REG - FRP Advisory Grp PLC - Full Year Results
23/07/2025 07:00
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RNS Number : 1391S FRP Advisory Group PLC 23 July 2025
FRP ADVISORY GROUP PLC
("FRP", the "Group" or the "Company")
Full Year Results
for the year ended 30 April 2025
FRP Advisory Group plc, a leading national specialist business advisory firm,
is pleased to announce its full year results for the year ended 30 April 2025
("FY2025").
Commenting on the results, Geoff Rowley, Chief Executive Officer of FRP
Advisory Group plc, said:
"This is another strong set of results, reflecting the strength of FRP's
well-proven strategy, breadth of our offer and the tireless efforts of our
talented people.
Despite persistent economic uncertainty, which has been compounded by
increasing geopolitical turmoil, we saw positive contributions across all five
of our service pillars, facilitating the delivery of strong organic revenue
growth complemented by a positive contribution from acquisitions which are all
integrating well.
We continued to deliver for our clients, supporting them through the entire
corporate lifecycle by staying focused on the basics and providing honest,
clear, and considered advice. We also expanded our teams, both through
demand-led lateral hiring and via the acquisitions we completed during the
year. Our exceptional people remain our most valuable asset and instrumental
to achieving our goals, and we remain deeply committed to investing in our
talent.
FRP remains well-placed to serve our clients, with both the resource and
agility to respond quickly to demand trends as they emerge. Trading in the
first few months of the new financial year has been positive, and in line with
the Board's expectations."
Financial highlights
2025 2024
£m £m % change
Revenue 152.2 128.2 19%
Adjusted underlying EBITDA* 41.3 37.1 11%
Reported EBITDA 35.5 33.3 5%
Adjusted Profit before tax** 37.1 33.7 10%
Reported Profit before tax 31.3 29.9 5%
Adjusted Total EPS (pence)*** 10.70 9.94 8%
Basic EPS (pence) 9.11 9.35 (3%)
Total dividend relating to the year (pence) 5.4 5.0 8%
Net cash 33.3 29.7 12%
· Another year delivering profitable growth:
o Revenue increased by 19% to £152.2 million (2024: £128.2 million) with
11% organic and 8% inorganic growth, driven by positive trading across all
five service pillars.
o Adjusted underlying EBITDA* rose by 11% to £41.3 million (2024: £37.1
million).
o £1.4 million average revenue per Partner for the year (2024: £1.4
million).
o £31.3 million reported Profit before tax for the year (2024: £29.9
million).
· Strong balance sheet maintained with year-end net cash of £33.3
million (2024: £29.7 million).
· Increase in shareholder returns:
o Total dividends of 5.4p relating to FY2025 (2024: 5.0p), comprising three
interim dividends of 0.95p per eligible Ordinary Share and a final proposed
dividend of 2.55p per eligible Ordinary Share for the year ended 30 April 2025
recommended by the Board.
* Adjusted Underlying Earnings Before Interest Tax Depreciation and
Amortisation (EBITDA) excludes exceptional costs and a share-based payment
expense that arises from a) the Employee Incentive Plan (EIP) funded on IPO
and b) deemed remuneration amortisation linked to acquisitions.
** Reported Profit before tax plus share-based payments and exceptional items
*** Earnings adjusted by adding back share-based payments, deemed remuneration
and related deferred tax. Earnings per total weighted shares in issue. See
Note 5 for more details.
Operational highlights
· Another year delivering strong organic growth, supplemented by
selective acquisitions in line with our strategy.
· Continued revenue growth underpinned increase of the FRP team.
o FRP team grew by 21% (additional 138 colleagues year-on-year) to 795
(2024: 657).
o Growth was driven by demand-led lateral hiring and five acquisitions (70
new colleagues via 5 acquisitions).
o Colleague utilisation at 67% (2024: 68%).
o As at 30 April 2025, the Group had 108 Partners (2024: 92), 518 other fee
earners (2024: 430) and 169 support staff (2024: 135).
o At year-end, FRP's UK footprint covered 31 locations (2024: 27) plus two
international and offshore offices in Cyprus and the Isle of Man.
o During FY2025, 7 colleagues were promoted to Partner across various
locations and service lines, demonstrating the Group's commitment to
supporting internal career progression and longer-term succession planning.
· Our Restructuring team continued to be the most active in the UK
administration appointment market.
o Market share in the number of administration appointments at 13% (2024:
16%).
· FRP Corporate Finance ranked as the 19th most active financial
adviser in the UK M&A market, up from 24th in 2024.
o Corporate Finance and Debt Advisory teams were involved in 76 successful
transactions (2024: 76) with an aggregate deal value of £1.5 billion (2024:
£1.4 billion) and £0.5 billion of debt raised (2024: £0.6 billion).
· Our Forensic Services team has continued to be very active on a
high number of confidential transactions.
· Strengthened operational infrastructure to support further
growth:
o Successful transition of our customer relationship management ("CRM")
software from Salesforce to Microsoft Dynamics 365.
o Completed the implementation of a Document Management system, ("DMS") to
better manage document storage and minimise paper consumption.
o We hired a new People Director on 1 May 2024 to help progress the Group's
future "People Proposition".
o Expanded the People function by an additional 7 colleagues, including 2
specialists in Talent Acquisition.
Enquiries:
FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via MHP
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Katy Birkin / Stephen Keys / George Lawson (Corporate Finance)
Tel: +44 (0) 207 220 0500
Berenberg (Joint Broker)
Toby Flaux / James Thompson / Smruthya Ganeshram
+44 (0)20 3207 7800
MHP (Financial Public Relations)
Oliver Hughes
Eleni Menikou
Lexi Iles
Tel: +44 (0) 7701 308 818
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.
Chair's report
I am delighted to present FRP Advisory Group Plc's ("FRP") and its
subsidiaries' sixth Annual Report and my second as Chair. Reflecting on the
past year both globally, and within FRP, it is clear we have been operating in
an economically and politically volatile environment both at home and abroad
with many challenges for individuals and corporates.
In times of change, entrepreneurs turn to those trusted to deliver confidence
and clarity. As a result, amongst a backdrop of uncertainty, our clients have
continued to put their trust in us and FRP has delivered another strong year
of growth and progress.
As a consequence of our sustained growth, we've been able to invest
significantly in our teams, growing overall by 21%. This has been supported by
selective acquisitions across our restructuring, debt advisory and corporate
finance pillars.
