FRP Advisory Group continues its upwards progress

It also expects to report underlying adjusted EBITDA of £22.3m, up 44 per cent, for the six months to end-October.

Performance was strong all round during the first half, with continued growth in revenues and profits and further investment in the team. During the half, four acquisitions were completed across three service pillars.

The first half began well with the completion of a number of notable projects, including The Body Shop.

FRP Corporate Finance has continued to invest in both external and internal talent. It expanded its geographical footprint in the period with the acquisitions of Lexington Corporate Finance (based in Cardiff) and Williams Ali (based in Newcastle). Both businesses will trade as FRP Corporate Finance.

Moving into H2 2025, the pipeline of new opportunities remains solid, as uncertainty moderates and sentiment stabilises following the budget. The firm continues to see good levels of activity with signs of an increase in debt refinancing and restructuring related M & A activity.

The Forensic Services market has been relatively buoyant in the period, especially in litigation and contentious insolvency related matters. The group has continued to expand its service offering by bolstering the team, including with the hire of a Forensic Services Partner in our new Belfast office.

Anticipation of the new government’s Budget drove an increase in activity in the transaction services market, which FRP’s Financial Advisory pillar was well-placed to support.

This principally resulted in an increase in buyside Financial Due Diligence (FDD) mandates, business valuations and pre-lending mandates. Financial Advisory continues to support cross-pillar initiatives and increase its national coverage.

The valuation team doubled following the Globalview acquisition in October 2024 and FRP now offers a broader range of valuation services to clients.

The group's balance sheet remains strong with an unaudited net cash balance of £13.3m (£11.7m). FRP also has an undrawn RCF of £10m and an accordion acquisition facility with Barclays Bank. It has significantly expanded its headcount.

FRP believes consensus market expectations for FY 2025 to be revenue of £146.7m and adjusted EBITDA of £39.5m.

Geoff Rowley, CEO of FRP Advisory Group plc, said: “FRP has delivered another strong performance in the first half of the year, reporting increased revenue and profits.

“In line with our proven strategy, we continued to be acquisitive, strengthening the group with four acquisitions across three of our service pillars. In doing so, we have enhanced our offering and are even better positioned to provide optimum solutions for our clients.

“I am confident that we will make further progress in the remainder of the year, as we support corporates through the entire business cycle.”