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Started: Scoobydoo321, 21 May 2024 12:15
Last post: davemk115, 27 May 2024 14:18
According to the update, they are trading "ahead of expectations", not significantly exceeded expectations, or have I missed something somewhere?
Dave
We're at a start of a bull run - this is at PE 13.5 - at current eps. Broker has pencilled in a 10.4 eps next year - which is a joke - so - expect upgrades. This is just simply mispriced.
This was a "significantly" exceeded expectations - I think that the big boys are going to pull this up to 170 - 180.
Keystone Law has a high PE - no idea what FRP has to do to justify a PE 16-17. They have not put a foot wrong in the past few years.
Started: stargate, 20 May 2024 22:29
Last post: Scoobydoo321, 21 May 2024 12:11
So stargate - are the stars aligned?
Japanese spinning top candlestick, small body, close-open, in relation to larger high-low, implies indecision on further equity progress. Yesterday was a large sp, gap up and bullish large candle. Fibonacci measured from the last trough, for a potential 38.2% retracement, implies 132.8, within range of the price group. The spinning top high of 147.5 and low of 142.5, define the future direction , whether up, on a break of the high, or down, on a breakdown, of the low of 142.5. If a retracement ensues, and sp, stabilises at fibonacci 38.2%-50% , it could be a case of buy the dip. DYOR.
Started: LesBoy, 18 May 2024 03:49
Last post: Scoobydoo321, 20 May 2024 10:07
Re-rating in progress.
Can FRP finally achieve the recognition from the market that it deserves after an excellent track record?
One company to benefit from the rise in insolvencies has been FRP Advisory, the restructuring group, which expects its annual profits to rise to £37 million. The London-based company expects to record revenue of £128 million for the year to the end of April, up 23 per cent from the same period last year.
During the year the group’s restructuring division has handled well-known cases, including The Body Shop, the cosmetics and skincare company, Inland Homes, the property business, and the parent company of Reader’s Digest, the magazine.
FRP Advisory said that it had been “active nationwide” as company insolvencies rose and that it had increased its market share to 16 per cent during the year, from 14 per cent in 2023. The corporate and debt advisory team completed 76 transactions in the year to the end of April, with an aggregate deal value of £1.4 billion, down from £1.8 billion the previous year.
https://www.thetimes.co.uk/article/company-insolvencies-rise-by-almost-a-fifth-6bwqcqqgx
Started: paternostpauper, 17 May 2024 07:50
Last post: Scoobydoo321, 17 May 2024 13:13
Today's market is a little risk off. KLR did 20% with a significantly exceed on a risk-on day.
Also, many big buy ins.
EPS forecasted by Cavendish for FY 4/25 is 10.4p which is very very conservative given FY 4/24 EPS is pencilled as 10p.
Thus, would expect -
1. earnings upgrade
+
2. potential expansion to PE to 15-16 - given their last 5 years of solid track record.
Really impressive and with economic conditions fully in their favour and likely to persist this should have a strong run.
Promising start.
It’s always a promising when a trading statement opens with “excellent trading performance ahead of expectations”.
Revenue up 23%, EBITDA up 37%, net cash up from £22.9m to £29.7m. Healthy organic growth across all aspects of the business supplemented by sensible, well researched acquisitions.
I expect to see FRP sitting in a healthy position on the leaderboard come 4.30 tonight.
Started: Thesius, 10 Nov 2023 10:18
Last post: Forensic505, 15 May 2024 17:32
Administrations (FRP’s specialty) up around 15% v last year and nearly double the rate during Covid lockdown period.
Corporate insolvencies rose 5% to 1,769 in January. 2.5% higher than January 2019 (1,726)
Indeed. Has started to creep up nicely. I have noticed that the number of Administrations is now (finally) starting to accelerate and that is very much FRP's specialism.
Bit of share price activity today at last.
Started: Harrogate4, 1 Nov 2023 11:17
Last post: Harrogate4, 1 Nov 2023 11:17
In an economic situation in the UK which should ideally suit FRP Advisory's talents, the SP movements remain a continuing disappointment to shareholders. Hope to see some improvements here PDQ.
Started: Forensic505, 20 Oct 2023 12:51
Last post: Forensic505, 20 Oct 2023 12:51
£2m buy just went through. Unusual and interesting....
Started: DavidMarquz, 11 Sep 2023 02:28
Last post: DavidMarquz, 11 Sep 2023 02:28
Kindly verify if this is the company Rob Cooper has joined before investing. I may be mistaken, and I apologize if I have caused any concern. Please review the chat and form your own conclusion regarding whether it is the same person. If not, I apologize for any unnecessary worry.
