FRP Advisory Group plc
("FRP" or the "Group")

Half Year Trading Update

FRP Advisory Group plc, a leading national specialist business advisory firm, announces a trading update for the half year ended 31 October 2025 ("H1 2026").

Trading update

The Group's performance in the first half of the year was positive, with expected revenue for H1 2026 of £87m, up 12% on the prior year (H1 2025: £77.6m) and expected underlying adjusted EBITDA of £23m, up 3% on H1 2025: £22.3m. This represents a solid performance against a very strong comparative period ("H1 2025") which included significant contributions from The Body Shop case and a large Corporate Finance project.  

The Group successfully expanded its national Financial Advisory offering in May 2025 through the acquisition of One Advisory Group, a provider of financial reporting, transaction advisory including pre-IPO financial services, and governance services to more than 100 UK and International clients. The Group opened a new office in Liverpool focused initially on Corporate Finance, in August. Earlier this month, just into the second financial half year, FRP announced the acquisition of real estate advisory business, Arc & Co and as a result the Group intends to launch a 6^th service pillar, FRP Real Estate Advisory.

To ensure capacity and expertise continues to align with demand, the Group expanded its headcount during the half and year-on-year, primarily driven by acquisitions. The total number of colleagues rose 8% to 861 excluding consultants, an increase of 11% year-on-year.

Balance sheet

The Group's balance sheet remains strong with an unaudited net cash balance as at 31 October 2025 of £16.5m* (31 October 2024: £13.3m). The Group also has an undrawn RCF of £10m and an accordion acquisition facility.

During H1 2026, FRP made a £3m founding investment for a 25% stake in Queens Tower Advisory ("QTA"), an independent platform established for experienced transaction services partners. QTA provides technology-enabled strategy and transactions advice to private market clients. During the half, FRP's share of QTA's loss was £0.2m, and it is performing in line with expectations regarding recruitment, operational set-up and winning mandates.

*£22.3m gross cash less £5.8m of structured debt (31 October 2024: £22.2m less £8.9m).

Outlook

While all businesses are adapting to fund higher operating costs, pressures are particularly acute in consumer facing businesses.  The Group anticipates that demand for its services will continue to rise in H2 2026 and beyond - particularly if affected businesses in sectors such as retail and hospitality have a weaker-than-required 'golden quarter', which includes the festive trading period.

The upcoming 2025 Autumn Budget and related speculation is expected to have a significant impact on both business confidence and growth. The Group is confident that it is well-positioned to continue making progress across all service pillars, irrespective of what measures are announced.

The client pipeline remains encouraging, and assuming current activity levels continue, the Board remains confident of achieving full year expectations.**

**The Group believes consensus market expectations for FY 2026 to be revenue of £164.2m and underlying adjusted EBITDA of £44.8m.

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

"2025 marked FRP's 15^th year of trading and we have started FY 2026 strongly.

Our increases in revenue and profitability reflect the success of the investments made in our people, services and geographic footprint, which have continued to broaden our capabilities and strengthen our ability to support clients at every stage of their business cycle.

This positioning means we're confident of delivering continued profitable growth, regardless of how the fiscal, policy and trading environment develops in the weeks and months ahead."

Notice of results

The Group expects to report its unaudited results for the half year ended 31 October 2025 on 18 December 2025. 

Enquiries: 

FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via Citypress

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)
Katy Birkin/Stephen Keys/George Lawson (Corporate Finance)
Tel: +44 (0) 207 220 0500

Berenberg (Joint Broker)
Toby Flaux / James Thompson / Smruthya Ganeshram
Tel: +44 (0) 203 207 7800

Citypress (Financial Public Relations)
Martin Currie / Calum Anderson
Tel: +44 (0)7976291532 / +44(0)7464444660
[email protected]

Notes to Editors

FRP is a leading national specialist business advisory firm established in 2010. It 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.

·      Financial advisory: transaction services including pre-IPO financial services, financial due diligence, lender services, financial modelling, valuations, pensions and company-side advisory services and corporate governance advisory.