FRP Advisory HY revenues jump 12% to £87.1m

FRP Advisory has reported that its revenues rose 12% year-on-year, including 5% organic growth and a 7% contribution from acquisitions, to £87.1m during the six-month period to 31 October, as demand held up across its advisory services despite a tougher comparative period. 

Underlying adjusted EBITDA increased 3% to £23m during the period, while net cash stood at £16.5m at the period end, alongside an undrawn £10m revolving credit facility.

According to the firm, its performance came against a strong prior-year comparison that included major restructuring and corporate finance mandates, including work linked to The Body Shop. It advised on 31 corporate finance transactions in the half, with a combined value of £682m, compared with 46 deals worth £1bn a year earlier.

In restructuring, FRP said it remained the largest administrator by volume, with a 12% market share, unchanged from the previous year. While total administration appointments across the market fell 5%, the firm said it continued to secure a high level of confidential advisory work outside formal insolvency processes.

The group also reported steady activity in financial advisory and forensic services, with increased due diligence work and buoyant levels of litigation and investigations. It expanded geographically with a new office in Liverpool and added new service pillars in Leeds and Manchester.

During the period, FRP acquired One Advisory Group to strengthen its financial advisory offering and made a £3m founding investment for a 25% stake in Queens Tower Advisory, a platform providing technology-enabled advice to private market clients. Following the period end, it acquired Arc and Co, with plans to launch a sixth service line focused on real estate advisory.

Geoff Rowley, chief executive of FRP, said: “Over the half, we’ve continued to strengthen this model through a further acquisition, and new investments in talent, geographic reach and service lines.

“Supported by these enhanced capabilities, each pillar has a robust pipeline and positive outlook, and the Board remains confident of achieving current market expectations for the full year, assuming activity levels continue.”

The company said it remained confident of meeting full-year expectations, with market consensus for the year to April 2026 forecasting revenue of £164.2m and adjusted EBITDA of £44.8m.