We continue to seek acquisitions that meet the Group's strict criteria of
cultural alignment, strategic fit and mutually acceptable economics. The Group
has a healthy M&A pipeline and an active dialogue across a range of
opportunities. Our acquisitions have enabled us to deliver on our purpose to
support clients through times of change across the corporate lifecycle, from
highly successful businesses to those facing stress or distress.
Our people
We recognise that our greatest asset is our people, and this year we continued
to invest in our team to nurture talent, develop skills and support career
ambitions.
The People function at FRP has undergone significant growth and investment
during the year, supporting our commitment to offering the best people
experience to all colleagues.
FRP has doubled its team size since IPO. A new People Director was appointed
in May 2024 in order to support the business in its next stage of growth. The
structure of the People team has since evolved to include expert areas across
the full employee life-cycle; Talent Acquisition, People Operations, People
Business Partnering and Talent Development.
A significant milestone during the year was the launch of FRP's inaugural
Partner Development Programme, designed to support newly promoted Partners in
their leadership journey. Looking ahead, a full external review is underway to
ensure that FRP's Talent Development offering remains industry-leading and
future-ready.
In May 2024, a colleague engagement survey was completed, with excellent
feedback. Suggestions from colleagues have been incorporated into existing
initiatives to support and improve colleague wellbeing, personal development
and activities related to Equality, Diversity and Inclusion ("ED&I"). We
continue to deliver on all three areas with our partnership with the Charlie
Waller trust (wellbeing), investment in our Learning & Development team
(personal development) and the introduction of a new ED&I strategy coming
in FY2026.
In June 2024, we launched a Save As You Earn ("SAYE") scheme which was
available for all colleagues to support the financial wellbeing of our people
and we have seen a strong level of colleague participation.
We are an attractive destination for qualified and skilled people, with an
appealing regional office network and strong culture offering in the
marketplace. Retaining and developing our team in a competitive environment is
a key priority and investment in this area continues.
Strong balance sheet
The Group's balance sheet is strong with net cash balances at 30 April 2025 of
£33.3 million (2024: £29.7 million), consisting of gross cash of £40.7
million, less a balance remaining on a term loan of £7.4 million. The Group
also has an undrawn £10 million revolving credit facility and an accordion
acquisition facility that enables the Group to act swiftly on any
acquisitions that meet FRP's criteria.
The largest asset on FRP's balance sheet is unbilled revenue or Work in
Progress (WIP), which is the expected value of unbilled work. WIP days are
typically four to seven months within the restructuring industry, and FRP
maintains the discipline of a robust monthly WIP valuation process. Cash
collections in the second half were particularly strong and as a result, WIP
days were approximately five months, consistent with FY2024. Going into FY2026
it is expected WIP will grow in the first half due to the Group's continuing
growth.
On 23 May 2024, we announced a secondary placing of approximately 20.4 million
Ordinary Shares held by Partners, which was well received by both new and
existing investors, demonstrating ongoing faith in FRP. New lock-in agreements
were signed by the selling shareholders (including Geoff Rowley, Chief
Executive Officer and Jeremy French, Chief Operating Officer) which align us
even more closely with the interests of our wider shareholder base.
Consistently delivering on our growth strategy
The Group's performance during the first nine months of the financial year
2025 was robust, with positive trading across each of the five service
pillars, supported by significant contributions from The Body Shop and a large
Corporate Finance project.
The final quarter of the financial year saw a marked increase in macroeconomic
volatility, driven predominantly by US announcements regarding global trade
tariffs, impacting business confidence and causing delays in decision making.
This led to several Corporate Finance projects extending their completion date
into FY2026.
The Group delivered another year of revenue growth, with 11% organic and 8%
inorganic growth. Adjusted underlying EBITDA rose by 11% to £41.3 million
(2024: £37.1 million).
Further details are set out in the Strategic Report in the 2025 Annual Report.
Dividend
In line with the dividend policy, the Group pays quarterly dividends, which
have progressed yearly since IPO in March 2020.
The Board recommends a final dividend of 2.55p per eligible Ordinary Share for
the financial year ended 30 April 2025. Subject to approval by shareholders at
the AGM, the final dividend will be paid on 24 October 2025 to shareholders on
the Company's register at close of business on 26 September 2025. If the final
dividend is approved, the total dividends paid by the Company relating to
FY2025 will be 5.4p per eligible Ordinary Share (FY2024: 5.0p).
Robust corporate governance
The Board firmly believes that a robust governance structure is required to
optimise decision making to the benefit of the business and its wider
stakeholders. To support this, FRP adopted the Quoted Companies Alliance
("QCA") Corporate Governance Code on admission to AIM and shareholders can
find more information on our governance arrangements in the Corporate
Governance Statement in the 2025 Annual Report. Further information on our
Corporate Governance structure is also available on our website.
Annual General Meeting
The Company's Annual General Meeting will be held on 23 September 2025. The
Notice of Annual General Meeting will be posted in due course to those
shareholders who opted to receive hard copy communications and a copy will
also be made available on our website at
https://www.frpadvisory.com/investors/financials-documents/.
(https://www.frpadvisory.com/investors/financials-documents/)
Looking ahead
FRP has a strong track record of delivering sustainable, profitable growth
throughout the economic cycle. Aside from recent macroeconomic developments
which are likely to further impact business confidence, many UK companies that
were already facing cost pressures (inflation, debt service) will face further
financial difficulties following the Autumn 2024 budget, as the new minimum
wage and increased employers' National Insurance contribution are taking
effect. Companies with large workforces and tighter margins will be
particularly impacted, for example, those in the hospitality and retail
sectors.
FRP remains well placed to support clients through times of change across the
corporate lifecycle, from highly successful businesses to those facing stress
or distress. The outlook for all of FRP's markets remains positive and I look
forward to another year of growth and progress with FRP.
Penny Judd
Non-Executive Chair
22 July 2025
Chief Executive Officer's report
We have achieved another strong set of results, and continue to do so by
staying focused on doing the basics well and delivering honest, clear and
considered advice to our clients.
For another year, FRP has delivered growth in both revenues and underlying
profit organically and inorganically, an excellent performance that is
testament to the strength of our people, our business model and a strategy
that consistently delivers for our clients and wider stakeholders.
