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(Sharecast News) - FRP Advisory reiterated its full-year outlook on Thursday, after the specialist advisory firm posted an uplift in interim sales and profits.
Revenues at the AIM-listed business, which provides administrative, restructuring and forensic accounting services, rose 12% in the six months to 31 October to 87.1m. Of that, 5% was organic and 7% acquired.
Underlying adjusted earnings before interest, tax, depreciation and amortisation were 3% stronger at 23m, while reported pre-tax profits rose 3% at 18.3m.
Administration appointments fell 11% to 87, although FRP's market share remained unchanged at 12%.
Geoff Rowley, chief executive, said: "Our integrated advisory model meets clients' needs throughout their lifecycle and positions us for profitable growth in all economic conditions.
"Over the half, we've continued to strengthen this model through a further acquisition and new investments in talent, geographic reach and service lines."
Looking to the full year, FRP said it was well-positioned to continue making progress across all of its units - dubbed pillars - following the Budget.
Rowley concluded: "Each pillar has a robust pipeline and positive outlook, and the board remains confident of achieving current market expectations for the full year, assuming activity levels continue."
Consensus is currently for annual adjusted EBITDA of 44.8m on revenues of 164.2m.
As at 0830 GMT, the stock was up 2% at 140.3p.
As well administration, restructuring and forensic accounting, FRP also provides corporate finance and debt advisory services. It intends to launch a sixth pillar, real estate advisory, following the acquisition of London-based firm Arc & Co in November.