TIDMBEG
RNS Number : 5631F
Begbies Traynor Group PLC
11 July 2023
11 July 2023
Begbies Traynor Group plc
Final results
for the year ended 30 April 2023
Results ahead of original market expectations; building on
strong track record of growth
Begbies Traynor Group plc (the 'company' or the 'group'), the
professional services consultancy, today announces its final
results for the year ended 30 April 2023.
Financial highlights
2023 2022
GBPm GBPm
--------------------------------- ------ ------
Revenue 121.8 110.0
Adjusted EBITDA(1) 26.6 23.9
Adjusted profit before tax(1,2) 20.7 17.8
Profit before tax 6.0 4.0
--------------------------------- ------ ------
Adjusted basic EPS(1,3)
(p) 10.5 9.1
Basic EPS(4) (p) 1.9 (0.3)
Proposed total dividend
(p) 3.8 3.5
--------------------------------- ------ ------
Net cash 3.0 4.7
--------------------------------- ------ ------
Operational highlights
-- Further successful year of continued growth with results
ahead of original market expectations
-- Revenue growth of 11% (6% organic, 5% acquired) reflected
continued execution of our strategy to grow the business,
delivering strong, sustainable financial performance
-- Enhanced operating margins of 17.9% (2022: 16.9%), reflected
the continuing increase in our scale and service offerings
-- Double-digit revenue and profit growth across both operating divisions derived from:
o increased insolvency appointments and enhanced reputation for
mid-market insolvencies
o contribution from acquisitions in finance broking and property
advisory
o organic growth from property service lines, reflecting the
resilient nature of our services in a challenging marketplace
-- Substantial free cash flow generation of GBP14.1m; ended year
with net cash of GBP3.0m (2022: GBP4.7m), having made GBP10.6m of
acquisition and deferred consideration payments and paid dividends
of GBP5.4m
-- Recommended 9% increase in the total dividend for the year to
3.8p (2022: 3.5p), the sixth consecutive year of dividend growth,
reflecting the board's confidence in the group's financial position
and prospects
Current trading and outlook
-- Started new financial year in strong position and confident
of a further year of growth in line with market expectations(5)
-- Strong order book of insolvency revenue (up 19% in the year),
driven by continued increase in insolvency market volumes
-- Well placed to further increase exposure to larger, more
complex insolvency appointments with our 11% share of the
administration market ranking us second largest nationally by
volume (increase from fourth over the last five years)
-- Well positioned in current macro-economic environment
o 80% of income from counter-cyclical and defensive activities
and a diverse mix of services
-- Will provide a further update on trading at the annual general meeting in September 2023
1 The board uses adjusted performance measures to provide
meaningful information on the performance of the business. The
items excluded from adjusted PBT and EPS are those which arise due
to acquisitions in accordance with IFRS 3 and are not influenced by
the day-to-day operations of the group. Adjusted EBITDA excludes
non-cash share-based payment and depreciation charges from adjusted
PBT.
2 Profit before tax GBP6.0m (2022: GBP4.0m) plus transaction
costs GBP8.4m (2022: GBP8.3m) and amortisation of intangible assets
arising on acquisitions GBP6.3m (2022: GBP5.5m)
3 See reconciliation in note 5
4 Basic loss per share in 2022 reflects a one-off non-cash deferred tax charge
5 Current range of analysts' forecasts (as compiled by the
company) for year ended 30 April 2024: revenue of
GBP127.5m-GBP131.4m and adjusted PBT of GBP21.9m-GBP22.7m
Commenting on the results, Ric Traynor, Executive Chairman of
Begbies Traynor Group, said:
"We have reported another successful year of continued growth ,
with reported results ahead of original market expectations and
increased our dividend by 9%.
"We have a proven growth strategy which, over the five year
period between 2019 and 2023, has doubled revenue and tripled
adjusted profit before tax, from a combination of organic growth
and acquisitions. This growth has been delivered across insolvency
and our full range of advisory and transactional services.
" We have started our new financial year confident in our
outlook. The increased scale of the group with complementary
professional services and an enhanced client base provides a strong
platform for us to continue delivering growth. W ith 80% of income
generated from counter-cyclical and defensive activities, we are
well-positioned in the current challenging economic environment
.
"Our strong balance sheet and cash generation underpin our
capacity to deliver organic growth initiatives and progress our
pipeline of acquisitions, thereby continuing our track record of
growth."
A meeting for analysts will be held today at 8.45am for 9.00am
at the offices of Shore Capital, Cassini House, 57 St James's
Street, London SW1A 1LD, which will also be available as a webcast.
Please contact Pauline Guenot via begbies@mhpgroup.com or on 020
3128 8567 if you would like to receive details.
Enquiries please contact:
Begbies Traynor Group plc 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
Emma Gabriel / Patrick Dolaghan
Shore Capital 020 7408 4090
(Joint Broker)
Malachy McEntyre / Mark Percy / Anita Ghanekar / James
Thomas
MHP Group 020 3128 8567
Reg Hoare / Katie Hunt / Charles Hirst / Pauline Guenot
begbies@mhpgroup.com
Notes to editors
Begbies Traynor Group plc is a leading professional services
consultancy, providing services from a comprehensive network of UK
and off-shore locations. Our professional team include licensed
insolvency practitioners, accountants, chartered surveyors, bankers
and lawyers. We provide the following services to our client base
of corporates, financial institutions, the investment community and
the professional community:
-- Insolvency
o Corporate and personal insolvency
-- Financial advisory
o Business and financial restructuring; debt advisory; forensic
accounting and investigations
-- Transactional support
o Corporate finance; business sales agency; property agency;
auctions
-- Funding
o Commercial finance broking; residential mortgage broking
-- Valuations
o Commercial property, business and asset valuations
-- Projects and development support
o Building consultancy; transport planning
-- Asset management and insurance
o Commercial property management; insurance broking; vacant
property risk management
Further information can be accessed via the group's website at
www.ir.begbies-traynorgroup.com.
CHAIRMAN'S STATEMENT
INTRODUCTION
I am pleased to report on another successful year of continued
growth for the group, in which we have continued to execute our
strategy to grow the business, delivering strong, sustainable
financial performance, and reported results for the year ahead of
original market expectations. This performance was delivered
through our broadening range of services to an increasingly diverse
range of clients.
