TIDMFRP
RNS Number : 5283G
FRP Advisory Group PLC
27 July 2021
27 July 2021
FRP ADVISORY GROUP PLC
("FRP", the "Group" or the "Company")
Full Year Results
For the year ended 30 April 2021
FRP Advisory Group plc, a leading UK professional services firm
specialising in advisory services, is pleased to announce full year
Results for the year ended 30 April 2021.
Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc,
said:
"I am pleased to report another year of profitable growth and
strategic progress.
FRP is a resilient business, with a track record of growth
regardless of the economic conditions. We have a strong balance
sheet and a structure that provides a good level of flexibility in
our internal capacity, allowing us to be well positioned for an
increase in demand for our services. Trading since 1 May 2021 is in
line with the Board's expectations.
Uncertainties about the shape and scale of the UK's Economic
recovery remain as Government support continues to extend. However,
our strengthened Corporate Finance offering gives the FRP Group a
stronger position in the UK mid-cap transactional advisory market.
Our specialist advisers are available to help clients post Covid-19
through their entire business cycle; in addressing both their
strategic ambitions, as pent up capital is deployed and being
available to support as challenges arise."
Financial highlights
2021 2020
GBPm GBPm
------------------------- ----- ------
Revenue 79.0 63.2
Adjusted* underlying
EBITDA 23.0 18.8
Reported profit before 16.6 2.9**
tax
Adjusted*** EPS (pence) 7.11 1
Basic EPS 5.69 0.87
Total dividend (pence) 4.1 0.66
Net cash 16.4 21.3
------------------------- ----- ------
-- GBP79.0 million revenue (2020: GBP63.2 million) an increase
of 25%: 15% organic, 10% inorganic.
-- Underlying adjusted EBITDA* rose by 22% to GBP23.0 million (2020: GBP18.8 million).
-- Net cash of GBP16.4 million. Cash of GBP24.4 million less
recent structured debt of GBP8 million (2020: GBP21.3 million cash
and no debt) after
o paying down 70% or GBP15.4 million of IPO liabilities relating
to Cessation profits owed to Partners and related tax
liabilities.
o acquiring four businesses.
o the Group also has an undrawn revolving credit facility
("RCF") of GBP10 million.
-- GBP1.1 million average revenue per Partner as at year end
(2020: GBP1.2 million) - reflecting an increase in Partners, with
several joining close to year end.
-- GBP16.6 million reported profit before tax for the year
(2020: GBP2.9million** for c.2 month period post IPO).
-- Total dividend of 4.1p (2020: 0.66p for c.2 month period as a
plc), made up of two Interim dividends of 1.6p and 0.8p, and a
final dividend of 1.7p per eligible Ordinary Share for the quarter
ended 30 April 2021 recommended by the Board.
* Our underlying adjusted EBITDA compares the current model of
Partner compensation on a like-for-like basis to the prior
corresponding period, as the business was previously a full
distribution Partnership. It also excludes exceptional costs and a
share-based payment expense that arises from a) the Employee
Incentive Plan ("EIP") funded on IPO and b) deemed remuneration
amortisation linked to acquisitions. See table below in the extract
of the strategic report
** Pre 6 March 2020 the business was a full distribution
Partnership.
*** Earnings adjusted by adding back share based payments (non
cash) and deferred tax
Operational highlights
-- Delivering on our strategy to achieve both organic and inorganic growth
o Four acquisitions completed during the period.
o During the financial year Restructuring Advisory were able to
help and advise on two large projects, Debenhams and Edinburgh
Woollen Mill Group.
o The FRP Corporate Finance team had a very busy year in a
challenging, but ultimately active, UK M&A market. Notable
transactions include advising The Goat Agency on its minority
investment from Inflexion, Encore Group on its MBO backed by
Queen's Park Equity, Vehicle Replacement Group on its sale to
Davies, Everest Dairies on its sale to Vibrant Foods and Prezzo on
its sale to Cain International.
-- 30% increase in FRP team size, supporting ongoing growth
o The FRP team grew by 106 colleagues year on year to 457
colleagues excluding consultants (30 April 2020: 351).
o Growth was driven by four acquisitions and demand-led lateral
hiring. At 30 April 2021 we had 73 Partners (2020: 51), 288 other
fee earners (2020: 230) and 96 support staff (2020: 70).
o At year end FRP's UK footprint had expanded to cover 22
locations (2020: 19).
-- Significantly bolstered the Corporate Finance service pillar
o Gives FRP a key position in the mid-cap transactional market.
FRP is now better positioned to support clients post Covid-19, in
addressing both their strategic ambitions and being available to
help as challenges arise.
o Nationally FRP's Corporate Finance and Debt Advisory teams now
comprise 50 fee earners (including 19 Partners) across 9
locations.
-- Seamless delivery of client service during the Covid-19
pandemic and no Government support taken
o The Group did not apply for any Covid-19 support, for example
Government backed lending schemes or delayed tax settlements. None
of our people were placed on furlough.
o During the Covid-19 pandemic period FRP have dedicated
significant effort and resources to help businesses navigate the
crisis. In addition to our appointments, we have offered pro bono
advice and shared extensive business support resources through our
website.
-- Continued market share gains
o Market share grew in Administration appointments to 13% (2020:
11%) but this is a 14% decline in the number of FRP Administration
appointments to 163 (2020: 189). The total Administration market
declined by 31% due to the Government support available.
-- Board strengthened
o Recruitment of a Chief Financial Officer in June 2020 and
independent Non-Executive Director in August 2020.
Post balance sheet events
-- Two new international alliances have been formed, Eight
International and Alliance of International Corporate Advisors,
which enable FRP to access new networks of highly experienced
International advisers. FRP is also able to support on the UK
component of International transactions.
o Eight International is a global advisory organisation that was
set up to meet a growing demand for dedicated financial and
operational support from businesses with an international
footprint. Eight International's member organisations include Eight
Advisory, JP Weber, Sincerius, New Deal Advisors, and FCG Partners.
With the addition of FRP, its global headcount reaches more than
3,000 consultants and doubles the number of founding members'
Partners to 160. https://www.8-international.com/
o Spectrum Corporate Finance Limited were a member of the
Alliance of International Corporate Advisors ("AICA"). Following
the acquisition FRP Corporate Finance has joined AICA. Members are
carefully selected on the basis of reputation, relationships,
proven track record and knowledge of local markets. They have
representation in Europe, Asia, North & Latin America and the
Middle East and focus on cross border Mergers and Acquisitions
("M&A") and capital raises. https://aicanetwork.com/
-- Following the JDC Group and Spectrum Corporate Finance
Limited acquisitions, we intend to rebrand our combined Corporate
Finance offering to FRP Corporate Finance.
-- The Board recommends a final dividend of 1.7p per eligible
ordinary share for the financial year ended 30 April 2021. Subject
to approval by shareholders, the final dividend will be paid on 29
October 2021 to shareholders on the Company's register at close of
business on 1 October 2021. If the final dividend is approved, the
total dividends paid by the Company relating to the financial year
ended 30 April 2021 will be 4.1p per eligible ordinary share
Basis of preparation
With regard to the prior year, the Company was admitted to
trading on the AIM market of the London Stock Exchange on 6 March
2020 (the "IPO") and the Company was incorporated on 14 November
2019 specifically for the purposes of the IPO. For the year ended
30 April 2020, the consolidated figures represent the results of
the underlying business for the whole financial period before and
after acquisition by the Company at the time of the IPO. The Group
financial statements have been compiled on this basis to provide
useful comparative information to shareholders. Partner
compensation has been treated as an expense in both the year and
comparative.
