FRP Advisory sees revenues rise by 16% despite pandemic

FRP Advisory sees revenues rise by 16% despite pandemic

Geoff Rowley, CEO of FRP Advisory

FRP Advisory has posted a 16% rise in annual revenue and maiden dividend of 0.66p a share despite the economic uncertainty of the coronavirus pandemic. 

The AIM-listed corporate restructuring specialist, which is currently working on the collapses of Debenhams and Carluccio’s, said that an increase in administration appointments had helped boost its revenue to £63.2 million for the year to the end of April. 
In what the firm labelled a ‘milestone year’, FRP Advisory won a total of 189 administration appointments, an increase of 34% on the previous year. FRP Advisory expects to benefit from a rise in restructuring activity as coronavirus support schemes are come to an end and the impact of Brexit is felt across the economy.

FRP is a spin-out of VANTIS, the former Aim-listed accountancy firm which went into administration in 2010.

FRP Advisory’s adjusted annual profit also rose by 31.7% to reach £18.7m. Its market capitalisation has also risen from £190m to about £290m in the five months since it floated.

Geoff Rowley, chief executive of FRP Advisory, said: “With a significant and growing market share, FRP is well placed to service increasing levels of restructuring assignments in the UK, both on increasingly high-profile, complex cases and across regional businesses through our national network.”

He added that FRP is a “resilient business, with a track record of growth throughout the entire economic cycle, a strong balance sheet and a structure that provides a good level of flexibility in our internal capacity, allowing us to be well-positioned for an increase in demand for our services”.

The group expects consumer-based companies in sectors such as casual dining, retail, travel and hotels to come under particular financial stress because of COVID-19. It also anticipates more restructuring activity in the financial services industry.

The firm hopes to steal further market share away from the Big Four audit firms KPMG, Deloitte, PWC and EY.

Share icon
Share this article: