BTG Consulting (BTG) H1 2026 earnings summary

Executive summary

• Achieved strong first half performance with 7% revenue growth to £82.0m, driven by organic expansion and increased market share in restructuring and property advisory.

• Adjusted EBITDA rose 5% to £16.1m, with margins at 19.6% despite higher National Insurance costs.

• Statutory profit before tax increased 83% to £8.6m, reflecting lower non-underlying items.

• Leadership structure enhanced with Mark Fry appointed Group CEO and new divisional managing directors to support growth ambitions.

• Two property advisory acquisitions completed post-period, expanding geographic and service coverage.

Financial highlights

• Revenue up 7% year-over-year to £82.0m; adjusted EBITDA up 5% to £16.1m; adjusted diluted EPS increased 6% to 5.4p.

• Interim dividend increased 7% to 1.5p, marking eight consecutive years of dividend growth.

• Net debt at £5.7m, with significant headroom in £35m bank facilities.

• Statutory PBT up 83% to £8.6m, benefitting from reduced non-underlying items.

• Free cash flow decreased to £0.6m due to working capital absorption and acquisition payments.

Outlook and guidance

• Confident in delivering full-year results in line with market expectations, supported by robust activity in restructuring and anticipated recovery in financial advisory.

• H2 to benefit from recent acquisitions and delayed transactions expected to close.

• Property advisory revenue expected to be H1 weighted; recent acquisitions to contribute in H2 and fully in FY27.

• Analyst forecasts for adjusted PBT range from £23.7m to £24.9m.

• Medium-term revenue target set at £200m.