AGM Statement and Trading Update

RNS Number : 8642M

Begbies Traynor Group PLC

19 September 2019

 

19 September 2019

Begbies Traynor Group plc

AGM Statement

Trading Update

Begbies Traynor Group plc ("the group"), the business recovery, financial advisory and property services consultancy, is today holding its Annual General Meeting. Ric Traynor, Executive Chairman, will make the following statement:

"The last financial year was one of strong financial performance, in which we grew the business organically, completed four acquisitions and increased the dividend whilst reducing net debt.

"The benefit of our strategy to increase the scale and quality of the group's businesses, through both investment in organic growth and targeted acquisitions, is reflected in our financial performance. We now have an enhanced breadth of service lines with multiple sources of growth potential. Whilst we retain a counter-cyclical focus, which accounts for 65% of our income, our broad range of services also positions the group well to grow across the economic cycle.

"We have further added to our potential for growth by raising £8.3m in July 2019 to fund further acquisition opportunities.

"All areas of the group have continued to perform well in the first quarter of the new financial year.  The market for our counter-cyclical activities (in insolvency, advisory and property services) has been favourable with a 9%* increase in national corporate insolvency appointments in the first six months of the calendar year.

"Revenue and profit growth in the first quarter is in line with our expectations and reflects both the continuing organic development of the group and the contribution from recent acquisitions.  We remain confident of delivering current market expectations this year.

"We will next update on current trading with our half year results, which are due to be released in December 2019."

*Source: The Insolvency Service quarterly statistics of corporate insolvency appointments on a seasonally adjusted basis for the six months ended 30 June 2019 of 8,534 (2018: 7,855), which excludes the one-off effect of nil (2018: 573) bulk insolvencies as identified by the Insolvency Service.

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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)

David Tyrrell / Sunil Duggal

Shore Capital                                                                                                   020 7408 4090

(Joint Broker)

Mark Percy / Anita Ghanekar

MHP Communications                                                                         020 3128 8100

Reg Hoare / Katie Hunt / Pete Lambie

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

 

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