The information contained within this announcement is deemed by
the Group to constitute inside information under the Market Abuse
Regulations No. 596/2014.
Management will host a presentation for analysts this morning at
09:30am, for details, please contact FRP@mhpc.com.
Enquiries:
FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via MHP
Cenkos Securities plc (Nominated Adviser and Sole Broker)
Katy Birkin/Max Gould (Corporate Finance)
Alex Pollen (Sales)
Tel: +44 (0) 207 397 8900
MHP Communications (Financial Public Relations)
Oliver Hughes
Charlie Barker
Pete Lambie
Tel: +44 (0) 20 3128 8570
FRP@mhpc.com
Notes to Editors
FRP is a professional services firm established in 2010 which
offers a range of advisory services to companies, lenders,
investors and other stakeholders, as well as individuals. These
services include:
-- Restructuring advisory: corporate financial advisory, formal
insolvency appointments, informal restructuring advisory, personal
insolvency and general advice to all stakeholders.
-- Corporate finance: mergers & acquisitions (M&A),
strategic advisory and valuations, financial due diligence, capital
raising, special situations M&A and partial exits.
-- Debt advisory: raising and refinancing debt, debt amendments
and extensions, restructuring debt, asset based lending and
corporate and leveraged debt advisory.
-- Forensic services: forensic investigations, compliance and
risk advisory, dispute services and forensic technology.
-- Pensions advisory: pension scheme transaction advisory,
pension scheme restructuring advisory, covenant advisory and
corporate governance
Chairman's report
I am pleased to present FRP Advisory Group plc and its
subsidiaries' (FRP) second annual report, from our first full year
of trading as a plc.
Overview
Since last year's Annual Report, many of the challenges created
by the Covid-19 pandemic have remained. As businesses have grappled
with the operational and financial uncertainty this has created, I
have been hugely impressed by the flexibility and dedication shown
by our colleagues who have adapted swiftly to new ways of working
and continued to provide seamless client service in the most
challenging of circumstances.
On behalf of the Board, I would like to thank the entire FRP
team for their outstanding response to the crisis. In a people
based, service business, this adaptability and professionalism is
key to a successful and positive operating environment. In
addition, the Group did not apply for any Government support.
Recognising the challenges facing our clients throughout the last
year or more, we have dedicated significant effort and resources to
help businesses navigate the unfolding events relating to Covid-19,
including pro bono advice and sharing extensive business support
resources through the Corporate Resilience resources on our
website.
Continued profitable growth
We are pleased with the levels of growth during the year, FRP
generated revenues of GBP79.0 million, up by 25% from the previous
year (30 April 2020: GBP63.2 million). The growth was mainly
organic (15%), underpinned by the support offered on some larger
projects, with 10% coming from the four acquisitions completed
during the year. Within the Restructuring market, the Government's
unprecedented levels of support for business during the Covid-19
crisis has resulted in far fewer insolvencies during the year. In
the market, the total formal Company insolvency appointments were
26% down, year-on-year (source London and Regional Gazettes) .
Underlying adjusted EBITDA of GBP23.0 million grew by 22% from
the previous year (30 April 2020: GBP18.8 million). During the year
we were pleased to welcome 106 new colleagues and the overall
headcount grew 30% in the year, to 457 (30 April 2020: 351). We
also increased our number of operating locations by net three, with
a new regional presence in Sidcup, Norwich, Milton Keynes and
Reading. In addition, the Partner cohort expanded by 22 to 73. We
believe that we are becoming an increasingly attractive destination
for qualified and skilled staff, with our regional office network
and strong culture offering considerable appeal in the marketplace.
Retaining and developing our team in a world where the competition
for talent will become more intense is a key priority and greater
investment in this area will be made in the coming years.
Strong balance sheet
The balance sheet remains strong, despite completing four
acquisitions and paying down 70% or GBP15.4 million of IPO
liabilities relating to Cessation profits owed to Partners and
related tax liabilities.
Net cash of GBP16.4 million (30 April 2020: GBP21.3 million), an
undrawn GBP10 million revolving credit facility ("RCF") and the
ability to issue equity, gives the Group sufficient options to act
as acquisition opportunities arise, subject to our selective
criteria of cultural and strategic fit and transaction economics.
The Spectrum acquisition was financed by an GBP8 million five-year
loan, repayable over 20 quarters.
I am pleased that with the bolstered Corporate Finance
capabilities the Group is now even more resilient and better able
to service clients throughout their entire lifecycle. FRP now has a
key position in the UK mid-cap transactional marketplace, able to
help clients both realise strategic ambitions, or help as
challenges arise.
Strategy
Our strategy is to seek steady and sustainable growth through
organic and acquisitive strategies and evidence of the continuation
of this exists in abundance in our activities during the year. We
also remain alert to opportunities created by ongoing restructuring
within the business advisory sector.
FRP has formed two new strategic international alliances, one
with Eight International and another with the International
Association of Corporate Advisors (IACA). This will enable FRP to
access new networks of highly experienced International advisers.
FRP is also able to support on the UK component of International
transactions. Further details are set out in the Strategic Report
in the Company's Annual Report.
Dividend
The dividend policy of the Group is to pay dividends quarterly,
from 2021. The expected dividend pay-out ratio is c.70% of the
Group's reported profit after tax, to eligible shareholders. The
FRP Staff Employee Benefit Trust which was seeded by Partners on
IPO and holds shares that back employee options, has waived its
right to dividends and the corresponding amount was retained by the
Group. Once the employee shares vest, on or after 6 March 2023,
these shares will then attract dividend rights. The Board
recommends a final dividend of 1.7p per eligible ordinary share for
the financial year ended 30 April 2021. Subject to approval by
shareholders, the final dividend will be paid on 29 October 2021 to
shareholders on the Company's register at close of business on 1
October 2021. If the final dividend is approved, the total
dividends paid by the Company relating to the financial year ended
30 April 2021 will be 4.1p per eligible ordinary share (2020: 0.66p
for the c. 2 months post IPO).
Robust corporate governance and strengthened management team
The Board firmly believes that a robust governance structure and
input from multiple viewpoints are necessary to arrive at the
optimum decisions for the business and its wider stakeholders.
During the year there were two Board changes; Gavin Jones joined as
FRP's first Chief Financial Officer on 29 June 2020 and Claire
Balmforth joined as an independent Non-Executive Director on 3
August 2020. I am delighted with the strong contribution that both
Gavin and Claire have made to the Board.
Since the Company's IPO on 6 March 2020, FRP has adopted the
Quoted Companies Alliance ("QCA") Corporate Governance Code and you
can find more information on our governance arrangements in the
Corporate Governance Statement in the Company's Annual Report.
Further information on our Corporate Governance structure is also
available on our website at
https://www.frpadvisory.com/investors/corporate-governance/ .
