FRP Advisory annual profit climbs amid strong revenue growth

FRP Advisory Group PLC on Wednesday reported double-digit annual revenue and profit growth, and said it remains confident despite ongoing macroeconomic uncertainty.

The London-based business advisor, including insolvency and corporate finance said revenue in the year ended April 30 rose 16% to £177.0 million from £152.2 million a year before. Organic growth accounted for 10 percentage points of the increase, with acquisitions contributing the remaining 6%.

Pretax profit increased 13% to £35.5 million from £31.3 million, while attributable profit rose 16% to £26.2 million from £22.5 million.

Diluted earnings per share improved to 10.26 pence from 8.93p, while adjusted underlying Ebitda climbed 12% to £46.1 million from £41.3 million.

FRP proposed a final dividend of 2.8p per share, taking the total dividend for the year to 5.8p, up 7.4% from 5.4p a year ago and marking its sixth consecutive year of dividend growth.

Net cash fell 21% to £26.2 million from £33.3 million, though the company ended the year with no drawn external borrowings.

Chief Executive Geoff Rowley said: "This has been another strong year for FRP, reflecting the quality of our people, the strength of our advisory model and the enduring relevance of our services in an increasingly complex market environment."

He added: "Trading in the early months of the current financial year has been in line with the board's expectations. Accordingly, we remain confident in the group's medium-term prospects and in our ability to deliver sustainable long-term value for shareholders and other stakeholders."

FRP said all five of its service pillars delivered positive trading during the year. It maintained its position as the UK's largest administrator by appointments, increasing its administration market share to 14% from 13%.

Its corporate finance division completed 96 transactions, up from 76 a year earlier, with aggregate deal value rising to £2.1 billion from £1.5 billion.

The group also made a £3.0 million investment for a 25% stake in artificial intelligence-enabled advisory business Queens Tower Advisory.

Shares in FRP Advisory were up 1.9% at 115.60 pence in London on Wednesday morning.

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