Btg Consulting Plc · LSE:BTG
Btg Consulting — Begbies Traynor Group — H1 2026 Earnings Presentation
29 slides from Btg Consulting's earnings presentation, December 2025
Slide 1: Half Year Results Presentation
Half Year Results Presentation PRESENTED BY: Ric Traynor - Executive Chairman Mark Fry - Chief Executive Officer Nick Taylor - Chief Financial Officer December 2025
Slide 2: Disclaimer
Disclaimer The information contained in this document (the “Presentation”) has been prepared by, and is the sole responsibility of, Begbies Traynor Group plc (the “Company”) and is for information purposes only. This Presentation has not been approved by an authorised person in accordance with Secti
Slide 3: A leading financial and real estate advisory firm
A leading financial and real estate advisory firm Proven platform, enhanced leadership focus and a clear growth agenda 2
Slide 4: Good first half performance driven by organic growth
Good first half performance driven by organic growth Continued delivery of Good activity levels Confidence in delivering growth strategy driving performance full year results Revenue Positive levels of restructuring Encouraging workflows £82.0m (+7%) work and increased market continuing in H2 share
Slide 5: Enhanced leadership structure supporting delivery of growth objectives
Enhanced leadership structure supporting delivery of growth objectives Ric Traynor Mark Fry Nick Taylor Executive Chairman Group CEO Group CFO Supported by divisional managing partners Julian Pitts Anthony Spencer David Abbott Restructuring Property Advisory Our new leadership structure will enable
Slide 6: Introduction to CEO
Introduction to CEO ‘© Begbies Traynor Group
Slide 7: Mark Fry CEO, longstanding executive director
Mark Fry CEO, longstanding executive director Entrepreneurial foundations Founder & early career Initiated advisory expansion • Founded and grew independent restructuring practice Designed and grew advisory practice • Acquired by BTG in 2005 • Attracted top talent and broadened capabilities • Streng
Slide 8: Financial review
Financial review ‘© Begbies Traynor Group
Slide 9: Financial highlights
Financial highlights Revenue Adjusted diluted EPS £82.0m (+7%) 5.4p (+6%) (2024: £76.3m) (2024: 5.1p) Adjusted EBITDA Interim dividend £16.1m (+5%) 1.5p (+7%) (2024: £15.3m) (2024: 1.4p) Adjusted EBITDA margin Net debt 19.6% (-0.5%) £5.7m (2024: 20.1%) (2024: £3.8m) 8
Slide 10: Income statement
Income statement £m 2025 2024 Growth Revenue growth of 7% (driven by good organic performance) • Restructuring (£5.6m) and property advisory (£1.6m), partially offset by Revenue 82.0 76.3 7% lower financial advisory (£1.5m) Direct costs (46.4) (42.4) 9% Direct costs (principally fee earning staff an
Slide 11: Cash flow
Cash flow £m H126 H125 FY25 Cashflow – typical H1 seasonality Adjusted EBITDA 16.1 15.3 31.7 • Working capital absorption increased to £9.1m (2024: £5.7m) from: • Receivables increase driven by restructuring revenue growth with Increase in receivables (8.0) (6.7) (5.8) associated lock up (Decrease)
Slide 12: Confident of delivering current market expectations for the full year
Confident of delivering current market expectations for the full year Restructuring team continue to benefit from positive activity levels and encouraging flow of new instructions Financial advisory team expect to benefit from delayed transactions from H1 • Two CF transactions delayed from H1 comple
Slide 13: Operating review
Operating review ‘© Begbies Traynor Group
Slide 14: Restructuring and financial advisory highlights
Restructuring and financial advisory highlights 30,000 Corporate insolvencies 1.4% Positive workflows driving increase in both activity levels and order book - Oct 25: £81.6m (Apr 25: £78.6m, Oct 24: £76.4m) 25,000 1.2% 1.0% 20,000 Continued favourable market conditions with broadly 0.8% maintained
Slide 15: Property advisory highlights
Property advisory highlights Valuations: increased average fees and higher volumes National Commercial Property Transactions • Benefit from process enhancements and investments 140 Trailing 12m (‘000) • Strong panel positions with broad range of lenders 120 100 Asset sales: resilient performance aga
