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