LONDON (ShareCast) - (Sharecast News) - Professional services provider FRP Advisory Group reported a 25% improvement in first-half revenue on Thursday, to £44.7m, or an 8% rise on an organic basis.
The AIM-traded firm said underlying adjusted EBITDA was ahead 14% year-on-year for the six months ended 31 October, to £11.1m.

Adjusted profit before tax was 14% firmer at £10m.

FRP described its balance sheet as "strong", with net cash at period end of £9.2m, down from £15.4m year-on-year, and an undrawn committed revolving credit facility of £10m.

Adjusted earnings per share came in at 3.24p, rising from 2.96p a year ago, while basic earnings per share slipped to 1.84p from 2.48p.

The company's board declared a second quarter dividend of 0.8p per eligible share, making for a total first half distribution of 1.6p, in line with the first half of the 2021 financial year.

"We delivered another positive performance in the first half, continuing to execute our strategy to grow the business," said chief executive officer Geoff Rowley.

"The markets we operate in have been mixed - the corporate finance market is highly active as capital continues to be deployed.

"However, the extension of government support over most of the first half has resulted in restructuring administration activity remaining subdued."

Rowley said many businesses adapted "well" to disruptive forces, including technological advances.

"However, other businesses have struggled to adapt their business models and are increasingly facing challenges.

"Further pressures on businesses are coming from supply chain issues and rising input costs from energy, wages and raw materials.

"Looking ahead, we are well positioned to service the expected increase in restructuring advisory activity driven by this disruption and the withdrawal of government support in response to the pandemic."

The company's corporate finance team had a strong pipeline, Geoff Rowley said, and was "well-positioned" to continue helping clients realise their strategic ambitions.

"The medium-term outlook for all our markets is positive and the board remains confident of making further progress in the current financial year."

At 1128 GMT, shares in FRP Advisory Group were up 2.06% at 126.04p.

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