We have a proven growth strategy which, over the five year
period between 2019 and 2023, has doubled revenue from GBP60m to
GBP122m and tripled adjusted profit before tax from GBP7m to
GBP21m, from a combination of organic growth and acquisitions. This
growth has been delivered across insolvency and our full range of
advisory and transactional services.
Revenue from formal insolvency appointments has increased to
GBP71m from GBP35m in 2019 and we have continued to make good
progress in the year. We have experienced a significant increase in
higher value insolvency appointments over the last twelve months,
benefitting from our enhanced reputation in mid-market
insolvencies.
We have maintained our market-leading position (by volume of
appointments) with a 13% share of the overall market, ranked first
nationally. An area of strategic focus has been to increase our
exposure to larger and more complex insolvency appointments. We
have been successful in doing so and our current 11% share of the
administration market has seen our national ranking increase to
second place from fourth over the last five years.
Our advisory and transactional services, which are delivered
within both of our operating divisions (insolvency and property),
increased revenue to GBP51m from GBP25m in 2019. From a standing
start in 2014, these services, which span counter-cyclical,
defensive and pro-cyclical activities, now represent c.40% of our
group revenue. Our services now include financial advisory;
transactional support (acquisition and disposal); funding;
valuations; projects and development; and asset management and
insurance. This expanded service offering has increased the depth
of advice and expertise we can provide to our clients and broadened
and developed our referral network of corporates, fellow
professionals and institutions, benefitting the whole group.
Overall, the group remains well-positioned in the current
macro-economic environment, with a diverse mix of services and 80%
of income generated from counter-cyclical and defensive
activities.
In July 2022, we acquired Mantra Capital, a London-based
property finance brokerage, to enhance the scale of our funding
business which we commenced with the MAF Finance Group acquisition
in May 2021. This service line and contact base is highly
complementary to both our insolvency and advisory offerings.
In addition, we acquired two chartered surveyors' practices
(Budworth Hardcastle in June 2022 and Mark Jenkinson & Co in
March 2023), which have strengthened our teams in Eastern England
and South Yorkshire respectively. Following the year end, in May
2023, we acquired Banks, Long & Co, another firm of chartered
surveyors, further strengthening our regional presence across
Eastern England.
The group continues to be highly cash generative, with free cash
flow of GBP14.1m, and ended the year with a net cash balance of
GBP3.0m (2022: GBP4.7m), having made GBP10.6m of acquisition and
deferred consideration payments and paid dividends of GBP5.4m in
the year. This cash generation enables us to propose a 9% increase
in the total dividend for the year, representing our sixth
consecutive year of dividend growth.
Our strong financial position leaves us well placed to continue
to invest in the business, both organically and through
acquisitions, to further build our scale and range of complementary
services.
RESULTS
Group revenue in the year increased by 11% to GBP121.8m (2022:
GBP110.0m), 6% of which was organic. Adjusted profit before
tax(1,2) increased by 16% to GBP20.7m (2022: GBP17.8m). Statutory
profit before tax was GBP6.0m (2022: GBP4.0m).
Adjusted basic earnings per share(1,3) increased by 15% to 10.5p
(2022: 9.1p). Basic earnings per share was 1.9p (2022: loss per
share of 0.3p, reflecting a one-off non-cash deferred tax
charge).
Net cash on 30 April 2023 was GBP3.0m (2022: GBP4.7m).
1 The board uses adjusted performance measures to provide
meaningful information on the operating performance of the
business. The items excluded from our adjusted results are those
which arise due to acquisitions in accordance with IFRS 3. They are
not influenced by the day-to-day operations of the group.
2 Profit before tax GBP6.0m (2022: GBP4.0m) plus transaction
costs GBP8.4m (2022: GBP8.3m) and amortisation of intangible assets
arising on acquisitions GBP6.3m (2022: GBP5.5m)
3 See reconciliation in note 5
DIVID
The board is pleased to recommend (subject to shareholder
approval at the company's annual general meeting scheduled for 19
September 2023) a 9% increase in the total dividend for the year to
3.8p (2022: 3.5p), representing our sixth consecutive year of
dividend growth. This comprises the interim dividend already paid
of 1.2p (2022: 1.1p) and a proposed final dividend of 2.6p (2022:
2.4p).
This reflects the board's confidence in the group's financial
position and prospects, whilst retaining capacity for our continued
organic and acquisitive growth strategy. We remain committed to our
long-term progressive dividend policy, which takes account of the
group's earnings growth, our investment plans and cash
requirements, together with the market outlook.
The final dividend will be paid on 3 November 2023 to
shareholders on the register on 6 October 2023, with an
ex-dividend date of 5 October 2023.
STRATEGY
We believe that the execution of our growth strategy will
continue to enhance shareholder value through the delivery of
strong, sustainable financial performance, building on our progress
in recent years.
Organic growth will be targeted through:
-- retention and development of our existing partners and employees;
-- recruitment of new talent;
-- enhanced cross-selling of our service lines and expertise to our wider client base; and
-- investment in technology and processes to enhance working
practices and improve the service to our clients.
Our acquisition strategy is to target value-accretive
acquisitions in any of the following market segments:
-- insolvency to increase market share;
-- advisory and transactional services to enhance expertise or geographical coverage; and
-- complementary professional services businesses to continue
the development of the group and its service offering.
PEOPLE
The continuing success of the group is reliant on the hard work
and dedication of our colleagues and the quality of advice and
service they deliver to our clients. I would like to thank all of
our colleagues for their contribution over the course of the last
financial year. We have completed a number of acquisitions in
recent years, and we are pleased with the way our teams are working
together and our new colleagues have integrated into our
culture.
BOARD
In February 2023, we appointed Mandy Donald to the board as a
non-executive director and member of the audit committee, as part
of our plans to manage the development, succession and diversity of
the board. Mandy brings valuable and relevant experience from her
executive and non-executive roles and broadens the board's existing
skills and expertise. In the new financial year, Mandy will succeed
Graham McInnes as chair of the audit committee.
SUSTAINABILITY
The board is committed to developing the business in a
sustainable way for the benefit of all our stakeholders.
We look to have a positive impact for our colleagues and the
communities we serve; operate with a culture of strong governance
and responsible behaviour; and minimise our impact on the
environment.
