FRP Advisory shares rise as dividend and profit up; outlook optimistic

(Alliance News) - FRP Advisory Group PLC on Wednesday said the outlook for all of its markets remained positive as it announced a higher dividend amid an annual revenue jump and profit growth.

The London-based business advisory firm said pretax profit climbed 4.7% to GBP31.3 million in the financial year ended April 30, from GBP29.9 million a year prior.

Revenue jumped 19% to GBP152.2 million from GBP128.2 million.

Chief Executive Officer Geoff Rowley said: "Despite persistent economic uncertainty, which has been compounded by increasing geopolitical turmoil, we saw positive contributions across all five of our service pillars, facilitating the delivery of strong organic revenue growth complemented by a positive contribution from acquisitions which are all integrating well.

"We continued to deliver for our clients, supporting them through the entire corporate lifecycle by staying focused on the basics and providing honest, clear, and considered advice. We also expanded our teams, both through demand-led lateral hiring and via the acquisitions we completed during the year. Our exceptional people remain our most valuable asset and instrumental to achieving our goals, and we remain deeply committed to investing in our talent."

FRP Advisory recommended a final dividend of 2.55 pence per share, up 11% from 2.3p a year prior. This brings the total payout to 5.4p, up 8.0% from 5.0p.

While noting cost pressures for companies due to inflation, debt service and the increase in UK minimum wage and employers' national insurance contribution, Chair Penny Judd said: "FRP remains well placed to support clients through times of change across the corporate lifecycle, from highly successful businesses to those facing stress or distress. The outlook for all of FRP's markets remains positive and I look forward to another year of growth and progress with FRP."

FRP Advisory shares rose 5.0% to 125.00 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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