FRP Advisory financial results soar from mostly organic growth

FRP Advisory had a “very positive” year across all of its service lines, with revenue shooting up by 23 per cent for the year ended 30 April 2024/

The corporate finance, debt, and restructuring specialist reported revenue of £128.2m, up from £104m, “which the vast majority was organic,” said group CEO Geoff Rowley.

The company reported profit before tax for the year to be £29.9m, up from last year’s figure of £15.6m. Adjusted underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 37 per cent to £37.1m.

[The results] are a “really good testament to what the team is achieving, said Rowley. The results translated into a 37 per cent EBITDA growth, and he noted the group had really strong balance sheet and cash collections “and all the things that professional services firms need to do to demonstrate their strengths”.

The average revenue per partner for the year was £1.4m for its 102 partners, slightly up from £1.3m.

The firm has been focused on organic growth, supplemented by selective acquisitions. Over the last financial year, it grew its headcount by 19 per cent, and two acquisitions boosted its footprint to 27 locations in the UK.

Its market share for its restructuring teams in the number of administration appointments increased to 16 per cent.

Meanwhile, its forensics business had a: “Really good year in the context of investigations and disputes and forensic technology financial advisory, which was the first full year of that pillar being together,” the boss noted.

“We are looking forward to understanding what the next couple years look like under our new government, and making sure that we capitalise on the opportunity that’s in front of us,” Rowley added.