FRP has delivered another year of strong growth, with revenue up 19% YoY to £152.2m (+11% organic) and adjusted EBITDA rising 11% YoY to £41.3m – marginally ahead of our forecasts. It was an active period for the Group, which stepped up the pace of M&A, with four acquisitions completed during the year and one shortly after year-end, driving a 21% increase in headcount to over 800 employees. Successful conversion of work in progress into cash resulted in a further strengthening of the balance she ....