During the year under review, we have made progress in a number
of areas, notably through investing in our human resources
expertise to enhance our people management. In addition, we have
made progress in transitioning our company car fleet to ultra-low
emission vehicles, migrating energy supplies to renewable tariffs
and making changes to our IT estate to reduce energy
consumption.
Further information on our sustainability policies and progress
is detailed in the full annual report.
OUTLOOK
We have started the new year confident of a further year of
growth, in line with market expectations .
The increased scale of the group with complementary professional
services and an enhanced client base provides a strong platform for
us to continue delivering our strategy of organic and acquired
growth. We remain well-positioned in the current macro-economic
environment, with a diverse mix of services and 80% of income
generated from counter-cyclical and defensive activities.
Our insolvency team will benefit from their recent insolvency
appointments and increased order book, together with anticipated
further growth in the insolvency market. We continue to identify
growth opportunities for our advisory and transactional teams,
having completed a further acquisition of a firm of chartered
surveyors in May 2023.
Our strong balance sheet and cash generation underpin our
capacity to deliver organic growth initiatives and progress our
pipeline of acquisitions, thereby continuing our track record of
growth. We will provide an update on trading at the annual general
meeting in September 2023.
Ric Traynor
Executive chairman
11 July 2023
BUSINESS REVIEW
OPERATING REVIEW
Insolvency and advisory
Financial summary
Revenue increased by 10% (6% organic) to GBP89.7m (2022:
GBP81.4m), reflecting an increase in activity levels combined with
acquisitions. Revenue from formal insolvency appointments increased
to GBP70.6m (2022: GBP66.7m) with advisory activities generating
GBP19.1m (2022: GBP14.7m). This is a record level of revenues
generated by advisory activities, representing 20% of divisional
revenues in the year.
Operating costs increased by GBP5.3m to GBP65.7m (2022:
GBP60.4m), as a result of inflationary cost increases (principally
salaries) and costs associated with acquired businesses. However,
these costs reduced as a percentage of revenue which resulted in
improved operating margins of 26.8% (2022: 25.8%).
Segmental profits* increased by 14% to GBP24.0m (2022:
GBP21.0m).
* See note 2
Insolvency market
Corporate insolvencies* nationally increased to 22,983 (2022:
16,575). This is due to both liquidations which, as previously
reported, have exceeded pre-pandemic levels, together with
increased administrations (typically larger cases) which remain
below historic levels but are now higher than the post-pandemic
lows of calendar 2021.
The challenges for UK businesses are expected to continue to
support growth in the insolvency market.
* Source: The Insolvency Service quarterly statistics on the
number of corporate insolvencies in England and Wales on a
seasonally adjusted basis for 12 months to 31 March
Operating review
Insolvency
We have maintained our market-leading positions (by volume of
appointments) where we are ranked first nationally for overall
corporate appointments* with a 13% share and second nationally in
administrations with an 11% share. These strong market positions
reflect the benefits of investments we have made in recent years,
notably in expanding our London office and offshore practice.
Higher levels of insolvency appointments in the year increased
both corporate insolvency revenue by 10% (GBP5.7m) and the
insolvency order book** by 19% (GBP5.7m). The order book** at 30
April 2023 was GBP35.2m (2022: GBP29.5m, 2021: GBP28.3m). Prior
year performance was enhanced by exceptional levels of personal
insolvency activity, which generated an additional GBP1.8m revenue
in that year. Personal insolvency revenue normalised to GBP5.5m in
the year to 30 April 2023.
Our market-leading position and national office network ensures
the business is well-positioned to provide advice and assistance to
UK SME and mid-market corporates. During the year we were appointed
as administrators of Worcester Rugby Club, Avonside Group (largest
roofing contractor in the UK), Silverbond Enterprises Limited
(former operator of the Park Lane Casino in London), Cox & Cox
(on-line furniture retailer) and Paperchase (national
retailer).
During the year, we commenced a pilot project with a major bank,
including over 100 cases, to assist in the recovery of bounce back
loans. We are encouraged, based on recoveries to date, that this
pilot project may provide a means for banks and the Government to
maximise recovery.
* CVLs, administrations and CVAs as disclosed in the London,
Edinburgh and Belfast Gazettes, Accountant in Bankruptcy and
Companies House
** order book of committed future insolvency revenue (excluding
contingent fee income)
Advisory
Our advisory teams provide restructuring, debt advisory,
corporate finance, forensic accounting and funding advice for
clients.
During the year, we advised on the first SME court sanctioned
restructuring plan (enabled by the Corporate Insolvency and
Governance Act 2020) of Houst, the short-term holiday lettings
operator. This follows our previous use of this new legislation on
the mid-market Amicus finance restructuring in 2021.
We continued to invest in developing our new funding service
line through the acquisition of Mantra in July 2022, which followed
the acquisition of MAF Finance Group in May 2021. Mantra is an
FCA-regulated finance and insurance brokerage based in London. The
team has significant expertise across both commercial and
residential real estate lending, providing property investment and
development finance, finance for trading businesses and residential
mortgages. In addition, they provide insurance brokerage services
to their commercial clients. The business has performed well in the
year and in line with our expectations.
This business complements the MAF team, who specialise in
providing access to finance through arranging facilities for
investment in new asset purchases (including equipment, vehicles
and property) together with both refinancing and restructuring
existing facilities.
Finance broking complements the group's other advisory and
transactional services and deepens the group's existing
relationships with banks and other lenders.
People
The number of people employed in the division has increased to
664 on 30 April 2023 from 590 at the start of the financial year,
principally reflecting the acquisition of Mantra.
Property advisory and transactional services
Financial summary
Revenue increased by 12% (3% organic) to GBP32.1m (2022:
GBP28.6m), reflecting acquisitions ( first-time contribution from
current year and full year impact of prior year transactions) and
organic growth of key service lines, reflecting the resilient
nature of our services in a challenging marketplace .
Operating costs increased to GBP26.4m (2022: GBP23.8m), as a
result of costs associated with acquired businesses and
inflationary cost increases (principally salaries). However, these
costs reduced as a percentage of revenue which resulted in improved
operating margins of 18.0% (2022: 16.8%).
Segmental profits* increased by 19% to GBP5.7m (2022:
GBP4.8m).
* See note 2
Operating review
Valuations
Our team value commercial property, businesses and assets for
secured lending, commercial transactions or corporate
reporting.