Our people
The health, safety and wellbeing of all of our colleagues
remains our key priority. Since the onset of the Covid-19 pandemic
we have operated without interruption and this continued during the
periods of lockdown across the UK during the last financial year.
Colleagues have adapted well to remote working and previous
investments in our IT infrastructure have proven to be
invaluable.
We recognise the importance of our people to our ongoing
success, and the Board was delighted to be able to implement an
Employee Incentive Plan (via the Employee Benefit Trust) as part of
the IPO. The Plan enables all our people to share in the success of
the business, alongside the Partners. All Partners or permanent
colleagues who were part of the Group on 30 April 2021 have a
current or future share in the ownership of the Group, via options
or shares.
On behalf of the Board, I would again like to thank the whole of
our team and our wider support network for their outstanding work
across the financial year and beyond.
Annual General Meeting
The Company's Annual General Meeting will be held on 29
September 2021. The Notice of Annual General Meeting will be posted
in due course to those shareholders who opted to receive hard copy
communications and a copy will also be made available on our
website at
https://www.frpadvisory.com/investors/financials-documents/
Looking ahead
With a strong balance sheet, enlarged team and strengthened
Corporate Finance capabilities, the Board is looking to the future
with cautious optimism. While the nation continues to recover from
the social and economic impacts of Covid-19, the FRP team will
continue to deploy its highly professional skillset to seek
opportunities which support business and our clients and also add
value to FRP's stakeholders.
Nigel Guy
Non-Executive Chairman
26 July 2021
Chief Executive Officer's report
Despite the challenges and uncertainties caused by the Covid-19
pandemic and subdued market conditions, I am pleased to report
another year of significant profitable growth and strategic
progress.
Resilient and diversified business
With roots in restructuring, FRP has now evolved into a leading
business advisory firm with specialists supporting businesses
throughout the corporate lifecycle across our five service
pillars.
The five service pillars are: Corporate Finance, Debt Advisory,
Forensic Services, Pensions Advisory and Restructuring Advisory. We
specialise in finding strategic solutions to a range of situations
for clients of all sizes, from multinational organisations to small
enterprises.
We believe our agile, collaborative and entrepreneurial approach
sets us apart from our peers. We also continue to serve the full
range of clients including personal clients, SME's, our core
mid-market and high-profile more complex, appointments.
Value enhancing acquisitions, in line with our strategy
Our focus is organic growth, supplemented with selective
acquisitions that meet our strict criteria of:
a cultural fit, a strategic fit within our five service pillars
in a growth region and acceptable transaction economics.
We completed four acquisitions in the year:
-- In June 2020 we acquired a restructuring team in Newcastle,
comprising two Partners and 13 colleagues. These colleagues have
integrated well with our existing Newcastle team and this gives us
a strong presence in the North East region.
-- In September 2020 we acquired the JDC Group, based in East
Anglia comprising four Partners and 12 colleagues, who specialise
in Corporate Finance and Forensics. This gave us an immediate
presence in the Eastern region with a great team that shared our
values.
-- In September 2020 we acquired a restructuring team in Kent,
comprising one Partner and 10 colleagues. We added an appointment
taking Director to this team and they are well positioned to help
clients in the region, including those impacted by Brexit.
-- In late February 2021 we acquired Spectrum Corporate Finance
Limited, based in Reading and the South. This brought a team of
seven Partners and 20 colleagues. The Spectrum team have earned
themselves a great reputation, particularly within the UK private
equity community and we are excited about the contribution they
will make to FRP. This bolstered our Corporate Finance and Debt
Advisory offering, following the above JDC Group acquisition, as
well as strengthening our UK footprint.
Nationally FRP's Corporate Finance and Debt Advisory teams will
now comprise 50 fee earners (including 19 Partners) across 9
locations. These highly complementary combination will give us a
key position in the UK mid-cap transactional advisory market; it
will enable FRP to continue supporting clients post Covid-19, in
addressing both their strategic ambitions and being available to
help as challenges arise.
Continued growth in UK footprint and team
We have also grown through demand-led hiring, have established a
new office in Milton Keynes and hired a new team in Glasgow. At 30
April 2021, FRP had 22 offices and 457 colleagues, excluding
consultants. The team grew 30% or by 106 colleagues year on year
(30 April 2020: 351).
The new team members have increased FRP's referral network and
bring new skillsets such that within our five service pillars we
can offer a broader range of specialist advice.
Following the two Corporate Finance acquisitions, the
significantly bolstered CF team has trebled, giving us a key
position in the UK mid-cap transactional market. FRP is now better
able to help in a broader range of transactions, from lead Mergers
and Acquisitions ("M&A") advisory, through to assisting clients
in more challenging situations.
Strong trading results
FRP's revenue grew 25% year on-year to GBP79.0 million (FY 2020:
GBP63.2 million). 15% was organic growth helped by large
high-profile appointments early in the financial year, including
Debenhams and Edinburgh Woollen Mill Group. Inorganic growth was
10%, with strong contributions from our new teams in Newcastle,
East Anglia and Kent. Adjusted underlying EBITDA grew 22%
year-on-year to GBP23.0 million (FY 2020: GBP18.8 million). We
maintain a focus on cost control, whilst modestly investing to
build a sustainable business.
Market backdrop
FRP grew despite a subdued market backdrop, due to the
unprecedented levels of Government support in response to the
Covid-19 pandemic. Our Restructuring market share grew, both in
Administration appointments and total formal Company appointments.
In the 12 months to 30 April 2021, total formal Company insolvency
appointments in the market were 26% down year-on-year. ( source
London and Regional Gazettes). Demonstrating the resilience of our
business, and high quality service delivered to clients, FRP
appointments only decreased 2%, and our market share increased from
4% to 5%. Within this, total market Administration appointments
were down 31% and This was also reflected in Administration only
appointments, which were down 14% (source London and Regional
Gazettes) but again, FRP's Administration only appointments were
resilient, outperforming the market by 17%, with 2% market share
growth from 11% to 13%.
The M&A market was also impacted by Covid-19 related
investment decision delays. In the 12 months to 30 April 2021, the
UK M&A market has proven to be very resilient, recovering
strongly from an inevitable slowdown in activity after the national
lockdown at the end of March 2020. Our Corporate Finance team,
including new colleagues in East Anglia that joined in September
2020, had a very busy year. The FRP Corporate Finance team had a
very busy year in a challenging, but ultimately active, UK M&A
market. Notable transactions include advising The Goat Agency on
its minority investment from Inflexion, Encore Group on its MBO
backed by Queen's Park Equity, Vehicle Replacement Group on its
sale to Davies, Everest Dairies on its sale to Vibrant Foods and
Prezzo on its sale to Cain International. Spectrum Corporate
Finance Limited was acquired on 26 February 2021 and we look
forward to them making a full annual contribution to the Group's
results in FY2022.
We continue to focus on the basics, giving clear and honest
advice to achieve the best possible outcome for stakeholders.
Across all offices there is a constant focus on accurate monthly
WIP valuation and managing cash collections. I am pleased to report
that after completing four acquisitions and after paying down 70%
of Partner Cessation profits and tax payments on account at IPO, we
closed the year with net cash of GBP16.4 million (2020: GBP21.3
million). This strong balance sheet gives us the flexibility to
move quickly should further value enhancing acquisition
opportunities arise.
