TIDMFRP
RNS Number : 9071N
FRP Advisory Group PLC
28 September 2023
28 September 2023
FRP ADVISORY GROUP PLC
("FRP", the "Group" or the "Company")
AGM Statement and Q1 Dividend Declaration
FRP Advisory Group plc, a leading national specialist business
advisory firm, is holding its Annual General Meeting today. Nigel
Guy, Non-Executive Chairman, will make the following statement:
"During the last financial year to 30 April 2023, we continued
to execute our strategy. We maintained our track record of
increasing revenues, profits and dividends while further investing
in our business. Since our IPO in 2020, we have generated annual
growth (CAGR) in revenue of +18%, adjusted EBITDA of +13% and
dividends of +5%.
Encouraging performance in the new financial year to 30 April
2024 (FY 2024)
As noted in our full year results announcement on 26 July 2023
we started FY 2024 encouraged by activity levels particularly in
our Restructuring team and this has continued to date. FRP
Corporate Finance which is focused on the mid-market, has continued
to complete transactions. This market segment has proved more
resilient to the well documented challenges facing the UK M&A
market and in particular the larger deals, including those in the
public market. M&A deal timescales continue to remain extended.
Our other pillars remain active and are experiencing increased
demand for their services.
Earlier in the month, the Group announced the acquisition of the
Wilson Field Group. The acquisition was the Group's seventh since
IPO and further demonstrates delivery against our strategy to
generate sustainable profitable growth by combining a focus on
organic growth with acquisitions that meet the Group's selective
criteria.
Strong balance sheet; continued growth in quarterly dividend
The Group continues to have a strong balance sheet and in line
with the Company's quarterly dividend policy, the Board is pleased
to declare an interim dividend of 0.9p per eligible ordinary share
for the first quarter ended 31 July 2023 (Q1 2023: 0.85p). The
dividend will be paid on 22 December 2023 to shareholders on the
register on 24 November 2023, with the ex-dividend date being 23
November 2023.
Positive outlook
Trading year-to-date has been positive and if current activity
levels continue, the Board is confident that the Group will at
least deliver the current full year market expectations*. The short
and medium-term outlook for the Group remains positive and the
Board is confident of continued progress.
The Company expects to announce a trading update for the six
months to 31 October 2023 in mid-November 2023."
*The Company believes consensus market expectations for FY 2024,
including a full second half year contribution from the Wilson
Field Group, to be revenue of GBP111.8m and adjusted EBITDA of
GBP28.7m.
Enquiries:
FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via MHP
Cavendish Securities plc (Nominated Adviser and Joint
Broker)
Katy Birkin/ Stephen Keys (Corporate Finance)
Tel: +44 (0) 207 220 0500
Investec Bank plc (Joint Broker)
Carlton Nelson / James Rudd (Corporate Broking)
Tel: +44 (0) 207 597 4000
MHP Group (Financial Public Relations)
Oliver Hughes
Charlie Barker
Catherine Chapman
Tel: +44 (0) 783 462 3818
FRP@mhpgroup.com
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 financial
due diligence, lender services, financial modelling, valuations,
pensions and company-side advisory services.
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END
AGMUBRWROSUKUAR
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