FRP has delivered solid 1H results against a very strong comparative period that benefited from sizable contributions from The Body Shop restructuring and a significant corporate finance mandate. Revenue rose 12% YoY to £87.1m (organic +5%), with adjusted EBITDA up 3% YoY to £23.0m. FRP is typically 2H-weighted, with an average 1H/2H EBITDA split of 43/57% over the past five years, reflecting the tendency for corporate actions to cluster at the start of the calendar year (i.e. FRP’s 2H). We leav ....
