22 July 2026

FRP ADVISORY GROUP PLC

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

Full Year Results

For the year ended 30 April 2026

FRP Advisory Group plc, a leading national specialist business advisory firm, is pleased to announce its full year results for the year ended 30 April 2026 ("FY2026").

Commenting on the results, Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

"This has been another strong year for FRP, reflecting the quality of our people, the strength of our advisory model and the enduring relevance of our services in an increasingly complex market environment.

The year was characterised by challenging trading conditions for many UK businesses, influenced by domestic policy developments, ongoing geopolitical uncertainty and evolving international trading relationships. Against this backdrop, demand within the restructuring and insolvency market remained robust, while activity levels in private equity and mid-market corporate transactions supported demand across several of our advisory service lines.

Organic growth remains the cornerstone of our business model, with all parts of the Group performing well during the year. Alongside this, we have continued to strengthen our capabilities and market position through selective acquisitions that align with our strategic priorities and cultural values.

Trading in the early months of the current financial year has been in line with the Board's expectations. Accordingly, we remain confident in the Group's medium-term prospects and in our ability to deliver sustainable long-term value for shareholders and other stakeholders.

Clients are increasingly seeking integrated, practical advice in fast-moving and often challenging situations. Our ability to combine deep technical expertise with a partner-led approach continues to differentiate FRP in the market and underpins our confidence in the Group's long-term prospects."

Financial highlights

·    Seventh successive year delivering both profit and revenue growth:

o  Positive trading was achieved across all five service pillars, driving total revenue growth of 16% to £177.0 million (FY2025: £152.2 million), comprised of 10% organic growth and 6% inorganic⁶ growth.

o  Adjusted underlying EBITDA¹ rose by 12% to £46.1 million (FY2025: £41.3 million).

o  Average revenue per Partner for the year rose to £1.7 million (FY2025: £1.4 million).

o  £35.5 million reported Profit before tax for the year (FY2025: £31.3 million).

o  Financial strength and resilience maintained with net cash of £26.2 million (30 April 2025: £33.3 million) and no drawn external borrowings at year-end.

·    Sixth successive year of dividend growth for shareholders:

o  Total dividends of 5.8p relating to FY2026 (FY2025: 5.4p), comprising three interim dividends of 1.0p per eligible Ordinary Share and a final proposed dividend of 2.8p per eligible Ordinary Share for the year ended 30 April 2026.

¹ Adjusted Underlying EBITDA excludes exceptional costs (none were recognised in FY2026 or FY2025) and share-based payment expenses arising from: (a) the Employee Incentive Plan (EIP) established at IPO; (b) deemed remuneration amortisation recognised on acquisitions; and (c) cash-settled deemed remuneration related to acquisitions.

² Adjusted Profit Before Tax represents reported profit before tax before share-based payment expenses, including those arising from: (a) the Employee Incentive Plan (EIP) established at IPO; (b) deemed remuneration amortisation recognised on acquisitions; and (c) cash-settled deemed remuneration related to acquisitions.

³ Adjusted Earnings Per Share reflects earnings adjusted to exclude share-based payment charges, including deemed remuneration linked to acquisitions and the associated deferred tax effects. Earnings are then divided by the total weighted average number of shares in issue.

⁴ Total dividends relating to the year comprise three interim dividends and a final dividend proposed by the Board, subject to shareholder approval at the Company's Annual General Meeting.

⁵ Net cash is defined as cash and cash equivalents, including balances held in bank accounts and on hand, less external borrowings. External borrowings comprise interest-bearing loans and other financing arrangements with third-party lenders, excluding lease liabilities.

⁶ Inorganic revenue is defined as growth arising from acquisitions, including the first 12 months' revenue contribution from newly acquired businesses.

Operational highlights

·       Strong financial performance driven primarily by sustained organic growth across all pillars, supported by two targeted acquisitions that enhanced our capabilities and broadened the services we provide in line with our long-term strategy to capture pro- and counter-cyclical demand.

·       Continued investment in our people and systems significantly strengthened our ability to support clients, increasing depth of expertise, expanding service capability, enhancing sector coverage, and reinforcing our local presence.

·      Demonstrable progress across the Group's five existing specialist service pillars during the year:

Restructuring

o  Maintained its position as the leading appointment taker in the UK administration market, with the Group's market position strengthening further in the second half of the year. Overall market share, measured by number of administration appointments, increased to 14% (FY2025: 13%). The reported market share treats the MFS Group engagement as a single appointment, notwithstanding that the mandate comprised a complex joint administration across multiple entities, including more than 250 property special purpose vehicles ("SPVs").

FRP Corporate Finance (including Debt Advisory)

o  Strengthened its market position during the year, ranking 16th among UK M&A advisers (FY2025: 19th) and delivering increased activity despite a contracting wider market, reflecting a disciplined focus on higher-value transactions, with 63% involving private equity (FY2025: 54%). The team completed 96 transactions (FY2025: 76) during the year, an increase of 26%. Aggregate deal value totalled £2.1 billion, including £0.6 billion of debt raised (FY2025: aggregate deal value £1.5 billion, including £0.5 billion of debt raised). The increase in transaction activity, together with higher aggregate deal values, resulted in an 11% increase in average deal value year-on-year.

Financial Advisory

o  Significant growth, driven by organic expansion and targeted acquisitions, including the addition of One Advisory Group ("One Advisory"), which enhanced the Group's IPO and post-listing governance capabilities while broadening its end-to-end advisory offering. The pillar also expanded into governance advisory services, including company secretarial, financial reporting, pre-IPO support and project management.

