FRP Advisory Group (FRP) H1 2026 earnings summary

Executive summary

• Achieved 12% revenue growth in H1 2026 to £87.1m, with 5% organic and 7% inorganic growth, against a strong prior period.

• Adjusted EBITDA rose 3% to £23.0m, with a margin of 26%.

• Net cash increased 24% to £16.5m, with a robust balance sheet and undrawn credit facilities.

• Expanded service offering through acquisitions, including One Advisory Group, Arc & Co, and a minority stake in Queens Tower Advisory.

• Team grew 11% year-over-year to 861, with high retention and significant internal promotions.

Financial highlights

• Revenue increased to £87.1m from £77.6m year-over-year.

• Adjusted EPS up 2% to 6.11p; interim dividend increased to 2.0p per share.

• Net cash position of £16.5m as of 31 October 2025.

• Underlying adjusted EBITDA margin at 26%, down from 29% in H1 2025.

• Cash and cash equivalents at £22.3m; strong balance sheet.

Outlook and guidance

• Confident in meeting full-year market expectations, with consensus revenue of £164.2m and adjusted EBITDA of £44.8m.

• Launch of Real Estate Advisory pillar planned following Arc & Co acquisition.

• Robust client pipeline and positive outlook across all service pillars.

• Demand for restructuring services expected to rise, especially in consumer-facing sectors under tax pressure.