FRP Advisory Group Achieves 16% Revenue Increase to £177 Million in FY2026 with Strong EBITDA and Dividend Growth

Diverse Advisory Services Spanning Six Pillars

Operating as a multi-service advisory firm, FRP Advisory Group delivers expert services across restructuring, corporate finance, debt advisory, forensic services, financial advisory, and real estate advisory. Serving companies, lenders, investors, and stakeholders, FRP maintains a presence in 30 UK locations and international offices in Cyprus and the Isle of Man. This diversified portfolio enables the firm to capitalize on both pro-cyclical business growth opportunities and counter-cyclical demand linked to financial distress and restructuring.

During FY2026, positive trading was recorded across all five existing service pillars, with the sixth—FRP Real Estate Advisory—launched in May 2026 following the November 2025 acquisition of Arc & Co Structured Finance. This expansion reflects FRP’s strategic intent to broaden capabilities and offer integrated solutions throughout the corporate lifecycle. The firm’s partner-led approach and strong local presence across the UK remain key differentiators in navigating complex advisory engagements.

Leadership in Restructuring Market and Administration Appointments

The Restructuring pillar sustained its position as the UK’s leading appointment taker in the administration market, increasing its market share by number of administration appointments to 14% in FY2026 from 13% the previous year. The Group’s market position further strengthened in the second half of the year. A notable engagement was the MFS Group mandate, treated as a single appointment despite involving a complex joint administration across multiple entities, including over 250 property special purpose vehicles.

Demand for restructuring and insolvency advisory remained strong despite challenging conditions for many UK businesses. The Group’s market reputation and the ongoing relevance of insolvency services across economic cycles underpin its leadership. The appointment taker metric highlights client confidence and the firm’s expertise in managing complex insolvency procedures.

Corporate Finance Expansion and M&A Activity

FRP Corporate Finance saw increased activity in FY2026 despite a contracting broader market, completing 96 transactions—a 26% rise from 76 in FY2025. Total deal value reached £2.1 billion, including £0.6 billion of debt raised, compared to £1.5 billion in aggregate deal value and £0.5 billion of debt raised the prior year. The average deal value rose 11% year-on-year, with 63% of deals involving private equity, up from 54% previously.

The pillar improved its UK M&A adviser ranking to 16th in FY2026 from 19th in FY2025, reflecting enhanced competitive positioning amid market contraction. Increased transaction volumes and values boosted advisory fees and market presence, demonstrating strong client relationships and effective business development.

Growth in Financial Advisory and Governance Services

The Financial Advisory pillar experienced notable growth driven by organic expansion and acquisitions. The May 2025 acquisition of One Advisory Group enhanced IPO and post-listing governance capabilities, expanding expertise in financial reporting, transaction advisory, and governance services. The pillar also broadened into dedicated governance advisory, including company secretarial, financial reporting, pre-IPO support, and project management.

This expansion meets growing client demand for integrated financial and governance advice, especially among mid-market firms and those preparing for public market transactions. The acquisition strengthened FRP’s UK and international presence, supporting clients throughout their corporate development.

Strategic Acquisitions and AI Investment in Queens Tower Advisory

In FY2026, FRP completed two acquisitions and a venture investment. After acquiring One Advisory in May 2025, the Group acquired Arc & Co Structured Finance in November 2025, launching FRP Real Estate Advisory in May 2026. This expanded the Group’s real estate sector footprint and cross-service integration capabilities.

The Group also made a £3.0 million founding investment for a 25% stake in Queens Tower Advisory, a technology-driven advisory firm using artificial intelligence for financial due diligence and transaction support. This aligns with FRP’s strategic focus on technology solutions to enhance service delivery and operational efficiency. The Group has developed AI initiatives to automate routine tasks, governed by an AI Stewardship Council and a cross-functional AI Working Group.

Workforce Growth and Partner-Led Business Model

FRP’s workforce expanded 12% to 894 employees at year-end, up from 795 in FY2025, fueled by lateral hires and acquisitions. As of 30 April 2026, the Group included 104 Partners, 599 fee earners, and 191 support staff. A reduction in Partners from 108 the prior year reflected transitions to consultant roles. Despite fewer Partners, revenue per Partner rose significantly to £1.7 million from £1.4 million, demonstrating operational leverage.

Three colleagues were promoted to Partner in FY2026 across multiple locations and service lines, highlighting ongoing talent development. Colleague utilization remained steady at 65%, supporting capacity for client demand and operational efficiency. FRP was recognized among the UK’s Top 50 Inspiring Workplaces in 2026. Continued investment in People and Talent functions supports attraction, development, and retention.

Strong Financial Position and Enhanced Post-Year-End Financing

At 30 April 2026, FRP held net cash of £26.2 million with no drawn external debt, down from £33.3 million the prior year due to investment in growth and acquisitions. Reported profit before tax rose 13% to £35.5 million, with adjusted profit before tax increasing 12% to £41.4 million.

Post-year-end, the Group secured liquidity through £50 million of committed unsecured credit facilities and £45 million of uncommitted accordion capacity from HSBC UK Bank plc and National Westminster Bank plc, extending to at least June 2029. These facilities enhance financial flexibility to support strategic priorities. The Board emphasized that consistent profit growth, solid margins, net cash, and committed financing underpin ongoing acquisitions and investments.

Sixth Consecutive Year of Dividend Growth and Capital Strategy

FRP achieved its sixth consecutive year of dividend growth since its March 2020 IPO. The Board proposed a final dividend of 2.8 pence per eligible Ordinary Share for FY2026, totaling 5.8 pence for the year, up 7% from 5.4 pence in FY2025. This includes three interim dividends of 1.0 pence each and the final dividend. Subject to shareholder approval at the AGM on 24 September 2026, the final dividend will be paid on 23 October 2026 to shareholders on the register as of 25 September 2026.

The progressive dividend policy reflects confidence in earnings and capital strength. Capital allocation balances shareholder returns with investment in organic growth, acquisitions, and infrastructure. Early trading in the current financial year aligns with Board expectations.

Market Environment and Full-Cycle Strategic Positioning

FY2026 featured challenging conditions for many UK businesses amid domestic policy shifts, geopolitical uncertainty, and evolving international trade. Despite this, restructuring and insolvency demand remained strong, while private equity and mid-market corporate activity supported advisory services. FRP’s diversified offerings across cyclical and counter-cyclical sectors enabled opportunity capture across market fluctuations.

Looking forward, the Board noted ongoing geopolitical risks, particularly in the Middle East, which may impact global supply chains, energy markets, commodity prices, and inflation. These factors are expected to sustain demand across several service pillars. The Board remains committed to robust risk management, operational resilience, scenario planning, and maintaining a diversified client base to mitigate concentration risks.

Governance and AI Oversight Framework

The Board continues to uphold effective corporate governance aligned with the Group’s scale and strategy, applying the Quoted Companies Alliance Corporate Governance Code proportionately. A recent governance review confirmed current frameworks remain effective and appropriate, with plans to evolve governance as the Group grows.

Recognizing AI’s growing role in professional services, the Board ensures AI adoption is governed with attention to data security, confidentiality, professional judgment, and ethics. A formal AI governance structure, including an AI Stewardship Council and cross-functional AI Working Group, oversees responsible AI use. The Board is committed to pragmatic innovation adoption that delivers value while maintaining disciplined operational standards. Engagement with shareholders on cyber resilience and executive remuneration has increased.