FRP Advisory sees revenues rise by 16% despite pandemic
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.
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.