We saw positive contributions from each of our five service pillars: Corporate
Finance, Debt Advisory, Financial Advisory, Forensic Services and
Restructuring Advisory. This was delivered through the efforts of our teams,
who continue to work collaboratively across the Group, an approach that
underpins FRP's adaptability and success. Connectivity between our service
pillars and geographic locations is a key differentiator which consistently
enables us to achieve more for our clients.
During the year, we saw an uplift in revenue of 19% compared with the previous
year, to £152.2 million (2024: £128.2 million), 11% of which was organic
growth and 8% inorganic, including the first 12 months' revenue from new
acquisitions. Adjusted underlying EBITDA was £41.3 million, up 11% on 2024
(2024: £37.1 million), reflecting focused cost control and considered
investment to support growth. On a reported basis, EBITDA was £35.5 million
(2024: £33.3 million). Profit after tax increased by £0.5 million, however
the margin reduced due to the increased deemed remuneration costs from
acquisitions made in the year.
We maintained our focus on the basics, applying the rigorous monthly valuation
of our chargeable time not yet billed, also called unbilled revenue ("work in
progress" or "WIP") and turning this into cash. Overall, our WIP days are
comfortably in line with the industry range of 4 to 7 months, at approximately
5 months at year end.
Investing for growth
Expanding the business through considered acquisitions has long been a key
element of FRP's strategy.
Our overarching goal remains unchanged; to generate sustainable profitable
growth through a combination of quality organic growth and selective
acquisitions. We will only ever consider acquiring businesses that represent a
strong cultural and strategic fit, on commercial terms that are mutually
acceptable to both parties. Adhering to these strict selection criteria, we
have expanded our Group significantly in recent years. We have established a
bigger geographical footprint, gained market share, and widened our client
service offering.
In line with this strategy, during FY2025 we acquired five high quality firms:
May 2024
Commercial finance and risk management specialist Hilton-Baird Group, which is
based in Southampton and operating across the UK. Retaining the Hilton-Baird
brand, the business sits within FRP's Debt Advisory pillar. Four of the firm's
Directors, Alex Hilton-Baird, Evette Orams, Graham Bird and Ian Tramaseur
joined FRP as Partners, with the rest of the Hilton-Baird team of 36
colleagues also joining the Group.
July 2024
Our first acquisition in Wales, Lexington Corporate Finance is based in
Cardiff, giving FRP an on-the-ground presence in every UK nation. Lexington
provides corporate finance services to clients, both locally and nationwide.
One of the firm's Directors and Founder, Gary Partridge, joined FRP as a
Partner. All 14 other members of the Lexington team also joined FRP.
September 2024
Based in Newcastle and bringing a second FRP location to the city, Williams
Ali CF Limited provides corporate finance services to clients both in the
North East and nationwide. The firm's two Directors and Founders, Abu Ali and
Phil Williams, joined FRP as Partners, along with all other members of the
Williams Ali team, comprising five colleagues.
October 2024
Representing our twelfth acquisition since IPO in March 2020, Globalview
Advisors Limited doubled the size of our Valuations Service team within the
Financial Advisory pillar. Globalview provides valuation services to clients
primarily in the UK and the firm's Managing Director Sarpel Ustunel
joined FRP as a Partner. The remaining team of eight valuation professionals
also joined FRP.
March 2025
Licensed Insolvency Practitioner, Chris McKay joined the Norwich Restructuring
team as a Director, bringing with him an existing referral base, built over 30
years. Chris' arrival and expertise will help to extend our presence in East
Anglia, giving us a stronger foothold in Cambridge and surrounding areas in
particular.
During the year, we grew our team by 21% overall, adding 138 colleagues across
our network of offices, which at year end, comprised 31 in the UK. In November
2024 we opened a new office in Belfast with the appointment of a Forensic
Services Partner Alison Hollywood and in January 2025 we opened a new office
in Bournemouth to support team and business growth from Southampton. These UK
locations are supplemented by a further two international and offshore
offices.
In September 2024, we successfully transitioned our customer relationship
management (CRM) software from Salesforce to Microsoft Dynamics 365, a
strategic move that has significantly enhanced our operational efficiency and
collaboration. We expect Dynamics 365's integration with Microsoft
applications such as Office 365, Teams, and SharePoint to further streamline
our workflows, fostering better communication and collaboration across
departments.
Additionally, Dynamics 365's scalability supports our growth ambitions,
without the need for extensive system overhauls. This transition positions us
well for future success, leveraging advanced analytics and AI capabilities to
drive informed decision-making.
Our offices continue to work well together, drawing on specialists from our
five complementary service pillars as necessary, in order to deliver the best
possible service and outcome.
Navigating an uncertain and evolving world
Whilst the global and UK economies continue to be impacted by uncertainty, FRP
remains well placed to continue to serve its clients across the entire
economic cycle.
The final quarter of the financial year saw a marked increase in macroeconomic
volatility, driven predominantly by US announcements regarding global trade
tariffs. This has impacted business confidence and caused delays in decision
making, which in turn led to several Corporate Finance projects extending
their completion date into FY2026.
The outlook for our markets remains positive and we have sufficient resource
flexibility to respond to an increase in demand for our services.
FRP Corporate Finance
FRP Corporate Finance encompasses both the corporate finance and debt advisory
pillars.
Our FRP Corporate Finance team, which works on M&A (both sell-side and
buy-side), capital raising, special situations M&A, strategic options
reviews and advising on employee ownership trusts, started the financial year
with a continuation of the positive momentum that was seen at the end of the
prior year, despite continued challenging economic conditions. This was
accompanied by political uncertainty in the UK due to the change of government
and subsequent Autumn budget, which included a much-anticipated increase in
capital gains tax, leading to an increase in activity to complete transactions
ahead of tax increases. Whilst uncertainty around the global geo-political
environment persists, the UK lower mid-market continues to be resilient
underpinning cautious optimism for the FY2026.
FRP Corporate Finance ranked as the 19th most active financial adviser in the
UK M&A market (Source: Experian Market IQ). The team was involved in 76
successful transactions with an aggregate deal value of £1.54 billion and
£0.53 billion of debt raised). The average deal value of approximately £20
million for the year maintains FRP Corporate Finance's position in the heart
of the lower mid-market.
The FRP Corporate Finance team remained committed to the private equity
community with over half (54%) of its transactions in the period, including
sell-side, buy-side and debt advisory transactions involving private equity.
