FRP Advisory Group to pay final dividend

Professional services firm FRP Advisory Group said on Tuesday that it would pay a final dividend for the period since its initial public offering after trading "strongly" during the twelve months ending on 30 April.

FRP said caseloads had continued to grow in both size and complexity during the year and, as a result, now expects to report second half revenues of £31.8m and profits ahead of expectations.

"The group, therefore, expects to report revenues of £63.2m for the year to 30 April 2020, up 16.4% versus the same period last year," said FRP.

As far as the Covid-19 pandemic was concerned, the AIM-listed group said it had not furloughed any staff and did not intend to, with its team remaining "busily engaged" in active projects.

Despite the coronavirus pandemic, FRP also stated it intends to pay a final dividend given its strong trading performance and balance sheet.

Chief executive Geoff Rowley said: "With an increasingly uncertain economic landscape, we believe the group is well-positioned both in the short and long term in assisting companies, boards of directors, investors and creditors in achieving the best outcome for all stakeholders involved."

As of 0950 BST, FRP shares had shot up 9.47% to 128.08p.