Begbies Traynor Group plc 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.

17 Nov 2022

Strong H1 with double digit revenue & profit growth

Today’s confident statement reflects a strong first half to end October 2022 (announcement scheduled for release on 13 December) expected to include c. 12% growth in H1 revenue to £58.5m and 13% higher adjusted PBT to £9m. Underlying operating cash flow has remained robust: £2.4m reported net debt at end October (H1 2021: £1.2m net cash) was post £7.2m of acquisition and deferred consideration payments in the period.

Begbies Traynor in our view remains very well placed against a difficult economic backdrop and anticipates momentum behind demand for its insolvency and restructuring advice to build as corporate financial distress levels rise. The interims will include more detail on the market outlook and how recent acquisitions are performing, but we regard this as an encouraging report.

This update underpins our forecasts and 175p/share Fair Value assessment, equating to 17.5x FY23e PER, at a 2.1% prospective yield (with 2.7x cover).

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