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Hi All, Just bought into FRP. Look very interesting and should do well in this environment.
Great RNS. Should move well
This is a very good update.
looking at EPS at least 11.5p so sitting in a very modest 10x P/E
extrapolate last two moths trading to full year and FRP revenue could be £69 million. EPS probably around 13p so P/E of under 10x
Begbies on 2020 P/E of around 19.5x and 2021 around 16.5x (tho it may well beat current estimates)
if FRP traded on similar multiples (obviously a big if) then would be looking at a share price anywhere around 220p
id imagine a couple of broker notes will help, as its still very much under the radar.
BRIEF – FRP Advisory Group Says Have Not Furloughed Any Staff And Do Not Intend To
12-05-2020 08:10
May 12 (Reuters) – Frp Advisory Group PLC :
Full Year Trading Update
Have Not Furloughed Any Staff And Do Not Intend To, With Our Team Remaining Busily Engaged In Active Projects
Expects To Report Revenues For Half Year To 30 April 2020 Of £31.8m
Source text for Eikon: ... Further company coverage: FRP.L
(Reuters.Briefs@thomsonreuters.com;)
REG – FRP Advisory Grp PLC – Full Year Trading Update
12-05-2020 07:00
For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200512:nRSL5614Ma
RNS Number : 5614M FRP Advisory Group PLC 12 May 2020
12 May 2020
FRP ADVISORY GROUP PLC
("FRP", the "Group" or the "Company")
Full Year Trading Update
FRP Advisory Group plc, a leading UK professional services firm specialising
in advisory services, today announces a trading update for the year ended 30
April 2020.
COVID-19
Since the outbreak of the COVID-19 pandemic, the health, safety and wellbeing
of our colleagues has remained a top priority for the Board. We are pleased
that our business continuity plan has enabled our team to successfully move to
a working from home model and continue to provide the level of service
expected by the Group's clients during this challenging time. We have not
furloughed any staff and do not intend to, with our team remaining busily
engaged in active projects.
Trading performance
The Group traded strongly during the second half of the year to 30 April 2020,
continuing to grow caseloads in both size and complexity, with a number of
high-profile appointments during the period in the Group's Restructuring
division, including the administrations of Carluccios and Debenhams.
As a result, the Group expects to report revenues for the half year to 30
April 2020 of £31.8m, including revenues of £11.5m in the two months
following the successful IPO. Profits in both these periods are ahead of the
Board's expectations. The Group therefore expects to report revenues of
£63.2m for the year to 30 April 2020, up 16.4% versus the same period last
year (£54.3m).
Balance sheet
The Group retains a strong balance sheet, given £19m (net) of new money
proceeds from the IPO, and has an undrawn revolving credit facility of £5m.
Given the trading performance and strong balance sheet, the Group intends to
pay a final dividend for the period since IPO in line with its stated dividend
policy.
Board
The Board has today been notified by Kate O'Neill (Non-Executive Director)
that due to changes in her personal circumstances she intends to step down
from the Board at the end of June 2020. A search is now underway to identify
a suitable replacement and an update will be provided in due course.
Notice of results
The Group will report its full year results for the twelve months ended 30
April 2020 in late August. A further announcement confirming the date will be
made in due course.
Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:
"We're pleased to have delivered a strong performance over the year, while
successfully completing our milestone IPO at the beginning of March. With an
increasingly uncertain economic landscape, we believe the Group is well
positioned both
May well be, some pretty solid buying but still under radar for many.
Halifax stockbrokers do even have FRP listed...
FRP up over 14%. Must be signs this govt scheme isnt working for small business and its employees. Insolvencies up ?
https://uk.advfn.com/p.php?pid=legacydaily&epic=L^FRP&type=4&size=3&period=4&ind_type1=1&ind1_1=&ind2_1=&olx_1=3&ma_type1=3&o_1maday1=10&o_2maday1=&o_colour1=1&olx_2=3&ma_type2=3&o_1maday2=50&o_2maday2=&o_colour2=2&olx_3=3&ma_type3=3&o_1maday3=200&o_2maday3=&o_colour3=3&scheme=&delay_indices=DELAYED_INDICES
Yes Mick I'm of the same opinion and have also invested on this basis. A good one to put away I think.
Good luck
FRP.........todays trades........