Started: CraigGilldGLaae, 10 Sep 2023 15:08
Last post: CraigGilldGLaae, 10 Sep 2023 15:08
Following their initial public offerings (IPOs), the majority of the Big 4 accounting firms have separated their insolvency divisions due to conflicts with their audit clients. These newly established and formidable spin-offs now directly compete with FRP for major lucrative projects. While FRP previously disclosed market share data, they have chosen not to do so this time. It is likely that these new competitors will gradually erode FRP's market share, and this trend is expected to persist.
Started: BillBreaux, 9 Sep 2023 21:16
Last post: BillBreaux, 9 Sep 2023 21:16
According to Shares Magazine, insolvencies are expected to rise starting from October 1st, following the cessation of government assistance for struggling companies. Only time will tell, but FRP could potentially benefit from this situation, leading to good business opportunities.
Started: JasonCalderRVKbs, 9 Sep 2023 21:04
Last post: JasonCalderRVKbs, 9 Sep 2023 21:04
The dividend payment was slightly delayed, but it was received on the 22nd.
Started: Scarfell, 21 Jun 2023 09:59
Last post: Forensic505, 21 Jun 2023 12:10
The economic big picture is absolute perfection for FRP, BEG and MANO. Would like to see FRP addressing the smaller CVL cases, as well as their undisputed expertise in Administrations. Then this company could be an enormous restructuring and insolvency outfit.
Ok - so the share price fell from about 155 at the start of the year to 108 a couple of weeks ago on very little news of note and now today it is back at 130. Begbies meanwhile hardly moves.
Started: Forensic505, 10 Mar 2023 09:07
Last post: Forensic505, 27 Mar 2023 17:59
The UK Government’s Insolvency Service stats published last week, shows FRP still just about the number 1 Administrations appointment taker but Begbies and Quantuma are now just a few cases behind them. Very different picture to a year or two ago, when FRP was very far in front of any other firm. I think the FRP IPO has possibly served to highlight the high margins in FRP’s niche of larger, more complex Administrations and their competitors are now going aggressively after that segment.
Additionally - the Big 4 accounting groups have/are spinning off their insolvency arms so those newly independent entities can pitch for previously conflicted appointments. FRP used to have the pick of those as they were never conflicted as they were never part of a big accounting/audit group.
I like the FRP business and team, and the macro picture is excellent for them, but the share price needs to reflect these important new competitive factors before I am tempted to invest.
I would also like to see FRP attack Begbies and Quantuma’s core area of liquidations - lower value but much higher volume appointments. That is THE particularly buoyant area of the insolvency market. Administrations are actually lower year on year, at the moment at least. This would also make better use of FRP’s large overhead structure.
As ever, just my opinions, DYOR of course.
FRP Advisory Group PLC - London-based business advisory firm - Non-Executive Director David Adams buys 100,000 shares at GBP1.1782, worth GBP117,820, in London on Monday. Adams is now interested in 412,500 shares, 0.17% stake.
https://www.marketscreener.com/quote/stock/FRP-ADVISORY-GROUP-PLC-104092382/news/FRP-Advisory-Non-Exec-Director-Adams-buys-100-000-shares-43242718/
Indeed….a good few institutions who bought at 140p will be spitting feathers!
It certainly has a strange feel about it, though nothing mentioned in the Feb RNS. "The medium-term outlook for all of our markets remains positive."
I would have though directors would be buying at these levels. The sells in June 2022 at 140 look shall we say well timed.
This share is down 32% in the last few weeks. Big off market sells at 110p late yesterday. Their recent RNS hinted at trouble ahead. More clarity now needed from this Board methinks. As ever DYOR.
Started: Forensic505, 13 Feb 2023 10:31
Last post: f15jcm, 13 Feb 2023 18:32
If/when I look to get back into this sector I think I'll be looking at BEG as they do lower value stuff and seem to be the market leader
Since their IPO, most of the Big 4 accounting groups have spun off their insolvency divisions because of conflicts on their Audit clients. Those very strong spin offs now compete head on with FRP’s for the big lucrative jobs. FRP used to announce market share data but do not this time. I suspect those new competitors will be eating into their market and that will continue.
Started: lowzer, 16 Sep 2021 21:31
Last post: f15jcm, 13 Dec 2022 10:58
Rather underwhelming results. Average revenue growth, weak profit and dividend growth, margins down. Lots more staff and little to show for it. Timed my exit badly but happy to be out.
