FRP Advisory Group has reported double-digit growth in revenue for its 2024 financial year as the number of firms seeking its help has soared.
The group, which has a leading position in corporate finance, debt, and restructuring, said today revenue grew by 23 per cent to £128m for in 2024, up from £104m in 2023. While its adjusted underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grew to £37m, up 37 per cent on the prior year (£27m).
FRP said its restructuring business had a particularly good year. It reported a 22 per cent rise in company administrations across all sectors around the country.
The firm has been on a number of high-profile appointments, including the Body Shop, WiggleCRC, Inland Homes plc, Just Cashflow and Readers Digest.
The firm has remained the most active administration appointment taker in the UK regarding the volume of appointments. Its market share has risen to 16 per cent.
Activity levels in its corporate finance team also increased in the second half of the year as UK economic conditions began to stabilise and market sentiment improved.
The team closed 76 transactions in 2024, slightly up from the previous number of 73. Those cases had an aggregate deal value of £1.4bn, which was down on the previous year of £1.8bn.
Its forensic services team is reported to have had a busy year across a multitude of high-profile investigations, litigation and arbitration disputes. The firm said it had to hire more staff across multiple locations to meet the increase in demand.
Over the last year the group completed two acquisitions: Wilson Field Group and GWC. It is also expected to acquire commercial finance and risk management specialists, Hilton-Baird Group on 13 May.
Commenting on the results, CEO Geoff Rowley said: “The group made excellent progress in 2024, continuing to execute our strategy while growing revenues and profits for the thirteenth year.”
“The results achieved are testament to the quality of our colleagues and their continued efforts to provide a high-quality service to achieve the best possible results for our clients.”
“Activity levels across all our locations and pillars are encouraging. As a result, we start our new financial year with confidence of making further positive progress,” he added.