senior hires has led to 10% organic growth in the restructuring business, whilst property advisory revenues rose by7%.

This momentum has continued into H226 with an “encouraging flow of new instructions” (and an increased order book of £81.6m), and two delayed corporate finance transactions completed in November.

Surprisingly, Begbies’ shares have fallen over 10% since the summer. With highly profitable organic growth of 5%-6%, and free cashflow to fund both acquisitions and dividends, we see scope for a further rerating.

Our fair value of 150p / share equates to a c.6.5% cal 2026 FCF yield (pre-acquisitions).

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