Responding to Covid-19
To support our clients, and the business community generally
through this crisis, we quickly developed a Corporate Resilience
Hub on our website to provide practical, operational, and financial
advice to businesses and their management teams. As well as a
crisis toolkit and Covid-19 resources, we shared a range of
insights and templates to help businesses navigate the
unprecedented situation.
The resulting "Review. Adapt. Evolve." campaign was a bespoke
solution designed specifically to help business leaders take action
and prepare for the future. FRP's team of specialist advisers were
made available to support clients every step of the way, providing
integrated and tailored guidance that empowered business leaders to
prosper in the new economy.
Within FRP, we seamlessly transitioned to home-working
arrangements and were pleased to be able to continue our business
activities without interruption, during the periods of lockdown in
the UK. None of our colleagues were placed on furlough and we have
not taken advantage of any of the Government backed lending
schemes. Thanks to the collective efforts of our colleagues, our
operations have not been impacted by the pandemic.
Empowering our outstanding people
As a professional services business, we understand that our
people are central to our success and our most valuable asset. As
well as offering competitive financial rewards, we offer
opportunities for our team members to grow within the business and
reach their full potential.
Development programmes include internal coaching, leadership
courses and extensive professional training support. We view this
investment in our people as an important investment in the future
of our business. We work hard to attract and retain highly skilled
professionals by creating a rewarding, high-performance
environment. We believe highly engaged colleagues deliver excellent
client service and results, and, in turn, strengthen our reputation
in the market.
I am immensely grateful for all the hard work and commitment of
all colleagues, for their dedication during a year filled with
challenges and uncertainties. The FRP team continued to seamlessly
deliver the high-quality service clients expect from us and they
quickly adapted to new ways of working when required. I would also
like to welcome all new colleagues to FRP, many of whom I look
forward to meeting in person as Covid-19 restrictions lift.
Outlook
FRP is a resilient business, with a track record of growth
regardless of the economic conditions. We have a strong balance
sheet and a structure that provides a good level of flexibility in
our internal capacity, allowing us to be well positioned for an
increase in demand for our services. Trading since 1 May 2021 is in
line with the Board's expectations.
Uncertainties about the shape and scale of the UK's Economic
recovery remain as Government support continues to extend. However,
our strengthened Corporate Finance offering gives the FRP Group a
stronger position in the UK mid-cap transactional advisory market.
Our specialist advisers are available to help clients post Covid-19
through their entire business cycle; in addressing both their
strategic ambitions, as pent up capital is deployed and being
available to support as challenges arise.
Our trading performance over the last twelve months and post
period end reinforces our confidence in the ability of FRP to
deliver value throughout the economic cycle. Through an
unprecedented period, we have outperformed the market and grown
market share whilst simultaneously strengthening our offering and
growing our team organically and through M&A. We believe that
FRP is in the best possible position moving forward to help
continue to support our clients and wider stakeholders.
Geoff Rowley
Chief Executive Officer
26 July 2021
Financial review
The following is an extract from the Strategic Report, which can
be found in the Company's Annual Report.
Basis of preparation
With regard to the prior year, the Company was admitted to
trading on the AIM market of the London Stock Exchange on 6 March
2020 (the "IPO") and the Company was incorporated on 14 November
2019 specifically for the purposes of the IPO. For the year ended
30 April 2020, the consolidated figures represent the results of
the underlying business for the whole financial period before and
after acquisition by the Company at the time of the IPO. The Group
financial statements have been compiled on this basis to provide
useful comparative information to shareholders. Partner
compensation has been treated as an expense in both the year and
comparative.
Revenue
FRP's revenue grew 25% year on-year to GBP79.0 million (FY 2020:
GBP63.2 million). 15% was organic growth helped by large
high-profile appointments early in the financial year, including
Debenhams and Edinburgh Woollen Mill Group. 10% of the growth was
inorganic, with strong contributions from new teams in Newcastle,
East Anglia and Kent. Adjusted underlying EBITDA grew 22%
year-on-year to GBP23.0 million (FY 2020: GBP18.8 million). We
continue to maintain a focus on cost control while modestly
investing to building a sustainable business.
Adjusted underlying Earnings Before Interest Tax Depreciation
and Amortisation (EBITDA)
The Group grew profitably with underlying adjusted EBITDA rising
by 22% to GBP23.0 million (2020: GBP18.8 million).
GBPm 2021 2020
--------------------------------------------------------- -------------- --------------
Reported profit before tax (PBT) 16.6 2.9
Add back deprecation, amortisation and interest 1.8 1.5
Add exceptional items (IPO) - 2.0
Add full distribution partner compensation - 23.0
Deduct post IPO partner compensation - (10.9)
Add share based payment expense relating to the
Employee Incentive Plan (EIP) 3.7 0.3
0.9 -
Add share based payment expense - Deemed remuneration
Underlying adjusted EBITDA 23.0 18.8
--------------------------------------------------------- -------------- --------------
FRP team growth
We grew the team by 30% by both acquisition and demand-led
lateral hiring and we opened four new offices, (Norwich, Sidcup,
Reading and Milton Keynes) and closed one during the year. (Glasgow
but we have recently hired a team and will open a new FRP Glasgow
office soon).
The Group started the financial year with 351 colleagues,
(excluding Consultants) operating out of 19 offices. By 30 April
2021, this number had increased to 457 colleagues (excluding
Consultants), operating out of 22 offices, as set out in the table
below:
Group's employee numbers FY21 FY20
at year-end:
-------------------------- ----- -----
Partners 73 51
Fee earners 288 230
Administration 96 70
-------------------------- ----- -----
Total 457 351
-------------------------- ----- -----
Number of offices 22 19
-------------------------- ----- -----
Balance sheet and cash flow
The Group's balance sheet remains strong with a net cash balance
as at 30 April 2021 of GBP16.4 million (Cash of GBP24.4 million
less recent structured debt of GBP8 million). The Group also has an
undrawn revolving credit facility ("RCF") available of GBP10
million with Barclays Bank Plc.
This strong closing net cash position is after paying down 70%
or GBP15.4 million of IPO liabilities relating to Cessation profits
owed to Partners and related tax liabilities, plus using cash to
partly fund the acquisition of four businesses. Conversion of
profits into cash will significantly improve going forward, since
the above significant proportion of IPO Cessation liabilities were
satisfied in the financial year.
FRP acquired Spectrum Corporate Finance Limited on 26 February
2021 which required a temporary draw on the RCF. Post completion,
on 25 March 2021, FRP entered into a structured acquisition finance
term loan facility with Barclays Bank Plc. GBP8 million was drawn
down from this facility, the temporary RCF draw was repaid and the
term loan will be repaid over five years in 20 quarterly
instalments.
The Group did not apply for any Covid-19 support, for example
Government backed lending schemes or delayed tax settlements.
During the Covid-19 pandemic period FRP have been dedicating
significant effort and resources to help businesses navigate the
crisis. In addition to our appointments, we have offered pro bono
advice and shared extensive business support resources through our
website.
Dividend
The dividend policy of the Group is to pay dividends quarterly,
from 2021. The expected dividend pay-out ratio is 70% of the
Group's reported profit after tax, to eligible shareholders.