Forensic Services

o  Delivered strong growth, underpinned by buoyant activity across litigation, investigations and insolvency-related matters, and supported by a robust pipeline of contentious and expert work.

·      Continued inorganic progress with selective acquisitions

o  Acquired One Advisory in May 2025, strengthening the Group's Financial Advisory offering through additional expertise in financial reporting, transaction advisory and governance services, while broadening FRP's reach across UK and international markets.

o  Launched FRP Real Estate Advisory in May 2026, the Group's sixth service pillar, following the acquisition of Arc & Co Structured Finance ("Arc & Co.") in November 2025. The transaction expands FRP's presence in the real estate sector, enhances cross-service opportunities and strengthens the Group's ability to deliver integrated advisory solutions.

o  Made a £3.0 million founding investment in Queens Tower Advisory ("QTA") - a technology-enabled advisory business applying artificial intelligence to financial due diligence and transaction support - for a 25% stake in QTA.  

·      Increased the Group's ability to deploy specialist teams at pace in response to client demand, delivering high-quality advice across a broader range of assignments and geographies

o  The FRP team grew by 12% to 894 colleagues (FY2025: 795). Growth was driven by targeted lateral hiring in response to client demand, together with two acquisitions.

o  At year end, the Group operated from 30 UK locations (FY2025: 29) and two international offices in Cyprus and the Isle of Man, with 104 Partners (FY2025: 108), 599 other fee earners (FY2025: 518) and 191 support staff (FY2025: 169). The reduction in Partner numbers primarily reflects several Partners transitioning to consultant roles during the year. Combined with continued revenue growth, this drove a significant increase in revenue per Partner, highlighting the scalability and operational leverage of the Group's model.

o  During FY2026, three colleagues were promoted to Partner across a range of locations and service lines, reflecting the Group's continued investment in talent, succession planning and the quality of service provided to clients.

o  Colleague utilisation was broadly maintained at 65% (FY2025: 67%), providing capacity to respond to client demand and support operating leverage as activity increases.

·      Building AI and Technology Capability

o  Established a formal AI governance framework, including an AI Stewardship Council and cross-functional AI Working Group, providing oversight of the Group's responsible adoption of artificial intelligence.

o  Expanded the deployment of approved tools and delivered firm-wide AI training programmes, embedding AI capabilities across the Group and supporting productivity and knowledge-sharing.

o  Developed a pipeline of AI-led initiatives focused on automating routine activities, improving operational efficiency and enhancing service delivery for clients.

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)

Stephen Keys / George Lawson / Elysia Bough (Corporate Finance)

Tel: +44 (0) 207 220 0500

Berenberg (Joint Broker)

Toby Flaux / James Thompson / Brooke Harris-Lowing

+44 (0)20 3207 7800

Citypress (Financial Public Relations)

Martin Currie

T: +44 (0)7976291532

Ricky Ambury

T. +44 (0)7540 047833

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, public company advisory, financial due diligence, lender services, financial modelling, valuations, pensions and company-side advisory services and corporate governance advisory.

·      Real estate advisory: real estate debt and capital advisory, loan and portfolio management, property risk assessment, and debt and equity solutions for investors, lenders and borrowers.

Chair's statement

I am pleased to present FRP Advisory Group plc's seventh Annual Report, and my third as Chair.

The year has been shaped by continued economic and geopolitical uncertainty, both in the UK and internationally. In this environment, demand for clear, trusted and practical advice has remained strong. FRP's breadth of expertise enables the Group to support clients at critical points of change, helping them navigate challenges and opportunities across a wide range of circumstances.

The Group has delivered another year of growth while continuing to strengthen the foundations required to support its long-term development. Revenue increased by 16% to £177.0 million and adjusted underlying EBITDA rose by 12% to £46.1 million. This performance reflects the resilience of our diversified service offering, the quality of our people, and continued demand for specialist advice across market conditions.

Our Strategy
Our strategy remains consistent: to grow the business in a disciplined and sustainable way, combining strong organic performance with carefully selected acquisitions that enhance our capabilities and extend our reach. This included the addition of further financial advisory and new governance expertise through the acquisition of One Advisory, alongside the development of our real estate advisory capability following the integration of Arc & Co., further strengthening our ability to support clients throughout the corporate lifecycle. This approach is reflected in the increased market share achieved during the year in both Corporate Finance and Restructuring, demonstrating the continued strength of FRP's specialist advisory platform.

Following a period of significant expansion, the Board has remained focused on consolidation - embedding acquisitions, strengthening our operational foundations, and investing in the infrastructure required to support the next phase of growth. These investments, while not always visible externally, are critical in ensuring that FRP remains well positioned to scale in a controlled and sustainable way over the long term.

Our People
We also recognise that our people are fundamental to delivering on our strategy. During the year, we have continued to invest in the structures and support needed to attract, develop and retain talent. This includes the ongoing development of our People and Talent function, ensuring that colleagues across the business benefit from a consistent and high-quality experience as we continue to grow. We were pleased to see this commitment recognised externally, with FRP named among the UK's Top 50 Inspiring Workplaces in 2026, reflecting the strength of our culture and our focus on creating an environment where our people can succeed.

As the business has grown, maintaining our culture has remained a high priority. FRP continues to be defined by its local, partner-led model, underpinned by a collaborative way of working. Preserving this culture, while introducing greater consistency across the Group, remains a key priority for the Board and is monitored through regular engagement with management and colleagues.