Our activities increased over the year, benefitting from the
full year impact of the acquisition of Daniells Harrison in the
prior year, which extended our valuation team to the south coast,
increasing our national coverage. Organic activity levels were
maintained in the year, with the short-term market disruption
following the mini-budget being recovered over the remainder of the
year as activity levels normalised in spite of further interest
rate rises.
Transactions
Our transactional teams had a good year overall, with our mix of
activities and clients proving resilient against economic
headwinds.
Auction activity increased in the year, resulting from increased
insolvency-related plant and machinery sales, offset by reduced
property auction income (particularly in the first half of the
year). We made progress in developing our property auction offering
through the acquisition of a team from Mark Jenkinson & Co, a
Sheffield auctioneer. This complements our current team and
increases our geographic coverage. The teams have now integrated
and are operating on a common auction platform. In addition, there
are encouraging signs of increased activity levels. A strong
auction platform is a benefit to the group in the current economic
cycle of higher interest rates, which will typically result in an
increased proportion of property sales being conducted through
auction.
Agency income increased in the year from a combination of
acquisitions and organic growth. Although some transactions were
delayed in autumn 2022, as the market reacted to the UK
mini-budget, we saw a recovery in completed transactions in the
second half of the financial year. Our client mix (typically SMEs
and independent landlords) and property size (typical capital value
up to GBP2.5m) provides a level of mitigation against some of the
market volatility that impacts properties with higher capital
values. Corporate lettings were robust, providing a resilient
income stream to complement the more cyclical sales cycle. The team
increased in the year following the acquisition of Budworth
Hardcastle, who have merged with our existing, market-leading
Eastern England agency team. Following the year end, the Eastern
England team were further bolstered by the acquisition of Banks
Long & Co, a firm of chartered surveyors employing 38 staff in
Lincoln and operating throughout Lincolnshire and Humberside.
Business sales transaction levels were robust in the year having
absorbed the market impact of higher interest rates.
Projects and development
Our building and projects team offer a comprehensive range of
consultancy services, including project management, building
surveying and specialist advice. We operate across a range of
sectors and act for landlords, tenants, investors and developers.
We have specialists in the education sector working for public
sector clients, with an increasing focus on sustainability .
We have continued to develop the business in the year, including
the integration of the Budworth Hardcastle team which has enhanced
our Eastern England offering. We also made good progress in
expanding our public sector practice in the education sector and
other areas.
Our transport planning and highway design team work with
developers to deliver successful transport planning solutions. Our
activity levels were in line with the prior year as the team
continued to advise and be appointed on new development schemes in
the year.
Asset management and insurance
We manage commercial properties for investors, corporate
occupiers and property companies across the UK with an asset base
of shopping centres, industrial portfolios and commercial
offices.
During the year, we integrated the Budworth Hardcastle property
management team, which increased the number of properties under
management. The team benefits from long-standing client
relationships with organic income broadly in line with the prior
year.
Income from insurance and vacant property risk management
activities increased from the prior year, reflecting the increase
in insolvency activity levels in the group and third party
clients.
People
The number of people employed in the division has increased to
345 on 30 April 2023 from 326 at the start of the financial year,
principally reflecting the acquisitions.
FINANCE REVIEW
Financial summary
2023 2022
GBPm GBPm
Revenue 121.8 110.0
------------------------------------------- ----- -----
Adjusted EBITDA 26.6 23.9
Share-based payments (1.3) (1.6)
Depreciation (3.5) (3.8)
------------------------------------------- ----- -----
Operating profit (before transaction costs
and amortisation) 21.8 18.6
Finance costs (1.1) (0.8)
------------------------------------------- ----- -----
Adjusted profit before tax 20.7 17.8
Transaction costs (8.4) (8.3)
Amortisation of intangible assets arising
on acquisitions (6.3) (5.5)
------------------------------------------- ----- -----
Profit before tax 6.0 4.0
Tax on profits on ordinary activities (3.1) (2.7)
Deferred tax charge due to change in tax
rate - (1.8)
Profit (loss) for the year 2.9 (0.5)
------------------------------------------- ----- -----
Operating result (before transaction costs and amortisation)
Revenue in the year increased by GBP11.8m to GBP121.8m (2022:
GBP110.0m), an overall increase of 11% (5% acquired*).
Adjusted EBITDA increased to GBP26.6m (2022: GBP23.9m) with
non-cash costs (share-based payments and depreciation) decreasing
to GBP4.8m (2022: GBP5.4m).
Operating performance by segment is detailed below:
Revenue (GBPm) Operating profit
(GBPm)
2023 2022 growth 2023 2022 growth
------------------------------------- ------ ------ -------- ------ ------ -------
Insolvency and advisory 89.7 81.4 10% 24.0 21.0 14%
Property advisory and transactional
services 32.1 28.6 12% 5.7 4.8 19%
Shared and central costs - - - (7.9) (7.2) 10%
------------------------------------- ------ ------ -------- ------ ------ -------
Total 121.8 110.0 11% 21.8 18.6 17%
------------------------------------- ------ ------ -------- ------ ------ -------
Operating margins improved to 17.9% (2022: 16.9%), with
improvement in both divisions. Shared and central costs increased
to GBP7.9m (2022: GBP7.2m) reflecting investment in our IT and HR
capability, but were unchanged as a percentage of revenue at 6.5%
(2022: 6.5%).
Adjusted profit before tax increased by 16% to GBP20.7m (2022:
GBP17.8m).
* part year contribution from acquisitions in the year and full
year contribution of prior year acquisitions
Transaction costs
Transaction costs are non-operating items and arise due to
acquisitions in accordance with IFRS 3. They include the
following:
-- Acquisition consideration where the vendors have obligations
in the sale and purchase agreement to provide post-acquisition
services for a fixed period (deemed remuneration in accordance with
IFRS 3). This consideration is charged to profit over the period of
service;
-- Gains on acquisitions, where the fair value of assets
acquired exceeds the consideration (due to elements of
consideration being accounted for as deemed remuneration and
charged to income as detailed above); and
-- Legal and professional fees incurred on acquisitions.
These costs (detailed in note 3) were GBP8.4m (2022: GBP8.3m) in
the year. This reflects an increase in acquisition consideration
from both current and prior year acquisitions, partially offset by
a gain on acquisition.
