Frp Advisory Group Plc · LSE:FRP
Frp Advisory — FY2025 Earnings Presentation
34 slides from Frp Advisory's earnings presentation, Jul 1, 2025
Slide 1: Full year results presentation FY 2025
Slide 2: Presentation team
Presentation team Highlights Market and team growth Financials Outlook Q&A Appendices
Slide 3: FRP FY25 Highlights
FRP FY25 Highlights 1. Continued execution of growth strategy. Revenue +19%, EBITDA +11%, Team 21% 2. Additions in the year (Hilton Baird, Lexington, Williams Ali, Globalview) + Belfast + One Advisory 3. Strong balance sheet with net cash of £33m 4. Pillars all connected and collaborating. Majority
Slide 4: FRP's service pillars
Restructuring Corporate Advisory Finance FRP’s Service Debt Financial Pillars Advisory Advisory Forensic Services
Slide 5: Revenue CAGR over 14 years
160.0 152.2 1.6 16% Underlying EBITDA Revenue Revenue per Partner £M 140.0 1.4 1.4 1.4 1.3 128.2 1.2 120.0 1.2 1.2 1.2 Revenue CAGR over 1.1 1.1 104.0 1.0 1.1 14 years 100.0 95.2 1.0 1.0 0.8 79.0 0.8 £m 80.0 0.8 19% 0.7 63.2 60.0 0.6 54.3 0.6 51.0 41.3 40.0 40.1 37.1 0.4 Revenue CAGR since IPO 29.8
Slide 6: National coverage as at April 2025
National coverage local contacts 108 795 33 Partners Team Office members locations As at April 2025 BMA 8 EIGHT INTERNATIONAL if thel t y DY) ALLIANCE OF INTERNATIONAL Wa CORPORATE ADVISORS FRP ‘ne United Kingdom
Slide 7: Highlights
Highlights
Slide 8: FY25 financial highlights
19% 11% 27% Revenue growth Adjusted* EBITDA growth Underlying adjusted EBITDA margin 11% organic FY25: £41.3 million FY24: 29% FY25: £152.2 million FY24: £37.1 million FY23: 26% FY24: £128.2 million £33.3m 8% 8% Net cash FY25 Growth in adjusted total EPS to 10.70p Growth in FY25 total dividends FY24
Slide 9: 5 Acquisitions, 21% Team Growth, Strengthened Infrastructure
Strengthened 5 Acquisitions 21% Team Growth Infrastructure The Group completed five acquisitions in In a competitive environment, we have FY25; the Hilton-Baird Group in Southampton, Investment in our People / HR continued to recruit talented individuals to Team Lexington Corporate Finance in Cardif
Slide 10: Specialist services to support throughout a corporate's lifecycle
Specialist services to support throughout a corporate's lifecycle Positive momentum in prior year continued through FY25, despite persistently challenging economic conditions Consistent CF activity levels over the financial year but Q4 saw geo-political factors, including tariff uncertainties that i
Slide 11: Recent advisory mandates
Advisers to The Body Shop on the FRP’s Financial Advisory team supports FRP achieved the sale of an element sale of the ethical beauty brand to Finelight Group Ltd, an industry leader Production company behind hit of the business followed by the investment company Auréa. in business media, in its la
Slide 12: Growth Strategy & Update
Growth Strategy & Update
Slide 13: Organic growth focus
Organic Selective Strong Disciplined High adjusted growth focus M&A balance capital EBITDA High single Subject to sheet & FCF allocation margins, 25% + digit our criteria conversion policy 13
Slide 14: Increasing partners, revenue per partner and market share
Increasing # Increasing Revenue per Increasing Pricing Market Partners share of Partner Market Growth wallet Share 14
Slide 15: Return on marketing spend, utilisation and upskilling
Return on Utilisation & Investment Upskilling Continue to Marketing Recovery in platform internal serve the full & processes workforce range of spend clients in a profitable way More complex quality mandates 15
Slide 16: Insolvency Appointments and Administration Only Appointments
Insolvency Appointments* Administration Only Appointments 6.0% 30,000 18.0% 2,000 16.0% 1,800 5.0% 25,000 14.0% 1,600 4.0% 20,000 1,400 12.0% 1,200 10.0% 3.0% 15,000 1,000 8.0% 800 2.0% 10,000 6.0% 600 4.0% 400 1.0% 5,000 2.0% 200 0.0% 0 0.0% 0 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020
Slide 17: Inorganic growth strategy: acquiring small partner teams
Post Year End Globalview Hilton Baird Lexington Williams Ali One Advisory Advisors Share, 4 Partners Share, 1 Partner Share, 2 Partners Share, 1 Partner Type & Team 3 Partners + 36 Colleagues + 14 Colleagues + 5 Colleagues + 8 Colleagues Financial Pillars Debt Advisory Corporate Finance Corporate Fi