This continued commitment to our private equity clients was recognised in
being named UK Corporate Finance House of the Year for 2025 at the Real Deals
Private Equity Awards, the second time the team has won this prestigious award
in the last three years. The sectors in which FRP Corporate Finance was most
active in the year included:
· Technology - 23% of transactions
· Business Services - 21%
· Industrials & Manufacturing - 18%
· Consumer Retail and Leisure - 16%
There was also a notable increase in activity in property related transactions
including property management and real estate.
Corporate Finance
We continue to grow our Corporate Finance offering and were delighted to
welcome new colleagues joining us through the acquisitions of Lexington
Corporate Finance, based in Cardiff, and Williams Ali CF, based in Newcastle.
FRP Corporate Finance remains an active member firm of Alliance of
International Corporate Advisors ("AICA"), an integrated network of
middle-market M&A advisory firms across the world.
Debt Advisory
As well as supporting other service pillars, the Debt advisory team works
closely with the Corporate Finance pillar, collaborating on a number of
projects. The team cover a broad suite of debt capital products including
leveraged and corporate loans as well as asset-based facilities, primarily
acting for private equity clients but also a range of sponsorless borrowers on
their financing requirements.
Financial Advisory
Our Financial Advisory pillar comprises pensions advisory, valuation services,
transaction services, lender services, board and c-suite advisory and
financial modelling.
Trading across the pillar during the year has been positive, with strong
demand for all services. As well as high demand for lender due diligence
services due to the heightened risk environment, our transaction services work
has grown over the financial year, as buyers and lenders became increasingly
active in response to the changes in the market. This success has provided
us with a strong foundation for further growth in this service line.
Our valuation specialists have been very active, both with mainstream projects
and preparing valuations which underpin restructuring plans and schemes of
arrangement. The Valuation team doubled in size to c.15 professionals during
the year, via a combination of strategic hires and the acquisition of
Globalview Advisory.
The team has been very active during the year, delivering a wide range of
independent and expert witness valuations in support of formal financial
restructuring processes (both restructuring plans and enforcements),
litigation processes and transactions. In addition, the Globalview team brings
strength and depth to a previously unserved segment of the valuation market
for FRP - financial reporting valuations.
Our pensions advisory specialists continue to work with trustees and
corporates, increasingly those moving towards buying-out schemes with insurers
and assisting those navigating the changing regulatory environment.
Forensic Services
Our Forensic Services team had another busy year, working across a multitude
of investigations and litigation, arbitration and matrimonial/private client
disputes. The team were instructed on a number of investigations typically
with an element of alleged fraud/misappropriation, with clients requiring
independent investigations, sometimes driven by auditor concerns. Private
equity firms have been particularly active in using our services over the
course of the year. In this market, we have also seen continuing demand for
contentious insolvency assignments requiring our forensic accounting and
technology expertise.
Engagements delivered by the Forensic Services team during the year included
complex investigations, a significant number of expert witness appointments,
including breach of warranty claims, loss of profits, contentious valuations,
matrimonial and private client matters, professional negligence claims,
eDiscovery and computer forensic investigations. The team deployed both
forensic accounting and forensic technology skills to many of our cases and
utilised other teams from across our offices.
The Forensic Services team has grown substantially in the last two years as we
have hired forensic accounting professionals across multiple locations to meet
the increase in demand for our services. This has included a lateral Partner
hire based in Belfast (where we opened a new office in 2024) to further
increase our bench strength, specifically in insurance disputes.
FRP Forensic Services now has six Partners and eight Directors, supported by a
team of forensic accountants and technologists, located across our offices in
London, East Anglia, Birmingham, Leeds, Bristol and Belfast, and in Manchester
from June 2025.
Restructuring
Aside from recent macroeconomic developments, many UK companies that were
already facing cost pressures (inflation, debt service) will face further
financial difficulties following the Autumn 2024 budget, as the new minimum
wage and increased employers' National Insurance contribution begin to take
effect. Companies with large workforces and tighter margins will be
particularly impacted, for example, those in the hospitality and retail
sectors.
FRP's Restructuring team, which provides corporate finance advisory, formal
insolvency appointments, informal restructuring advisory and personal
insolvency support, has been active nationwide, and across all sectors. FRP
retained its market leading position in the administrations market, remaining
the most active administration appointment taker in the UK by volume of
appointments, its market share at 13% (2024: 16%), which includes group
appointments (Source: London and Regional Gazettes).
The higher volume liquidations market, which are typically lower value and
less complex, including Creditors Voluntary Liquidations and Compulsory
Liquidations which decreased by 8% in the financial year (Source: London and
Regional Gazettes).
Investing in our people
Fundamentally, it is our people who power FRP. It is their hard work and
ethical approach that enable us to provide the highest level of service, build
trusted relationships, and deliver meaningful results for our clients. I would
like to wholeheartedly thank all colleagues, including those who have joined
us during the year, for their continued efforts.
At FRP, we know that when our people thrive, our clients succeed. During the
year we promoted 7 colleagues to Partner and 4 colleagues to Director, with a
further 106 promotions across a wide range of senior and specialist roles,
from Office Managers to Associate Directors/Senior Managers.
Immediately following the year-end, on 1 May 2025, a further 3 promotions to
Partner were announced, one part of an additional 96 promotions across the
Group.
These promotions recognise the dedication, expertise and ambition of our
colleagues across the firm, who deliver outstanding service to our clients,
day-in, day-out. Ongoing investment in our people is at the centre of our
strategic plans, ensuring we continue to attract the very best talent and
create an environment where everyone can achieve their personal ambitions and
continue to deliver the quality of service that we are known for.
In March 2025, we welcomed Fraser Sinclair as our Money Laundering Reporting
Officer ("MLRO") who joined from one of Scotland's largest law firms. Fraser
has previously been the AML supervisory risk manager at the Law Society of
Scotland, delivering the Law Society's AML CPD programme and is appointed to
the UK Legal Sector Expert Advisory Group on AML.
Continued support of colleagues in acquiring professional qualifications and
supporting their career aspirations remains a priority, enabling promising
young stars to become future Directors and Partners of the business.
Colleague engagement, developing talent and managing succession is a key focus
of the Group. Over the past year, FRP's Talent Development function has made
significant strides in enhancing professional growth and support across the
organisation. A new onboarding process was introduced for all new starters,
including a dedicated welcome event at the London Cannon Street office,
ensuring a smooth transition into the firm.
We have continued to expand and refine our suite of internal training
programmes, with key additions such as a technical training platform for
corporate finance colleagues, a partner development programme and a mental
health awareness initiative for managers and colleagues.