Tax
The overall tax charge for the year was GBP3.1m (2022: GBP4.5m)
as detailed below:
2023 2022
Profit Tax Profit Effective Profit Tax Profit Effective
before after rate before after rate
tax tax tax tax
GBPm GBPm GBPm GBPm GBPm GBPm
------------------ -------- ------ ------- ---------- -------- ------ ------- ----------
Adjusted 20.7 (4.3) 16.4 21% 17.8 (3.7) 14.1 20%
Transaction
costs (8.4) - (8.4) - (8.3) - (8.3) -
Amortisation (6.3) 1.2 (5.1) 19.5% (5.5) 1.0 (4.5) 19%
------------------ -------- ------ ------- ---------- -------- ------ ------- ----------
Statutory
(before one-off
charge) 6.0 (3.1) 2.9 52% 4.0 (2.7) 1.3 68%
Deferred tax
charge from
change in
rate - - - - - (1.8) (1.8) -
------------------ -------- ------ ------- ---------- -------- ------ ------- ----------
Statutory 6.0 (3.1) 2.9 52% 4.0 (4.5) (0.5) 113%
------------------ -------- ------ ------- ---------- -------- ------ ------- ----------
The prior period deferred tax charge of GBP1.8m was a one-off
non-cash charge, resulting from an increase in deferred tax
liabilities following the legislation to increase the UK
corporation tax rate to 25% being enacted during the period.
Earnings per share
Adjusted basic earnings per share* increased by 15% to 10.5p
(2022: 9.1p). Basic earnings per share was 1.9p (2022: loss per
share of 0.3p, reflecting a one-off non-cash deferred tax
charge).
* See reconciliation in note 5
Growth in our team
On 30 April 2023 the group had 1,100 colleagues (2022: 1,000),
the increase being principally due to acquisitions.
The average number of full-time equivalent (FTE) colleagues
working in the group during the year is detailed below.
2023 2022
Insolvency Property Shared Total Insolvency Property Shared Total
and advisory and support and advisory and support
advisory and teams advisory and teams
transactional transactional
services services
------------- ------------ -------------- ------------ ------ ------------ -------------- ------------- ------
Fee earners 533 295 - 828 480 268 - 748
Support
teams 53 10 87 150 68 7 77 152
------------- ------------ -------------- ------------ ------ ------------ -------------- ------------- ------
Total 586 305 87 978 548 275 77 900
------------- ------------ -------------- ------------ ------ ------------ -------------- ------------- ------
The ratio of fee earning to support team colleagues is 5.4:1
(2022: 4.9:1).
Acquisitions
During the financial year, the group made the following
acquisitions:
-- Budworth Hardcastle on 25 June 2022 for initial consideration
of GBP0.9m (GBP0.6m cash and issue of 206,937 shares - cash free,
debt free); potential earn out of up to GBP1.5m subject to meeting
financial growth targets over the five-year period
post-acquisition.
In its financial year ended 31 August 2021, Budworth Hardcastle
reported revenue of GBP1.8m and normalised pre-tax profits of
GBP0.4m when reported on the same basis as the group.
-- Mantra Capital on 22 July 2022 for initial consideration of
GBP4.5m (GBP4.0m cash and issue of 352,361 shares - cash free, debt
free); maximum earn out of GBP13.5m subject to delivering material
growth in profits over the four year period post-acquisition.
In its financial year ended 31 December 2021, Mantra reported
revenue of GBP4.2m and normalised pre-tax profits of GBP1.2m when
reported on the same basis as the group.
In addition, in March 2023, we expanded our property services
team in South Yorkshire through the acquisition of a team from Mark
Jenkinson & Co for consideration of GBP0.4m. Following the year
end, we acquired Banks Long & Co, a firm of chartered surveyors
in May 2023.
The cash outflow from acquisitions in the year was GBP10.6m (net
of cash acquired), comprising current year acquisitions of GBP5.2m
and prior year acquisitions of GBP5.4m.
The value of net assets acquired exceeds the accounting value of
consideration (as a result of the elements of consideration being
accounted for as deemed remuneration) and consequently a gain of
GBP4.6m has been recognised within transaction costs in the
year.
Liquidity
The group remains in a strong financial position. At 30 April
2023, the group had net cash of GBP3.0m (2022: GBP4.7m),
represented by cash balances of GBP8.0m (2022: GBP9.7m) net of
drawn borrowing facilities of GBP5.0m (2022: GBP5.0m). All bank
covenants were comfortably met during the year.
We have extended our borrowing facilities with HSBC which now
mature in August 2025 and comprise a GBP25m unsecured, committed
revolving credit facility (of which GBP5m was drawn at 30 April
2023) and a GBP5m uncommitted acquisition facility. We have
significant levels of headroom in these facilities to fund organic
investment and acquisition opportunities.
Cash flow
The group remains strongly cash-generative and generated free
cash flow of GBP14.1m (2022: GBP14.0m).
Cash flow in the year is summarised as follows:
2023 2022
GBPm GBPm
Adjusted EBITDA 26.6 23.9
Working capital (2.2) (1.6)
--------------------------------------------------- ------ -----
Cash from operating activities (before acquisition
consideration payments*) 24.4 22.3
Provisions (0.6) 0.4
Accelerated tax payments (1.0) -
Underlying tax payment (4.3) (3.6)
Interest (1.1) (0.8)
Capital expenditure (1.0) (1.0)
Capital element of lease payments (2.3) (3.2)
--------------------------------------------------- ------ -----
Free cash flow 14.1 14.0
Net proceeds from share issues 0.2 0.5
Acquisition payments (net of cash acquired)** (10.6) (8.2)
Dividends (5.4) (4.6)
(Decrease) increase in net cash (1.7) 1.7
--------------------------------------------------- ------ -----
* acquisition consideration payments accounted for as deemed
remuneration in accordance with IFRS3
** acquisition consideration payments (defined above),
acquisition costs and deferred consideration payments net of cash
acquired
Cash from operating activities (before acquisition consideration
payments) was GBP24.4m (2022: GBP22.3m) with increased EBITDA of
GBP2.7m partially offset by increased working capital absorption of
GBP0.6m.
Tax payments increased to GBP5.3m (2022: GBP3.6m), resulting
from the previously guided change in due dates for corporation tax
payments, which resulted in an accelerated payment of GBP1.0m, and
an increase in the underlying payment to GBP4.3m (2022:
GBP3.6m).
