BTG Consulting (BTG) H1 2025 earnings summary

Executive summary

• Achieved strong double-digit growth in revenue and profit for H1, driven by organic expansion and acquisitions, with both business recovery and property advisory contributing significantly.

• Progressing toward a medium-term revenue target of £200m, supported by a diversified business model and resilient market positions.

• Supportive market conditions and elevated insolvency levels sustained activity across all service lines.

• Confident in delivering full-year expectations, with positive momentum and ongoing investment in talent and technology.

Financial highlights

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

• Adjusted EBITDA rose 20% to £15.3m; adjusted profit before tax up 16% to £11.5m; profit before tax up 57% to £4.7m.

• Adjusted diluted EPS increased 11% to 5.1p; interim dividend up 8% to 1.4p, marking consecutive years of dividend growth.

• Free cash flow increased by 8% to £4.3m; net debt at £3.8m, reflecting acquisition earn-outs, share buy-backs, and dividends.

Outlook and guidance

• Confident of delivering full-year growth in line with market expectations, with adjusted pre-tax profit guidance of £23m–£24.3m.

• On track to achieve the medium-term revenue target of £200m; Q3 trading update expected in late February 2025.

• Market conditions remain supportive, with strong activity and positive momentum across all service lines.

• Ongoing investment in team expansion and technology to support future growth.