We are also mindful of the evolving external environment. Artificial intelligence is becoming increasingly important to professional services firms and their stakeholders. The Board is focused on ensuring that the adoption of AI is supported by appropriate governance, including oversight of data security, confidentiality, professional judgement and ethical use. As with all aspects of our strategy, we will adopt such innovations in a considered and pragmatic way, focusing on delivering meaningful value while maintaining the disciplined approach that has underpinned our success to date.

Further details are set out in the 2026 Annual Report.

Financial strength and resilience
The Group remains in a strong financial position, supported by profitable growth, disciplined cash management and year-end net cash of £26.2 million. Although net cash reduced from £33.3 million in the prior year, the Group had no external borrowings at year end and remained well capitalised after continued investment in growth.

After the year end, the Group strengthened its liquidity position through new facilities provided jointly by HSBC UK Bank plc and National Westminster Bank plc, comprising £50 million of committed, unsecured credit facilities and a further £45 million of uncommitted accordion capacity. These facilities extend to at least June 2029 and provide additional financial flexibility to support the Group's strategic priorities.

The Group's consistent growth in profit, sustained operating margins, and net cash position, together with access to committed financing facilities, provide a strong foundation to support strategic acquisitions and ongoing investment in the business. This financial capacity enhances resilience to changing market conditions and underpins the strength of the Group's financial position.

Dividend
In line with the dividend policy, the Group pays quarterly dividends, which have increased each year since IPO in March 2020.

The Board recommends a final dividend of 2.8p per eligible Ordinary share for the financial year ended 30 April 2026. Subject to approval by shareholders at the Annual General Meeting ("AGM"), the final dividend will be paid on 23 October 2026 to shareholders on the Company's register of members at close of business on 25 September 2026. If the final dividend is approved, the total dividends paid by the Company relating to FY2026 will be 5.8p per eligible Ordinary Share (FY2025: 5.4p).

Corporate governance
The Board believes that effective corporate governance is fundamental to delivering long-term sustainable success for the benefit of shareholders and wider stakeholders. Since admission to AIM, the Group has applied the Quoted Companies Alliance ("QCA") Corporate Governance Code in a way that is proportionate to the Group's size, complexity and stage of development. Further details of the Group's governance arrangements are set out in the 2026 Annual Report and on the Company website.

During the year, the Board continued to review the Group's governance framework to ensure it remains appropriate for the scale, complexity and strategic priorities of the business. This included reviewing the terms of reference of the Board's principal committees in light of updated QCA guidance and considering whether the ESG Committee should be formalised as a Board committee. Having undertaken this review, the Board concluded that the current arrangements remain effective and proportionate, while recognising that governance structures will continue to evolve as the Group develops.

Engagement with shareholders remained an important focus throughout the year. The Board and senior management increased direct dialogue with investors, including discussions on cyber resilience and executive remuneration. Feedback received through this engagement has helped inform the Board's ongoing consideration of governance priorities, risk oversight and stakeholder expectations.

The Board remains committed to maintaining a governance framework that supports the Group's long-term strategy and sustainable growth. Governance arrangements, including committee structures, risk oversight and stakeholder engagement processes, will continue to be reviewed regularly to ensure they remain effective and aligned with the Group's evolving requirements. The Board also keeps its composition, skills and effectiveness under review to ensure it remains appropriate for the Group's scale and strategic priorities.

Outlook
I look forward with confidence to the year ahead and to FRP continuing to build on its momentum. We will continue to grow in a controlled and sustainable way, while maintaining the culture, quality and reputation that define FRP. While the outlook is positive, ongoing geopolitical uncertainty, particularly in the Middle East, continues to present risks to global supply chains and energy markets. Disruption in these areas may contribute to volatility in commodity prices, elevated energy costs and broader inflationary pressures. These dynamics are likely to create both challenges and opportunities for businesses and are expected to support demand across a number of the Group's service pillars.

The Board remains focused on maintaining a robust risk management framework and a high degree of operational resilience. This includes ongoing monitoring of geopolitical and macroeconomic developments, active scenario planning and stress-testing, and maintaining a diversified service offering and client base to mitigate concentration risk. The Group's disciplined approach to risk management, combined with its strong financial position and experienced leadership team, positions it well to respond effectively to periods of increased volatility and to support its clients in navigating complex and uncertain conditions.

On behalf of the Board, I would like to thank our people for their continued dedication and professionalism, and our clients and shareholders for their ongoing support.

Annual General Meeting
The Company's AGM will be held on 24 September 2026. The Notice of AGM will be made available to shareholders and published on the Company's website in due course.

Penny Judd
Non-Executive Chair
21 July 2026

Chief Executive Officer's report

At FRP, we have built a disciplined, multi-service national advisory firm that is well positioned to support clients across the full economic cycle. Our diversified model enables us to capture opportunities arising from business growth, market consolidation and financial distress, providing resilience and multiple avenues for growth. This has been another strong year for FRP, reflecting the quality of our people, the strength of our advisory model and the enduring relevance of our services in an increasingly complex market environment.

Clients are increasingly seeking integrated, practical advice in fast-moving and often challenging situations. Our ability to combine deep technical expertise with a partner-led approach continues to differentiate FRP in the market and underpins our confidence in the Group's long-term prospects.

