Begbies Traynor Group PLC AGM Statement and Trading Update (2227Z)
17 September 2020 - 4:00PM
UK Regulatory
TIDMBEG
RNS Number : 2227Z
Begbies Traynor Group PLC
17 September 2020
17 September 2020
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 group performed well in the last financial year with growth
in revenue and earnings delivered by our organic and acquisitive
strategy. We continued to be highly cash-generative, which together
with funds raised from a share placing in July 2019, enabled the
group to reduce its net debt, complete three acquisitions, and
propose increasing the dividend for the year.
In the new financial year to date, the group has delivered
strong financial performance, with growth in revenue and earnings
reflecting organic growth complemented by the contribution from
prior year acquisitions. We remain confident of delivering current
market expectations this year.
Our business recovery and financial advisory business has
delivered good growth on the comparative period, driven by organic
growth and the benefit of prior year acquisitions. The level of new
insolvency appointments for the group has been encouraging and
represents an increase in our share of an insolvency market which,
as previously reported, has been relatively subdued due to the
Government's Covid-19 related support measures. We continue to
anticipate that market insolvency levels will increase once these
short-term measures are removed.
Our property advisory and transactional services business has
delivered a solid financial performance in the context of the
Covid-19 related disruption experienced at the start of the
financial year. Since the initial disruption due to the constraints
of lockdown, the business sales agency, commercial property agency
and valuation teams have seen an improvement in activity levels, at
a faster rate than we had previously anticipated. Our
insolvency-related machinery and business asset disposal team has
continued to perform well, whilst our building consultancy teams
are showing strong growth over the prior year due to a higher level
of education sector project income.
Having increased the scale and breadth of service lines over
recent years, with a continued focus on counter-cyclical services
which generate good margins and are highly cash generative, we
remain well-placed to continue our track record of revenue and
profit growth. We also have a strong balance sheet, providing the
resources for further investment in the business along with
potential acquisitions to supplement our underlying organic
growth.
We will next update on current trading with our half year
results, which are due to be released in December 2020."
- ENDS -
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 / Emma Gabriel / Angelos Vlatakis
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar / James Thomas
MHP Communications 020 3128 8168
Reg Hoare / Katie Hunt / Florence Mayo
Further information on Begbies Traynor Group can be accessed via
the Group's website at www.begbies-traynorgroup.com
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END
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