BTG Consulting plc (LSE:BTG) has added a property and asset management business. On 23 September 2026 the company announced the Acquisition of Hornbeam CPAM Limited for a maximum of £4.0 million, saying the purchase would expand its real estate advisory services and recurring income and be immediately earnings-enhancing.

What BTG does

BTG Consulting is a UK professional services group listed on AIM, and is part of the FTSE AIM All Share Index. LSE:BTG publishes a regular Red Flag Alert on corporate financial distress, the latest for the third quarter of 2026 on 27 October, and has built a Business through acquisitions, with a stated Revenue target of £200 million.

The Hornbeam deal

Initial consideration is £2.0 million, made up of £1.65 million in cash and £0.35 million in new ordinary shares, with an earn-out of up to £2.0 million. Hornbeam, which serves institutional property investors and fund managers, particularly in the industrial sector, had revenue of £1.9 million and normalised pre-tax profit of £0.6 million in its last financial year. On those figures the initial price is about 3.3 times normalised profit.

Results for the year to 30 April 2026

Final results on 6 July 2026 showed revenue up 10% to £168.5 million and adjusted profit before tax up 6% to £25.0 million. Adjusted EBITDA rose 5% to £33.3 million, with the Margin slightly lower at 19.8%. Profit before tax rose 23% to £14.1 million and adjusted diluted Earnings per share rose 6% to 11.1p. Net Debt at the year end was £1.0 million, after £8.1 million was invested in acquisitions.

The proposed final Dividend of 4.6p per share is 7% higher, marking the ninth consecutive year of dividend growth.

AGM statement

At the Annual General Meeting on 16 September 2026 LSE:BTG reported encouraging revenue and adjusted profit growth for the first quarter of the new year, which ended on 31 July 2026. It cited market consensus for the full year of £179.9 million in revenue and £26.7 million in adjusted profit before tax.

What the AGM numbers imply

The consensus figures cited imply growth of roughly 7% in revenue and 7% in adjusted profit before tax for the new year compared with the year just reported, based on the numbers given. Reaching the £200 million revenue target would require a further step up beyond that, which is where acquisitions such as Hornbeam come in.

Housekeeping

A transfer of treasury shares took place on 20 July 2026, and a notice of AGM was published on 17 August. The Hornbeam purchase includes new shares, so voting rights will change on completion.

Sector and index context

Professional services groups that focus on insolvency, advisory and property tend to see Demand from economic stress as well as from transactions, which gives them some resilience. Acquisitions are central to growth in the sector, and integration of smaller firms can be demanding.

Key risks

Growth through acquisition depends on finding good targets at sensible prices and retaining staff. The earn-out structure helps align sellers, but performance may fall short. Property advisory income is exposed to transaction volumes and sentiment in commercial property, and adjusted profit growth of 6% lagged revenue growth of 10%. Net debt is low, but further deals could change that.

What to watch next

Investors will watch for completion of the Hornbeam deal and its contribution, further acquisitions, and the half-year results for the six months to 31 October. The next Red Flag Alert and the progress towards the £200 million revenue target will also be of interest.