During the year, we delivered revenue of £177.0 million, an increase of 16% on the prior year, comprising 10% organic growth and 6% growth from acquisitions, including the first 12 months' contribution from businesses acquired in prior periods. Adjusted underlying EBITDA increased by 12% to £46.1 million. Each of our service pillars contributed to this performance, with growth driven primarily by organic activity, supplemented by contributions from One Advisory and Arc & Co. Against a backdrop of continued macroeconomic uncertainty, this demonstrates the strength of our business model and the continued market demand for the services we provide.

Our strategy remains focused on building a diversified, high-quality advisory business capable of delivering sustainable long-term value for shareholders, clients and our people. We continue to pursue disciplined growth through a combination of organic expansion, selective acquisitions, and investment in our people and infrastructure. The Board remains committed to prudent capital allocation, balancing investment for future growth with the maintenance of a strong balance sheet and progressive returns to shareholders.

We continue to measure our success against a range of financial and operational indicators, including revenue growth, profitability, cash generation and talent development. Further information on our performance, principal risks and stakeholder engagement is set out within the Strategic Report extracts and the Group's 2026 Annual Report.

What has driven performance
Our performance continues to be underpinned by disciplined growth and our integrated advisory model, which enables us to support clients throughout the business lifecycle.

The year was characterised by challenging trading conditions for many UK businesses, influenced by domestic policy developments, ongoing geopolitical uncertainty and evolving international trading relationships. Against this backdrop, demand within the restructuring and insolvency market remained robust, while activity levels in private equity and mid-market corporate transactions supported demand across several of our advisory service lines.

The breadth of our service offering remains one of FRP's key strengths. Our service pillars deliver specialist expertise both independently and collaboratively, enabling us to provide coordinated, multidisciplinary advice that addresses increasingly complex client requirements. This approach strengthens client relationships, enhances cross-referral opportunities and supports sustainable growth across the Group.

Organic growth remains the cornerstone of our business model, with all parts of the Group performing well during the year. Alongside this, we have continued to strengthen our capabilities and market position through selective acquisitions that align with our strategic priorities and cultural values.

A significant development during the year was the continued expansion of our advisory offering. One Advisory has strengthened our Financial Advisory capabilities, while the acquisition of Arc & Co. has enabled the creation of our dedicated Real Estate Advisory pillar, which launched in May 2026. This new pillar broadens the Group's addressable market and enhances our ability to support clients across the full real estate lifecycle. Both acquisitions were targeted at areas where the Group can accelerate capability development and create opportunities for increased collaboration and revenue generation across the wider business.

During the year, the Group also made a founding investment in Queens Tower Advisory ("QTA"), acquiring a 25% stake in a technology-enabled advisory business focused on financial due diligence and data-driven transaction support to private equity clients. The investment provides exposure to innovative approaches within the due diligence market and reflects our commitment to supporting the development of complementary advisory capabilities and emerging technologies within the sector.

Strengthening our business
We have continued to deploy capital in a disciplined manner, prioritising investment in talent, operational capability and selective acquisitions while maintaining a strong balance sheet and supporting our progressive dividend policy. Our approach to capital allocation remains focused on sustaining long-term growth, preserving financial flexibility and ensuring the business remains well positioned to respond to opportunities as they arise.

The Group continued to generate strong operational cash flows during the year, supporting investment in the business, acquisition activity and shareholder returns.

We have also continued to invest in the infrastructure and support functions required to underpin a growing national business. While these investments are not always visible externally, they are critical to ensuring that the Group can scale efficiently, maintain operational consistency, and support sustainable long-term growth.

During the year, we strengthened the business through targeted investment in talent, geographic reach and service capability. This included establishing a new office in Liverpool, expanding our Corporate Finance presence in Leeds and further developing our Forensic Services capability in Manchester, alongside demand-led hires across the Group.

As FRP continues to grow, it is important that our operating model evolves in line with the scale and complexity of the business. During the year, we therefore continued to invest in leadership, systems, processes and controls to support greater consistency, efficiency and governance across the Group. We also continue to evaluate opportunities to deploy data analytics and AI-enabled tools where these can enhance insight, efficiency and client outcomes.

Our people
Our performance continues to be underpinned by the quality, commitment and professionalism of our people. We remain focused on attracting, developing and retaining talented individuals across all levels of the organisation, supported by the continued development of our People and Talent function.

We continue to invest in future talent and in creating clear, long-term career pathways across the business. We also remain committed to broadening access to the profession and maintaining opportunities for younger entrants beginning their professional careers. We believe this investment supports not only the future success of FRP but also the development of a sustainable and diverse talent pipeline across the sector.

We are pleased to see our focus on our people recognised externally through FRP's ranking as 17th in the Top 50 Inspiring Workplaces in 2026, with recognition for culture, inclusion, wellbeing and employee voice. While external recognition is valued, our primary focus remains on creating an environment where people can build rewarding careers, contribute meaningfully and deliver excellent outcomes for clients.

We also continue to strengthen our approach to environmental and social responsibility and to embed responsible business practices across the Group. We recognise that sustainable success depends not only on financial performance but also on how we support our people, serve our clients and fulfil our responsibilities as a listed business. Further information on our environmental, social and governance activity is provided in and the Group's 2026 Annual Report.

Market and opportunity
The market environment continues to create demand across our core services. Our expanded capabilities, including Real Estate Advisory, position us to support clients across a broader range of situations, with integrated and practical advice remaining central to our proposition.

