Business

FRP pre-tax profits hit £16.6m in FY21

Revenue increased 25% during the period to £79m from £63.2m in 2020 with the growth mainly organic (15%) and underpinned by the support offered on some larger projects, with 10% coming from the four acquisitions completed during the year

FRP Advisory Group has revealed that for the year ended 30 April 2021, pre-tax profits grew to £16.6m from £2.9m the previous year.

Revenue increased 25% during the period to £79m up from £63.2m in 2020, with the growth mainly organic (15%) and underpinned by the support offered on some larger projects, with 10% coming from the four acquisitions completed during the year.

The firm’s personnel also grew by 106 colleagues year-on-year to 457 colleagues excluding consultants from 351 employees in 2020.

Geoff Rowley, CEO of FRP Advisory Group plc, said: “We have a strong balance sheet and a structure that provides a good level of flexibility in our internal capacity, allowing us to be well positioned for an increase in demand for our services. Trading since 1 May 2021 is in line with the board’s expectations.

“Uncertainties about the shape and scale of the UK’s Economic recovery remain as government support continues to extend. However, our strengthened corporate finance offering gives the FRP group a stronger position in the UK mid-cap transactional advisory market.”

He added: “Our specialist advisers are available to help clients post Covid-19 through their entire business cycle; in addressing both their strategic ambitions, as pent up capital is deployed and being available to support as challenges arise.”

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