Growing the L&D function has enabled greater commitment to support those
studying for professional qualifications, through a cohort-based approach and
enhancing the functionality of our Learning Management System.
We remain committed to ensuring FRP is an inclusive and diverse place to work
and aim to reflect the diversity we see across our client base in our
workforce. FRP has also been working on wellbeing initiatives through a
partnership with the Charlie Waller Trust, formed a Balanced Minds Committee
and launched 'Mind. Set', a podcast series online.
The Group made two senior hires on 1 May 2024, both with significant HR and
people leadership experience. Claire Dale joined as People Director to lead on
FRPs "People Proposition" and Louise Jackson, former Group Director of Talent
and Leadership at Selfridges, joined as a Non-Executive Director and
Remuneration Committee Chair. During FY2025 we also expanded the People team
by an additional 7 colleagues, including 2 specialists in Talent Acquisition.
Claire Dale's appointment coincided with our second all-colleague survey being
completed in early May and it was pleasing to find that more than 84% of our
colleagues agreed, somewhat agreed, or strongly agreed that they would be
proud to recommend FRP as a great place to work. Across all respondents, an
average score of eight was recorded (on a scale of 1-10) when colleagues were
asked to what extent they feel the things they do in their life, including
work, are worthwhile.
After carefully analysing the full survey results, our senior team has
committed to four key actions to continue making our working environment the
best it can be.
· Devise and implement a business-wide personal development
strategy that provides colleagues with increased awareness of opportunities to
grow and thrive
· Continue to work with mental health charity Charlie Waller Trust
("CWT"), to try to ensure the prevention of mental health challenges
· Undertake a formal and comprehensive review of our approach to
equality, diversity, and inclusion ("ED&I")
· Provide colleagues with the opportunity to access ongoing
well-being support and develop the strong relationships that can lead to both
personal and professional fulfilment.
In December 2024, FRP was accepted into the Mindful Business Charter, which is
centred around rehumanising the workplace through a framework of four pillars
- Openness & Respect, Smart Meetings & Communications, Respecting Rest
Periods and Mindful Delegation. Fellow members of the charter include a
number of firms FRP are known to and work with, presenting a greater
opportunity to enhance existing relationships, as well as build new ones by
demonstrating how FRP is being a mindful and responsible business.
To promote continued collaboration across the Group, the senior leaders (all
Directors and Partners), gather regularly, the last function being in November
2024.
We are delighted to see our people being recognised externally. Our newly
acquired teams in Newcastle and Cardiff were both recognised for their deal
successes. Williams Ali CF was named 'Corporate Finance Advisory firm of the
Year' at the Insider North-East Dealmakers Awards 2024, and Lexington
Corporate Finance won 'Deal of the Year' at the Insider Wales Dealmakers
Awards 2024.
Additional recognition at other 2024 regional award programmes was received by
Corporate Finance Partners Adrian Alexander and Darren Miller as 'Corporate
Finance Adviser of the Year' in their regions and Simon Davies was voted 'Most
Valuable Player' at the AICA Global Awards 2024. Corporate Finance Partner,
Abu Ali, also won the Professional Award at the Asian Business Connexions
Awards 2024.
In April 2025, FRP Corporate Finance was named 'Corporate Finance House of the
Year - UK' for a second time, at the National 2025 Real Deals Private Equity
Awards.
We were pleased to be recognised in Chambers and Partners Litigation Support
Guide for the sixth consecutive year for our forensic accounting services and
for the third consecutive year for our eDiscovery services. Chris Osborne was
named 'Asset Recovery Expert of the Year' at the Lexology Index Awards and
recognised as 'Global Elite Thought Leader' by Who's Who Legal. Andrew
Fingerett was listed in Financier Worldwide Magazine as an 'Exceptional
Expert' in International Arbitration.
In January 2025, Paul Allen and Geoff Rowley, acting as Liquidators of
Greensill Limited in the Credit Suisse v Softbank litigation were featured in
'The Lawyer Top 20 Cases for 2025', which highlights the most significant
legal disputes expected to be heard in UK courts throughout the year.
Christina Papathomas was the winner of the 'New Business Leader (under 40)' in
the category of Services at the 2024 Cyprus Chamber of Commerce awards.
Building a more sustainable business
As a responsible business, FRP continuously strives to carefully manage its
impact on the environment, and the communities in which it operates. To see
more details please see the ESG report in our 2025 Annual Report.
In line with our efforts to maintain exemplary governance standards, on 1 May
2024, Louise Jackson joined as a Non-Executive Director and member of the
Group's management board. Louise brings extensive experience to the FRP Board,
with particular expertise in Human Resources across retail, travel, media and
business services.
Outlook
Our strategy is built around steady and sustainable growth through both
organic initiatives and selective acquisition opportunities. Part of the
organic growth strategy is to ensure that FRP's offices, across its 31
locations in the UK and two international and offshore locations, are
connected and work collaboratively. This supports our delivery of sustainable
profitable growth by drawing on specialists from our five service pillars as
necessary, in order to provide each assignment with the right team, to deliver
the best possible service and outcome for our clients.
Our M&A pipeline remains healthy, and we are in active discussions of
varying stages regarding a number of opportunities that will further enhance
our ability to support clients through their entire corporate lifecycle. Post
year end we were pleased to announce the acquisition of One Advisory Group who
provide financial reporting, transaction advisory and governance services and
complement the Group's existing service pillars as well as broadening its
offering to clients.
FRP remains well-placed to serve our clients, with both the resource and
agility to respond quickly to demand trends as they emerge. Trading in the
first few months of the new financial year has been positive, and in line with
the Board's expectations.
We remain fully committed to retaining our healthy collegiate culture where we
promote the development, health and well-being of our colleagues. Our
exceptional people remain our most valuable asset and instrumental to
achieving our goals, and we remain deeply committed to investing in our
talent. As demand for our services continues to increase, and as a people
business, this approach will be critical to meeting our goals.
Geoff Rowley
Chief Executive Officer
22 July 2025
The following is an extract from the Strategic Report, the full text of which
can be found in the Company's 2025 Annual Report.
Financial review
Revenue
FRP's revenue grew 19% year-on-year to £152.2 million (2024: £128.2
million). 11% was organic growth and 8% inorganic, the latter defined as an
acquisition's first 12 months' contribution to the Group.
