FRP Advisory Group lifts expectations after solid third quarter

Professional services company FRP Advisory Group updated the market on its trading on Friday, reporting “continued progress” over the first nine months of its financial year.

The AIM-traded firm said that progress came despite the significant levels of government support and reduced levels of both corporate insolvency and administration appointments across the market.

As a result, at current trading levels, the company’s board said it now expected to exceed current market expectations, with revenues of at least £75m and adjusted EBITDA of at least £21m.

As it said at its interim results in December, FRP was moving to a quarterly dividend payment schedule, and on Friday declared a quarterly dividend of 0.8p per eligible share.

The company said the dividend would be based on the shareholder register per the record date of 14 May, and would be paid on 11 June.

It said the shares would be marked ex-dividend on 13 May.

“Our resource flexibility and breadth has proven invaluable in the current climate, helping us to support businesses as they adapt to a fast-changing environment,” said chief executive officer Geoff Rowley.

“Our business model has proven itself to be resilient, with complimentary service lines that support clients throughout their entire lifecycle.

“The medium-term outlook for our market remains positive, although there is still uncertainty around the shape and scale of the economic recovery from the Covid-19 pandemic and additional pressures on some businesses from the UK leaving the EU.”

FRP said it would give a full-year trading update for the year ending 30 April in mid-May.

At 0847 GMT, shares in FRP Advisory Group were up 5.19% at 105.72p.