BTG Consulting (BTG) Trading update summary

Financial performance

• Revenue expected at approximately £169m, up 10% year-on-year, exceeding market consensus of £166.1m.

• Adjusted EBITDA projected at £33.3m, surpassing consensus of £32.0m.

• Adjusted PBT anticipated at £25.0m, above consensus of £24.1m.

• Net debt stands at £1.0m after acquisitions and shareholder returns.

• Results reflect growth across all service lines and resilience in market conditions.

Operational highlights

• Restructuring team maintained top UK ranking by volume and increased administration appointments.

• Notable engagements included the administration and sale of Sheffield Wednesday FC and work with Market Financial Solutions.

• Real estate advisory saw strong demand and successful integration of Kirkby Diamond and Network Auctions acquisitions.

• Property auctions platform continued to provide stable earnings.

• Financial advisory team completed key transactions despite macroeconomic headwinds.

Capital allocation and financial position

• Invested £8.1m in acquisitions and earn outs, £1.2m in share buybacks, and paid £6.9m in dividends.

• Maintains a robust financial position with disciplined capital allocation.

• Acquisitions have expanded geographic coverage and strengthened growth platform.