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(Sharecast News) - Business advisory firm FRP Advisory Group said in an update on Thursday that it had seen an increase in enquiry levels for its restructuring services.
The AIM-traded firm, which was holding its annual general meeting, said businesses had seen the last of the Covid-19 support measures fall away, as the economy experienced significant inflationary pressure and other disruptive forces.
Non-executive chairman Nigel Guy said against that backdrop, there was uncertainty as to how proactive key creditors like HMRC and institutional lenders would be on addressing overdue debts.
Guy said FRP Corporate Finance's position within the mid-market, typically advising on transactions up to £100m, remained strong.
"The deal pipeline and general level of enquiries continue to demonstrate the strength of the corporate finance and debt advisory pillars.
"Overall trading in our current financial year, from 1 May to date, remains in line with the board's expectations.
"FRP is a resilient business, with a track record of growth regardless of economic conditions."
Nigel Guy said it had a "strong" balance sheet, and a structure that provided a "good level of flexibility" in its internal capacity nationally, allowing it to be "well-positioned" to service an increase in demand for its advice from diversified sources.
"In line with the company's quarterly dividend policy, the board is pleased to declare an interim dividend of 0.85p per eligible ordinary share for the first quarter ended 31 July."
FRP said the dividend would be paid on 23 December to shareholders on the register on 25 November, with the ex-dividend date being 24 November.
The company said it would announce a trading update covering the first half to 31 October in mid-November.
At 1154 BST, shares in FRP Advisory Group were up 2.76% at 167.5p.
Reporting by Josh White at Sharecast.com.
