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FRP Advisory says results ahead of expectations in "excellent" year

17th May 2024 11:19

(Alliance News) - Shares in FRP Advisory Group PLC rose on Friday, after the company said its revenue and profit for the recent financial year was above market expectations.

In the year ended April 30, the London-based business advisory firm said it had delivered an "excellent trading performance", adding that it was "confident for the year ahead".

Shares in FRP were up 11% at 142.50 pence each in London on Friday morning.

FRP expects to report GBP128 million in revenue for the year, up 23% from GBP104 million a year prior.

Underlying earnings before interest, tax, depreciation and amortisation are also expected to rise 37% to GBP37 million from GBP27 million in financial 2023.

Both figures are ahead of current market consensus, FRP said, which forecast GBP123 million in revenue and GBP32 million in Ebitda.

FRP said activity levels in its Corporate Advisory division increased in the second half, "as UK economic conditions began to stabilise and market sentiment improved".

FRP said its Corporate Finance and Debt Advisory teams closed 76 transactions in the year, up from 73, though the aggregate deal value of GBP1.4 billion marked a decline from GBP1.8 billion the previous year.

The period also market the first full year of trading for FRP's combined Financial Advisory pillar, which the company said had been "positive".

"As well as demand for due diligence services being high throughout the period, due to the overall risk environment of late, we have also seen more transactions take place as buyers and lenders are becoming increasingly active", FRP said.

Chief Executive Officer Geoff Rowley said: "The group made excellent progress in FY 2024, continuing to execute our strategy while growing revenues and profits for the thirteenth year. The results achieved are testament to the quality of our colleagues and their continued efforts to provide a high-quality service to achieve the best possible results for our clients."

FRP expects to publish its audited results for the year on July 24.

By Hugh Cameron, Alliance News reporter

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