Frp Advisory Group Regulatory News (FRP)

12 May 2020

FRP ADVISORY GROUP PLC

("FRP", the "Group" or the "Company")

Full Year Trading Update

FRP Advisory Group plc, a leading UK professional services firm specialising in advisory services, today announces a trading update for the year ended 30 April 2020.

COVID-19

Since the outbreak of the COVID-19 pandemic, the health, safety and wellbeing of our colleagues has remained a top priority for the Board. We are pleased that our business continuity plan has enabled our team to successfully move to a working from home model and continue to provide the level of service expected by the Group's clients during this challenging time. We have not furloughed any staff and do not intend to, with our team remaining busily engaged in active projects. 

Trading performance

The Group traded strongly during the second half of the year to 30 April 2020, continuing to grow caseloads in both size and complexity, with a number of high-profile appointments during the period in the Group's Restructuring division, including the administrations of Carluccios and Debenhams.

As a result, the Group expects to report revenues for the half year to 30 April 2020 of £31.8m, including revenues of £11.5m in the two months following the successful IPO. Profits in both these periods are ahead of the Board's expectations. The Group therefore expects to report revenues of £63.2m for the year to 30 April 2020, up 16.4% versus the same period last year (£54.3m).

Balance sheet

The Group retains a strong balance sheet, given £19m (net) of new money proceeds from the IPO, and has an undrawn revolving credit facility of £5m.

Given the trading performance and strong balance sheet, the Group intends to pay a final dividend for the period since IPO in line with its stated dividend policy.

Board

The Board has today been notified by Kate O'Neill (Non-Executive Director) that due to changes in her personal circumstances she intends to step down from the Board at the end of June 2020. A search is now underway to identify a suitable replacement and an update will be provided in due course.

Notice of results

The Group will report its full year results for the twelve months ended 30 April 2020 in late August. A further announcement confirming the date will be made in due course.

Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

"We're pleased to have delivered a strong performance over the year, while successfully completing our milestone IPO at the beginning of March. With an increasingly uncertain economic landscape, we believe the Group is well positioned both in the short and long term in assisting companies, boards of directors, investors and creditors in achieving the best outcome for all stakeholders involved.

We are incredibly grateful to all of our colleagues for their continuing efforts throughout this unprecedented period."

This announcement contains inside information.

Enquiries:

FRP Advisory Group plc

Geoff Rowley, CEO

Jeremy French, COO

Enquiries via MHP

Cenkos Securities plc (Nominated Adviser and Sole Broker)

Max Hartley/Max Gould (Corporate Finance)

Alex Pollen (Sales)

Tel: +44 (0) 207 397 8900

MHP Communications (Financial Public Relations)

Oliver Hughes

Charlie Barker

Pete Lambie

Tel: +44 (0) 3128 8540 / +44 (0) 20 3128 8570

FRP@mhpc.com 

Notes to Editors

FRP is a professional services firm established in 2010 which offers a range of advisory services to companies, lenders, investors and other stakeholders, as well as individuals. These services include:

· Restructuring advisory: corporate financial advisory, formal insolvency appointments, informal restructuring advisory, personal insolvency and general advice to all stakeholders.

· Corporate finance: mergers & acquisitions (M&A), strategic advisory and valuations, financial due diligence, capital raising, special situations M&A and partial exits.

· Debt advisory: raising and refinancing debt, debt amendments and extensions, restructuring debt, asset based lending and corporate and leveraged debt advisory.

· Forensic services: forensic investigations, compliance and risk advisory, dispute services and forensic technology.

· Pensions advisory: pension scheme transaction advisory, pension scheme restructuring advisory, covenant advisory and corporate governance