FRP Advisory posts lifted revenue while restructuring administration activity still ‘subdued’
Professional services firm FRP Advisory Group has announced soaring revenue in its half year results, pushing shares up on Thursday morning.
However, the advisory service said the extension of government support for businesses over most of the the first half of 2022 had “resulted in restructuring administration activity remaining subdued.”
The company’s operational markets had been “mixed”, Geoff Rowley, CEO added. “The corporate finance market is highly active as capital continues to be deployed,” he explained.
Shares lifted almost two per cent on Thursday morning after the firm reported £44.7m revenue for the half year, in comparison to £35.9m in the comparable period.
“Many businesses have adapted well to disruptive forces, including technological advances. However, other businesses have struggled to adapt their business models and are increasingly facing challenges,” Rowley added.
He warned businesses were facing additional pressures from “supply chain issues and rising input costs from energy, wages and raw materials.”
The firm was “well positioned” to service an expected increase in restructuring advisory activity, driven by supply chain issues and inflation, as well as the absence of government support.