FRP Advisory Group (FRP) Trading Update summary

Financial performance

• Revenue for H1 2026 reached £87m, a 12% increase from H1 2025, with underlying adjusted EBITDA up 3% to £23m, despite a strong prior year comparison that included major cases.

• Net cash balance as of 31 October 2025 was £16.5m, up from £13.3m the previous year, with an undrawn RCF of £10m and an accordion acquisition facility.

• Consensus market expectations for FY 2026 are revenue of £164.2m and underlying adjusted EBITDA of £44.8m.

Strategic developments

• Expanded national Financial Advisory offering through the acquisition of One Advisory Group in May 2025.

• Opened a new Liverpool office focused on Corporate Finance in August 2025.

• Acquired Arc & Co, a real estate advisory business, and plans to launch a 6th service pillar: FRP Real Estate Advisory.

• Made a £3m founding investment for a 25% stake in Queens Tower Advisory, a tech-enabled strategy and transactions platform.

Operational highlights

• Headcount increased 8% to 861 (excluding consultants), an 11% year-on-year rise, mainly due to acquisitions.

• QTA investment performing in line with expectations, with a £0.2m share of loss in H1 2026.