AGM statement and trading update in line
Trading during the first quarter (May to July 2021) was in line with expectations. BEG remains on track to achieve our revenue and adjusted profit forecasts, which are unchanged. As anticipated, the components of forecast double-digit percentage growth in revenue and profits this year are internally driven, rather than market related: specifically recent acquisitions and the bounce back from 2020’s lockdowns.The two business and financial recovery acquisitions completed last year, CVR Global (January 2021) and David Rubin & Partners (March 2021) and another, MAF Finance Group (May 2021) post the year-end are all performing well. BEG reported successful integrations, identification of synergies and cross selling opportunities.
We have held our forecasts and 165p/share fair value estimate, equivalent to a 17.9x FY22e PER and a 1.9% prospective yield (2.9x covered by adjusted earnings).
Begbies Traynor Group is a business recovery, financial advisory and property services consultancy. Co. provides these services through two operating segments: business recovery and financial advisory services, which provides transactional support, valuations and advisory services through its subsidiary, BTG Financial Consulting LLP; and property services, which delivering advisory, such as commercial property valuations, property receiverships, property management and accounting, and as well as transactional services that include property auctioneers, machinery and business asset auctioneers to owners and occupiers of commercial property, investors and financial institution.
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