Acquisition payments (net of cash acquired) in the year were
GBP10.6m (2022: GBP8.4m) comprising: the acquisitions of Mantra
Capital (GBP3.9m), Budworth Hardcastle (GBP0.5m) and Mark Jenkinson
(GBP0.4m) (2022: MAF Finance Group (GBP1.8m), Daniells Harrison
(GBP0.8m) and Fernie Greaves (GBP0.3m)), contingent payments in
respect of prior year acquisitions of GBP5.4m (2022: GBP5.3m) and
acquisition costs GBP0.4m (2022: GBP0.2m).
Net assets
At 30 April 2023 net assets were GBP84.3m (2022: GBP84.5m). The
GBP0.2m reduction in in net assets reflects the post-tax impact of
acquisition-related transaction and amortisation costs of GBP13.4m,
offset by post-tax adjusted earnings of GBP16.3m net of dividends
of GBP5.4m; a GBP1.3m credit for equity-settled share-based
payments; and GBP1.0m from the issue of new shares to satisfy share
options and acquisition consideration.
Going concern
The group is in a strong financial position and has significant
liquidity as detailed above.
In carrying out their duties in respect of going concern, the
directors have completed a review of the group's financial
forecasts for a period exceeding 12 months from the date of
approving this statement. This review included sensitivity analysis
and stress tests to determine the potential impact on the group of
reasonably possible downside scenarios. Under all modelled
scenarios, the group's banking facilities were sufficient and all
associated covenant measures were forecast to be met.
As a result, the directors have a reasonable expectation that
the company and the group have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, the
financial information in this statement is prepared on the going
concern basis.
Ric Traynor Nick Taylor
Executive chairman Group finance director
11 July 2023 11 July 2023
Consolidated statement of comprehensive income
2023 2022
Note GBP'000 GBP'000
------------------------------------------------------------- ---- ---------- --------
Revenue 2 121,825 110,002
Direct costs (67,700) (62,167)
------------------------------------------------------------- ---- ---------- --------
Gross profit 54,125 47,835
Other operating income 208 155
Administrative expenses (4 7,178 ) (43,106)
------------------------------------------------------------- ---- ---------- --------
Operating profit (before amortisation and transaction costs) 2 21,821 18,594
Transaction costs 3 (8,440) (8,224)
Amortisation of intangible assets arising on acquisitions (6,226) (5,486)
------------------------------------------------------------- ---- ---------- --------
Operating profit 7,155 4,884
Finance costs 4 (1,170) (835)
------------------------------------------------------------- ---- ---------- --------
Profit before tax 5,985 4,049
Tax (before one-off deferred tax charge) (3,07 4 ) (2,732)
Deferred tax charge due to change in tax rate - (1,817)
------------------------------------------------------------- ---- ---------- --------
Profit (loss) and total comprehensive income for the year 2,911 (500)
------------------------------------------------------------- ---- ---------- --------
Earnings (loss) per share
Basic 1. 9 p (0.3)p
Diluted 5 1 .8 p (0.3)p
------------------------------------------------------------- ---- ---------- --------
The profit, comprehensive income and earnings per share is
attributable to equity holders of the parent.
Consolidated statement of changes in equity
Capital redemption
Share Share Merger Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------------ ------- ------- -------- ------------------ ---------- --------
At 30 April 2021 7,547 29,325 25,974 304 23,100 86,250
Loss for the year - - - - (500) (500)
Dividends - - - - (4,553) (4,553)
Credit to equity for equity-settled share-based
payments - - - - 1,544 1,544
Shares issued as consideration for acquisitions 52 - 1,198 - - 1,250
Shares issued for share-based payments 72 462 - - - 534
------------------------------------------------ ------- ------- -------- ------------------ ---------- --------
At 30 April 2022 7,671 29,787 27,172 304 19,591 84,525
Profit for the year - - - - 2,911 2,911
Dividends - - - - (5,387) (5,387)
Credit to equity for equity-settled share-based
payments - - - - 1,277 1,277
Shares issued as consideration for acquisitions 28 - 772 - - 800
Shares issued for share-based payments 28 186 - - - 214
------------------------------------------------ ------- ------- -------- ------------------ ---------- --------
At 30 April 2023 7,727 29,973 27,944 304 18,3 9 2 84,3 4 0
------------------------------------------------ ------- ------- -------- ------------------ ---------- --------
Consolidated balance sheet
2023 2022
Note GBP'000 GBP'000
--------------------------------------------- ---- ---------- --------
Non-current assets
Intangible assets 73,3 8 6 75,307
Property, plant and equipment 1,993 1,967
Right of use assets 7,751 5,492
Trade and other receivables 7 5,200 4,175
--------------------------------------------- ---- ---------- --------
88, 330 86,941
--------------------------------------------- ---- ---------- --------
Current assets
Trade and other receivables 7 55,550 49,666
Cash and cash equivalents 8,001 9,685
--------------------------------------------- ---- ---------- --------
63,551 59,351
--------------------------------------------- ---- ---------- --------
Total assets 151,8 81 146,292
--------------------------------------------- ---- ---------- --------
Current liabilities
Trade and other payables 8 (42,644) (37,163)
Current tax liabilities (1,110) (1,767)
Lease liabilities (1,554) (1,747)
Provisions (1,006) (1,474)
--------------------------------------------- ---- ---------- --------
(46,314) (42,151)
--------------------------------------------- ---- ---------- --------
Net current assets 17,237 17,200
--------------------------------------------- ---- ---------- --------
Non-current liabilities
Borrowings (5,000) (5,000)
Lease liabilities (6,658) (4,598)
Provisions (2,139) (1,992)
Deferred tax (7,430) (8,026)
--------------------------------------------- ---- ---------- --------
(21,2 2 7) (19,616)
--------------------------------------------- ---- ---------- --------
Total liabilities (67,5 41 ) (61,767)
--------------------------------------------- ---- ---------- --------
Net assets 84,3 4 0 84,525
--------------------------------------------- ---- ---------- --------
Equity