Whoops!
I sold out this morning. Costs outstripping revenue and only inline with very modest growth forecasts for this year. Better value on offer elsewhere. I like AGFX if others are looking for another financial services stock.
Agreed Yuri.
Personnel costs are 62% of revenue. Almost as bad as a football club !!
But this is the problem of converting a partnership into a PLC. The Partners want it all: shares AND big pay.
Plus FRP’s part of market (Administrations) is in decline (22%) even though Liquidations (Begbies and Manolete) is up 100% plus.
We saw what happened to Tenon and Vantis - both failed in the 2000s after IPO. FRP literally is the old Vantis business under a new brand….not saying the same will happen as they have a good team now but they are in the wrong market segment.
They do look statistically resilent but today's results don't show growth built into sp (currently well too much overpriced vs any of their historical profit points). And without growth it is not a good return on capital.
Their revenue increase is impressive, but they way costs are spiking - is very worrying (well above inflation and expected cogs levels)
Let's just hope it's temporary one-time thing.
Started: demolition123, 6 Sep 2022 15:03
Last post: demolition123, 6 Sep 2022 15:03
Please check if this is the company he has moved to before you in vest I my be totally wrong if sorry my appogoies its rob cooper venture capital read the chat,come to your own conclusion if it's the same person if not sorry for worrying you
Started: halimora, 25 Jun 2021 13:29
Last post: southcoastbather, 28 Jun 2021 09:28
FRP in the spot light again for not doing a thorough investigation with the administration of Koovs.
Financial times article detailing legal action being taken by shareholders using "red mist" aka Mr Seth Freedman - He singlehandedly exposed the gas price fixing fraud and works on behalf of billionaires and oligarchs in legal cases which he always wins. He even took on RBS and won.
Something tells me this will not end well for FRP.
https://www.ft.com/content/d779d025-a061-4d57-8df9-0ce1520a58e3
Thanks Southcoastbather. that's exactly I thought.
Halimora - sadly your friend has no value in those shares as they were part of the old company.
FRP advisory was itself taken into administration and then the assets were purchased by the Directors inc Mr Goff Rowley - they then brought the company back to the market and re floated the company.
An administrator going into administration itself is some kind of irony hey!?
In a nutshell old investors were wiped out and the board of directors that ran the company into administration picked up the assets for a pittance and then took money off new investors via the stock market for the new company and these are the shares that are currently traded.
Beggars belief how this kind of thing happens.
I hope your friend gets over this loss.
Keep your eye on the financial times tomorrow its going to be a good one for your friend to read.
Asking for a friend of mine who had FRP shares originally which went into administration in 2017. But it still shows on her portfolio as FRP advisory group. so she tried to place a trade which has eventually been rejected with a message 'This stock is in administration and we cannot place this trade'.
My understanding is this shouldn't have been part of her portfolio anymore hence she has lost all the value of her shares? I would appreciate if you could help her out with your opinion. Many Thanks
Bit of a delay on dividend payment, but received on 22nd
Started: southcoastbather, 24 Jun 2021 15:10
Last post: southcoastbather, 24 Jun 2021 15:10
Monday will be interesting!!
Last post: Rokerpark68, 22 Jun 2021 15:21
Yes, I received mine in my HL account on 11 June.
Has anyone received the latest dividend that was due on 11th June ?
Started: Rokerpark68, 17 Jun 2021 09:39
Last post: Rokerpark68, 17 Jun 2021 09:39
I bought into this too early last year having underestimated the impact of the government's financial support programmes. Anyway, back in profit now having held them all.
I still think it is a good business and it is well-positioned to pick-up what must be increased restructuring and administration activity over the next 12 months.
They have continued with their acquisition programme and have capacity to meet higher levels of business. I don't think FRP will shoot the lights out, but it is a nice counter-cyclical play as government support is gradually reduced.
Started: fastduckharry, 15 May 2021 12:59
Last post: fastduckharry, 15 May 2021 12:59
https://www.standard.co.uk/business/frp-advisory-full-year-results-listed-revenues-b935117.html
FY Results scheduled for July 27.
I've just picked up another 10k shares at 102.49p
Started: riky1.1, 26 Mar 2021 18:10
Last post: riky1.1, 26 Mar 2021 18:10
Restructuring specialists FRP Advisory has been appointed to handle the administration process.
Jessops, the camera retailer owned by Dragon’s Den investor Peter Jones, has 17 stores and the announcement puts 120 jobs at risk. Jones bought the company out of administration in 2017.