FRP Advisory Group (FRP) H2 2024 earnings summary

Executive summary

• Achieved 23% revenue growth (19% organic) to £128.2m for FY24, with adjusted EBITDA up 37% to £37.1m and net cash of £29.7m.

• Expanded through acquisitions, including Wilson Field, GWC, Hilton-Baird, and Lexington, strengthening presence and service lines.

• Maintained #1 market share in UK administration appointments, with a 16% share and strong activity across all sectors.

• Continued investment in talent, with 15 partner promotions and 87 total promotions post year-end.

• Positive start to FY25, with trading in line with expectations and a healthy M&A pipeline.

Financial highlights

• Revenue grew 23% year-over-year to £128.2m; adjusted EBITDA margin increased to 29% for FY24.

• Adjusted EPS rose 27% to 9.94p; basic EPS up to 9.35p from 5.58p.

• Net cash position of £29.7m; undrawn RCF of £10m and refinanced bank facilities for 3 years.

• Dividend increased 9% to 5.0p per share; payout increased to £11m in FY24.

• Profit after tax rose to £22.0m from £12.7m; operating profit nearly doubled to £30.5m.

Outlook and guidance

• Strategy focused on sustainable growth via organic initiatives and selective acquisitions.

• Trading in early FY25 is positive and in line with Board expectations, with recent acquisitions integrating well.

• M&A pipeline remains strong, supporting further expansion.