Full Year Trading Update
FY25 revenues £152m (+19%), EBITDA £41m (+11%), but Q4 macro volatility delayed projects into FY26.
vs expectations: below consensus expectations
- FY25 Revenue £152m (prior £128.2m)
- FY25 Adjusted EBITDA £41m (prior £37.1m)
- Net cash £32m (prior £29.7m)
- Headcount 795 (prior 657)
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FRP Advisory Group plc, a leading national specialist business advisory firm, announces an update on trading for the year ending 30 April 2025 ("FY 2025") ahead of its Full Year results on 23 July 2025.
Trading Performance
As announced on 17 February 2025, performance in the first nine months of the year was strong, with positive trading across each of the five service pillars, supported by significant contributions from The Body Shop and a large Corporate Finance project.
The final quarter of the financial year saw a marked increase in macroeconomic volatility, driven predominantly by US announcements regarding global trade tariffs, impacting business confidence and causing delays in decision making. Several Corporate Finance projects extended their completion date into FY 2026.
The Group expects to report FY 2025 revenues of approximately £152m, up 19% on the prior year (FY 2024: £128.2m), and adjusted underlying EBITDA of approximately £41m, up 11% on the prior year (FY 2024: £37.1m).
Balance sheet & Dividend
The Group's balance sheet remains strong with an unaudited net cash balance as at 30 April 2025 of approximately £32m (FY 2024: £29.7m). The Group also has an undrawn revolving credit facility available of £10m and an accordion acquisition facility.
FRP continues to invest to support sustainable profitable growth. Five acquisitions completed within FY 2025, all of which are integrating well. A new office was opened in Belfast. Overall total headcount grew 21% year-on-year to 795 (FY 2024: 657) with acquisitions a key contributor to the growth and hiring in certain areas, for the example the People/HR team.
Given the trading performance and strong balance sheet, the Group intends to propose a final dividend, in line with its stated dividend policy.
Outlook
FRP has a strong track record of delivering profitable growth throughout the economic cycle. Aside from recent macroeconomic developments many UK companies that were already facing cost pressures (inflation, debt service) will face further financial difficulties following the Autumn budget, as the new minimum wage and increased employers' National Insurance contribution begin to take effect. Companies with large workforces and tighter margins will be particularly impacted, for example, those in the hospitality and retail sectors.
FRP is well placed to support clients through times of change across the corporate lifecycle, from highly successful businesses to those facing stress or distress. The outlook for all of FRP's markets remains positive and the team looks forward to making further progress in this new financial year.
Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:
"Whilst the global and UK economies continue to be impacted by uncertainty, FRP remains well placed to continue to serve its clients across the entire economic cycle. The medium-term outlook for our markets remains positive and we have sufficient resource flexibility to respond to an increase in demand for our services. The Board is therefore confident of further growth and progress in the new financial year."
The Group believes current market consensus for FY 2025 to be revenue of £156.3m and adjusted EBITDA of £43m.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.