All service pillars enter the new financial year with strong pipelines and positive momentum, supporting confidence in near-term activity levels, assuming broadly stable market conditions. Looking further ahead, we continue to see attractive opportunities driven by increasing business complexity, ongoing demand for specialist advisory services, and the continued development of our service offering.

We will continue to take a measured and practical approach to investment, focusing on initiatives that strengthen our business, improve efficiency, enhance decision-making and deliver tangible benefits to clients and colleagues. This includes investing in our people, integrating recent acquisitions and pursuing selective acquisition opportunities that broaden our capabilities, geographic reach and sector expertise. At the same time, we remain mindful of the challenges associated with growth, including talent retention, successful integration and maintaining consistent operational standards across an expanding organisation.

Looking ahead, our priorities remain unchanged: delivering sustainable growth while preserving the culture, quality and reputation that define FRP. While macroeconomic and geopolitical uncertainty continues to influence global markets, such conditions often create demand for the specialist services we provide. The breadth of our service offering enables us to respond to changing market conditions and provides opportunities for growth across multiple areas of the business.

The Group remains in a strong position, with a high-quality business model, enhanced capabilities, a robust financial position and a team committed to delivering for clients. Trading in the early months of the current financial year has been in line with the Board's expectations. Accordingly, we remain confident in the Group's medium-term prospects and in our ability to deliver sustainable long-term value for shareholders and other stakeholders.

I would like to thank our people for their continued commitment and contribution throughout the year, and our clients and shareholders for their ongoing support.

Geoff Rowley

Chief Executive Officer

21 July 2026

The following is an extract from the Strategic Report, the full text of which can be found in the Group's 2026 Annual Report.

Financial review

Revenue

FRP's revenue grew 16% year-on-year to £177.0 million, of which 10% was organic growth and 6% inorganic, the latter defined as an acquisition's first 12 months' contribution to the Group (FY2025: 19% growth to £152.2 million, of which 11% was organic growth and 8% inorganic).

Profitability

Adjusted underlying EBITDA increased by 12% to £46.1 million (FY2025: £41.3 million), demonstrating the Group's ability to translate revenue growth into sustainable profitability while continuing to invest for future growth. The result reflects the benefits of the Group's diversified service offering, disciplined cost management and continued demand for its specialist advisory services. Revenue per Partner increased to £1.7 million (FY2025: £1.4 million), reflecting a greater contribution from complex, higher-value engagements, and continued growth in the Group's revenue base.

During the year, the Group continued to invest in its people, technology and operational infrastructure to support future growth and enhance efficiency. The benefits of these investments are expected to be realised over time through improved scalability and operating leverage.

Statutory profit before tax increased by £4.2 million to £35.5 million (FY2025: £31.3 million), reflecting continued growth across the Group's five service pillars.

The Board monitors performance using both statutory and adjusted financial measures. Management believes these measures provide additional insight into the Group's underlying trading performance and are the primary metrics used by the Board when assessing operational performance and making strategic decisions.

Adjusted results exclude items that are not considered reflective of the Group's underlying trading activities, principally acquisition-related deemed remuneration charges recognised under IFRS 2 Share-based Payment where IFRS 3 Business Combinations requires the related share awards to be accounted for as post-combination remuneration rather than acquisition consideration, share-based payment expenses relating to certain Employee Incentive Programme awards under IFRS 2 Share-based Payment, and other exceptional items where applicable. Statutory profit before tax also includes the Group's share of the results of its associate, Queens Tower Advisory Limited, accounted for using the equity method, which is not adjusted for below.

During FY2026, statutory profitability was affected by higher acquisition-related deemed remuneration charges, reflecting both the full-year effect of acquisitions completed in the prior year and acquisitions completed during the current year. Whilst these charges are an important component of the Group's statutory results, the Board does not consider them to be indicative of the underlying trading performance of the business. As a result, growth in statutory profit before tax was lower than growth in adjusted underlying EBITDA during the year.

Accordingly, adjusted EBITDA, adjusted profit before tax and adjusted earnings per share are presented alongside statutory measures to provide a clearer view of underlying financial performance. These measures are not defined under UK-adopted International Accounting Standards and may not be directly comparable with similarly titled measures reported by other companies.

People and Capacity Investment

The Group continued to invest in its people and geographic footprint during the year, increasing headcount by 12% through a combination of targeted, demand-led lateral recruitment and strategic acquisitions. This investment has enhanced the Group's sector expertise, increased capacity and strengthened its ability to serve clients across the UK.

The Group further expanded its national presence through the opening of a new office in Liverpool during September 2025 and increased capacity across a number of key locations, including London, Brighton, Manchester, St Albans and the Isle of Man. These developments reinforce FRP's commitment to providing partner-led advice supported by both national scale and local market expertise.

At the start of the financial year, the Group employed 795 colleagues (excluding Consultants) across 29 UK offices and two international locations in Cyprus and the Isle of Man. During the year, the Group strengthened its national presence through the opening of a new office in Liverpool. As at 30 April 2026, the Group operated 30 UK offices and two international offices and employed 894 colleagues (excluding Consultants), as shown below.

Other operating costs
Other operating costs increased to £34.9 million (FY2025: £29.0 million), principally reflecting the Group's continued growth, ongoing investment in its operating platform and costs associated with acquisitions and PLC activities. The increase also reflects a larger average headcount during the year, which drove additional expenditure in a number of areas where costs are linked directly to employee numbers, including software licences and other support services.

