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FRP announces higher revenue and growth despite economic uncertainties

Brooks Macdonald is to review its international division, which it said was under performing.
Brooks Macdonald is to review its international division, which it said was under performing.

FRP Advisory Group announced higher revenues and a growth in team size and market share despite a weakening economic outlook.

For the year ended 30 April 2022, revenue rose 21 per cent to £95.2m from £79m in 2021, with a 15 per cent increase in FRP’s team size by 66 to 504 (excluding consultants). FRP Corporate Finance jumped in market share to rank as 12th most active financial adviser in the UK M&A market.

“I am pleased to report another year of profitable growth. FRP is a resilient business, with a track record of growth regardless of the economic conditions,” said Geoff Rowley, CEO of FRP Advisory Group. Surging inflation and a cost of living crisis has gripped the UK as recession fears dented economic confidence.

Adjusted underlying EBITDA grew by 12 per cent to £25.7m from £23m in 2021, while reported profits before tax declined to £15.1m from £16.6m in 2021. Net cash was higher at £18.1m from £16.4m last year.

“The Group has a strong balance sheet and the Board believes the medium-term outlook for all the Group’s markets is positive. Trading since 1 May 2022 is in line with the Board’s expectations,” Rowley said. 

The company said its restructuring practice was the most active in the administration appointment market. It also reported that the Corporate Finance and Debt Advisory teams were involved in 99 successful transactions with an aggregate deal value of £3b and £1.3b of debt raised.