Adjusted underlying Earnings Before Interest Tax Depreciation and Amortisation
(EBITDA)
The Group grew profitably with adjusted underlying EBITDA* rising by 11% to
£41.3 million (2024: £37.1 million) reflecting our continued focus on cost
control, while also investing in the business to support future sustainable
growth.
Statutory profit
Statutory profit for the Group grew by £0.5 million to £22.5 million (2024:
£22.0 million). The growth was driven by the increased EBITDA above. FRP had
a much larger expense due to deemed remuneration in FY2025 due to the 5
aquisitions in the year. This meant that the statutory profits did not grow as
much as EBITDA. This is detailed in the table below.
£m 2025 2024
Reported Profit before tax 31.3 29.9
Add back depreciation, amortisation and interest 4.2 3.4
Reported EBITDA 35.5 33.3
Add share-based payment expense relating to the Employee Incentive Plan (EIP) 2.8 2.2
Add equity settled deemed remuneration 2.8 1.6
Add cash settled deemed remuneration 0.2 -
Adjusted underlying EBITDA* 41.3 37.1
* Adjusted underlying EBITDA excludes exceptional costs (no such costs arose
in 2024 or 2025), share-based payment expense that arises from the Employee
Incentive Plan (EIP) funded on IPO and deemed remuneration amortisation linked
to acquisitions.
FRP team growth
The FRP team grew by 21% through both demand-led lateral hiring and
acquisition. We opened new UK offices in Belfast and Bournemouth and following
the acquisition in July 2024 of Lexington Corporate Finance, which is based in
Cardiff, FRP now has an on-the-ground presence in every UK nation.
The Group started the financial year with 657 colleagues, (excluding
Consultants) operating out of 27 UK offices plus two international and
off-shore offices in Cyprus and the Isle of Man. By 30 April 2025, there were
31 UK offices and the two international and offshore offices, while the
colleague number had increased to 795 (excluding Consultants), as set out in
the table below:
Team FY2025 FY2024
Partners 108 92
Colleagues - fee earners 518 430
Total fee earners 626 522
Colleagues - support 169 135
Total (exc. Consultants) 795 657
Balance sheet and cash flow
The Group's balance sheet remains strong with a net cash balance as at 30
April 2025 of £33.3 million (2024: £29.7 million), consisting of gross cash
of £40.7 million, less the balance remaining on loans of £7.4 million (2024:
£32.9 million gross and £3.2 million loan). The Group also has an
undrawn RCF of £10 million and an accordion acquisition facility with
Barclays Bank. FRP utilised the accordion facility in the year to draw down
£7.2 million. These facilities were refinanced in July 2023 for 3 years. Cash
collection during the year was £160 million (2024: £136 million).
The Group has staff utilisation rate of 67% (2024: 68%) against a target in
the high sixties. The Group monitors utilisation and capacity and has a
culture of internal collaboration whereby colleagues can be utilised across
different locations. Utilisation is calculated as the percentage of available
hours that FRP colleagues spend on chargeable activities. Available hours
being a standard 7.5 hour day multiplied by the number of working days, less
hours taken for holidays, study days and sickness.
The largest asset on FRP's balance sheet is unbilled revenue or Work in
Progress (WIP). The majority of WIP relates to restructuring cases and
represents the value of work done which the relevant insolvency practitioner
believes will be signed off by the relevant creditors as part of the fee
process. WIP days are typically 4-7 months within the restructuring industry
and FRP maintains the discipline of a robust monthly WIP valuation process.
Cash collections in the second half were particularly strong, with WIP days at
approximately 5 months (FY2024: approximately 5 months). Going into FY2026 it
is expected WIP days will grow in the first half due to the Group's continuing
growth.
The Group has repaid all IPO liabilities due to Partners and now carries a
liability to Partners on go-forward profits. This represents the Group's
largest payables. Trade payables remains low as FRP maintains a general
supplier payment policy whereby suppliers are paid within 30 days in the
absence of any other agreement.
Dividend
Given the Group's trading performance and strong balance sheet, the Board is
recommending a final dividend, in line with its stated dividend policy to pay
quarterly dividends. Since IPO, dividends paid have been progressively
increasing year-on-year.
The FRP Staff Employee Benefit Trust which was seeded by Partners on IPO, and
which holds shares that back employee options, has waived its right to
dividends and the corresponding amount was retained by the Group. As the
employee Share Options became exercisable from 6 March 2023, these shares will
attract dividend rights when converted. The Board recommends a final dividend
of 2.55p per eligible Ordinary Share for the financial year ended 30 April
2025.
Subject to approval by shareholders, the final dividend will be paid on 24
October 2025 to shareholders on the Company's register at close of business on
26 September 2025. If the final dividend is approved, the total dividends paid
by the Company relating to the financial year ended 30 April 2025 will be 5.4p
per eligible Ordinary Share (2024: 5.0p).
Consolidated statement of comprehensive income
For the year ended 30 April 2025
Year Ended Year Ended
30 April 2025 30 April 2024
Notes £'million £'million
Revenue 152.2 128.2
Personnel costs (87.8) (69.6)
Depreciation and amortisation (3.2) (2.8)
Other operating expenses (29.0) (25.3)
Operating profit 3 32.2 30.5
Finance income 4 0.2 0.2
Finance costs (1.1) (0.8)
Net finance costs (0.9) (0.6)
Profit before tax 31.3 29.9
Taxation (8.8) (7.9)
Profit and total comprehensive income for the year attributable to the owners 22.5 22.0
of the Group
Earnings per share (in pence)
Total 5 8.82 8.78
Basic 5 9.11 9.35
Diluted 5 8.93 9.18
All results derive from continuing operations.
The notes form part of these financial statements.
Consolidated statement of financial position
As at 30 April 2025
As at 30 April As at 30 April
2025 2024
Notes £'million £'million
Non-current assets
Goodwill 25.1 13.7
Other intangible assets 2.6 2.2
Property, plant and equipment 2.9 2.5
Right of use asset 7.2 8.1
Deferred tax asset 0.9 0.7
Total non-current assets 38.7 27.2
Current assets
Trade and other receivables 6 78.5 70.2
Cash and cash equivalents 40.7 32.9
Total current assets 119.2 103.1
Total assets 157.9 130.3
Current liabilities
Trade and other payables 7 40.8 35.4
Loans and borrowings 3.1 1.6
Lease liabilities 1.8 1.5
Total current liabilities 45.7 38.5
Non-current liabilities
Other creditors 7.2 5.7
Loans and borrowings 4.3 1.6
Lease liabilities 5.9 6.6
Total non-current liabilities 17.4 13.9
Total liabilities 63.1 52.4
Net assets 94.8 77.9
Equity
Share capital 0.2 0.2
Share premium 41.0 34.2
Own shares (0.0) (0.0)
Share-based payment reserve 0.6 2.9
Merger reserve 1.3 1.3
Retained earnings 51.7 39.3
Shareholders' equity 94.8 77.9
Approved by the Board and authorised for issue on 22 July 2025.
