FRP has confirmed trading for the nine-months to 31 January 2023 remains broadly in-line with expectations for the full year. With administrations remaining subdued (2022 figures were more than 25% below pre-Covid levels), and the company flagging that the timing of completion of several Corporate Finance transactions may slip into FY24E (FRP only book revenue for these contracts upon successful completion), we slightly lower our FY23E Adj EBITDA forecast by £0.8m to £25.7m (ie in-line with FY22 ....
