Full Year Trading Update

FRP Advisory Group plc

("FRP", the "Group" or the "Company")

Full Year Trading Update

FRP Advisory Group plc, a leading national specialist business advisory firm, announces a trading update for the year ending 30 April 2026 ("FY 2026").

 

Trading Performance

The Group expects to report FY 2026 revenues of at least £176m which is up 16% on the prior year (FY 2025: £152.2m), and adjusted underlying EBITDA of at least £45m, up 9% on the prior year (FY 2025: £41.3m). These results are at least in line with market consensus*.

FRP's strong performance reflects the breadth and resilience of the Group in a year that had periods of decision inertia for UK corporates due to uncertainty, including US Tariff changes at the start of the year and speculation ahead of the delayed Autumn 2025 budget.

Within Restructuring, FRP strengthened its market-leading position as the number one firm for UK administration appointments by volume. Notable appointments in the year included an involvement in the Market Financial Solutions (MFS) group and Denby's Pottery.

FRP Corporate Finance had a record revenue year, despite challenging M&A markets where deals have taken longer to complete and there have been extended levels of pre-deal due diligence. FRP's national offering mainly serves the lower mid-market, with half of the deals involving Private Equity, a resilient and well capitalised segment.

Financial Advisory and Forensic services also experienced steady to buoyant demand, particularly in financial due diligence and valuations.

FY 2026 ended with the Middle East conflict impacting energy costs and beginning to affect supply chains. This is expected to add upward pressure on headline inflation and complicate central bank rate-cut paths, and the Group has already seen an increase in demand for Debt Advisory services and Restructuring Advisory services.

 

Balance sheet & Dividend

The Group's balance sheet remains strong with an unaudited net cash balance as at 30 April 2026 of approximately £26m (FY 2025: £33.3m). The Group also has an undrawn revolving credit facility of £10m and an accordion acquisition facility.

In order to deliver sustainable profitable growth the Group focusses on organic growth supported by acquisitions that meet the criteria of cultural alignment, strategic fit and mutually agreeable economics. During the year FRP acquired One Advisory and Arc & Co; it also made a minority investment in Queens Tower Advisory ("QTA"). The addition of One Advisory brought wider Financial Advisory capabilities including Governance Advisory and pre-IPO services, together with bolstered existing valuation and transactional services. Arc & Co brought Real Estate and development debt financing and means, when combined with FRP's existing property expertise, the Group we can now offer clients a wider range of Real Estate Advisory services. QTA provides financial due diligence services to private equity clients and continues to innovate in its use of technology.

Geographically, during FY 2026 the Group established an office in Liverpool, a new Corporate Finance pillar in Leeds, a new Forensic Services and Debt Advisory pillars in Manchester as well as bringing together recently acquired teams into a single location in London, to support cross-pillar collaboration.

FRP continued to make demand-led hires across the business, with total headcount growing 12% year-on-year to 894 (FY 2025: 795) with acquisitions a key contributor to the growth and targeted hiring in certain areas.

Given the trading performance and strong balance sheet, the Group intends to propose a final dividend, in line with its stated dividend policy.

 

Notice of Results

FRP appointed PKF Littlejohn as the Group's auditor and this is their first full year audit. The Group expects to announce its audited results for the year ended 30 April 2026 in July 2026.

 

Outlook

FRP's diverse offering across the economic lifecycle of its clients ensures that the Board looks ahead to FY 2027 and beyond with strong current momentum and confidence.

Persistent macroeconomic uncertainty is continuing to impact business confidence and firms who were already coming to terms with pressures from rising labour, energy and debt servicing costs now also face supply chain uncertainties linked to the Middle East conflict. The businesses most vulnerable include those exposed to energy and specifically oil supply, consumer and construction sectors and those with large workforces or high debt service costs. FRP's Restructuring Advisory pillar, with its number one position for UK administration appointments by volume, is therefore well positioned to assist clients.

The Corporate Finance pipeline also remains strong with Private Equity well capitalised and mid market consolidation continuing; this is likely to create sustained demand for associated advisory services which FRP is well-placed to serve.

Following the acquisition of Arc & Co in November 2025, FRP will be formally launching its Real Estate Advisory service pillar this month, bringing together the Group's new and existing property capabilities in order to offer a wider range of service to clients.

The outlook for all of FRP's markets therefore remains positive and the team looks forward to making further progress in this new financial year.

 

Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

" This year, we further strengthened our model through a combination of targeted acquisition activity and investment in talent, geographic reach and service capabilities. Whilst the global and UK economies continue to be impacted by uncertainty, FRP remains well placed to continue to serve its clients across the entire economic cycle. The short and medium-term outlook for our markets remains positive and we have sufficient resource flexibility to respond to an increase in demand and a strong balance sheet to capitalise on investment opportunities when they arise. The Board is therefore confident of further growth and progress in the new financial year."

 

* The expected result of underlying EBITDA of at least £45m includes a £0.3m loss resulting from the consolidation of the minority investment in startup Queens Tower Advisory. The Group believes current market consensus for FY 2026 to be revenue of £164.2m and adjusted EBITDA of £44.8m.

 

Enquiries:

FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via Citypress 

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Stephen Keys / George Lawson (Corporate Finance)
Tel: +44 (0) 207 220 0500

Berenberg (Joint Broker)
Toby Flaux / James Thompson / Brooke Harris-Lowing
+44 (0)20 3207 7800

Citypress (Financial Public Relations)
Martin Currie / Jamie Williamson
Tel: +44 (0)7976291532 / +44 (0)7908 536 423 
FRPreporting@citypress.co.uk 

 

Notes to Editors:

FRP is a leading national specialist business advisory firm established in 2010. It offers a range of advisory services to companies, lenders, investors and other stakeholders, as well as individuals. These services include:

·      Restructuring advisory: corporate financial advisory, formal insolvency appointments, informal restructuring advisory, personal insolvency and general advice to all stakeholders.

·      Corporate finance: mergers & acquisitions (M&A), strategic advisory and valuations, financial due diligence, capital raising, special situations M&A and partial exits.

·      Debt advisory: raising and refinancing debt, debt amendments and extensions, restructuring debt, asset based lending and corporate and leveraged debt advisory.

·      Forensic services: forensic investigations, compliance and risk advisory, dispute services and forensic technology.

·      Financial advisory: transaction services including pre-IPO financial services, financial due diligence, lender services, financial modelling, valuations, pensions and company-side advisory services and corporate governance advisory.