FRP Advisory Group (FRP) H2 2025 earnings summary

Executive summary

• Achieved 19% revenue growth and 11% adjusted EBITDA growth year-over-year, with team size increasing by 21%.

• Completed five acquisitions, including Hilton-Baird, Lexington, WilliamsAli, Globalview, and McKay, and opened a new office in Belfast.

• Maintained a strong balance sheet with net cash of GBP 33.3 million at year-end and high staff retention.

• Majority of business remains in restructuring, accounting for 70%-80% of revenue, with all service pillars collaborating.

Financial highlights

• Revenue grew 19% year-over-year to GBP 152.2 million, with 11% organic growth and 8% from acquisitions.

• Adjusted EBITDA increased to GBP 41.3 million with a 27% margin.

• Adjusted EPS increased 8% year-over-year to 10.7p; dividend up 8% to 5.4p.

• Net cash position improved to GBP 33.3 million; undrawn RCF of GBP 10 million and acquisition facility available.

• Strong cash conversion, with profit before tax of GBP 31 million and net cash from operations just under GBP 31 million.

Outlook and guidance

• Strategy focuses on steady, sustainable growth through organic initiatives and selective acquisitions.

• Early FY26 trading is positive and in line with expectations; recent acquisitions performing as planned.

• M&A pipeline remains healthy, with active discussions ongoing.

• Cautious optimism for FY26 despite ongoing geopolitical uncertainty.