FRP has released a very positive H1 trading update in which it confirms revenue rose 19% YoY to £58.7m and adj EBITDA rose 34% YoY to £15.5m, with growth driven primarily by rising demand for restructuring services in the face of continued challenging economic conditions. 54% of our FY24E adj EBITDA of £28.8m has been achieved in H1 – considering FRP is typically H2 weighted (average H1/H2 split of 43/57% over the past 3-years), this means that our forecasts look eminently achievable (corporate ....
