REG - FRP Advisory Grp PLC - Full Year Trading Update

Frp AdvisoryAnnouncement

Today 07:01

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260515:nRSO4294Ea&default-theme=true

RNS Number : 4294E  FRP Advisory Group PLC  15 May 2026

FRP Advisory Group plc

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

Full Year Trading Update

FRP Advisory Group plc, a leading national specialist business advisory
firm, announces a trading update for the year ending 30 April 2026 ("FY
2026").

 

Trading Performance

The Group expects to report FY 2026 revenues of at least £176m which is up
16% on the prior year (FY 2025: £152.2m), and adjusted underlying EBITDA of
at least £45m, up 9% on the prior year (FY 2025: £41.3m). These results are
at least in line with market consensus*.

FRP's strong performance reflects the breadth and resilience of the Group in a
year that had periods of decision inertia for UK corporates due to
uncertainty, including US Tariff changes at the start of the year and
speculation ahead of the delayed Autumn 2025 budget.

Within Restructuring, FRP strengthened its market-leading position as the
number one firm for UK administration appointments by volume. Notable
appointments in the year included an involvement in the Market Financial
Solutions (MFS) group and Denby's Pottery.

FRP Corporate Finance had a record revenue year, despite challenging M&A
markets where deals have taken longer to complete and there have been extended
levels of pre-deal due diligence. FRP's national offering mainly serves the
lower mid-market, with half of the deals involving Private Equity, a resilient
and well capitalised segment.

Financial Advisory and Forensic services also experienced steady to buoyant
demand, particularly in financial due diligence and valuations.

FY 2026 ended with the Middle East conflict impacting energy costs and
beginning to affect supply chains. This is expected to add upward pressure on
headline inflation and complicate central bank rate-cut paths, and the Group
has already seen an increase in demand for Debt Advisory services and
Restructuring Advisory services.

 

Balance sheet & Dividend

The Group's balance sheet remains strong with an unaudited net cash balance as
at 30 April 2026 of approximately £26m (FY 2025: £33.3m). The Group also has
an undrawn revolving credit facility of £10m and an accordion acquisition
facility.

In order to deliver sustainable profitable growth the Group focusses on
organic growth supported by acquisitions that meet the criteria of cultural
alignment, strategic fit and mutually agreeable economics. During the year FRP
acquired One Advisory and Arc & Co; it also made a minority investment in
Queens Tower Advisory ("QTA"). The addition of One Advisory brought wider
Financial Advisory capabilities including Governance Advisory and pre-IPO
services, together with bolstered existing valuation and transactional
services. Arc & Co brought Real Estate and development debt financing and
means, when combined with FRP's existing property expertise, the Group we can
now offer clients a wider range of Real Estate Advisory services. QTA provides
financial due diligence services to private equity clients and continues to
innovate in its use of technology.

Geographically, during FY 2026 the Group established an office in Liverpool, a
new Corporate Finance pillar in Leeds, a new Forensic Services and Debt
Advisory pillars in Manchester as well as bringing together recently acquired
teams into a single location in London, to support cross-pillar collaboration.

FRP continued to make demand-led hires across the business, with total
headcount growing 12% year-on-year to 894 (FY 2025: 795) with acquisitions a
key contributor to the growth and targeted hiring in certain areas.

Given the trading performance and strong balance sheet, the Group intends to
propose a final dividend, in line with its stated dividend policy.

 

Notice of Results

FRP appointed PKF Littlejohn as the Group's auditor and this is their first
full year audit. The Group expects to announce its audited results for the
year ended 30 April 2026 in July 2026.

 

Outlook

FRP's diverse offering across the economic lifecycle of its clients ensures
that the Board looks ahead to FY 2027 and beyond with strong current momentum
and confidence.

Persistent macroeconomic uncertainty is continuing to impact business
confidence and firms who were already coming to terms with pressures from
rising labour, energy and debt servicing costs now also face supply chain
uncertainties linked to the Middle East conflict. The businesses most
vulnerable include those exposed to energy and specifically oil supply,
consumer and construction sectors and those with large workforces or high debt
service costs. FRP's Restructuring Advisory pillar, with its number one
position for UK administration appointments by volume, is therefore well
positioned to assist clients.

The Corporate Finance pipeline also remains strong with Private Equity well
capitalised and mid market consolidation continuing; this is likely to create
sustained demand for associated advisory services which FRP is well-placed to
serve.

Following the acquisition of Arc & Co in November 2025, FRP will be
formally launching its Real Estate Advisory service pillar this month,
bringing together the Group's new and existing property capabilities in order
to offer a wider range of service to clients.

The outlook for all of FRP's markets therefore remains positive and the team
looks forward to making further progress in this new financial year.

 

Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

" This year, we further strengthened our model through a combination of
targeted acquisition activity and investment in talent, geographic reach and
service capabilities. 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 short and medium-term outlook
for our markets remains positive and we have sufficient resource flexibility
to respond to an increase in demand and a strong balance sheet to capitalise
on investment opportunities when they arise. The Board is therefore confident
of further growth and progress in the new financial year."

 

* The expected result of underlying EBITDA of at least £45m includes a £0.3m
loss resulting from the consolidation of the minority investment in startup
Queens Tower Advisory. The Group believes current market consensus for FY 2026
to be revenue of £164.2m and adjusted EBITDA of £44.8m.

 

Enquiries:

FRP Advisory Group plc
Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via Citypress

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Stephen Keys / George Lawson (Corporate Finance)

Tel: +44 (0) 207 220 0500

Berenberg (Joint Broker)
Toby Flaux / James Thompson / Brooke Harris-Lowing

+44 (0)20 3207 7800

Citypress (Financial Public Relations)
Martin Currie / Jamie Williamson

Tel: +44 (0)7976291532 / +44 (0)7908 536 423
FRPreporting@citypress.co.uk (mailto:FRPreporting@citypress.co.uk)

 

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 pre-IPO
financial services, financial due diligence, lender services, financial
modelling, valuations, pensions and company-side advisory services and
corporate governance advisory.

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  TSTFLFLTEVISLIR



            Copyright 2019 Regulatory News Service, all rights reserved