12th Feb 2021 09:32
(Alliance News) -Â FRP Advisory Group PLC on Friday said it expects to exceed full-year current market expectations for revenue and earnings.
The UK professional services firm specialising in advisory services said it has been pleased with the continued progress made over the first nine month of its financial year, despite "significant levels of government support" and reduced levels of both corporate insolvency and administration appointments across the market.
At current trading levels, the firm now expects to beat current market expectations for its financial year ending April 30, with revenue of at least GBP75 million and adjusted earnings before interest, tax, depreciation and amortisation of at least GBP21 million. FRP said it believes current consensus market expectations for revenue and adjusted Ebitda average GBP72 million and GBP19.2 million respectively.
For the 2020 financial year, FRP reported revenue of GBP63.2 million and adjusted underlying Ebitda of GBP18.5 million.
FRP added that it is moving to a quarterly dividend payment schedule, and declared a quarterly payout of 0.8 pence per share.
"The medium-term outlook for our market remains positive, although there is still uncertainty around the shape and scale of the economic recovery from the Covid-19 pandemic and additional pressures on some businesses from the UK leaving the EU," said Chief Executive Geoff Rowley.
Shares in FRP were up 5.3% at 105.80 pence in London on Friday.
By Lucy Heming;Â [email protected]
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