The FRP Staff Employee Benefit Trust which was seeded by
Partners on IPO and which holds shares that back employee options,
has waived its right to dividends and the corresponding amount was
retained by the Group. Once the employee shares vest, on or after 6
March 2023, these shares will then attract dividend rights. The
Board recommends a final dividend of 1.7p per eligible ordinary
share for the financial year ended 30 April 2021. Subject to
approval by shareholders, the final dividend will be paid on 29
October 2021 to shareholders on the Company's register at close of
business on 1 October 2021. If the final dividend is approved, the
total dividends paid by the Company relating to the financial year
ended 30 April 2021 will be 4.1p per eligible ordinary share (2020:
0.66p for the c. 2 months post IPO).
Consolidated statement of comprehensive income
For the year ended 30 April 2021
Year Ended Year Ended
30 April 30 April
2021 2020
Notes GBP'000 GBP'000
------------------------------- ------ ----------- -----------
Revenue 78,987 63,187
Personnel Costs 8 (46,572) (42,692)
Depreciation and amortisation (1,551) (1,359)
Other operating expenses (14,027) (14,086)
Exceptional costs 7 - (1,974)
------------------------------- ------ ----------- -----------
Operating profit 6 16,836 3,076
------------------------------- ------ ----------- -----------
Finance income - 7
Finance costs (233) (177)
------------------------------- ------ ----------- -----------
Net finance costs 10 (233) (170)
Profit before tax 16,604 2,906
Taxation 11 (2,993) (829)
------------------------------- ------ ----------- -----------
Profit for the year 13,611 2,077
------------------------------- ------ ----------- -----------
Other comprehensive income - -
Total comprehensive income
for the year 13,611 2,077
------------------------------- ------ ----------- -----------
Earnings per share (in pence)
Basic and diluted 12 5.69 0.87
------------------------------- ------ ----------- -----------
All results derive from continuing operations.
FY2020 prior year: The Group reorganised on 6 March 2020 and
listed on AIM. Before the listing the business was a full
distribution partnership, all profits for the c. 10 month period to
IPO were allocated to Partners, as presented in personnel costs
above.
The notes form part of these financial statements.
Consolidated statement of financial position
As at 30 April 2021
Year Ended Year Ended
30 April 30 April
2021 2020
Notes GBP'000 GBP'000
----------------------------- ------ ----------- -----------
Non-current assets
Goodwill 13 9,600 750
Other intangible assets 13 794 -
Property, plant and
equipment 14 2,241 1,994
Right of use asset 14 3,527 3,995
Deferred tax asset 19 925 -
Total non-current
assets 17,087 6,739
----------------------------- ------ ----------- -----------
Current assets
Trade and other receivables 15 42,373 33,576
Cash and cash equivalents 16 24,383 21,311
Total current assets 66,756 54,887
----------------------------- ------ ----------- -----------
Total assets 83,843 61,626
----------------------------- ------ ----------- -----------
Current liabilities
Trade and other payables 17 34,684 27,276
Loans and borrowings 18 1,600 -
Leases liability 18 872 925
Total current liabilities 37,156 28,201
----------------------------- ------ ----------- -----------
Non-current liabilities
Other creditors 17 5,531 9,528
Loans and borrowings 18 6,400 -
Lease liability 18 2,768 3,271
Deferred tax liabilities 19 - 124
Total non-current
liabilities 14,698 12,923
----------------------------- ------ ----------- -----------
Total liabilities 51,855 41,124
----------------------------- ------ ----------- -----------
Net assets 31,988 20,502
----------------------------- ------ ----------- -----------
Equity
Share capital 21 243 238
Share premium 26 23,730 18,975
Treasury shares reserve 26 (19) (19)
Share based payment
reserve 26 (4,135) 361
Merger reserve 26 1,287 (90)
Retained earnings 26 10,882 1,037
Shareholders equity 31,988 20,502
----------------------------- ------ ----------- -----------
Approved by the Board and authorised for issue on 26 July
2021.
Jeremy French Gavin Jones
Director Director
Company Registration No. 12315862
Consolidated statement of changes in equity
As at 30 April 2021
Called Share Treasury Share Merger Retained Total
up share premium share based reserve earnings equity
capital account reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ------------ --------- --------- ----------- ----------- --------------- --------
Balance at 30 April
2019 - - - - - (855) (855)
Year ended 30 April
2019
Profit and total
comprehensive
income for the year - - - - - 2,077 2,077
Other movements - - - - - (185) (185)
Group restructuring - - - - (90) - (90)
Issue of share capital 238 19,975 - - - - 20,213
Issues costs - (1,000) - - - - (1,000)
Acquisition of treasury
shares - - (19) - - - (19)
Share based payment
expenses - - - 361 - - 361
Balance at 30 April
2020 238 18,975 (19) 361 (90) 1,037 20,502
----------------------------- ------------ --------- --------- ----------- ----------- --------------- --------
Profit and total
comprehensive
income for the year - - - - - 13,611 13,611
Other movements - - - - - 20 20
Issue of share capital 5 4,755 - - 1,377 - 6,137
Dividends - - - - - (6,786) (6,786)
Share based payment
expenses - - - 3,700 - - 3,700
Deemed remuneration - - - (5,196) - - (5,196)
Transfer to retained
earnings - - - (3,000) - 3,000 -
Balance at 30 April
2021 243 23,730 (19) (4,135) 1,287 10,882 31,988
----------------------------- ------------ --------- --------- ----------- ----------- --------------- --------
Consolidated statement of cash flows
As at 30 April 2021
Year Ended Yead Ended
30 April 30 April
2021 2020
GBP'000 GBP'000
------------------------------------------- ----------- -----------
Cash flows from operating activities
Profit before taxation 16,604 2,906
Depreciation, amortisation and
impairment (non cash) 1,551 1,359
Share based payments (non cash) 4,643 361
Net finance expenses 232 170
Increase in trade and other receivables (2,833) (2,510)
(Decrease)/increase in trade and
other payables (4,982) 360
Tax paid (4,447) (18)
Net cash from operating activities 10,768 2,628
------------------------------------------- ----------- -----------
Cash flows from investing activities
Purchase of tangible assets (1,114) (707)
Acquisition of subsidiaries less
cash acquired (10,599) -
Acquisition of trade and assets (1,610) -
Interest received - 7
Net cash used in investing activities (13,322) (700)
------------------------------------------- ----------- -----------
Cash flows from financing activities
Proceeds from share sales 3,760 20,106
Less issues costs - (1,000)
Dividend (4,990) -
Principal elements of lease payments (911) (850)
Drawdown of new loans 8,000 -
Repayment of loans and borrowings - (3,642)
Interest paid (233) (177)
Net cash generated from financing
activities 5,626 14,437
------------------------------------------- ----------- -----------
Net increase in cash and cash equivalents 3,072 16,365
Cash and cash equivalents at the
beginning of the year 21,311 4,946
Cash and cash equivalents at the
end of the year 24,383 21,311
------------------------------------------- ----------- -----------
Notes to the financial statements
For the year ended 30 April 2021
1. General information
FRP Advisory Group plc (the "Company") and its subsidiaries'
(together "the Group") principal activities include the provision
of specialist business advisory services for a broad range of
clients, including restructuring and insolvency services, corporate
nance, debt advisory, forensic services and pensions advisory.
