FRP Advisory Group PLC on Friday reported strong performance for the half-year that ended October 31, and remains confident of achieving full year expectations.
The London-based corporate finance, restructuring and debt adviser said it expects first half revenue of £58.7 million, up 19% from £49.4 million a year earlier, alongside underlying adjusted earnings before interest, tax, depreciation and amortisation rising 34% to £15.5 million from £11.6 million.
Market expectations for the company’s financial 2024 results include revenue of £112.2 million and adjusted Ebitda of £28.8 million.
It noted that the restructuring market has seen an increase in activity levels during calendar 2023, including administrations approaching pre-pandemic levels.
FRP said: ‘Companies with significant borrowings who have rolled off lower interest rate arrangements are now subject to much higher debt service costs, with interest rates now considerably higher than the 2009-2021 period... Certain sectors such as construction, property, casual dining and food service, retail, administrative and support services are finding current trading conditions particularly challenging.’
Chief Executive Officer Geoff Rowley added: ‘We remain confident of making further progress, with leading positions in our core markets and a team and structure that leaves us well positioned to support corporates through the business cycle and respond to increased demand for our services.’
Shares in FRP rose 2.4% to 124.95 pence each in London on Friday afternoon.
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