Business
Full Year Trading Update
Full Year Trading Update.
About this update from Frp Advisory Group Plc
[{"type":"text","content":"\n\nFRP Advisory Group plc\n(\"FRP\", the \"Group\" or the \"Company\")\nFull Year Trading Update\nFRP Advisory Group plc, a leading national specialist business advisory firm, announces an update on trading for the year ending 30 April 2025 (\"FY 2025\") ahead of its Full Year results on 23 July 2025.\nTrading Performance\nAs announced on 17 February 2025, performance in the first nine months of the year was strong, with positive trading across each of the five service pillars, supported by significant contributions from The Body Shop and a large Corporate Finance project. \nThe final quarter of the financial year saw a marked increase in macroeconomic volatility, driven predominantly by US announcements regarding global trade tariffs, impacting business confidence and causing delays in decision making. Several Corporate Finance projects extended their completion date into FY 2026.\nThe Group expects to report FY 2025 revenues of approximately £152m, up 19% on the prior year (FY 2024: £128.2m), and adjusted underlying EBITDA of approximately £41m, up 11% on the prior year (FY 2024: £37.1m). \n \nBalance sheet & Dividend\n \nThe Group's balance sheet remains strong with an unaudited net cash balance as at 30 April 2025 of approximately £32m (FY 2024: £29.7m). The Group also has an undrawn revolving credit facility available of £10m and an accordion acquisition facility.\n \nFRP continues to invest to support sustainable profitable growth. Five acquisitions completed within FY 2025, all of which are integrating well. A new office was opened in Belfast. Overall total headcount grew 21% year-on-year to 795 (FY 2024: 657) with acquisitions a key contributor to the growth and hiring in certain areas, for the example the People/HR team.\nGiven the trading performance and strong balance sheet, the Group intends to propose a final dividend, in line with its stated dividend policy.\nOutlook\nFRP has a strong track record of delivering profitable growth throughout the economic cycle. Aside from recent macroeconomic developments many UK companies that were already facing cost pressures (inflation, debt service) will face further financial difficulties following the Autumn budget, as the new minimum wage and increased employers' National Insurance contribution begin to take effect. Companies wit...