FRP Advisory Group (FRP) Trading Update summary

Trading performance

• Revenue for H1 2025 reached £77.6m, a 32% increase year-on-year, with underlying adjusted EBITDA up 44% to £22.3m.

• Organic growth contributed 23% to revenue, with 9% from acquisitions; four acquisitions completed across three service pillars.

• Strong performance in restructuring, including notable projects like The Body Shop, despite economic stagnation post-UK election.

• Retail and hospitality sectors face added pressure from increased National Insurance Contributions and ongoing inflationary costs.

Service line highlights

• Corporate Finance expanded with acquisitions in Cardiff and Newcastle, maintaining a solid pipeline as market sentiment stabilises.

• Debt Advisory strengthened with the acquisition of The Hilton-Baird Group, providing national coverage and key services to asset-based lenders.

• Forensic Services saw buoyant demand, especially in litigation and contentious insolvency, with team expansion in Belfast.

• Financial Advisory experienced increased activity in transaction services, notably in buyside due diligence and valuations, with the valuation team doubling after the Globalview acquisition.

Financial position and investment

• Net cash balance as of 31 October 2024 was £13.3m, with an undrawn £10m RCF and an accordion acquisition facility.

• Headcount grew by 18% over H1 2025 (25% year-on-year), reflecting both organic growth and acquisitions.

• Continued investment in talent and collaboration across offices to deliver optimal client solutions.