Recent tradesTrades today: 21
Trade time Trade price Trade quantity Buy/Sell Bid price Ask price
15 Apr 11:23:56 107.00 3,000 Buy 104.00 108.00
15 Apr 11:14:12 107.00 467 Buy 104.00 108.00
15 Apr 11:00:29 108.00 5,000 Buy 104.00 108.00
15 Apr 10:20:43 107.60 2,788 Buy 104.00 108.00
15 Apr 10:20:20 104.00 3,000 Sell 104.00 108.00
15 Apr 10:08:13 107.60 890 Buy 104.00 108.00
15 Apr 10:02:37 105.00 5,000 Sell 104.00 108.00
15 Apr 09:49:33 107.60 1,035 Buy 104.00 108.00
15 Apr 08:41:49 105.96 1,000 Buy 102.00 106.00
15 Apr 08:40:54 103.98 1,000 Buy 102.00 104.00
15 Apr 08:40:53 104.00 1,000 Buy 102.00 104.00
15 Apr 08:40:40 104.00 1,000 Buy 102.00 104.00
15 Apr 08:38:12 110.00 9,083 Buy 100.00 104.00
15 Apr 08:21:44 104.00 40 Buy 100.00 104.00
15 Apr 08:14:06 104.00 13,000 Buy 100.00 104.00
15 Apr 08:12:21 100.00 4,872 Sell 100.00 104.00
15 Apr 08:12:16 104.00 4,807 Buy 100.00 104.00
15 Apr 08:07:56 104.00 4,801 Buy 100.00 104.00
15 Apr 08:06:15 104.00 5,700 Buy 100.00 104.00
15 Apr 08:04:45 102.40 2,000 Buy 100.00 104.00
15 Apr 08:00:21 102.40 19,522 Buy 100.00 104.00
14 Apr 17:10:30 102.00 17,200 0.00 0.00
Had a punt on this one in the last half hour FRP ..FRP ADVISORY GROUP PLC
Going to be plenty of companies going bust and into insolvency sadly over the next few months to a year. Been looking for a play on this and saw this from Fund Investor and proprietor of Kempton Holdings and a non-executive director of a number of quoted and private companies David Kempton.................
The awful wave of companies going into administration or restructuring will be of massive benefit to the specialists in that sector and I have bought FRP Advisory (FRP), floated on the Alternative Investment Market in early March at 80p. The shares have risen to 93p following strong news of significant restructuring and insolvency contracts, but are still on a PE below 10, looking good value compared to their peers in a, sadly, strong sector.
https://citywire.co.uk/funds-insider/news/david-kempton-i-m-rebuilding-my-portfolio-with-fundsmith/a1346652?re=73658&ea=98977&utm_source=BulkEmail_FundsInsider+Afternoon&utm_medium=BulkEmail_FundsInsider+Afternoon&utm_campaign=BulkEmail_FundsInsider+Afternoon
Some big corporate backers......... INCLUDING MITON
Shareholders
Name Equities
%
RBC Global Asset Management (UK) Ltd. 18,750,000 7.89%
Miton Asset Management Ltd. 18,124,164 7.63%
Liontrust Investment Partners LLP 17,550,000 7.39%
Premier Fund Managers Ltd. 3,800,611 1.60%
Danske Bank A/S (Investment Management) 2,245,245 0.95%
https://uk.advfn.com/p.php?pid=legacydaily&epic=L^FRP&type=4&size=3&period=3&ind_type1=1&ind1_1=&ind2_1=&olx_1=3&ma_type1=1&o_1maday1=10&o_2maday1=&o_colour1=1&olx_2=3&ma_type2=1&o_1maday2=25&o_2maday2=&o_colour2=2&scheme=&delay_indices=DELAYED_INDICES
Business Summary
FRP Advisory Group PLC is a United Kingdom-based advisory services company. The Company’s services include restructuring advisory, corporate finance, debt advisory, forensic services and pensions advisory. Its restructuring advisory includes corporate financial advisory, formal insolvency appointments, personal insolvency and general advice. The corporate finance services include mergers and acquisitions (M&A), strategic advisory and valuations, financial due diligence, capital raising, special situations M&A and partial exits. The debt advisory services offered includes raising and refinancing debt, debt amendments and extensions, asset based lending and corporate and leveraged debt advisory. Its forensic services include forensic investigations, compliance and risk advisory, dispute services and forensic technology. The pensions advisory services include pension scheme transaction advisory, pension scheme restructuring advisory, covenant advisory and corporate governance.
