Investors should by now be used to BEG’s characteristically reliable results. FY24 was the tenth successive year of revenue growth, up 12% (6% organic) to £136.7m. That was just ahead of our forecasts, well on track to the £200m medium term revenue target. A confident outlook underpins FY25e forecasts i.e. organic growth and full contributions from recent acquisitions.
There is clear potential for investment initiatives to contribute and the group is reviewing more of the type of acquisition which has built operational scale, geographical coverage and market share. Four additions added £5m to FY24 revenues and opportunities are under review, readily financeable from cash and undrawn facilities. End FY24 net debt was £1.4m (FY23: £3m net cash), impressive as it covered £11.1m of acquisition payments and EBT share purchases.