FRP Advisory sees revenues hit £104m

FRP Advisory has reported that its FY23 revenues increased by 9% to £104.0m compared with £95.2m in 2022, during the 52-week period ended 30 April 2023.

Its adjusted underlying EBITDA also rose by 5% to £27m.

Reported profit before tax also increased from £15.1m to £15.6m and the average revenue for each partner was £1.2m.

Additionally, The FRP team grew by 9% (additional 47 colleagues year-on-year) to 551 excluding consultants (2022: 504) which was driven by demand-led lateral hiring and one acquisition.

Looking ahead, the firm claimed that since the start of the new financial year, activity levels have been “encouraging” and trading is “in line with the board’s expectations”.
It also stated that the short and medium-term outlook for its business “remains positive and we are confident of making further progress”.

Geoff Rowley, chief executive officer of FRP Advisory Group plc, said: “The group made strong progress in the financial year to 30 April 2023, with growth in the team, profits and dividends. A complementary business in Cyprus was acquired, the Financial Advisory pillar was launched in response to client demand and our Corporate Finance team were named ‘UK Corporate Finance House of the Year’ at the National Real Deals Private Equity Awards 2023.

“Our Restructuring team continues to make progress in the nature of projects and depth of referral client base across all of our locations. Our Forensic services team has been very active on many confidential projects along with a number of high-profile mandates for listed businesses, for example WANdisco plc, Inland Homes plc and Braemar plc.”

He added: “The results achieved are an ongoing testament to the quality of our colleagues and their continued efforts to collaborate internally and provide a high-quality service, to help achieve the best possible results for our clients. The specialists at FRP can help across the entire economic life cycle.

“Reflecting the continued development of our team we recently promoted 12 colleagues to partners spanning across locations and service pillars. This is a record number and shows our commitment to supporting internal career progression. In a competitive market FRP continues to attract talented lateral hire colleagues into the group.On behalf of the board, I wish to express my gratitude for the contribution made by our entire team.”