This one looks interesting, good bounce from initial placing price of 80p - any views anyone????
Totally agree
How do I make a citizens arrest? These people have robbed us blind.
Reported on HL's website too; strange as they are supposed to be suspended. Anyway 1p or nothing hardly makes a difference does it.
Hi am I missing something, I seem to have seen a few trades go through Friday and today at 1p per share on Google Finance, could that be right, thanks
Thank you Aunboy and Sonny for taking the time to reply, greatly appreciated for your explanation information and views. Ref the landlord of the hq, they better hope they get another tenant after being unaccomadating to fairpoint, the economy may not be favourable to finding tenants if things roll over, gla
Dadean, Yes, Fairpoint owns 100% of Simpson Millar and the IVA business. David "incompetent" Broadbent together with the Simpson Millar top and Doorway Capital have conjured up a plan here to grab the assets, protect their jobs and screw the shareholders. Doorway Capital are in full control of the entire company since they took over the line of credit. They are very active in everything they hold in their portfolio and they simply refused to provide funding towards the IVA business (Lease issue). The line of credit from Doorway Capital is backed by our assets so when we can't pay they can foreclose and get their hands on all of our assets. Simply holding the assets as it is now still leaves the lease contract intact so what better way than to let the entity (FRP) that signed the lease contract go bust. Best way to get rid of the contract and for Doorway Capital to grab the assets. Normally company assets would be sold to the highest bidder but that doesn't seem to be happening here. Also, most of the company is still running pretty good, it's just the IVA part which is less than 20% of our revenue now. From the company press release: "The Board do not expect this announcement to have a material impact on the planned disposal of the IVA and Claims divisions to a third party, as previously announced on 12 July 2017." That's even weirder, so even after Fairpoint goes bust the IVA business will still be running? How? From a homeless shelter or will someone else pay for the lease? True Master Plan! And a quote from the Simpson Millar team: "It said in a statement: “Whilst we are saddened that this has been a difficult time for Fairpoint Group, it is business as usual at Simpson Millar and we do not anticipate any significant changes as a result of Fairpoint Group’s announcement." http://www.thebusinessdesk.com/northwest/news/2007617-fairpoint-bring-administrators Simpson Millar have more than 500 legal staff and none of them were able to find a way to get out of the lease contract? Anyone who truly believes that is an idiot. So in the end it looks like the IVA part will still be operational and get sold at some point and over at Simpson Millar it's "Business as usual" while they are predicting revenue growth in 2018. The only downside is that Fairpoint shareholders lose everything but i doubt Broadbent, the Simpson Millar top and Doorway Capital really give a $hit! Our only hope is that our major shareholders put up some sort of fight here. Fingers firmly crossed for such a thing.
I don't know how things work but if simpson and Millar was 100‰ owned by fairpoint does that not make us shareholders 100‰ own of simpson and Millar, it was just a couple of years ago that they paid something like 50million for? Or are they keeping that asset and just dumping the shareholders?
Butterry. I'm in the same position just I am sitting on a larger loss. Us shareholders here are being screwed. They have conveniently emptied the PLC for their benefit.
Ambulance chasers? Are you sure you did some DD on these Arsene? They don't operate in that market.
I have about £5000 worth of shares here.. 1. Could we not re-lease the property to someone? And rethink the location.. To satisfy the loan. 2. Are there not enough retained earnings here to resell for investors.. 3. Can shareholders come together and figure out a plan C? 4. Surely someone could be interested in buying the financial part of this company.. Selling off the lease and paying off shareholders appropriately.. I refuse to believe I should be losing this money..
At the risk of sounding smug, I posted on 12 December 2016 "Don't touch this share or any other one in the sector. It's finished". Today's announcement is no surprise. Glad to see the back of these ambulance chasers.
They have already announced they want to break the lease and as the debt side is all winding down what benefit could negotiating with the landlord achieve? There is nothing operational left to require the building in Addlington. It'll just end up effectively going back to being Simpson Millar as it was but with some new people in top roles (the last team having earned healthy payouts...)
Ok - show of hands, who didn't see that one coming? *waves hand in the air*
Sorry, no idea on the lifting of the suspension. I'd be wealthy if I could accurately predict such things!