Btg Consulting Plc · LSE:BTG
Btg Consulting — FY2026 Earnings Presentation
27 slides from Btg Consulting's earnings presentation, July 2026
Slide 1: BTG Consulting plc Final results
INTERNAL BTG Consulting plc BTG Consulting plc Final results For the year ended 30 April 2026 Ric Traynor – Executive Chairman Mark Fry – Chief Executive Officer Nick Taylor – Chief Financial Officer July 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document (the “Presentation”) has been prepared by, and is the sole responsibility of, BTG Consulting plc (the “Company”) and is for information purposes only. This Presentation has not been approved by an authorised person in accordance with Section 21 o
Slide 3: A year of good progress and delivery against our strategy
3 Strong financial performance ahead of market expectations A year of good progress REVENUE EBITDA DIVIDEND and delivery against our £168.5m £33.3m 4.6p strategy +10% +5% +7% Builds on a decade of sustained, profitable growth, providing a clear pathway towards our £200m medium-term revenue target Bu
Slide 4: A proven strategy delivering sustainable growth
A proven strategy delivering sustainable growth Strong track record of organic growth complemented by our Revenue well-established process for value-enhancing acquisitions 10yr CAGR 15% PBT 10yr Investment in growing the group has been largely self-funded, CAGR in line with our disciplined capital a
Slide 5: Consistent growth delivered through the economic cycle
Consistent growth delivered through the economic cycle 180 25.0 Revenue (£m) Profit before tax (£m) 160 15% 10yr CAGR 20% 10yr CAGR 140 20.0 120 15.0 100 Real Estate 80 Advisory Restructuring 10.0 60 40 5.0 20 0 - FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY17 FY18 FY19 FY20 FY21 FY22 FY23 F
Slide 6: Financial review
INTERNAL Financial review
Slide 7: Financial highlights
Financial highlights Revenue Adjusted diluted EPS £168.5m +10% (8% organic) 11.1p +6% 2025: £153.7m 2025: 10.5p Adjusted EBITDA Dividend £33.3m +5% 4.6p +7% 2025: £31.7m 2025: 4.3p Adjusted EBITDA margin Net debt 19.8% -0.8% £1.0m After acquisitions, buybacks and dividends 2025: 20.6% 2025: net cash
Slide 8: Operating performance
Operating performance £m 2026 2025 Growth Restructuring - strong activity • Growth across all case sizes – notably from larger and more Restructuring and advisory 116.8 107.3 9% complex cases • Improved case quality driving higher recovery rates and margin Real estate 51.7 46.4 11% improvement Reven
Slide 9: Operating margins
Operating margins Margins 2026 2025 Margins in the year reflect • Increased restructuring margins driven by strong activity levels Restructuring and advisory 25.4% 26.5% • Stable real estate margins • Well-controlled group costs Real estate 16.8% 16.8% offset by • More challenging environment for ad
Slide 10: Reconciliation to statutory profit before tax
Reconciliation to statutory profit before tax £m 2026 2025 Reduced finance costs • Reflecting lower interest rates and IFRS 16 charges Adjusted EBITDA 33.3 31.7 Reduced acquisition consideration Share-based payments (1.4) (1.3) • Treated as deemed remuneration under IFRS 3 Depreciation and software
Slide 11: Cash flow
Cash flow £m 2026 2025 Continue to deliver good levels of cash generation Operating cash conversion 90% over last five years Adjusted EBITDA 33.3 31.7 Cash conversion 83% (2025: 97%), reflecting yr-on-yr working capital movements Working capital (5.6) (0.8) • Higher restructuring activity levels • T
Slide 12: Capital allocation and shareholder returns
Capital allocation and shareholder returns Capital deployed towards Shareholder returns investment in people and platform earnings growth capability progressive dividend policy selective, value-enhancing buybacks to balance dilution acquisitions Disciplined capital allocation supported by earnings g
Slide 13: Operating review
INTERNAL Operating review
Slide 14: One integrated group, operating under a unified BTG identity
One integrated group, operating under a unified BTG identity Restructuring Advisory Real Estate Strengthened market Complementary transactional Fast growing national real leadership position and advisory services across estate services the cycle Enhanced mid market Most active commercial reputation
Slide 15: Restructuring and advisory – strengthened market position
Restructuring and advisory – strengthened market position Supportive insolvency market Restructuring: a year of growth and strategic delivery 30,000 1.4% 25,000 1.2% • Refreshed leadership team driving the business forwards 1.0% • Investment in capability: 20,000 • Senior hires and developing sector
Slide 16: Real estate – execution of growth strategy
Real estate – execution of growth strategy A decade of revenue and profit growth 51.7 20 50 46.4 18 Multiple growth drivers 40.3 16 40 14 Revenue (£m) Profit (£m) 32.1 Investing in senior recruitment 30 28.6 12 • Developing geographic reach and service offering 20.9 24.1 7.6 7.8 8.7 10 8 20 16.7 14.
Slide 17: Case studies
Case studies Market Financial Solutions Sheffield Wednesday FC Multiple administration appointments High-profile administration Restructuring, Advisory, Real Estate Restructuring, Advisory, Real Estate Appointed on over 170 administrations Assumed control of operations to stabilise club and connecte
Slide 18: Acquisitions – developing and scaling our service offering
Acquisitions – developing and scaling our service offering Acquisitions of Kirkby Diamond and Network Auctions in the year, strengthening our real estate platform: • Kirkby Diamond largest real estate acquisition since Eddisons in 2014 • Network Auctions bolt-on to our leading auctions’ business • B
Slide 19: Framework for continued growth
Framework for continued growth Organic growth Acquisitions Opportunities in fragmented markets to acquire Investment in well-regarded businesses Increasing Attracting, technology: with strategic and cultural fit engagement size developing and including AI, digital and cross-service retaining talent
Slide 20: Current trading and outlook
Current trading and outlook • Started new financial year with continued momentum across the group, supported by current activity levels and pipeline visibility • Macroeconomic uncertainty continues to drive demand for counter-cyclical services, albeit it continues to impact transactional activity •
Slide 21: Summary
INTERNAL Summary
Slide 22: Summary
Summary “Overall, we are well positioned to continue building on our long-term track record of growth, supported by our established business model, strong market positions and disciplined approach to investment.” 22
Slide 23: Why invest
Why invest Proven track record of growth and delivery Long-term organic growth complemented by disciplined, earnings-accretive acquisitions Integrated advisory platform with strong market positions Single group structure with established brands supporting cross-referral and a strong referrer network
Slide 24: Questions
Questions
Slide 25: Appendix
INTERNAL Appendix
Slide 26: FY27 analyst guidance and metrics
FY27 analyst guidance and metrics • FY27 outlook – in line with expectations • Revenue and operating costs • FYI of FY26 acquisitions – revenue £4.2m and costs £3.5m • Organic operating cost increases (inflation and investment) of c.4% • Share-based payment charge c.£1.7m • Depreciation c.£4.8m • Fi
Slide 27: Acquisition accounting and payments
Acquisition accounting and payments £m FY27 FY28 FY29 FY30+ TOTAL P&L items Amortisation 2.0 0.8 0.4 0.1 3.3 Acquisition consideration 5.5 3.2 1.2 0.0 9.9 Contingent consideration outflows Cash payments 5.4 1.0 0.5 0.4 7.3 Net balance sheet accrual 2.6 27