Jeremy
French
Gavin Jones
Director
Director
Company Registration No. 12315862
Consolidated statement of changes in equity
For the year ended 30 April 2025
Called up share capital Share premium account Own shares Share-based payment reserve Merger reserve Retained earnings Total equity
£'million £'million £'million £'million £'million £'million £'million
Profit and total comprehensive income for the year - - - - - 22.0 22.0
Issue of shares 0.0 2.2 - - - - 2.2
Dividends (Note 22) - - - - - (11.0) (11.0)
Share-based payment expenses - - - 2.2 - - 2.2
Deemed remuneration addition - - - (2.2) - - (2.2)
Deemed remuneration - - - 1.6 - - 1.6
Balance at 30 April 2024 0.2 34.2 (0.0) 2.9 1.3 39.3 77.9
Profit and total comprehensive income for the year - - - - - 22.5 22.5
Issue of shares 0.0 6.8 - - - 6.8
Dividends (Note 22) - - - - - (12.6) (12.6)
Share-based payment expenses - - - 2.8 - - 2.8
Deemed remuneration addition - - - (5.4) - - (5.4)
Equity settled deemed remuneration - - - 2.8 - - 2.8
Transfer to retained earnings - - - (2.5) - 2.5 -
Balance at 30 April 2025 0.2 41.0 (0.0) 0.6 1.3 51.7 94.8
Consolidated statement of cash flows
For the year ended 30 April 2025
Year Ended Year Ended
30 April 2025 30 April 2024
Notes £'million £'million
Cash flows from operating activities
Profit before taxation 31.3 29.9
Depreciation, amortisation and impairment (non cash) 3.2 2.8
Share-based payments: employee options 2.8 2.2
Equity based deemed remuneration 2.8 1.6
Net finance expenses 0.9 0.6
Increase in trade and other receivables (6.0) (9.0)
Increase in trade and other payables 5.0 6.9
Tax paid (9.5) (9.4)
Net cash from operating activities 30.5 25.6
Cash flows from investing activities
Purchase of tangible assets (1.2) (0.9)
Acquisition of subsidiaries less cash acquired (10.6) (4.4)
Interest received 0.1 0.2
Net cash used in investing activities (11.7) (5.1)
Cash flows from financing activities
Dividends paid 8 (12.6) (11.0)
Principal elements of lease payments (1.5) (1.8)
Drawdown of new loans 7.2 -
Repayment of loans and borrowings (3.0) (1.6)
Interest paid (1.1) (0.9)
Net cash used in financing activities (11.0) (15.3)
Net increase in cash and cash equivalents 7.8 5.2
Cash and cash equivalents at the beginning of the year 32.9 27.7
Cash and cash equivalents at the end of the year 40.7 32.9
Extract of the notes to the Financial Statements
For the year ended 30 April 2025
1. Basis of preparation and accounting policies
FRP Advisory Group plc ("the Company") and its subsidiaries' (together "the
Group") principal activities include the provision of specialist business
advisory services for a broad range of clients, including restructuring and
insolvency services, corporate finance, debt advisory, forensic services and
financial advisory.
The Company is a public company limited by shares registered in England and
Wales and domiciled in the UK. The address of the registered office is 110
Cannon Street, London, EC4N 6EU and the company number is 12315862.
The financial information set out in this extract does not constitute the
Group's statutory financial statements for the year ended 30 April 2025 but is
derived from those accounts, which are prepared in accordance with UK adopted
International Accounting Standards ('IFRS') in conformity with the
requirements of the Companies Act 2006. Statutory audited financial
statement for FY 2025 will be available at www.frpadvisory.com/investors/ and
delivered to the Registrar of Companies following the company's annual general
meeting. The auditors have reported on these accounts; their report was
unqualified, did not draw attention to any matters by way of emphasis without
qualifying their report and did not contain statements under s498(2) or (3) of
the Companies Act 2006.
This extract has been prepared in sterling, which is the presentational
currency of the Group and amounts are rounded to the nearest £'million,
unless otherwise stated. They have been prepared under the historical cost
convention.
The Group's and Company's management have reviewed the application of the
amendments and have concluded that there is no expected material impact on the
Group and Company financial statements.
The extract incorporates the results of FRP Advisory Group plc and all of its
subsidiary undertakings as at 30 April 2025.
Going concern
FRP Group has had a successful year, building on previous growth to deliver
another growth year. The Group also maintained a positive cash inflow
excluding consideration for five acquisitions. At year end there was an
undrawn RCF and available accordion loan facility. The Group had a loan
balance had increased to £7.4 million after drawing down to fund the Hilton
Baird Acquisition.
All five service pillars made positive contributions. The FRP team grew by 21%
representing an additional 138 colleagues. FRP's offices, across 31 locations
in the UK and 2 international locations, continue to work well together,
drawing on specialists from different service lines as necessary, in order to
provide each assignment with the right team to deliver the best possible
service and outcome.
Management has conducted sensitivity analysis on forecast FY26 and FY27
performance. This included testing on key inputs such as reducing utilisation
and recovery by up to 10%, revenue by 50% and significant billing reductions.
The conclusion was that the Group has available cash resources and possible
mitigating actions to continue in operation if these unexpected events, which
would have a significant impact on the Group's performance, were to occur.
The Group has a comprehensive risk review process and have put in place
processes and controls to mitigate potential outcomes. This includes the risk
of key work winners leaving the business, changes to legislation or failure to
IT systems.
Having due consideration of the financial projections, the level of
structured debt and the available facilities, it is the opinion of the
directors that the group has adequate resources to continue in operation for a
period of at least 12 months from signing these financial statements and
therefore consider it appropriate to prepare the Financial Statements on the
going concern basis
2. Operating segments
The Group has one single business segment and therefore all revenue is derived
from the provision of specialist business advisory services as stated in the
principal activity. The Chief Operating Decision Maker ("CODM") is the Chief
Executive Officer. The Group has five service pillars which individually do
not meet the definition of a disclosable operating segment.
