FRP’s interim results were well flagged, confirming a robust H1 outturn. Revenue was up 12% and adj. EBITDA up 3% despite a very strong prior year comparative. Both metrics represent just over half of our full year forecast. The outlook statement highlights confidence over H2, underpinned by an encouraging client pipeline. We reflect the Nov. ’25 acquisition of Arc & Co into our forecasts but leave our headline earnings forecasts largely unchanged. Supported by this and other recent M&A, FRP is launching a sixth service pillar, FRP Real Estate Advisory, enhancing its offering. The Group’s complementary service lines continue to position FRP well across the business cycle, with its core restructuring markets benefiting from sustained momentum against continued macro uncertainty. Against strong operational progress and an encouraging outlook, the de-rating in the shares (c.24% over the last twelve months) appears overdone. We target an Apr. ’27 PER of 15.6x to drive our 200p target price and remain at Buy.
