12th May 2020 16:46
(Alliance News) - Professional services firm FRP Advisory Group PLC said Tuesday it expects to report growth in revenue for its recently ended financial year, due to a strong second half despite the Covid-19 pandemic.
For the second half of its financial year, FRP said it expects to report revenue of GBP31.8 million, as the size of caseloads rose in both size and complexity, with several high appointments during the period, including the administrations of Carluccio's and Debenhams.
As a result for the for the year to the end of April, FRP expects revenue to be GBP63.2 million, up 16% from the year before.
Considering Covid-19, FRP said all of its staff have been able to work from home and provide the same level of service expected by the group's clients. The group has not furloughed any staff, and does not intend to.
"We're pleased to have delivered a strong performance over the year, while successfully completing our milestone IPO at the beginning of March. With an increasingly uncertain economic landscape, we believe the group is well positioned both in the short and long term in assisting companies, boards of directors, investors and creditors in achieving the best outcome for all stakeholders involved," said Chief Executive Officer Geoff Rowley.
Shares in FRP Advisory ended 9.8% higher at 128.50 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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