Today’s 1H update shows continued positive momentum with sales growth of 12% and adj. EBITDA +3% (notwithstanding a strong prior year comparative). Both of these metrics represent just over half of our and consensus FY expectations, underpinning an in-line position at this stage. The statement notes that FRP is well placed to continue to make progress, irrespective of what measures are announced in next week’s Budget. Our view is that the group’s complementary service lines position it well across the business cycle and we expect sustained positive momentum in its core restructuring markets given ongoing macro headwinds and political uncertainty. The shares have de-rated by c. 20% (PER) in the last year, a move we consider over-done. BUY