The Company is a public company limited by shares registered in
England and Wales and domiciled in the UK. The address of the
registered of ce is 110 Cannon Street, London, EC4N 6EU and the
company number is 12315862.
2. Signi cant accounting policies
The following principal accounting policies have been used
consistently in the preparation of the consolidated nancial
statements:
2.1 Basis of preparation
The financial statements have been prepared in accordance with
international accounting standards in conformity with the
requirements of the Companies Act 2006.
The nancial statements are prepared in sterling, which is the
presentational currency of the Company. Amounts in these nancial
statements are rounded to the nearest GBP'000.
2.2 Historic cost convention
The nancial statements have been prepared under the historical
cost convention.
2.3 Basis of consolidation
The nancial statements incorporate the results of FRP Advisory
Group plc and all of its subsidiary undertakings as at 30 April
2021.
FRP Advisory Group plc was incorporated on 14 November 2019 and
on 6 March 2020 it acquired the entire issued share capital of FRP
Advisory Trading Limited from FRP Advisory LLP by way of a
share-for-share exchange. The shareholding of FRP Advisory Group
plc owned by FRP Advisory LLP as a result of the exchange was
subsequently distributed to its members in the same proportion to
their equity holdings. FRP Advisory Trading Limited had three
wholly owned subsidiaries, FRP Debt Advisory Limited, FRP Corporate
Finance Limited and Litmus Advisory Limited, as well as being a
member of FRP Advisory Services LLP and Apex Debt Solutions
LLP.
The accounting treatment in relation to the addition of FRP
Advisory Group plc as a new UK holding company of the Group falls
outside the scope of IFRS 3 'Business Combinations'. The
re-organisation constituted a common control combination of the
entities. This was a result of the shareholders of FRP Advisory
Group plc being issued shares in the same proportion to their
equity holdings in FRP Advisory LLP and the continuity of ultimate
controlling parties.
The reconstructed group was consolidated using merger accounting
principles, as outlined in Financial Reporting Standard FRS 102
("FRS"), and the reconstructed Group treated as if it had always
been in existence. The Directors believe that this approach
presents fairly the nancial performance, nancial position and cash
ows of the Group.
During the year the group completed four acquisitions, two asset
and trade transactions and two share transactions. The assets,
liabilities and entities acquired have been consolidated within
these
Financial Statements, in accordance with IFRS 3. The newly
acquired entities are:
JDC Group
-- JDC Accounts and Business Advisors Ltd
-- JDC Holdings Ltd
-- Jon Dodge & Co Ltd
-- Walton Dodge Forensic Ltd
Spectrum Corporate Finance Limited
2.4 New and amended standards adopted by the group
The Group has applied the following new standards and
interpretations for the first time for the annual reporting period
ending 30 April 2021:
-- IAS 1 Presentation of financial statements and IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors:
Amendments in relation to the definition of material
-- Conceptual framework: Amendments to references to the
conceptual framework in IFRS standards
-- IFRS 9 Financial Instruments, IAS 39 Financial Instruments:
Recognition and Measurement and IFRS 7 Financial Instruments:
Disclosures: Amendments arising from the Interest Rate Benchmark
Reform - Phase 1
-- IFRS 3 Business Combinations: Amendments in relation to the definition of a business
The adoption of the other standards and interpretations listed
above has not led to any changes to the Group's accounting policies
or had any other material impact on the financial position or
performance of the Group.
2.5 Standards issued but not yet effective
At the date of authorisation of these financial statements, the
following standards and interpretations relevant to the Group and
which have not been applied in the financial statements, were in
issue but were not yet effective.
The Group's and Company's management have reviewed the
application of the amendments and have concluded that there is no
expected impact on the group and company financial statements.
Standard Effective date, annual period
beginning on or after
IFRS 16 Leases: Amendments in 1 June 2020
relation to Covid-19-related
rent concessions
------------------------------
IFRS 4 Insurance Contracts: 25 June 2020
Amendments in relation to the
temporary exemption from applying
IFRS 9
------------------------------
IFRS 9 Financial Instruments, 1 January 2021
IAS 39 Financial Instruments:
Recognition and Measurement
and IFRS 7 Financial Instruments:
Disclosures, IFRS 4 Insurance
Contracts and IFRS 16 Leases:
Amendments arising from the
Interest Rate Benchmark Reform-Phase
2
------------------------------
IFRS 16 Leases: Amendments in 1 April 2021
relation to Covid-19-related
rent concessions beyond 30 June
2021
------------------------------
IAS 16 Property, Plant and Equipment: 1 January 2022
Amendments in relation to proceeds
before intended use
------------------------------
IAS37 Provisions, Contingent 1 January 2022
Liabilities and Contingent Assets:
Amendments in relation to the
cost of fulfilling a contract
when assessing onerous contracts
------------------------------
IFRS 3 Business Combinations: 1 January 2022
Amendments to update references
to the Conceptual Framework
------------------------------
Annual Improvements to IFRSs 1 January 2022
(2018 -2020 cycle)
------------------------------
IAS 1 Presentation of Financial 1 January 2023
Statements: Amendments in relation
to the classification of liabilities
as current or non-current
------------------------------
IAS 1: Presentation of Financial 1 January 2023
Statements and IFRS Practice
Statement 2 Making Materiality
Judgements: Amendments in relation
to the disclosure of accounting
policies
------------------------------
IAS 8 Accounting Policies, Changes 1 January 2023
in Accounting Estimates and
Errors: Amendments in relation
to the definition of accounting
estimates
------------------------------
IAS 12 Income Taxes: Amendments 1 January 2023
in relation to deferred tax
related to assets and liabilities
arising from a single transaction
------------------------------
IAS 12 Income Taxes: Amendments 1 January 2023
in relation to deferred tax
related to assets and liabilities
arising from a single transaction
------------------------------
IFRS 17 Insurance Contracts 1 January 2023
------------------------------
Amendments to IFRS 17 Insurance 1 January 2023
Contracts
------------------------------
2.6 Going concern
The business has been, and is currently, both pro table and cash
generative. It has consistently grown year on year for 11 years and
has proved to be resilient, growing in both periods of economic
growth and recession.
At year end the group had net cash of GBP16.4m. The Group
entered into an GBP8m structured term loan repayable over five
years, during the year. The group also has available an undrawn
GBP10m committed revolving credit facility (RCF). Ongoing
operational cash generation and this cash balance mean we have suf
cient resources to both operate and move swiftly should acquisition
opportunities arise.
With speci c regard to the 2020 coronavirus (Covid-19) virus
pandemic, the Group was well prepared to work remotely, clients
were continually serviced without interruption. Consequently, our
cash generation and pro tability were not signi cantly impacted by
Covid-19. Given our strong nancial position no Colleagues of the rm
have so far been made redundant or furloughed and none of the other
Government assistance schemes available (grants, emergency loans,
tax settlement delays) were utilised. Throughout the 'lockdown'
period we have continued to win new client appointments, retain
existing employees and attract new employees.
The quality of client service, strong referral network and
barriers to enter the market, together with the strong cash
position, make the board con dent that the company will continue to
grow. In terms of diversi cation, of ces can adapt quickly to
supporting each other and work on both higher value assignments or
higher volume lower value jobs. Pension Advisory, Forensic
Services, Corporate Finance and Debt Advisory can both support the
Restructuring Advisory offering but also earn fees autonomously.