All revenue is recognised in relation to contracts held with customers. No
customer contributed 10% or more of the Group's revenue.
3. Operating profit
Operating profit has been arrived at after charging:
Year Ended Year Ended
30 April 2025 30 April 2024
£'million £'million
Depreciation of owned assets 0.9 0.9
Depreciation of right-of-use-assets 2.1 1.8
Amortisation of intangible assets 0.2 0.1
Fees payable to the Group's auditor for the audit of the group accounts 0.2 0.2
Expenses relating to short term leases 0.4 0.0
4. Finance income and expense
Year Ended Year Ended
30 April 2025 30 April 2024
£'million £'million
On short term deposits and investments 0.2 0.2
Total finance income 0.2 0.2
On bank loans and overdrafts measured at amortised cost 0.7 0.5
On lease liabilities 0.4 0.3
Total finance expense 1.1 0.8
5. Earnings per share
The earnings per share ("EPS") has been calculated using the profit for the
year and the weighted average number of Ordinary Shares outstanding during the
year, as follows:
£m EPS Adjusted EPS EPS Adjusted EPS
2025 2025 2024 2024
Reported Profit after tax 22.5 22.5 22.0 22.0
Add Share-based payments - 2.7 - 2.2
Add back deemed remuneration - 3.0 - 1.6
Less deferred tax - (1.0) - (0.9)
Adjusted profit after tax 22.5 27.2 22.0 24.9
Total average shares in issue 255,504,791 255,504,791 250,413,415 250,413,415
Total share EPS* (pence) 8.82 10.70 8.78 9.94
Weighted average shares in issue excluding EBT 247,066,281 247,066,281 235,141,714 235,141,714
Basic EPS (pence) 9.11 11.06 9.35 10.58
Dilutive potential ordinary shares under share option schemes 5,116,526 5,116,526 4,490,020 4,490,020
Weighted diluted shares in issue 252,182,807 252,182,807 239,756,378 239,756,378
Diluted EPS (pence) 8.93 10.84 9.18 10.39
The Employee Benefit Trust has waived its entitlement to dividends and is not
included within weighted average shares in issue used in the calculation of
the basic EPS. It holds 7,784,437 shares of the 256,609,089 shares in issue on
30 April 2025 (2024: 251,337,035). When options are exercised by employees,
dividend rights accrue.
*Total share EPS is an alternative performance measure used by management to
assess performance. It is based on all shares in issues including the EBT to
indicate equivalent EPS when all options are exercised.
6. Trade and other receivables
Group as at Group as at
30 April 2025 30 April 2024
Trade and other receivables £'million £'million
Trade receivables 14.7 10.7
Other receivables 5.3 5.1
Unbilled revenue 58.1 53.6
Corporation tax receivable 0.4 0.8
78.5 70.2
All of the trade receivables were non-interest bearing and receivable under
normal commercial terms. The Directors consider that the carrying value of
trade and other receivables approximates to their fair value.
The five acquisitions completed during the year fell within FRP's five service
pillars, and therefore the treatment of providing or writing off acquired
receivables follows the Group policy.
All trade receivables and unbilled revenue are derived from contracts with
customers. Unbilled revenue constitutes income recognised based on stage of
completion but not yet billed to the customer. Write-offs happen on a
case-by-case basis immediately following the receipt of information implying
non-recoverability.
The gross receivables have increased in line with the growth of the business.
Unbilled revenue days have remained at approximately 5 months.
The expected loss provision for trade receivables is calculated on the gross
carrying amount of trade receivables less any specific loss allowance. Changes
from prior periods are due to specific loss allowances, and are detailed below
as follows:
As at 30 April 2024 <30 days <60 days <90 days <180 days >180 days Total
£'millions
£'millions
£'millions
£'millions
£'millions
£'millions
Expected loss rate 2% 3% 3% 6% 11% 3%
Gross amount less specific provisions 7.2 1.0 0.8 1.2 0.8 11.0
Expected credit loss provision (0.1) (0.0) (0.0) (0.1) (0.1) (0.4)
7.1 1.0 0.8 1.1 0.7 10.7
As at 30 April 2025 <30 days <60 days <90 days <180 days >180 days Total
£'millions
£'millions
£'millions
£'millions
£'millions
£'millions
Expected loss rate 2% 4% 3% 8% 12% 4%
Gross amount less specific provisions 8.8 1.9 0.7 2.7 1.1 15.3
Expected credit loss provision (0.1) (0.1) (0.0) (0.2) (0.1) (0.6)
8.7 1.8 0.7 2.5 1.0 14.7
7. Trade and other payables
Group as at Group as at
30 April 2025 30 April 2024
Trade and other payables £'million £'million
Trade payables 3.7 1.8
Deferred income 1.1 1.5
Other taxes and social security costs 6.8 7.1
Liabilities to Partners go forward 18.8 15.3
Deferred consideration payable 0.1 0.6
Other payables and accruals 10.3 9.1
40.8 35.4
Group as at Group as at
30 April 2025 30 April 2024
Other Creditors £'million £'million
Other payables and accruals 1.2 0.9
Partner capital 6.0 4.8
7.2 5.7
All of the trade payables were non-interest bearing and under normal
commercial terms. The Directors consider that the carrying value of trade and
other payables approximates to their fair value.
The liabilities to Partners includes tax due to HMRC on their behalf.
Other payables and accruals includes £1.2 million of staff costs (2024: £1.3
million).
8. Dividends
For FY2025 a dividend of £2.4 million, equivalent to 0.95p per eligible
Ordinary Share, was declared on 26 September 2024 and paid on 20 December
2024. A dividend of £2.4 million, equivalent to 0.95p per eligible Ordinary
Share, was declared on 17 December 2024 and paid on 21 March 2025. A dividend
of £2.4 million, equivalent to 0.95 per eligible Ordinary Share, was declared
on 17 February 2025 and paid on 13 June 2025. The Board recommends a final
dividend of 2.55p per eligible Ordinary Share for the financial year ended 30
April 2025. Subject to approval by shareholders, the final dividend will be
paid on 24 October 2025 to shareholders on the Company's register at close of
business on 26 September 2025. If the final dividend is approved, the total
dividends paid by the Company relating to the financial year ended 30 April
2025 will be 5.4p per eligible Ordinary Share.
NOTE
This preliminary statement was approved by the Board of Directors on 22 July
2025.
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