FRP Advisory FY profits seen ahead of expectations

17th May 2024 09:58

(Sharecast News) - Business advisory firm FRP Advisory said on Friday that both full-year revenue and profits were set to come in ahead of expectations, leaving the group confident for the year ahead.

FRP said revenues were expected to be 23% higher at £128.0m in the twelve months ended 31 March, while underlying earnings were seen 37% higher at £37.0m, principally due to a 22% increase in business administrations over the year.

The AIM-listed group also noted that it had "strengthened its market-leading position, remaining the most active administration appointment taker in the UK by volume of appointments, and growing its market share from 14% to 16%.

Chief executive Geoff Rowley said: "The group made excellent progress in FY 2024, continuing to execute our strategy while growing revenues and profits for the thirteenth year. The results achieved are testament to the quality of our colleagues and their continued efforts to provide a high-quality service to achieve the best possible results for our clients.

"Activity levels across all our locations and pillars are encouraging. As a result, we start our new financial year with confidence of making further positive progress."

As of 1140 BST, FRP shares had surged 11.18% to 142.32p.

Reporting by Iain Gilbert at Sharecast.com