FRP Advisory Group (FRP) H2 2026 earnings summary

Executive summary

• Delivered 16% revenue growth year-over-year to £177.0m, with 10% organic and 6% from acquisitions; adjusted EBITDA up 12% to £46.1m and adjusted EPS up 11% to 11.92p.

• Maintained high adjusted EBITDA margin at 26%, supported by operational efficiency and service line collaboration.

• Progressive quarterly dividend policy, with total dividends up 7% year-over-year to 5.8p.

• Strong balance sheet with net cash of £26.2m and refinanced/undrawn bank facilities.

• Expanded service offering through acquisitions (One Advisory, Arc & Co) and minority investment in Queens Tower Advisory; embedded AI and technology initiatives to drive operational efficiency.

Financial highlights

• Revenue grew 16% year-over-year to £177.0m; 10% organic, 6% inorganic.

• Adjusted EBITDA increased 12% to £46.1m; underlying margin at 26%.

• Adjusted EPS up 11% to 11.92p; total dividend up to 5.8p.

• Personnel costs rose with 99 net new hires, including partners, and pay rises.

• OpEx increased due to IT investments, consultants, and new locations.

Outlook and guidance

• Targeting high single-digit organic growth, supported by selective, criteria-led M&A.

• Maintaining focus on high adjusted EBITDA margins of 25%+.

• Trading in early FY27 is positive and in line with expectations.

• Recently acquired businesses are integrating well; real estate advisory pillar offers upside.

• Healthy M&A pipeline and strong balance sheet with £50m committed and £45m uncommitted credit facilities.