Slide 18: Colleague and utilisation growth year on year
Colleague & utilisation growth year on year 7 colleagues were promoted to Partner on 1st May 24 and a further 900 70% 3 on the 1st May 25. 800 68% 700 New People Director to lead on 66% 600 FRPs “People Proposition” and 500 64% future talent acquisition. Uti # 400 62% 300 Expanded the National HR te
Slide 19: Financials
Financials FRP
Slide 20: Income statement
Year ended Year Ended 30 April 25 30 April 24 19%, of which 11% was organic £'million £'million Stronger H1 which included “Body Shop” and a large CF assignment. H2 impacted by US Tariff policy in Q4 of the financial year, particularly Revenue 152.2 128.2 affecting CF. Personnel costs (87.8) (69.6)
Slide 21: Adjusted underlying EBITDA reconciliation
£m FY25 FY24 Reported profit before tax (PBT) 31.3 29.9 Add back deprecation, amortisation and interest 4.2 3.4 Reported EBITDA 35.5 33.3 Add share-based payment expense relating to the Employee Incentive Plan (EIP) 2.8 2.2 Add equity settled deemed remuneration 2.8 1.6 Add cash settled deemed remun
Slide 22: Balance sheet
Year ended Year Ended 30 April 25 30 April 24 £'million £'million Non-current assets Goodwill 25.1 13.7 Other intangible assets 2.6 2.2 Goodwill and intangibles increase as a result of acquisitions. Property, plant and equipment 2.9 2.5 Right of use asset 7.2 8.1 Deferred tax asset 0.9 0.7 Strong fi
Slide 23: Cash flow
Year ended Year Ended 30 April 25 30 April 24 £'million £'million Cash flows from operating activities Profit before taxation 31.3 29.9 Depreciation, amortisation and impairment (non cash) 3.2 2.8 Share based payments: employee options 2.8 2.2 Share based payments: deemed remuneration 2.8 1.6 Net fi
Slide 24: Capital allocation
Capital allocation 1. Investment in the Group to drive continued organic growth 2. Selective acquisitions in line with criteria (culture, strategy & economic fit) 3. Quarterly dividends in line with policy Any other distribution of capital to be determined FRP
Slide 25: Outlook
Our strategy is built around steady and sustainable growth through both organic initiatives and selective acquisition opportunities. • Trading in the first few months of the current financial year is positive and in line with the Boards expectations, with good activity levels across all locations. •
Slide 26: Q&A
Q&A
Slide 27: Appendices
Appendices
Slide 28: Strategy centers on organic growth and strategic acquisitions
Our strategy centers on organic growth bolstered by strategic acquisitions, all underpinned by a collaborative, entrepreneurial, and meritocratic culture. Amidst increasing market activity and demand for advisory services, our client base is diversified (across geography and sectors) and continues t
Slide 29: WIP vs WIP as a % of Revenue
WIP (£M) vs WIP as a % of Revenue 60.0 50% 45% 50.0 40% 40.0 35% 30% 30.0 25% £m 20% FRP provides services on credit and mandates 20.0 15% take on average five to seven months to 10.0 10% 5% complete, leading to a large unbilled revenue 0.0 0% (work in progress) balances. Larger, more £M £M £M £M £M
Slide 30: Cash Collections H1 vs H2
Cash Collections H1 Vs H2 80.0 70.0 60.0 • Historically FRP has collected a greater amount of cash in the 2nd half of the year, averaging 55% of 50.0 total collections in H2. £m 40.0 30.0 • In FY24 59% of cash was collected in H2. Therefore, the growth in H1 25 is as expected. 20.0 10.0 • Excludes V
Slide 31: Competitor landscape
Domicile/ Corporate Company Description Conflict free Sector Market Finance offering Large Specialist UK YES Medium YES independent Small Large accountancy UK / Global NO Large YES firms PE backed ex big 4 UK / Global YES Large YES Medium Specialist UK YES Small YES independent Micro American player
Slide 32: Growing referral network
Growing referral network Investors inc PE Government /Regulatory bodies Lawyers FRP
Slide 33: Recent team hires and acquisitions
Newcastle restructuring team – Glasgow team hire - FRP opened a Wilson Field - The GWC - Based in the Isle of Man providing adding to our existing office new office in Glasgow, bringing acquisition strengthened our restructuring services to international One Advisory - the firms Scottish office coun
Slide 34: FRP
FRP frpadvisory.com