A significant proportion of the increase related directly to revenue-generating activity, including consultant costs under commission-based arrangements, higher recoverable disbursements and targeted marketing expenditure to support future business development.

The Group also continued to invest in the infrastructure required to support a larger and more integrated business. Technology expenditure increased as systems and infrastructure were enhanced to support growth, integrate acquired businesses and begin the transition to a more scalable technology platform. These investments are expected to improve operational efficiency, strengthen scalability and support future operating leverage.

Further investment in office capacity and acquisition integration initiatives enhanced the Group's ability to accommodate future expansion and realise the benefits of recent acquisitions. These increases were partially offset by savings in areas including insurance and recruitment costs, reflecting the benefits of the Group's in-house talent acquisition capability and continued cost discipline.

Overall, the increase in the cost base reflects targeted investment to support growth, integration and long-term value creation, while maintaining a clear focus on operational efficiency and margin resilience.

Financial position and cash flow
The Group maintained a strong financial position, with net cash of £26.2 million at 30 April 2026 (FY2025: £33.3 million). This comprised gross cash of £26.2 million and no outstanding borrowings (FY2025: gross cash of £40.7 million and borrowings of £7.4 million).

Cash collections increased to £178 million (FY2025: £160 million), reflecting the Group's continued focus on billing discipline and cash conversion. The reduction in net cash during the year primarily reflects investment in the Group's growth strategy, including the acquisitions of One Advisory and Arc & Co., the founding investment in Queens Tower Advisory, investment in operational infrastructure and growth in unbilled revenue.

All external borrowings were repaid during the year, leaving the Group debt-free at 30 April 2026.

Funding and banking facilities
At the reporting date, the Group had access to a £10 million undrawn, committed Revolving Credit Facility, together with an uncommitted Accordion Acquisition Facility with Barclays Bank. No amounts were drawn under the accordion facility during the year.

After the year end, the Group strengthened its liquidity position through new facilities provided jointly by HSBC UK Bank plc and National Westminster Bank plc, comprising £50 million of committed, unsecured credit facilities and a further £45 million of uncommitted accordion capacity.

Working capital
The Group's largest asset is unbilled revenue (work in progress, "WIP") of £74.2 million (FY2025: £58.1 million), reflecting the value of work performed but not yet billed. The majority of WIP arises from restructuring engagements, where amounts are recognised based on the assessed recoverability of time costs incurred, supported by the judgement of the relevant Insolvency Practitioner. WIP days across the restructuring market are typically in the range of four to seven months, and the Group maintains a disciplined monthly valuation process to ensure appropriate recognition and recovery. Cash collections in the second half of the year were strong, resulting in WIP days of approximately five months (FY2025: approximately five months) at year-end. This level of WIP reflects the nature of the Group's restructuring-led revenue model, where billing and cash collection can be influenced by the timing of case milestones, asset realisations and creditor approval processes. In addition, the Group has seen growth in property-related engagements during the year, where WIP days are often longer as fee recoveries are linked to underlying asset sales and the release of funds from those transactions. Looking ahead, WIP days may increase in the first half of FY2027, reflecting the continued growth of the business and the timing profile of new case work.

The Group has fully settled all IPO-related liabilities due to Partners. It now operates a profit-sharing model that simplifies the balance sheet and aligns amounts payable to Partners with ongoing profitability and cash generation. Trade payables remain low, reflecting the Group's policy of settling supplier balances within 30 days, unless otherwise agreed. This supports strong supplier relationships and demonstrates continued discipline in working capital management.

Overall, the Group enters FY2027 with a robust balance sheet, no year-end external borrowings, disciplined working capital management and enhanced committed funding capacity to support organic growth, investment and selective acquisitions.

Dividend
Reflecting the Group's strong trading performance and robust financial position, the Board is recommending a final dividend in line with its stated policy of paying quarterly dividends. Since IPO, the Group has delivered a progressive and sustainable increase in dividends year-on-year, demonstrating its continued confidence in the business model and cash-generative capabilities.

The FRP Advisory Group plc Employee Benefit Trust ("EBT"), which was established at IPO through an initial contribution of shares by Partners, holds shares for the benefit of Group employees in order to satisfy awards granted under the Group's share-based incentive arrangements. The EBT has waived its right to receive dividends on these shares, and the corresponding amounts have therefore been retained by the Group. As employee share options became exercisable from 6 March 2023, dividends will become payable on the underlying shares when options are exercised and the shares are transferred to the relevant employees.

The Board recommends a final dividend of 2.8p per eligible Ordinary Share for the financial year ended 30 April 2026. Subject to approval by shareholders, the final dividend will be paid on 23 October 2026 to shareholders on the Company's register at close of business on 25 September 2026. If the final dividend is approved, the total dividends paid by the Company relating to the financial year ended 30 April 2026 will be 5.8p per eligible Ordinary Share (FY2025: 5.4p).

Consolidated Statement of Comprehensive Income
For the year ended 30 April 2026

Consolidated Statement of Financial Position
For the year ended 30 April 2026

Consolidated Statement of Changes in Equity
For the year ended 30 April 2026

Consolidated Statement of Cash Flows
For the year ended 30 April 2026

Extract of the notes to the Financial Statements
For the year ended 30 April 2026

1.            General information, basis of preparation and accounting policies

FRP Advisory Group plc ("the Company") and its subsidiaries' (together "the Group") principal activities include the provision of specialist business advisory services for a broad range of clients, including restructuring and insolvency services, corporate finance, debt advisory, forensic services and financial advisory.

