Property advisory and transactional services had a successful period:
o Resilient income streams enabled strong performance in a challenging economic environment
o Growth from organic initiatives and acquisitions
o Budworth Hardcastle (acquired June 2022) traded well in the period and in line with expectations
Current trading and outlook
Commenting on the results, Ric Traynor, Executive Chairman of Begbies Traynor Group, said:
"The group's strong performance builds on our consistent track record of growth, with double digit increases in revenues and profits from both divisions which we have continued to grow organically and through acquisitions.
"We expect continued growth from business recovery and financial advisory, given its increased order book, higher level of enquiries and increasing economic headwinds. We are also confident in the prospects for property advisory and transactional services, reflecting its resilient income streams, continuing flow of new instructions and potential to continue developing its mix of services.
"Overall, we remain confident of delivering upon expectations for the full year.
"Our broad range of services, diversified client base, organic growth initiatives and pipeline of acquisition opportunities, combined with increasing counter-cyclical activity, will enable us to continue to build upon our strong track record in the current year and beyond."
* The board uses adjusted performance measures to provide meaningful information on the performance of the business. The items excluded from adjusted PBT and EPS are those which arise due to acquisitions in accordance with IFRS 3 and are not influenced by the day-to-day operations of the group. Adjusted EBITDA excludes non-cash share-based payment and depreciation charges from adjusted PBT.
** Profit before tax of £5.0m (2021: £2.7m) plus amortisation of intangible assets arising on acquisitions of £3.2m (2021: £2.6m) plus transaction costs of £0.8m (2021: £2.7m).
*** See reconciliation in note 5.
**** Current range of analyst forecasts for revenue of £117.7m-£121.4m and adjusted PBT of £19.7m-£20.6m (as compiled by the group)
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