We are pleased to announce a trading update ahead of our half year results for the six months ended 31 October 2023 (the “Period” or “H1 24”), which will be announced on 17 January 2024.
Despite a challenging market due to macro-economic conditions, the Group’s increasingly diverse business lines combined to deliver a resilient performance in the Period. Group revenue grew by c.7% and is expected to be not less than £81.5m.
Underlying profit before tax* is expected to be not less than £10.0m, representing growth of c.4.0%.
Activity levels improved throughout Q2 24, compared to Q1 24, and the Group continues to perform in line with the board’s expectations for FY 24. However, the board remains mindful of current economic conditions and, therefore, maintains a cautious outlook.
The Group continues to maintain a strong balance sheet with low net debt at the Period end (£3.1m), after investment in both inorganic and organic growth opportunities in line with the Group’s long-term strategic plan.
* Underlying profit before tax excludes remuneration for post-combination services, gain on bargain purchase, share-based payment charges, acquisition related amortisation and exceptional items.