FRP has produced a positive update on FY21E trading, its third upgrade since IPO. Today's upward forecast revision is reflective of steady underlying growth supported by demand led hiring in 2020. This comes despite overall market conditions remaining subdued, thus we view FRP's potential delivery once current government support unwinds, as hugely exciting. Despite trading momentum seen over FY21E, FRP's forward P/E multiple has fallen to a recent low of 15.6x, a level we see great upside to, ir ....
