FRP Advisory Group (FRP) H1 2025 earnings summary

Executive summary

• Achieved 32% year-on-year revenue growth to £77.6m in H1 FY2025, with 23% organic growth and 9% from acquisitions, driven by both organic expansion and four strategic acquisitions.

• Completed four acquisitions, expanding geographic and service coverage, and grew the team by 25% to 777 colleagues, maintaining high staff retention and a collaborative culture.

• Colleague utilisation rate reached 69%, the highest since IPO, in a competitive market.

• Maintained a collaborative, entrepreneurial culture with significant internal promotions, including seven new partners.

• Strong cash position with net cash of £13.3m and undrawn facilities for future growth.

Financial highlights

• Revenue increased 32% year-on-year to £77.6m, with 23% organic growth.

• Adjusted EBITDA rose 44% to £22.3m, with a margin of 29%.

• Adjusted EPS grew 42% to 5.97p; interim dividend up 6% to 1.9p per share.

• Net cash position of £13.3m after funding four acquisitions, with undrawn RCF of £10m and £7.8m accordion facility.

• Profit after tax increased to £13.1m from £8.8m year-over-year.

Outlook and guidance

• Each service pillar has a robust pipeline and positive outlook for H2 FY2025; Board confident of meeting full-year market expectations if current activity levels persist.

• Market conditions expected to normalise in H2 2025 after pre-budget activity spike.

• Resilient business model with diversified services supports clients through economic cycles.