REG - FRP Advisory Grp PLC - Trading Update and Q3 Dividend Declaration

Frp AdvisoryAnnouncement

13/02/2023 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:20230213:nRSM6497Pa&default-theme=true

RNS Number : 6497P  FRP Advisory Group PLC  13 February 2023

13 February 2023

 

FRP Advisory Group plc

 

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

 

Trading Update and Q3 Dividend Declaration

 

FRP Advisory Group plc, a leading national specialist business advisory firm,
today announces a trading update for the nine months to 31 January 2023 and
declares its Q3 quarterly dividend.

Trading Performance

The Board notes the continued progress made over the first nine months of the
Group's financial year.

FRP has now launched its Financial Advisory pillar, as explained in the
Company's interim results, to sit alongside Restructuring, Corporate Finance,
Forensic Services and Debt Advisory. The Financial Advisory pillar brings
together the Group's existing transaction related services including financial
due diligence, alongside its lender services, financial modelling, valuation
services, pensions and company-side advisory services. There is a strong
connection and collaboration across FRP's pillars to ensure the right team,
from the right location are put forward in each project.

 

As mentioned in the Company's interim results, the volume of work in the
higher value restructuring and administration market is still to recover to
pre-Covid levels and the Group expects to see increased activity in these
areas during 2023.  The Group has seen an increase in the number of
liquidation mandates in line with the widely reported increase in the overall
number of insolvencies for companies during 2022.   The Group continues to
make progress in the provision of advisory services and has been engaged in
many confidential advisory projects, including some linked to our membership
of Eight International. As the challenges facing Corporates continue,
including ongoing inflationary pressures and increased costs of borrowing, the
number of enquiries into FRP for restructuring assignments continues to rise.
 FRP's Corporate Finance team remains active in its core UK mid-market and
has a strong pipeline. Based on year-to-date trading, the Board expects to be
broadly in line with consensus FY 2023 revenue and adjusted EBITDA(2)
expectations(1), with the outcome subject to the timing of completion of
several FRP Corporate Finance transactions around the year end.

 

The Group expects to give a full year trading update for its financial year
ending 30 April 2023 in mid-May 2023.

Quarterly Dividend

The Group has a strong balance sheet and in line with its dividend policy, the
Board have declared a dividend for the third quarter ended 31 January 2023 of
0.85p per eligible share. This dividend will be paid on 16 June 2023 to
shareholders on the register at 19 May 2023, with the ex-dividend date being
18 May 2023.

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

"Our strategy remains to deliver sustainable profitable growth by ensuring our
five service pillars work together to provide solutions that achieve the best
possible outcomes.

"The Restructuring team is well positioned to service the expected increase in
demand and has proven itself to be resilient during a period when troubled UK
businesses have been supported by government backed loans, other sources of
liquidity and support.  Our Financial Advisory and Corporate Finance teams
have a good pipeline and we are seeing an increase in demand for Debt Advisory
colleagues to support on transactions.

"The medium-term outlook for all of our markets remains positive."

 

The information contained within this announcement is deemed by the Group to
constitute inside information under the Market Abuse Regulations No. 596/2014.

 

1.     Current consensus market expectations for revenue and adjusted
EBITDA(2) of £101 million and £26.7 million respectively for FY 2023.

2.     Adjusted for share based payment expenses, including deemed
remuneration and other exceptional costs.

 

Enquiries:

 

FRP Advisory Group plc

Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via MHP

 

Cenkos Securities plc (Nominated Adviser and Joint Broker)

Katy Birkin/Max Gould (Corporate Finance)

Alex Pollen (Sales)

Tel: +44 (0) 207 397 8900

 

Investec Bank plc (Joint Broker)

Carlton Nelson / James Rudd (Corporate Broking)

Tel: +44 (0) 207 597 4000

 

MHP (Financial Public Relations)

Oliver Hughes

Charlie Barker

Pete Lambie

Tel: +44 (0) 3128 8540 / +44 (0) 20 3128 8570

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, 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  TSTNKBBNDBKBKBD