26 February 2024
Begbies
Traynor Group plc
Third
quarter trading update
New debt
facility
Begbies Traynor Group plc (the
"group"), the professional services consultancy, today issues a
trading update for its third quarter ended 31 January 2024 and
announces the agreement of a new debt facility with
HSBC.
Third quarter trading update
Financial performance has been
consistent with our expectations, with both divisions trading in
line with the outlook stated at the time of our half year results
in December 2023.
As a result, our outlook for the
year as a whole remains unchanged and the board therefore remains
confident of delivering market expectations* for the full year,
extending our strong financial track record of growth.
*current range of analyst forecasts for revenue of
£131.1m-£135.2m and adjusted PBT of £21.9m-£22.5m (as compiled by
the group)
New
debt facility
The group is pleased to have agreed
its new debt facility with HSBC. This replaces the group's existing
facility with HSBC which was entered into in 2016 and was due to
mature in August 2025.
The key terms are:
· £25
million committed, unsecured revolving credit facility
(unchanged).
· An
additional £10 million accordion facility (increased from £5
million), allowing further debt capacity to support the group's
growth strategy, subject to certain conditions.
· Overall facility costs broadly in line with the previous
facility.
· Initial three-year term until February 2027, with two one-year
extension options, giving a potential maturity date of February
2029.
Ric
Traynor, Executive Chairman of Begbies Traynor Group plc,
commented:
"We have continued to perform well
across the group and our outlook for the full year remains
unchanged, which will extend our strong financial track record of
growth.
"We are pleased to have agreed a new
debt facility with HSBC which, alongside the group's cash
generation, provides us with the flexibility to complement our
organic growth with selective acquisitions. This will enable us to
both build on our decade long track record of growth and execute
our strategy to extend our scale and range of services."
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)
Emma Gabriel / Harry
Pardoe
Shore Capital
020 7408 4090
(Joint Broker)
Malachy McEntyre / Mark Percy / Anita
Ghanekar / James Thomas
MHP
Group
07827
622831
Reg Hoare / Katie Hunt / Charles
Hirst
begbies@mhpgroup.com
Information on Begbies Traynor Group
can be accessed via the Group's website at
www.ir.begbies-traynorgroup.com