BTG Consulting has delivered impressive FY26 results, in line with upgraded guidance given in May.
A 6% increase in experienced staff has driven 10% revenue growth and strengthened BTG’s mid-market leadership for restructurings and its fast-growing real estate division.
Adj. PBT margin was robust at 14.8%, and the 7% increase in the dividend marks nine years of dividend growth.
Looking ahead, the insolvency order book has increased 12%, and management confirms it expects to deliver FY27E results in line with expectations. Hence, we reiterate our recently raised Fair Value per share of 170p, equating to c.14x cal 2027 PER.
