FRP Advisory Group, a company that gives advice to businesses, has said that its sales and profits have kept going up and that its performance in the first half has been strong.
FRP said in a trading update for the half year that ended on October 31, 2022, that it expects to report sales for H1 2023 of £49.4m, which is 10% more than the £44.7m it made in the same time last year.
Underlying adjusted EBITDA is expected to be £11.6m, which is up 5% from last year’s figure of £11.1m.
The group said on the stock exchange that so far, performance is “in line with the board’s expectations.”
Geoff Rowley, the CEO, said that the company has made “good progress” in the first half, with its team, sales, and profits all continuing to grow.
“Our strategy is still to provide long-term, profitable growth by making sure our five service pillars work together to offer solutions that get the best results,” he said.
“Our Restructuring team is well-equipped to handle the expected rise in demand due to the many problems UK businesses are facing. However, it is still unclear how long available liquidity and government-backed loans will be able to keep struggling businesses going, or how quickly key creditors like HMRC and institutional lenders will take care of overdue debts.
“Our Corporate Finance team has a strong pipeline, and they are getting more requests for help with deals from their debt advisory colleagues.”
The business also said that the outlook for its key markets over the next few years is still good, and the board is confident that more progress will be made in the current financial year.
FRP has 26 offices all over the UK, in places like Birmingham, Bristol, Cambridge, Leeds, Manchester, Newcastle, Nottingham, and Reading.