LONDON (ShareCast) - (Sharecast News) - FRP Advisory reported a solid first-half performance on Friday, with revenue and earnings rising despite tough comparatives linked to major mandates completed a year earlier.
In a trading update for the six months ended 31 October, the business advisory firm said it expected to report revenue of £87m, up 12% on the prior year, and underlying adjusted EBITDA of £23m, an increase of 3%.

It noted that the prior-year period had benefited from substantial contributions from the restructuring of The Body Shop and a large corporate finance engagement.

The group said it continued to broaden its service offering and regional presence during the half.

In May it acquired One Advisory Group, a specialist provider of financial reporting and transaction support services, adding more than 100 UK and international clients.

It also opened a new corporate finance office in Liverpool in August.

Just after the period ended, FRP bought real-estate advisory firm Arc & Co, paving the way for the launch of a sixth service pillar, FRP Real Estate Advisory.

Headcount rose as the company sought to ensure capacity kept pace with demand. Excluding consultants, staffing increased 8% during the half and 11% year-on-year, largely driven by acquisitions.

The balance sheet remained strong, with an unaudited net cash position of £16.5m at the end of October, compared with £13.3m a year earlier.

FRP also retained a £10m undrawn revolving credit facility and access to an acquisition accordion.

During the period, the group invested £3m for a 25% stake in Queens Tower Advisory, an independent platform for senior transaction services professionals.

FRP's share of QTA's loss for the half was £0.2m, with the business performing in line with expectations on recruitment, operational setup and mandate wins.

The firm said consumer-facing businesses remain under pressure and warned that a weaker-than-needed 'golden quarter' for retailers and hospitality operators could drive higher demand for its services in the second half and beyond.

It added that the forthcoming Autumn Budget was likely to influence business confidence and growth prospects, but stressed it was positioned to progress "irrespective of what measures are announced."

"2025 marked FRP's 15th year of trading and we have started the 2026 financial year strongly," said chief executive Geoff Rowley.

"Our increases in revenue and profitability reflect the success of the investments made in our people, services and geographic footprint, which have continued to broaden our capabilities and strengthen our ability to support clients at every stage of their business cycle.

"This positioning means we're confident of delivering continued profitable growth, regardless of how the fiscal, policy and trading environment develops in the weeks and months ahead."

FRP said its client pipeline remains encouraging and that, assuming current activity levels persist, it remains confident of meeting full-year expectations.

The group said it would report half-year results on 18 December.

At 0948 GMT, shares in FRP Advisory were up 0.36% at 141p.

Reporting by Josh White for Sharecast.com.

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