Revenues at financial services firm hit £104m

Accountancy and restructuring firm FRP Advisory Group saw revenues increase by nine per cent to £104m over the last 12 months.

The firm, which has regional offices across the UK, has its roots in the restructuring sector, but has expanded into other areas such as corporate finance and debt advisory services.

The group has grown from its initial size of 29 partners in 2010 to a firm which now works from 26 offices throughout the UK, and one further office located in Cyprus. It now has more than 580 staff including 88 partners.

The firm said adjusted underlying EBITDA rose by five per cent over the last year to £27m.

Reported profit before tax was £15.6m and the average revenue for each partner was £1.2m.

Chief executive Geoff Rowley said: “The group made strong progress in the financial year to 30 April 2023, with growth in the team, profits and dividends.

“A complementary business in Cyprus was acquired, the financial advisory pillar was launched in response to client demand and our corporate finance team were named UK Corporate Finance House of the Year at the National Real Deals Private Equity Awards 2023.

“Our restructuring team continues to make progress in the nature of projects and depth of referral client base across all of our locations.

“Our forensic services team has been very active on many confidential projects along with a number of high-profile mandates for listed businesses, for example WANdisco plc, Inland Homes plc and Braemar plc.”

He added: “The results achieved are ongoing testament to the quality of our colleagues and their continued efforts to collaborate internally and provide a high-quality service, to help achieve the best possible results for our clients.

“The specialists at FRP can help across the entire economic life cycle. Reflecting the continued development of our team we recently promoted 12 colleagues to partners spanning across locations and service pillars. This is a record number and shows our commitment to supporting internal career progression. In a competitive market FRP continues to attract talented lateral hire colleagues into the group.

“In our new financial year, activity levels have been encouraging to date and trading is in line with the Board’s expectations. The short and medium-term outlook for our business remains positive and we are confident of making further progress.”