29 September 2021

FRP Advisory Group plc

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

AGM Statement

FRP Advisory Group plc, a leading UK specialist business advisory firm is today holding its Annual General Meeting. Nigel Guy, Non-Executive Chairman, will make the following statement:

"The UK market remains highly liquid and pent-up capital continues to be deployed by both corporate buyers and private equity firms. FRP Corporate Finance, enhanced by the two acquisitions, have a very healthy pipeline and have closed 32 transactions in the period (across lead advisory and debt advisory) with a combined value of £901m. These include FRP acting as:

§ sell side adviser to musical instrument retailer GAK on its successful management buyout following an investment from Risk Capital Partners;

§ buy side adviser to private equity firm Livingbridge, who acquired leading social media publisher Jungle Creations;

§ sell side adviser to Insurtech firm Ignite Software Solutions on their sale to Sequel, owned by Nasdaq listed data analytics Verisk group.

Although the UK has started to move on beyond the major constraints of the Covid 19 pandemic, the ongoing economic consequences are evident.  We are seeing supply chain disruption and rising costs of energy, raw materials and wages which create a challenging environment for businesses. In recent months we have been engaged to provide both advisory and formal restructuring services across a range of sectors including civil engineering, manufacturing, car parking services, commodity trading, energy and financial services.  We expect that many sectors will require our expertise as the full effect of the unwinding of government support coupled with the wider economic headwinds are felt.

Overall trading in our current financial year, from 1 May 2021 to date, remains in line with the Board's  expectations. FRP is a resilient business, with a track record of growth regardless of economic conditions. We have a strong balance sheet and a structure that provides a good level of flexibility in our internal capacity nationally, allowing us to be well positioned to service an increase in demand for our advice from diversified sources.

In line with the Company's quarterly dividend policy, the Board is pleased to declare an interim dividend of 0.8p per eligible ordinary share for the first quarter ended 31 July 2021. The dividend will be paid on 24 December 2021 to shareholders on the register on 26 November 2021.

The Company expects to announce a trading update covering the first half to 31 October 2021 in mid November 2021."

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)

Katy Birkin/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) 203 128 8778

[email protected] 

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:

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

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

·     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