13th Dec 2022 09:44
(Alliance News) - FRP Advisory Group PLC on Tuesday said profit was down and revenue was up, while it declared increased interim dividends to shareholders.
The London-based business advisory firm said pretax profit in the six months that ended October 31 was GBP5.4 million, down 5.3% from GBP5.7 million a year earlier.
This is despite revenue increasing by 11% to GBP49.4 million from GBP44.7 million. Personnel costs widened by 12% to GBP32.3 million from GBP28.9 million, while other operating expenses also widened by 12% to GBP10.0 million from GBP8.9 million.
FRP Advisory declared two interim dividends during the half-year period for an aggregate 1.70 pence, up 6.2% from 1.60p a year earlier.
It also reported strong net cash, more than doubling to GBP21.0 million on October 31 compared to GBP9.2 million a year earlier. Its committed revolving credit facility of GBP10 million remains undrawn.
FRP Advisory said outlook for the medium-term was positive for all of its markets, saying it was well positioned for an expected demand increase services.
"FRP made good progress in the first half, continuing to grow its revenues, profits and team. Our strategy remains unchanged to deliver sustainable profitable growth by ensuring our five service pillars work together to provide solutions that achieve the best possible outcomes," said Chief Executive Officer Geoff Rowley.
He continued: "Our restructuring team is well positioned to service the expected increase in demand stemming from the many challenges faced by UK businesses. Uncertainties persist over how long the available liquidity and government backed loans can sustain troubled businesses and how proactive key creditors like HM Revenue & Customs and institutional lenders will be on addressing over-due debts. Our corporate finance team has a good pipeline and are seeing an increase in demand for debt advisory colleagues to support on transactions."
FRP Advisory said trading in the current financial year is in line with market expectations.
Shares in FRP Advisory were down 3.0% to 161.00p each in London on Tuesday morning.
By Greg Rosenvinge, Alliance News reporter
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