Slide 16: Property advisory: two H2 acquisitions enhancing geographical coverage and expertise
Property advisory: two H2 acquisitions enhancing geographical coverage and expertise Kirkby Diamond – revenue £6.2m • Our largest property advisory acquisition since the original acquisition of Eddisons in 2014 • Well-respected and successful regional consultancy • Extending strategic footprint to c
Slide 17: Delivering our growth ambitions
Delivering our growth ambitions
Slide 18: Strong culture, trusted market position and a scalable platform
Strong culture, trusted market position and a scalable platform People & Culture Client Trust Capabilities & Platform Highly engaged, loyal teams Deep and longstanding Integrated restructuring, with high level of colleague relationships with lenders, advisory and property retention private equity an
Slide 19: Priorities and areas of focus for the new leadership team
Priorities and areas of focus for the new leadership team Drive Operational sustainable M&A execution Culture & Priority organic growth excellence talent Continue focus on Group synergies, Investment in Senior hires, leverage IT benefits, Focus deepen client enhancing expertise, platform efficiencie
Slide 20: Continuing to develop and enhance our reputation for larger and more complex instructions
Continuing to develop and enhance our reputation for larger and more complex instructions Accelerated M&A and administration appointment Advised a national social care provider operating over 80 residential and supported living services on an Restructuring accelerated sale process and administration
Slide 21: Summary and outlook
Summary and outlook ‘© Begbies Traynor Group
Slide 22: Well positioned for our next phase of growth
Well positioned for our next phase of growth First half performance underpins our confidence in delivering full year results in line with expectations Confident of continuing to build on track record of growth towards our medium-term target of £200m revenue Continued momentum across the group with s
Slide 23: Track record of delivering profitable growth across the cycle
Track record of delivering profitable growth across the cycle Revenue growth and diversification Profit growth 160 153.7 25.0 23.5 10 yr revenue CAGR: +13% 136.1 22.0 140 20.7 121.8 10 yr PBT CAGR: 20% 120 110.0 20.0 17.8 100 83.8 15.0 80 70.5 11.5 60.1 9.2 60 50.1 49.7 52.4 10.0 7.0 4.9 5.6 40 4.5
Slide 24: Appendix
Appendix ‘© Begbies Traynor Group
Slide 25: Investment case
Investment case 1 Long track-record of revenue and earnings growth Diversified income streams providing balance and growth across the economic cycle 3 Proven ability to execute earning accretive acquisitions High levels of repeat business from long-established client base 5 Progressive dividend poli
Slide 26: H2 analyst metrics
H2 analyst metrics • Profit for the full year in line with market expectations • H2 guidance • Restructuring and financial advisory: typical H1:H2 phasing favouring H2, anticipated benefit of delayed transactions and senior hires in H2 • Property advisory: organic results H1 weighted with first time
Slide 27: Acquisition accounting and payments
Acquisition accounting and payments £m H226 FY27 FY28 FY29 FY30+ TOTAL P&L items Acquisition consideration 4.0 5.2 2.9 1.7 2.2 16.0 Amortisation 2.1 1.4 0.8 0.4 0.4 5.1 Contingent consideration outflows Cash payments 0.6 4.2 1.0 0.5 0.5 6.8 Share issues - 0.2 - 0.2 Total consideration 0.6 4.4 1.0 0.
Slide 28: Segmental revenue and profit
Segmental revenue and profit £m 2025 2024 Growth Restructuring and advisory 56.9 52.8 8% Property advisory 25.1 23.5 7% Revenue 82.0 76.3 7% Restructuring and advisory 13.6 13.6 - Property advisory 4.9 3.9 26% Segmental result 18.5 17.5 6% Group services (5.4) (4.9) 10% Operating profit 13.1 12.6 4%
Slide 29: Offices across the UK
Offices across the UK. www.begbies-traynorgroup.com Begbies Traynor Group plc; registered in England No: 5120043, registered office: 340 Deansgate, Manchester, M3 4LY, a member of the Begbies Traynor Group; Specialist Professional Services.
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