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(Alliance News) - FRP Advisory Group PLC said Friday it delivered a "strong" first half, were it was able to win "larger and more complex mandates".
The professional services firm noted the recent appointment of its Restructuring unit to handle the administration of Edinburgh Woollen Mill.
"This growth was achieved despite the significant reduction in the number of formal insolvency appointments within the marketplace compared with the prior year, as a result of the support measures made available by the UK government in response to the Covid-19 pandemic," FRP added.
As a result, the firm expects to report interim revenue up 14% year on year to GBP35.9 million from GBP31.4 million, with underlying earnings before interest, taxes, depreciation and amortization up 7% to GBP9.7 million.
FRP noted the growth is in line with internal expectations. The company will issue its first half results on December 16.
"We continued to execute our growth strategy during the first half, delivering another pleasing performance, increasing our headcount and strengthening our referral client base. Integration of the teams relating to the three acquisitions we completed during the period is progressing well," Chief Executive Geoff Rowley said.
He continued: "We have a resilient business model, with complementary service lines helping clients throughout their entire lifecycle. The medium term outlook for our market is positive, despite the substantial degree of uncertainty around the shape and scale of the UK's economic recovery. The group has sufficient resource flexibility to service an increase in demand. The board remains confident of making further progress in the current financial year."
Shares in FRP Advisory were 5.3% higher in London on Friday at 109.55 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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