Business
Trading Update and Notice of half year results
Trading Update and Notice of half year results.
About this update from Btg Consulting Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6993S\n Begbies Traynor Group PLC\n 18 November 2021\n \n \n \n \n 18 November 2021\n \n \n Begbies Traynor Group plc\n \n \n Trading update\n \n \n Notice of half year results\n \n \n Begbies Traynor Group plc (\"the group\"), the business recovery, financial advisory and property services consultancy, announces an update on trading for the six months ended 31 October 2021. All figures are unaudited.\n \n \n The group is pleased to report a strong financial performance in the six months. Group revenue increased to c.£52m (2020: £37.5m), with adjusted profit before tax growing to c.£8m (2020: £5.0m), principally reflecting the benefit of acquisitions completed since January 2021.\n \n \n The group has maintained its strong financial position with net cash of £1.2m at 31 October 2021 (30 April 2021: £3.0m, 31 October 2020: £0.7m) and significant levels of headroom within our committed bank facilities. Acquisition and deferred consideration payments of c.£3m were made in the period. \n \n \n As previously guided, we expect our results will have a second half weighting as we anticipate an increase in insolvency activity over the remainder of our financial year (to 30 April 2022). Overall, we remain confident of delivering market expectations* for the full year, which will represent a year of significant growth.\n \n \n Insolvency market\n \n \n The insolvency market has been suppressed since March 2020 due to Government support measures during the pandemic. However, since May 2021, the Insolvency Service has reported** month on month increases in insolvency appointments nationally as these support measures have been removed. \n \n \n The increases to date have predominantly been in liquidations (which typically represent insolvencies of smaller companies), where the volume of appointments has now returned to pre-pandemic levels. We have increased our share of this market segment in the year by volume. Although the number of administrations (which typically involve larger and more complex instructions) has increased in recent months, they are currently significantly below pre-pandemic levels.\n \n \n Divisional performance\n \n \n The business recovery and financial advisory division has performed well in the period. The prior year acquisitions have performed in line with expectations and have been int...