REG - FRP Advisory Grp PLC - AGM Statement and Q1 Dividend Declaration

Frp AdvisoryAnnouncement

28/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230928:nRSb9071Na&default-theme=true

RNS Number : 9071N  FRP Advisory Group PLC  28 September 2023

28 September 2023

FRP ADVISORY GROUP PLC

("FRP", the "Group" or the "Company")

 

AGM Statement and Q1 Dividend Declaration

 

FRP Advisory Group plc, a leading national specialist business advisory firm,
is holding its Annual General Meeting today. Nigel Guy, Non-Executive
Chairman, will make the following statement:

 

"During the last financial year to 30 April 2023, we continued to execute our
strategy. We maintained our track record of increasing revenues, profits and
dividends while further investing in our business. Since our IPO in 2020, we
have generated annual growth (CAGR) in revenue of +18%, adjusted EBITDA of
+13% and dividends of +5%.

 

Encouraging performance in the new financial year to 30 April 2024 (FY 2024)

 

As noted in our full year results announcement on 26 July 2023 we started FY
2024 encouraged by activity levels particularly in our Restructuring team and
this has continued to date. FRP Corporate Finance which is focused on the
mid-market, has continued to complete transactions. This market segment has
proved more resilient to the well documented challenges facing the UK M&A
market and in particular the larger deals, including those in the public
market. M&A deal timescales continue to remain extended. Our other pillars
remain active and are experiencing increased demand for their services.

 

Earlier in the month, the Group announced the acquisition of the Wilson Field
Group. The acquisition was the Group's seventh since IPO and further
demonstrates delivery against our strategy to generate sustainable profitable
growth by combining a focus on organic growth with acquisitions that meet the
Group's selective criteria.

 

Strong balance sheet; continued growth in quarterly dividend

 

The Group continues to have a strong balance sheet and in line with the
Company's quarterly dividend policy, the Board is pleased to declare an
interim dividend of 0.9p per eligible ordinary share for the first quarter
ended 31 July 2023 (Q1 2023: 0.85p). The dividend will be paid on 22 December
2023 to shareholders on the register on 24 November 2023, with the ex-dividend
date being 23 November 2023.

 

Positive outlook

 

Trading year-to-date has been positive and if current activity levels
continue, the Board is confident that the Group will at least deliver the
current full year market expectations*. The short and medium-term outlook for
the Group remains positive and the Board is confident of continued progress.

 

The Company expects to announce a trading update for the six months to 31
October 2023 in mid-November 2023."

 

*The Company believes consensus market expectations for FY 2024, including a
full second half year contribution from the Wilson Field Group, to be revenue
of £111.8m and adjusted EBITDA of £28.7m.

 

Enquiries:

 

FRP Advisory Group plc
 

Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via MHP

 

Cavendish Securities plc (Nominated Adviser and Joint Broker)

Katy Birkin/ Stephen Keys (Corporate Finance)

Tel: +44 (0) 207 220 0500

 

Investec Bank plc (Joint Broker)

Carlton Nelson / James Rudd (Corporate Broking)

Tel: +44 (0) 207 597 4000

 

MHP Group (Financial Public Relations)

Oliver Hughes

Charlie Barker

Catherine Chapman

Tel: +44 (0) 783 462 3818

FRP@mhpgroup.com (mailto:FRP@mhpgroup.com)

 

Notes to Editors

FRP is a leading national specialist business advisory firm established in
2010. It offers a range of advisory services to companies, lenders, investors
and other stakeholders, as well as individuals. These services include:

§ Restructuring advisory: corporate financial advisory, formal insolvency
appointments, informal restructuring advisory, personal insolvency and general
advice to all stakeholders.

§ Corporate finance: mergers & acquisitions (M&A), strategic advisory
and valuations, financial due diligence, capital raising, special situations
M&A and partial exits.

§ Debt advisory: raising and refinancing debt, debt amendments and
extensions, restructuring debt, asset based lending and corporate and
leveraged debt advisory.

§ Forensic services: forensic investigations, compliance and risk advisory,
dispute services and forensic technology.

§ Financial advisory: transaction services including financial due diligence,
lender services, financial modelling, valuations, pensions and company-side
advisory services.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMUBRWROSUKUAR