FRP Advisory has put out a strong full year trading update for FY 2026, and the headline numbers are hard to argue with. Revenue is expected to be at least £176 million, while adjusted underlying EBITDA – a common measure of operating profit before interest, tax, depreciation and amortisation – is expected to be at least £45 million.
That means revenue is up 16% from £152.2 million last year, and adjusted underlying EBITDA is up 9% from £41.3 million. In a year where UK companies were dealing with tariff disruption, budget uncertainty and patchy confidence, that is a solid performance and a good sign that FRP’s business model is doing what it is supposed to do.
FRP Advisory FY 2026 trading update shows record revenue growth and profit progress
| Metric | FY 2026 | FY 2025 | Change |
|---|---|---|---|
| Revenue | At least £176 million | £152.2 million | Up 16% |
| Adjusted underlying EBITDA | At least £45 million | £41.3 million | Up 9% |
| Net cash | Approximately £26 million | £33.3 million | Down £7.3 million |
| Headcount | 894 | 795 | Up 12% |
There is another important detail here. Management says these results are at least in line with market consensus, and the figures in the RNS suggest they are actually a touch ahead. Consensus was revenue of £164.2 million and adjusted EBITDA of £44.8 million, so FRP looks to have beaten revenue expectations by a decent margin and edged past on profit too.
That matters because it shows demand held up better than the market may have feared. It also suggests FRP entered the year-end with momentum rather than just scraping over the line.
Why FRP Advisory is performing well during economic uncertainty
FRP is not a one-trick pony. It advises companies across different parts of the economic cycle, which is exactly what you want from a business advisory firm when the wider backdrop is messy.
When confidence is weak, restructuring and debt advice tend to pick up. When deal activity improves, corporate finance, due diligence and valuations can push harder. FRP is telling investors that this spread of services helped it stay resilient through a year marked by corporate decision delays and political and geopolitical uncertainty.
Restructuring remains a major strength for FRP
The company says it strengthened its market-leading position as the number one firm for UK administration appointments by volume. In simple terms, administration appointments are formal insolvency-related assignments, and being number one by volume points to a strong market position in a part of the advisory market that can be very active when businesses come under pressure.
That is important now because FRP is already seeing increased demand for Debt Advisory and Restructuring Advisory services. With higher energy costs and supply chain disruption linked to the Middle East conflict, that trend could continue if UK businesses come under more strain.
Corporate Finance had a record year despite tougher deal markets
This is one of the more impressive bits of the update. FRP says Corporate Finance delivered a record revenue year even though mergers and acquisitions, or M&A, have been taking longer to complete and buyers have been more cautious before signing deals.
FRP’s focus on the lower mid-market looks helpful here. The firm says half of its deals involved private equity, which it describes as resilient and well capitalised. That gives some comfort that this part of the business still has a healthy client base even when broader deal markets are sluggish.
Financial Advisory and Forensic services were also described as seeing steady to buoyant demand, particularly in financial due diligence and valuations. So this was not just a restructuring story. Growth appears to have been fairly broad-based.
FRP acquisitions and office expansion show a business still investing for growth
FRP did not spend FY 2026 standing still. During the year it acquired One Advisory and Arc & Co, and it also made a minority investment in Queens Tower Advisory, or QTA.
These deals were not random bolt-ons. One Advisory added Governance Advisory and pre-IPO services, plus stronger valuation and transactional capabilities. Arc & Co added real estate and development debt financing expertise. QTA adds financial due diligence capability for private equity clients and is described as using technology in an innovative way.
On top of that, FRP opened an office in Liverpool, established a new Corporate Finance pillar in Leeds, added new Forensic Services and Debt Advisory pillars in Manchester, and brought recently acquired London teams together into one location. Headcount grew 12% year-on-year to 894.
To me, that reads like a management team still leaning into growth rather than retrenching. That is usually a good sign, although investors should always remember that integration carries execution risk. The RNS does not disclose acquisition costs or the financial contribution from each deal, so that is something to watch when full results arrive.
FRP balance sheet remains strong, but the lower net cash balance is worth noting
The balance sheet still looks healthy. FRP ended the year with approximately £26 million of unaudited net cash and also has an undrawn £10 million revolving credit facility, plus an accordion acquisition facility. A revolving credit facility is a flexible borrowing line, while an accordion feature usually allows additional borrowing capacity to be added under agreed conditions.
That said, net cash has fallen from £33.3 million to around £26 million. That is not a red flag on its own, especially with acquisitions, hiring and expansion happening during the year, but it is one number I would keep an eye on. A business can be growing nicely and still see cash tighten if investment ramps up.
The board also intends to propose a final dividend in line with its stated dividend policy. No dividend figure has been disclosed yet, but the intention to maintain policy adds another small vote of confidence from management.
FRP Advisory outlook for FY 2027 looks positive, with a few obvious risks
The board says it is looking ahead with strong current momentum and confidence. That sounds justified based on the update. Restructuring should remain well supported if economic stress persists, and Corporate Finance still has a strong pipeline with private equity active and mid-market consolidation continuing.
There is also a new Real Estate Advisory service pillar being formally launched this month following the Arc & Co acquisition. That broadens the offer again and could open up more cross-selling across the group.
Still, it is not all plain sailing. FRP itself points to inflation pressure, uncertain rate-cut paths, higher labour and energy costs, debt servicing pressure and supply chain disruption. Those issues can drive advisory demand, which helps FRP, but they also make outcomes harder to predict.
My verdict on the FRP Advisory trading update
This is a positive update. FRP has delivered record revenue, higher profit, demand across multiple service lines and a confident outlook, all while continuing to invest in people, geography and capability.
The only slightly less shiny point is that profit growth did not keep pace with revenue growth, based on the minimum figures given, so margins may have softened a bit. That is not unusual in a year of acquisitions and expansion, but it is something worth checking in the July 2026 audited results.
Overall, though, FRP looks like a business benefiting from exactly the sort of mixed market conditions it is built to navigate. For retail investors, the core takeaway is simple: this is a diversified advisory firm that appears to be executing well, holding a strong market position, and staying financially solid while it grows.
