BTG Consulting (BTG) H1 2025 Investor Webinar earnings summary

Executive summary

• Achieved strong double-digit growth in revenue and profit for H1 2024, driven by organic and acquired expansion, with positive momentum across all divisions.

• Continued execution of a proven growth strategy, leveraging a national and local presence with 1,300+ staff and a focus on business recovery, advisory, and property services.

• Maintained a progressive dividend policy, marking at least seven consecutive years of increases, while supporting ongoing acquisition activity.

• Confident in delivering full-year expectations and progressing toward a £200m medium-term revenue target.

• Market conditions remain supportive, with elevated insolvency levels and stable property transaction activity.

Financial highlights

• Revenue increased 16% year-over-year to £76.3m, with 11% organic and 5% acquired growth.

• Adjusted EBITDA up 20% to £15.3m; adjusted profit before tax up 16% to £11.5m.

• Free cash flow increased 8% to £4.3m; net debt at period end was £3.8m, reflecting acquisition activity.

• Interim dividend increased by 8% to 1.4p; basic EPS up 17% to 5.4p; adjusted diluted EPS up 11% to 5.1p.

• Operating margin improved to 16.5% (2023: 16.2%).

Outlook and guidance

• Confident in delivering further growth in line with market expectations for full-year adjusted PBT of £23.0m–£24.3m.

• Supportive market conditions expected to sustain activity in both insolvency and property divisions, with a healthy pipeline and continued investment in team and technology.

• H2 revenue typically weighted toward business recovery and advisory; margins expected to remain stable.

• Q3 trading update scheduled for late February 2025.