The Company is a public company limited by shares registered in England and Wales and domiciled in the UK. The address of the registered office is 110 Cannon Street, London, EC4N 6EU and the company number is 12315862.

The financial information set out in this extract does not constitute the Group's statutory financial statements for the year ended 30 April 2026 but is derived from those accounts, which have been prepared in accordance with UK-adopted International Accounting Standards ("IFRS") and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

The statutory audited financial statements for FY2026 will be available at www.frpadvisory.com/investors and will be filed with the Registrar of Companies prior to the Company's Annual General Meeting. The auditors have reported on the financial statements and their report was unqualified, did not include an emphasis of matter paragraph, and did not contain any statements under sections 498(2) or 498(3) of the Companies Act 2006.

This extract has been prepared in sterling, which is the presentational currency of the Group. Amounts in these financial statements are rounded to the nearest £100,000, unless otherwise stated. They have been prepared under the historical cost convention.

This extract incorporates the results of FRP Advisory Group plc and all of its subsidiary undertakings as at 30 April 2026.

The Group completed two acquisitions of subsidiaries. The assets, liabilities and entity acquired have been consolidated within this extract, in accordance with IFRS 3.

The Group has applied the following new standards and interpretations for the first time for the annual reporting period ending 30 April 2026.

o  IAS 21 (Amendments) - The Effects of Changes in Foreign Exchange Rates - Lack of Enforceability

The Group applied the following new standards and interpretations for the first time for the annual reporting period ending 30 April 2025:

o  IFRS 16 Leases (Amendment): Lease Liability in a Sale and Leaseback

o  IAS 1 Presentation of Financial Statements (Amendment): Classification of Liabilities as Current or Non-current and Classification of Non-current Liabilities with Covenants

o  IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures (Amendment): Supplier Finance Arrangements

The adoption of the standards and interpretations listed above has not led to any changes to the Group's accounting policies or had any material impact on the financial position or performance of the Group.

At the date of authorisation of the financial statements, the following standards and interpretations relevant to the Group and which have not been applied in the financial statements, were in issue but were not yet effective.

IFRS standards effective for accounting periods commencing on or after 1 January 2026

•        IFRS 9 and IFRS 7 Financial instruments: Disclosures (Amendment): Classification and Measurement of Financial Instruments.

·           Annual improvements to IFRS Accounting Standards - Vol 11

·           Amendments to IFRS 9 and 7 Financial Instruments: Disclosures (Amendment): Contracts Referencing Nature-dependent Electricity

·           IFRS 18 'Presentation and Disclosure in Financial Statements'

·           IFRS 19 'Subsidiaries without Public Accountability: Disclosures'

The Group's and Company's management have reviewed the application of the amendments and have concluded that there is no expected material impact on the Group and Company financial statements.

Going concern

The Group delivered another year of revenue and profit growth and remained cash generative before acquisition-related consideration payments and the repayment of external borrowings. During the year, the Group completed two significant acquisitions, further strengthening its market position and service offering. Following the repayment of all external borrowings, the Group had no outstanding debt at 30 April 2026.

Subsequent to the year end, the Group renewed its banking facilities, securing £50 million of committed unsecured funding, available until at least June 2029, together with £45 million of uncommitted unsecured accordion capacity. The committed facilities provide funding flexibility to support working capital requirements, investment and selective acquisition activity, while the going concern assessment does not rely on the availability of the uncommitted accordion capacity.

The Directors selected January 2028 as the assessment period to provide a longer-term and more robust assessment of the Group's liquidity, covenant compliance and operational resilience than would be achieved through the minimum period required under accounting standards. This extended horizon allows the Directors to evaluate the Group's ability to meet its obligations and execute its strategic plans over a period that better aligns with the duration of its committed banking facilities.

The Directors performed downside sensitivity analysis to forecast financial performance to assess the Group's resilience under severe but plausible scenarios focused on the key operational and cash generation drivers of the business, namely recovery rates, utilisation levels and working capital conversion. The analysis included a 10% reduction in recovery rate, a 10% reduction in utilisation, a 60-day increase in WIP days, and a combined downside scenario applying 50% of each of these individual stresses concurrently. These sensitivities were selected to reflect severe but plausible deterioration in profitability, activity levels and cash conversion, without assuming the benefit of significant structural cost reduction measures. In all scenarios modelled, the Group retained sufficient liquidity and remained compliant with its financial covenants.

The Directors also considered a range of mitigating actions available should trading performance be adversely affected. These include reducing discretionary expenditure, controlling recruitment activity, reducing discretionary bonus payments and deferring non-essential investment and acquisition activity. Such actions are within management's control and could be implemented if required. The Group maintains a robust risk identification and review process, tracking risks and managing mitigations. Further details of this can be found in the Strategic Report.

The Directors have concluded that the Group has adequate resources to continue in operational existence for the going concern assessment period and that no material uncertainties exist that may cast significant doubt on the Group's ability to continue as a going concern.

FRP Advisory Trading Limited has provided letters of support to FRP Advisory Services LLP and FRP Corporate Advisory Limited, confirming its intention to provide financial support, if required, until January 2028. As these arrangements are with a Group entity and FRP Advisory Services LLP, they have no impact on the consolidated financial statements and were considered as part of the directors' going concern assessment.

2. Operating segments

The Group has a single reportable segment. This reflects the internal reporting and decision-making framework used by the Chief Operating Decision Maker ("CODM"), being the Chief Executive Officer.

