BTG Consulting (BTG) H2 2025 earnings summary

Executive summary

• Achieved tenth consecutive year of profitable growth, with double-digit increases in revenue and EBITDA, and strong cash generation supporting an 8% dividend increase.

• Expanded team by 8% and made senior hires across all service lines to accelerate long-term growth.

• Maintained market-leading positions in insolvency and advisory, with positive momentum and a record order book.

• Continued execution of strategy combining organic growth and acquisitions, progressing toward a £200m medium-term revenue target.

Financial highlights

• Revenue rose 12% year-over-year to £153.7m, with 10% organic and 2% acquired growth.

• Adjusted EBITDA increased to £31.7m; adjusted profit before tax up 7% to £23.5m.

• Adjusted diluted EPS grew 6% to 10.5p; dividend increased to 4.3p, marking the eighth consecutive annual rise.

• Free cash flow surged 56% to £19.4m, driven by improved working capital and reduced lockup.

• Ended the year with net cash of £0.9m, reversing a prior net debt position.

Outlook and guidance

• Revenue expected at the upper end and profits in line with market expectations for the new year.

• Continued investment in senior hires and organic growth, with a robust balance sheet supporting M&A pipeline.

• Confident in maintaining growth trajectory, with next update at the AGM in September.

• Group revenue and costs both expected to grow by around 7–8% in FY26, reflecting ongoing investment and inflation.