FRP Advisory sees H1 profits drop to £5.7m
The fall in profit was attributed to ‘high levels’ of government support in response to the pandemic which reduced the amount of administration appointments by 49% to 390 in H1 2022 (H1 2021: 763)
FRP Advisory has reported that pre-tax profits for the six-month period ended 31 October 2021, dropped to £5.7m from £7.1m the previous year.
The fall in profit was attributed to “high levels” of government support in response to the pandemic which reduced the amount of administration appointments by 49% to 390 in H1 2022 (H1 2021: 763).
Despite the fall, revenues grew 25% to £44.7, up from £35.9m and was boosted by the group completing 50 transactions during the period with a combined deal value of £1.28bn and £500m of debt raised.
Furthemore, adjusted underlying EBITDA was £11.1m, up 14% compared with the same period last year (£9.7m).
During the six-months, the total number of formal company insolvencies (including administrations) was 8,409, which is a 43% increase on the prior period (H1 2021: 5,873).
Geoff Rowley, CEO, said: “The markets we operate in have been mixed. The corporate finance market is highly active as capital continues to be deployed.
“Looking ahead, we are well positioned to service the expected increase in restructuring advisory activity driven by this disruption and the withdrawal of Government support in response to the pandemic.”