Share capital 7,727 7,671
Share premium 29,973 29,787
Merger reserve 27,944 27,172
Capital redemption reserve 304 304
Retained earnings 18,3 9 2 19,591
--------------------------------------------- ---- ---------- --------
Equity attributable to owners of the company 84,3 4 0 84,525
--------------------------------------------- ---- ---------- --------
Consolidated cash flow statement
2023 2022
Notes GBP'000 GBP'000
------------------------------------------------------- ----- -------- --------
Cash flows from operating activities
Cash generated by operations 9 13,218 14,235
Income taxes paid (5,328) (3,621)
Interest paid on borrowings (668) (328)
Interest paid on lease liabilities (408) (460)
------------------------------------------------------- ----- -------- --------
Net cash from operating activities (before acquisition
consideration payments) 17,413 18,096
Acquisition consideration payments which are
deemed remuneration under IFRS 3 10 (10,599) (8,270)
------------------------------------------------------- ----- -------- --------
Net cash from operating activities 6,814 9,826
------------------------------------------------------- ----- -------- --------
Investing activities
Purchase of intangible fixed assets (56) (188)
Purchase of property, plant and equipment (931) (876)
Proceeds on disposal of property, plant and equipment 20 40
Acquisition of businesses 10 (809) (250)
Deferred consideration payments 10 (325) (36)
Net cash acquired in acquisition of businesses 10 1,158 397
------------------------------------------------------- ----- -------- --------
Net cash used in investing activities (943) (913)
------------------------------------------------------- ----- -------- --------
Financing activities
Dividends paid 6 (5,387) (4,553)
Proceeds on issue of shares 213 504
Capital element of lease payments (2,381) (3,165)
------------------------------------------------------- ----- -------- --------
Net cash used in financing activities (7,555) (7,214)
------------------------------------------------------- ----- -------- --------
Net increase in cash and cash equivalents (1,684) 1,699
Cash and cash equivalents at beginning of year 9,685 7,986
------------------------------------------------------- ----- -------- --------
Cash and cash equivalents at end of year 8,001 9,685
------------------------------------------------------- ----- -------- --------
1. Basis of preparation and accounting policies
The results for the year ended 30 April 2023 have been prepared
on the basis of accounting policies consistent with those set out
in the annual report to shareholders of Begbies Traynor Group plc
for the year ended 30 April 2022.
The group's financial statements for the year ended 30 April
2023 have been prepared in accordance with International Accounting
Standards ('IAS') in conformity with the requirements of the
Companies Act 2006 and International Financial Reporting Standards
('IFRSs') adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union. Whilst the financial information
included in this announcement has been prepared in accordance with
IFRS, this announcement itself does not contain sufficient
information to comply with IFRS.
This financial information does not include all of the
information and disclosures required for full annual financial
statements and does not comprise statutory accounts within the
meaning of section 435 of the Companies Act 2006.
The comparative figures for the year ended 30 April 2022 do not
comprise the group's statutory accounts for that financial year.
Those accounts have been reported upon by the group's auditors and
delivered to the Registrar of Companies. The report of the auditors
was unqualified, did not include a reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report and did not contain statements under
section 498 (2) or (3) of the Companies Act 2006.
Statutory accounts for Begbies Traynor Group plc for 2023 will
be delivered to the Registrar of Companies following the company's
annual general meeting. The auditors have reported on these
accounts; their report is unqualified and does not include a
reference to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and did not contain
statements under either section 498 (2) or (3) of the Companies Act
2006. The 2023 annual report will be available on the group's
website: www.begbies-traynorgroup.com/investor-relations.
Going concern
In carrying out their duties in respect of going concern, the
directors have completed a review of the group's financial
forecasts for a period exceeding 12 months from the date of
approving this statement. This review included sensitivity analysis
and stress tests to determine the potential impact on the group of
reasonably possible downside scenarios. Under all modelled
scenarios, the group's banking facilities were sufficient and all
associated covenant measures were forecast to be met.
As such , the directors have a reasonable expectation that the
company and the group have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, the
financial information in this statement is prepared on the going
concern basis.
Adjusted performance measures
Management believes that adjusted performance measures provide
meaningful information to the users of the accounts on the
performance of the business and are the performance measures used
by the board. Accordingly, adjusted measures of operating profit,
profit before tax and earnings per share exclude, where applicable,
transaction costs, amortisation of intangible assets arising on
acquisitions and related tax effects on these items. These terms
are not defined terms under IFRS and may therefore not be
comparable with similarly titled profit measures reported by other
companies. They are not intended to be a substitute for, or
superior to, GAAP measures.
The items excluded from adjusted results are those which arise
due to acquisitions and are charged to the consolidated statement
of comprehensive income in accordance with IFRS 3. They are not
influenced by the
day-to-day operations of the group.
2. Segmental analysis
The group's operating segments are established on the basis of
the components of the group that are evaluated regularly by the
chief operating decision maker (the board). The group is managed as
two operating segments: insolvency and advisory services, and
property advisory and transactional services.
