FRP Advisory Group (FRP) Trading Update summary

Trading performance

• FY 2025 revenues expected at approximately £152m, a 19% increase from FY 2024.

• Adjusted underlying EBITDA projected at about £41m, up 11% year-on-year.

• Strong first nine months, with positive trading across all service pillars and notable contributions from The Body Shop and a large Corporate Finance project.

• Macroeconomic volatility in the final quarter led to delays in Corporate Finance project completions, pushing some into FY 2026.

Balance sheet and dividend

• Unaudited net cash balance at 30 April 2025 was approximately £32m, up from £29.7m the previous year.

• Undrawn revolving credit facility of £10m and an accordion acquisition facility remain available.

• Five acquisitions completed in FY 2025, all integrating well; new office opened in Belfast.

• Total headcount grew 21% year-on-year to 795, driven by acquisitions and targeted hiring.

• Intention to propose a final dividend in line with stated policy.

Outlook

• UK companies face increased cost pressures from inflation, debt service, minimum wage, and National Insurance changes.

• Sectors with large workforces and tight margins, such as hospitality and retail, expected to be particularly impacted.

• FRP is positioned to support clients across the corporate lifecycle, from growth to distress.

• The outlook for all markets remains positive, with confidence in further growth for the new financial year.

• Market consensus for FY 2025 is revenue of £156.3m and adjusted EBITDA of £43m.