Begbies Traynor
Ticker: BEG Exchange: AIM

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.

Update anticipates 13% H1 revenue growth

BEG’s positive H1 trading update confirmed that activity levels across the group complement are encouraging.

The interims due 11 Dec 2023 are expected to show c 13% increases in revenue and adjusted operating profit derived from a ‘good mix’ of organic and acquired growth. Adjusted PBT, net of higher finance costs is at c 10%+. That puts the group firmly on track to achieve our forecasts.

Acquisitions secured in H1 extended service offerings and regional coverage, and have performed on track. BEG reiterated its plan to invest for future growth and will lean on a strong balance sheet with £1.1m net cash at end Oct 2023 vs net debt of £2.4m a year earlier. An estimated 80% of group revenues are counter-cyclical and defensive.

We retain our 175p/share fair value estimate pending the results, a level equivalent to 17x FY24 EPS and a 2.3% yield.


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