Insolvency Property Shared Consolidated
and advisory advisory and central
services and transactional costs
services
2023 2023 2023 2023
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- -------------- ------------------- ------------- -------------
Revenue
Total revenue from rendering of 89,6 121,8
professional services 96 32,187 - 83
Inter-segment revenue - (58) - (58)
-------------------------------------- -------------- ------------------- ------------- -------------
89,6 121,8
Revenue from external customers 96 32,129 - 25
-------------------------------------- -------------- ------------------- ------------- -------------
Operating profit before amortisation 23,9 (7 ,870
and transaction costs 99 5,692 ) 21,821
-------------------------------------- -------------- ------------------- ------------- -------------
Insolvency Property Shared Consolidated
and advisory advisory and central
services and transactional costs
services
2022 2022 2022 2022
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- -------------- ------------------- ------------- -------------
Revenue
Total revenue from rendering of
professional services 81,383 28,649 - 110,032
Inter-segment revenue - (30) - (30)
-------------------------------------- -------------- ------------------- ------------- -------------
Revenue from external customers 81,383 28,619 - 110,002
-------------------------------------- -------------- ------------------- ------------- -------------
Operating profit before amortisation
and transaction costs 21,002 4,841 (7,249) 18,594
-------------------------------------- -------------- ------------------- ------------- -------------
3. Transaction costs
2023 2022
GBP'000 GBP'000
------------------------------------------------------------- -------- --------
Acquisition consideration (deemed remuneration in accordance
with IFRS 3) 12,304 9,983
Acquisition costs 434 215
Gain on acquisition (4,298) (1,974)
8,440 8,224
------------------------------------------------------------- -------- --------
4. Finance costs
2023 2022
GBP'000 GBP'000
------------------------------------------ -------- --------
Interest on borrowings 762 375
Finance charge on lease liabilities 343 385
Finance charge on dilapidation provisions 65 75
1,170 835
------------------------------------------ -------- --------
5. Earnings per share
The calculation of basic and diluted earnings per share is based
on the following data:
2023 2022
GBP'000 GBP'000
---------------------------------------------------------- -------- --------
Earnings
Profit (loss) for the year attributable to equity holders 2,911 (500)
---------------------------------------------------------- -------- --------
2023 2022
number number
'000 '0 00
--------------------------------------------------- ------- -------
Number of shares
Weighted average number of ordinary shares for the
purposes of basic earnings per share 155,634 154,556
Effect of:
Share options 6,423 5,968
Contingent shares 233 -
--------------------------------------------------- ------- -------
Weighted average number of ordinary shares for the
purposes of diluted earnings per share 162,290 160,524
--------------------------------------------------- ------- -------
2023 2022
pence pence
-------------------------------------------- ------ ------
Basic and diluted earnings (loss) per share
Basic earnings per share 1.9 (0.3)
Diluted earnings per share 1.8 (0.3)
-------------------------------------------- ------ ------
The calculation of adjusted basic and diluted earnings per share
is based on the following data:
2023 2022
GBP'000 GBP'000
---------------------------------------------------------- -------- --------
Earnings
Profit (loss) for the year attributable to equity
holders 2,911 (500)
Amortisation of intangible assets arising on acquisitions 6,226 5,486
Transaction costs 8,440 8,224
Tax effect of above items (1,236) (1,059)
Change in deferred tax rate relating to goodwill
and intangible assets - 1,990
Adjusted earnings 16,341 14,141
---------------------------------------------------------- -------- --------
2023 2022
pence pence
------------------------------------ ------ ------
Adjusted basic earnings per share 10.5 9.1
------------------------------------ ------ ------
Adjusted diluted earnings per share 10.1 8.8
------------------------------------ ------ ------
6. Dividends
2023 2022
GBP'000 GBP'000
------------------------------------------------------ -------- --------
Amounts recognised as distributions to equity holders
in the year
Interim dividend for the year ended 30 April 2022
of 1.1p (2021: 1.0p) per share 1,687 1,509
Final dividend for the year ended 30 April 2022
of 2.4p (2021: 2.0p) per share 3,700 3,044
------------------------------------------------------ -------- --------
5,387 4,553
------------------------------------------------------ -------- --------
Amounts proposed as distributions to equity holders
Interim dividend for the year ended 30 April 2023
of 1.2p (2022: 1.1p) per share 1,854 1,687
Final dividend for the year ended 30 April 2023
of 2.6p (2022: 2.4p) per share 4,017 3,700
------------------------------------------------------ -------- --------
5,871 5,387
------------------------------------------------------ -------- --------
The proposed final dividend is subject to approval by
shareholders at the annual general meeting in September 2023. The
interim dividend for 2023 was paid on 5 May 2023 and, accordingly,
has not been included as a liability in these financial statements
nor as a distribution to equity shareholders.
7. Trade and other receivables
2023 2022
GBP'000 GBP'000
------------------------------ -------- --------
Non-current
Deemed remuneration 5,200 4,175
------------------------------ -------- --------
Current
Trade receivables 11,652 9,066
Unbilled income 37,489 35,208
Other debtors and prepayments 2,987 2,715
Deemed remuneration 3,422 2,677
------------------------------ -------- --------
55,550 49,666
------------------------------ -------- --------
8. Trade and other payables
2023 2022
GBP'000 GBP'000
-------------------------------- -------- --------
Current
Trade payables 2,055 1,671
Accruals 10,454 9,733
Other taxes and social security 5,209 4,474
Deferred income 6,503 5,611
Other creditors 14,350 13,950
Deferred consideration 13 338
Deemed remuneration liabilities 4,060 1,386
-------------------------------- -------- --------
42,644 37,163
-------------------------------- -------- --------
9. Reconciliation to the cash flow statement
2023 2022
GBP'000 GBP'000
-------------------------------------------------------- -------- --------
Profit (loss) for the year 2,911 (500)
Adjustments for:
Tax 3,074 4,549
Finance costs 1,170 835
Amortisation of intangible assets 6,410 5,668
Depreciation of property, plant and equipment 1,114 1,038
Depreciation of right of use assets 2,136 2,645
Gain on acquisition (4,298) (1,974)
Acquisition costs 434 -
Profit on disposal of fixed assets (13) (10)
Loss (profit ) on disposal of right of use assets 42 (81)
Share-based payment expense 1,277 1,574
Deemed remuneration obligations settled through
equity 800 1,250
Increase in deemed remuneration receivable (1,769) (531)
Increase in deemed remuneration liability 2,675 1,016
-------------------------------------------------------- -------- --------
Operating cash flows before movements in working
capital 15,963 15,479
Increase in receivables (excluding deemed remuneration) (4,656) (3,916)
Increase in payables (excluding deemed remuneration) 2,480 2,296
(Decrease) increase in provisions (569) 376
-------------------------------------------------------- -------- --------
Cash generated by operations 13,218 14,235
-------------------------------------------------------- -------- --------
10. Summary of cashflows arising from acquisitions
2023 2022
GBP'000 GBP'000
------------------------------------------ -------- ---------
Deemed remuneration payments
Initial payments 5,476 3,065
Deferred consideration payments 5,123 5,205
------------------------------------------ -------- ---------
10,599 8,270
------------------------------------------ -------- ---------
Investing acquisition payments
Cash consideration under IFRS3 375 250
Acquisition costs 434 -
------------------------------------------ -------- ---------
809 250
------------------------------------------ -------- ---------
Deferred consideration payments 325 36
------------------------------------------ -------- ---------
1,134 286
------------------------------------------ -------- ---------
Net cash and cash equivalents acquired (1,158) (397)
Total cashflows arising from acquisitions 10,575 8,159
------------------------------------------ -------- ---------
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END
FR GPURPMUPWGMU
(END) Dow Jones Newswires
July 11, 2023 02:00 ET (06:00 GMT)
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