The two Corporate Finance acquisitions make FRP even more resilient
and they give us a key position in the UK mid-cap transactional
advisory market. We are able to help a broader range of clients
post Covid-19, to either realise their strategic ambitions via
solvent M&A transactions or our Restructuring Advisory team is
available to help as challenges arise.
Management have conducted sensitivity analysis by reducing
revenue by 20% and separately increasing costs by 20%; both
scenarios show FRP to be in a strong financial position with
available cash resources.
In the unlikely event that the business had a signi cant
slowdown in cash collections the business has a number of further
options available to preserve cash.
Having due consideration of the nancial projections, the level
of structured debt and the available facilities, it is the opinion
of the directors that the group has adequate resources to continue
in operation for a period of at least 12 months from signing these
financial statements and therefore consider it appropriate to
prepare the Financial Statements on the going concern basis.
2.7 Deemed Remuneration
Deemed remuneration arises during acquisitions, where an element
of the consideration has an equity component and is subject to a
lock in period, in order to retain the fee earnings post
acquisition. This equity compensation is not treated as part of the
cost of acquisition but is reflected in the share based payment
reserve and amortised through the statement of comprehensive income
as a share-based payment staff cost, over the lock in period.
2.8 Subsidiaries
Subsidiaries are all entities (including structured entities)
over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the
entity.
The nancial statements of trading subsidiaries are included in
the consolidated nancial statements from the date control is
achieved until the date that control ceases. The date of
acquisition accounting policies of the subsidiaries are changed
when necessary to align them with the policies adopted by the
Group.
2.9 Transactions eliminated on consolidation
Intra-Group balances, and any gains and losses or income and
expenses arising from intra-Group transactions, are eliminated in
preparing the historical nancial information. Losses are eliminated
in the same way as gains, but only to the extent that there is no
evidence of impairment.
The Group has been consolidated under merger accounting
principles set out in Section 19 of FRS 102 as described in 'basis
of consolidation' above.
2.10 Foreign currencies
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing at the dates of
transactions. At each reporting end date, monetary assets and
liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting end date.
Gains and losses arising on translation are included in the income
statement for the period.
2.11 Revenue recognition
Revenue is recognised when control of a service or product
provided by the group is transferred to the customer, in line with
the Group's performance obligations in the contract, and at an
amount re ecting the consideration the Group expects to receive in
exchange for the provision of services.
Revenue from contracts with customers is recognised when the
Group satis es a performance obligation for a contracted service.
The Group applies the following ve step model:
-- Identify the contract with a customer;
-- Identify the individual performance obligations within the contract;
-- Determine the transaction price;
-- Allocate the price to the performance obligations; and
-- Recognise revenue as the performance obligations are fulfilled.
The Group considers the terms of engagement, either through
court appointment or otherwise agreed, issued to customers to be
contracts.
There are no signi cant judgements required in determining the
Group's performance obligations in its contracts as the signi cant
majority of contracts contain only one performance obligation.
Transaction price is determined by agreed hourly rates or a xed
fee stated within the letters of engagement or court appointment.
If the fee basis is xed or time based, the provisioning method is
based on estimated recoverability of the current unbilled revenue
with reference to the billing to date and future billing to be
performed as a proportion of costs to date and estimated costs to
complete the contract.
Where work is contingent and not based on time-cost, fees are
fully provided until performance obligations are satis ed as at
this point there is no risk of a material reversal of revenue.
Contingent work generally includes investigations, corporate nance
services, some forensic work, and other assignments where the
outcome is determined by either a judge, pre-trial agreement or
completion of a transaction. The group adopts a prudent approach in
only recognising revenue on cases that have been resolved with all
costs incurred expensed in the relevant month.
The Group recognises revenue from the following activities:
-- insolvency and advisory services;
-- debt advisory services; and
-- corporate finance services.
Insolvency and advisory services
For the Group's formal insolvency appointments and other
advisory engagements, where remuneration is typically determined
based on hours worked by professional partners and colleagues, the
Group transfers control of its services over time and recognises
revenue over time if the Group:
-- provides services for which it has no alternative use or means of deriving value; and
-- has an enforceable right to payment for its performance
completed to date, and for formal insolvency appointments has
approval from creditors to draw fees which will be paid from asset
realisations.
Progress on each assignment is measured using an input method
based on costs incurred to date as a percentage of total
anticipated costs.
In determining the amount of revenue and the related balance
sheet items (such as trade receivables, unbilled income and
deferred income) to recognise in the period, management is required
to form a judgement on each individual contract of the total
expected fees and total anticipated costs. These estimates and
judgements may change over time as the engagement completes and
this will be recognised in the consolidated statement of
comprehensive income in the period in which the revision becomes
known. These judgements are formed over a large portfolio of
contracts and are therefore unlikely to be individually
material.
Invoices on formal insolvency appointments are generally raised
having achieved approval from creditors to draw fees. This is
typically settled on a timely basis from case funds. On advisory
engagements, invoices are generally raised in line with contract
terms.
Where revenue is recognised in advance of the invoice being
raised (in line with the recognition criteria above) this is
disclosed as unbilled revenue within trade and other
receivables.
Unbilled revenue
Unbilled revenue recognised by the Group falls into one of three
categories: insolvency & advisory services, corporate nance
services and debt-advisory services.
When FRP are engaged to work on large and complex administration
assignments it can take longer to negotiate final fees with
creditors and therefore our appointment on these more complex cases
can increase our unbilled revenue and extend the cash conversion
cycle. Within our sector work in progress days (unbilled revenue)
can typically range from c.five to seven months.
Debt advisory services
Revenue will typically be recognised at a point in time
following satisfaction of the performance obligation(s) in the
contract, at which point the Group is typically entitled to invoice
the customer, and payment will be due.
Corporate nance services
Revenue is recognised at a point in time on the date of
completion of the transaction or when unconditional contracts have
been exchanged. For non-refundable retainer fees, these are
recognised upon signing of the contract. Fees typically comprise a
non-refundable retainer and a success fee based on a xed percentage
of the transaction value. Retainer fees are invoiced to the client
and are payable in the rst three to four months. Success fees are
deferred and recognised on completion.
2.12 Goodwill
Goodwill is initially measured at cost (being the excess of the
aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest
held over the net identi able assets acquired and liabilities
assumed).If the fair value of the net assets acquired is in excess
of the aggregate consideration transferred, the Group re-assesses
whether it has correctly identi ed all of the assets acquired and
all of the liabilities assumed and reviews the procedures used to
measure the amounts to be recognised at the acquisition date.
If the reassessment still results in an excess of the fair value
of net assets acquired over the aggregate consideration
transferred, then the gain is recognised in the income
statement.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses. The goodwill is tested annually for
impairment irrespective of whether there is an indication of
impairment. For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date,
allocated to each of the Group's cash-generating units that are
expected to bene t from the combination, irrespective of whether
other assets or liabilities of the acquiree are assigned to those
units.
2.13 Intangible assets other than goodwill
Intangible assets acquired separately from a business are
recognised at cost and are subsequently measured at cost less
accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised
separately from goodwill at the acquisition date if the fair value
can be measured reliably.
