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This article covers information on FRP Advisory Group PLC.
LON:FRPFRP Advisory Group has posted a solid first half for the six months to 31 October 2025 (referred to as H1 2026). Revenue is expected to be £87.0m, up 12% year-on-year, while underlying adjusted EBITDA is seen at £23.0m, up 3%. That growth comes against a very strong comparative period boosted by The Body Shop case and a large Corporate Finance mandate – so the step forward looks respectable rather than flashy.
In short: top-line momentum is healthy, profitability is holding up, and the firm is still investing to broaden its reach. Management says the pipeline is encouraging and remains confident of meeting full-year expectations.
The revenue uplift to £87.0m (+12%) shows FRP’s multi-pillar model doing its job even when comps are loaded. Underlying adjusted EBITDA – the company’s preferred measure of operating profit before interest, tax, depreciation and amortisation, and stripping out non-underlying items – nudged up 3% to £23.0m. Given last year’s outsized case work, that’s a decent outcome.
There were two obvious contributors: an expanded Financial Advisory capability and a growing national footprint. The acquisition of One Advisory Group in May 2025 added financial reporting, pre-IPO transaction services and governance capabilities serving 100+ clients. FRP also opened a Liverpool office in August focused on Corporate Finance, strengthening deal coverage in the North West.
FRP is still very much in build-out mode. Just into H2, the firm acquired real estate advisory business Arc & Co, and plans to launch a sixth service pillar – FRP Real Estate Advisory. That sits alongside the existing five: Restructuring Advisory, Corporate Finance, Debt Advisory, Forensic Services and Financial Advisory.
Why it matters: adding real estate advisory should deepen deal origination, reshape capital structures more effectively and provide specialist support for distressed property situations. It’s a logical adjacency for both Corporate Finance and Restructuring, and it broadens cross-sell potential across the Group.
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To ensure capacity keeps pace, headcount rose during the half, primarily via acquisitions. FRP now has 861 colleagues (excluding consultants) – up 8%, and up 11% year-on-year per the RNS. That investment should support higher activity levels in H2 and beyond, but it does carry some cost in the short term.
The balance sheet looks healthy. As at 31 October 2025, FRP had unaudited net cash of £16.5m (gross cash £22.3m less £5.8m of structured debt), up from £13.3m a year earlier. On top, there’s an undrawn £10.0m revolving credit facility (RCF – a flexible borrowing line) and an accordion acquisition facility (a feature that allows the loan to be increased if needed).
FRP also made a strategic investment: £3.0m for a 25% stake in Queens Tower Advisory (QTA), a platform for experienced transaction services partners. FRP’s share of QTA’s loss in the half was £0.2m, which is normal for an early-stage build-out and – importantly – said to be in line with expectations on hiring, set-up and mandate wins.
With EBITDA up 3% against a tough comp, profitability looks resilient. Based on disclosed figures, the implied H1 2026 EBITDA margin is about 26% (c. £23.0m on £87.0m revenue) versus roughly 29% in H1 2025. The slight dip likely reflects case mix, early-stage investment drag (including QTA), and the cost of adding capacity.
That trade-off is not a negative in itself – FRP is investing to drive growth and broaden capability. The question for H2 is whether utilisation and case flow tighten that margin back up as new teams and services bed in.
FRP expects demand for its services to rise in H2 2026 and beyond. The firm flags pressure on consumer-facing sectors such as retail and hospitality, especially if the ‘golden quarter’ – the festive trading period – proves weaker than required. That typically drives more restructuring and advisory work.
The upcoming 2025 Autumn Budget could meaningfully influence business confidence and growth. FRP’s stance is that it is well-positioned across all service pillars regardless of policy direction – a sensible line given the counter-cyclical nature of restructuring and the cyclical nature of M&A.
The Board remains confident of achieving full-year expectations. FRP cites consensus for FY 2026 at revenue of £164.2m and underlying adjusted EBITDA of £44.8m. On a simple run-rate view, H1 revenue of £87.0m is about 53% of that full-year revenue consensus, and H1 EBITDA of £23.0m is about 51% of the EBITDA consensus – a reasonable position at the halfway mark.
With an encouraging pipeline, a bigger team, and more services to sell, the setup for H2 is constructive. A softer consumer environment could even become a tailwind for restructuring work, offsetting any dealmaking pauses elsewhere.
| Metric | H1 2026 / Latest | Comparison / Notes |
|---|---|---|
| Revenue | £87.0m | +12% year-on-year (H1 2025: £77.6m) |
| Underlying adjusted EBITDA | £23.0m | +3% year-on-year (H1 2025: £22.3m) |
| Implied EBITDA margin | c. 26% | H1 2025 c. 29% (mix and investment effects) |
| Net cash (31 Oct 2025) | £16.5m | £22.3m gross cash less £5.8m structured debt |
| Undrawn RCF | £10.0m | Plus an accordion acquisition facility |
| Headcount | 861 | Up 8%; 11% higher year-on-year (excluding consultants) |
| QTA investment | £3.0m for 25% | Share of H1 loss: £0.2m |
| FY 2026 consensus revenue | £164.2m | Per company-stated market expectations |
| FY 2026 consensus EBITDA | £44.8m | Per company-stated market expectations |
This update paints the picture of a firm executing steadily while broadening its earnings base. The move into Real Estate Advisory, the integration of One Advisory, and a bigger regional footprint should all enhance cross-sell and utilisation over time. Meanwhile, net cash of £16.5m and an undrawn £10.0m RCF leave room for further bolt-ons without stretching the balance sheet.
The watch-outs: margins softened a touch versus a standout prior period, early-stage investments like QTA are currently loss-making, and macro uncertainty lingers. But FRP’s model is built to flex across cycles – when consumer-facing sectors strain, restructuring work tends to rise, and when confidence improves, Corporate Finance and Debt Advisory can take the baton.
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