FRP Advisory Fiscal Year 2022 Pretax Profit Slipped on Higher Expenses; Revenue Rose

By Joe Hoppe

FRP Advisory Group PLC said Friday that its fiscal 2022 pretax profit slipped on higher expenses, though revenue rose and the outlook is positive.

The U.K. professional-services company posted a pretax profit for the year ended April 30 of 15.1 million pounds ($18.1 million), compared with GBP16.6 million a year earlier. Personnel costs rose 26% to GBP58.8 million, while other operating expenses rose 33% to GBP18.6 million, it said.

Revenue rose to GBP95.2 million from GBP79.0 million, it said.

The board declared a final dividend of 1.9 pence a share, bringing the total dividend for the year to 4.3 pence, from 4.1 pence in the prior year.

The company said uncertainties still remain over how long troubled businesses can last in their current form, and how proactive key creditors will be on addressing overdue debts. Following the removal of government support, inflationary pressures and other macroeconomic disruptors, the company has seen an increase in the level of enquiries for restructuring services in recent months, it said.

"The group has a strong balance sheet and the board believes the medium-term outlook for all the group's markets is positive. Trading since May 1 is in line with the board's expectations," Chief Executive Geoff Rowley said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

July 22, 2022 03:02 ET (07:02 GMT)

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