14th May 2021 09:15
(Alliance News) - FRP Advisory Group PLC on Friday said it delivered a strong performance in its most recently ended financial year, with revenue and profit growth.
The London-based restructuring, corporate finance, debt advisory, forensic accounting, and pensions services provider said it expects to report revenue for the financial year to April 30 of GBP79 million, up 25% on the prior year's GBP63.2 million.
Underlying adjusted earnings before interest, tax, depreciation and amortization are seen at GBP23 million, up 22% year-on-year. FRP noted the results exceed the guidance provided in February.
The company's balance sheet remains strong, it said, with an unaudited net cash balance as at the end of April of GBP16.4 million. FRP also has an undrawn revolving credit facility available of GBP10 million with Barclays Bank.
Given the trading performance and strong balance sheet, the company said it intends to propose a final dividend. The annual results are expected to be released on July 27.
"The medium-term outlook for our market remains positive and we have sufficient resource flexibility to service an increase in demand. The board remains confident of making further progress in the upcoming financial year," said Chief Executive Geoff Rowley.
AIM-listed FRP shares were trading 0.6% higher in London on Friday morning at 125.80 pence each.
By Evelina Grecenko; [email protected]
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