The CODM reviews financial performance and allocates resources on a consolidated Group basis using a single set of management information. Whilst the Group operates across five service pillars, these are delivered through integrated and highly collaborative teams, with assignments frequently spanning multiple disciplines and locations.

As a result, discrete and reliable financial information (including profitability, assets, liabilities, cash flows and other key performance measures) is not prepared or reviewed for individual service pillars, and resource allocation decisions are not made at that level. Any allocation of revenue or costs between pillars would require significant judgement and would not reflect how the business is managed.

Accordingly, the Directors consider that the Group comprises a single operating and reportable segment for the purposes of IFRS 8.

All revenue is recognised from contracts with customers for the provision of specialist business advisory services. No customer contributed 10% or more of the Group's revenue.

3. Operating profit

Operating profit has been arrived at after charging:

4. Finance income and expense

5. Earnings per share

The earnings per share ("EPS") has been calculated using the profit for the year and the weighted average number of Ordinary Shares outstanding during the year, as follows:

The FRP Advisory Group plc Employee Benefit Trust ("EBT") has waived its entitlement to dividends and is not included within weighted average shares in issue used in the calculation of the basic EPS. It holds 8,587,823 (FY2025: 7,784,437) shares of the 259,119,136 (FY2025: 256,609,089) shares in issue on 30 April 2026. When options are exercised by employees, dividend rights accrue.

* Total share EPS is an alternative performance measure used by management to assess the Group's underlying performance. It is calculated using adjusted profit after tax and total share capital, including shares held by the FRP Advisory Group plc Employee Benefit Trust, to provide an indication of earnings per share on a fully diluted and economically equivalent basis. Adjusted profit after tax excludes items not considered representative of the Group's day-to-day trading activities, principally acquisition-related deemed remuneration charges arising under IFRS, share-based payment expenses relating to Employee Incentive Programme awards, and other exceptional items where applicable.

6.  Trade and other receivables

7. Trade and other payables

The liabilities to Partners includes tax due to HMRC on their behalf. Included within other payables and accruals in non-current liabilities are £0.3 million of staff costs (FY2025: £0.4 million).

8. Dividends

For FY2026 a dividend of £2.5 million, equivalent to 1.0p per eligible Ordinary Share, was declared on 23 September 2025 and paid on 19 December 2025. A dividend of £2.5 million, equivalent to 1.0p per eligible Ordinary Share, was declared on 18 December 2025 and paid on 20 March 2026. A dividend of £2.5 million, equivalent to 1.0p per eligible Ordinary Share, was declared on 23 February 2026 and paid on 12 June 2026. The Board recommends a final dividend of 2.8p per eligible Ordinary Share for the financial year ended 30 April 2026. Subject to approval by shareholders, the final dividend will be paid on 23 October 2026 to shareholders on the Company's register at close of business on 25 September 2026. If the final dividend is approved, the total dividends paid by the Company relating to the financial year ended 30 April 2026 will be 5.8p per eligible Ordinary Share.

9. Events after reporting date

On 14 May 2026, the Company declared an interim dividend in respect of the period to 31 January 2026 of 1.0 pence per eligible Ordinary share. The dividend had an ex-dividend date of 14 May 2026 and was paid on 12 June 2026.

The Board recommends a final dividend of 2.8p per eligible Ordinary Share for the financial year ended 30 April 2026. Subject to approval by shareholders, the final dividend will be paid on 23 October 2026 to shareholders on the Company's register at close of business on 25 September 2026.

Following the acquisition of Arc & Co., the Group launched FRP Real Estate Advisory in May 2026 as its sixth service pillar. This initiative brings together a high-quality team of sector specialists within a single, integrated pillar. The launch enhances the Group's ability to support clients with real estate requirements through expanded capability, deeper sector expertise and a more cohesive, joined-up service offering.

Following the agreement of new lock-in deeds by current and former Partners of the Company ("Partner Shareholders") in April 2026, an opportunity for a liquidity event was provided to Partner Shareholders in May 2026.  Total indications received from the Partner Shareholders were to sell 3,601,769 Ordinary Shares, and it was determined that 3,506,147 Ordinary Shares would be purchased by the FRP Advisory Group plc Employee Benefit Trust ("EBT") at a price of 113 pence per Ordinary Share. The EBT purchase of shares was funded by a non-interest bearing loan from FRP Advisory Trading Limited.

The Group entered into new banking facilities with HSBC UK Bank plc and National Westminster Bank plc in July 2026, with a minimum committed term of three years. These facilities provide the Group with a total £50 million of committed funding, together with an additional £45 million accordion feature which may be exercised subject to lender consent. The facilities are intended to support the Group's working capital requirements, maintain appropriate liquidity headroom, and provide flexibility to fund strategic initiatives, including investment in the Group's operations and the execution of selective acquisition opportunities. As part of the facility arrangements, FRP Advisory Group plc and certain subsidiary undertakings, namely FRP Advisory Trading Limited, FRP Advisory Services LLP, FRP Corporate Advisory Limited, FRP Real Estate Advisory Limited (formerly Arc & Co. Structured Finance Limited), Hilton-Baird Financial Solutions Limited, Hilton-Baird Audit and Survey Limited, Hilton-Baird Collection Services Limited, Hilton-Baird Management Services Limited, One Advisory Limited and Wilson Field Limited, entered into cross-guarantee arrangements in favour of the lender.

NOTE
This preliminary statement was approved by the Board of Directors on 21 July 2026.