Reliable results are a BEG characteristic. FY24 included 12% revenue growth (6% organic), just ahead of our forecasts which puts it well on track to achieve its £200m medium term revenue target; we project that by FY27. The outlook is also confident and our FY25e forecast only includes organic growth and full contributions from recent acquisitions.
As a result of cash generation in the period year-end net debt was £1.4m (FY23: £3m net cash): that is certainly impressive post £11.1m of acquisition payments and EBT share purchases. Encouragingly, all operations performed as expected.
Revenues from business recovery and advisory were up 7% y‑o‑y, business recovery 13% ahead and insolvency was particularly active. Property advisory had a particularly strong 12 months. It reported 26% revenue growth to £40m, a record year for the division, and higher margins on the back of organic growth and contributions from acquisitions.
The growth outlook from this higher base is on track to hit an ambitious medium-term target. Our retained 175p / share fair value/share assessment dates from mid-2022 with revenues and adjusted operating profit having since increased by 24% and 29%, respectively.
Link to research report: https://www.equitydevelopment....
