Last checked at 12 Feb 2021 07:00
12 February 2021
FRP ADVISORY GROUP PLC
("FRP", the "Group" or the "Company")
Trading Update and Dividend Declaration
FRP Advisory Group plc, a leading UK professional services firm specialising in advisory services, today announces a trading update for the nine months to 31 January 2021.
Trading Performance
The Board is pleased with the continued progress made over the first nine months of the Group's financial year, despite the significant levels of government support and reduced levels of both corporate insolvency and administration appointments across the market. As such, at current trading levels, the Board now expects to exceed current market expectations1, with revenues of at least £75 million and adjusted2 EBITDA of at least £21 million.
The Group expects to give a full year trading update for its financial year ending 30 April 2021 in mid-May 2021.
Quarterly Dividend
As stated at our Interim results in December, the Board is pleased to be moving to a quarterly dividend payment schedule and is today declaring a quarterly dividend of 0.8p per eligible share. This dividend will be based on the shareholder register per the record date of 14 May 2021 and will be paid on 11 June 2021. The shares will be marked ex-dividend on 13 May 2021.
Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:
"I am proud of how all FRP colleagues have responded to the challenges of Covid-19, continuing to seamlessly provide the high-quality advice and service that our clients expect from us.
Our resource flexibility and breadth has proven invaluable in the current climate, helping us to support businesses as they adapt to a fast-changing environment. Our business model has proven itself to be resilient, with complementary service lines that support clients throughout their entire lifecycle.
The medium-term outlook for our market remains positive, although there is still uncertainty around the shape and scale of the economic recovery from the Covid-19 pandemic and additional pressures on some businesses from the UK leaving the EU."
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations No. 596/2014.
1. The Group believes that current consensus market expectations for revenue and adjusted EBITDA average £72m and £19.2m respectively for FY21
2. Adjusted for share based payments including deemed remuneration and exceptional costs.
Enquiries:
FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
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) 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 and 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