FRP Advisory Group PLC - London-based corporate finance, restructuring & debt adviser - Buys APP, based in Limassol, Cyprus, for an undisclosed amount. APP, which consists of APP Advisory Ltd and APP Audit Co Ltd, provides advisory, tax and audit services. APP directors Augoustinos Papathomas and Christina Papathomas will join FRP as partners.
Chief Executive Officer Geoff Rowley says: "We have known and worked with the team at APP for many years. They share our values, are experts in their field and focus on providing the highest quality services to their clients. The acquisition further strengthens our international presence and supports our work with global advisory organisation Eight International, enabling us to better support our clients on international matters."
Last month, FRP said it expects to post revenue of GBP49.4 million for the six months that ended on October 31, up 11% year-on-year from GBP44.7 million.
Current stock price: 167.10 pence, up 0.4% on Wednesday morning in London
12-month change: up 32%
By Xindi Wei, Alliance News reporter
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Frp Advisory Group (FRP)