Amortisation is recognised so as to write off the cost or
valuation of assets less their residual values over their useful
lives, being 12.5% on a straight-line basis.
2.14 Property plant and equipment
Property, plant and equipment are stated at cost net of
accumulated depreciation and accumulated impairment losses.
Cost comprises purchase cost together with any incidental costs
of acquisition.
Depreciation is provided to write down the cost less the
estimated residual value of all tangible xed assets by equal
instalments over their estimated useful economic lives on a
straight-line basis. The following rates are applied:
Computer software 25%
--------------------- --------------
Computer equipment 25%
--------------------- --------------
Fixtures and
fittings 15%
--------------------- --------------
Leasehold Over the term
improvements of the lease
-------------------- ---------------
Right of Over the term
use assets of the lease
-------------------- ---------------
Motor vehicles 25%
2.15 Financial instruments
The Group classi es nancial instruments, or their component
parts, on initial recognition as a nancial asset, a nancial
liability or an equity instrument in accordance with the substance
of the contractual arrangement. Financial instruments are
recognised on trade date when the Group becomes a party to the
contractual provisions of the instrument. Financial instruments are
recognised initially at fair value plus, in the case of a nancial
instrument not at fair value through pro t and loss, transaction
costs that are directly attributable to the acquisition or issue of
the nancial instrument. Financial assets are derecognised when the
contractual rights to the cash flows from the financial asset
expire, or when the financial asset and substantially all the risks
and rewards are transferred. A financial liability is derecognised
when it is extinguished, discharged, cancelled or expires
2.16 Non-derivative nancial instruments
Non-derivative nancial instruments comprise trade and other
receivables, cash and cash equivalents, loans and borrowings and
trade and other payables. All nancial instruments held are classi
ed nancial assets or liabilities held as at amortised cost.
Trade and other receivables and trade and other payables
Trade and other receivables are recognised initially at
transaction price less attributable transaction costs. Trade and
other payables are recognised initially at transaction price plus
attributable transaction costs. Subsequent to initial recognition
they are measured at amortised cost using the effective interest
method, less any expected credit losses in the case of trade
receivables. If the arrangement constitutes a nancing transaction,
for example if payment is deferred beyond normal business terms,
then it is measured at the present value of future payments
discounted at a market rate of instrument for a similar debt
instrument.
Interest bearing borrowings
Interest-bearing borrowings are recognised initially at the
present value of future payments discounted at a market rate of
interest. Subsequent to initial recognition, interest-bearing
borrowings are stated at amortised cost using the effective
interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call
deposits. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose only of the
cash ow statement.
2.17 Impairment of tangible and intangible assets
At each reporting end date, the Group reviews the carrying
amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an
impairment loss. The impairment indicator assessment applies to all
assets excluding assets with indefinite useful lives including
goodwill for which an impairment assessment is performed annually
regardless of whether an impairment indicator exists or not. If any
such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of the impairment loss
(if any). Where it is not possible to estimate the recoverable
amount of an individual asset, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash ows are discounted to their present value using a
pre-tax discount rate that re ects current market assessments of
the time value of money and the risks speci c to the asset for
which the estimates of future cash ows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit) is reduced to its
recoverable amount. Impairment losses are recognised immediately in
pro t or loss.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (or cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised
for the asset (or cash-generating unit) in prior years. The
reversal of an impairment loss is recognised immediately in pro t
or loss.
2.18 Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
Current tax
The tax currently payable is based on taxable pro t for the
year. Taxable pro t differs from net pro t as reported in the
income statement because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The company's
liability for current tax is calculated using tax rates that have
been enacted or substantively enacted by the reporting end
date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the nancial statements and the corresponding tax bases used in
the computation of taxable pro t, and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable pro ts will be available against which
deductible temporary differences can be utilised. Such assets and
liabilities are not recognised if the temporary difference arises
from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a
transaction that affects neither the tax pro t nor the accounting
pro t.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that suf cient taxable pro ts will be available to allow
all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are enacted or
substantively enacted when the liability is settled, or the asset
is realised. Deferred tax is charged or credited to the
consolidated statement of comprehensive income except when it
relates to items charged or credited to equity, in which case the
deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes by the
same taxation authority and the group intends to settle its current
tax assets and liabilities on a net basis.
2.19 Employee bene ts
The Group operates de ned contribution plans for its employees.
A de ned contribution plan is a post-employment bene t plan under
which the Group pays xed contributions into a separate entity and
will have no legal or constructive obligation to pay further
amounts. Obligations for contributions to de ned contribution
pension plans are recognised as an expense in the periods during
which services are rendered by employees.
Termination bene ts are recognised immediately as an expense
when the Group is demonstrably committed to terminate the
employment of an employee or to provide termination bene ts.
2.20 Provisions
A provision is recognised in the statement of nancial position
when the Group has a present legal or constructive obligation as a
result of a past event, that can be reliably measured and it is
probable that an out ow of economic bene ts will be required to
settle the obligation. Provisions are determined by discounting the
expected future cash ows at a pre-tax rate that re ects risks speci
c to the liability.
In common with comparable businesses, the Group is involved in a
number of disputes in the ordinary course of business which may
give rise to claims. Provision is made in the nancial statements
for all claims where costs are likely to be incurred and represents
the cost of defending and concluding claims. The Group carries
professional indemnity insurance and no separate disclosure is made
of the cost of claims covered by insurance as to do so could
seriously prejudice the position of the Group.
2.21 Leases
The Group leases a number of properties in various locations
around the UK from which it operates.
All leases are accounted for by recognising a right-of-use asset
and a lease liability except for:
-- Leases of low value assets; and
-- Leases with a duration of twelve months or less.
In accordance with IFRS16 Lease liabilities are measured at the
present value of the contractual payments due to the lessor over
the lease term, with the discount rate determined by reference to
the rate inherent in the lease at the commencement date.
2.22 Leases continued
Variable lease payments are only included in the measurement of
the lease liability if they depend on an index or rate. In such
cases, the initial measurement of the lease liability assumes the
variable element will remain unchanged throughout the lease term.
Other variable lease payments are expensed in the period to which
they relate.
On initial recognition, the carrying value of the lease
liability also includes:
-- Amounts expected to be payable under any residual value guarantee;
-- The exercise price of any purchase option granted in favour
of the Group if it is reasonably certain to assess that option;
-- Any penalties payable for terminating the lease, if the term
of the lease has been estimated on the basis of termination option
being exercised.
Right-of-use assets are initially measured at the amount of the
lease liability, reduced for any lease incentives received, and
increased for:
-- Lease payments made at or before commencement of the lease;
-- Initial direct costs incurred; and
-- The amount of any provision recognised where the Group is
contractually required to dismantle, remove or restore the leased
asset (typically leasehold dilapidations).
Subsequent to initial measurement lease liabilities increase as
a result of interest charged at a constant rate on the balance
outstanding and are reduced for lease payments made.
Right-of-use assets are amortised on a straight-line basis over
the remaining term of the lease or over the remaining economic life
of the asset if, rarely, this is judged to be shorter than the
lease term.
When the Group revises its estimate of the term of any lease
(because, for example, it re-assesses the probability of a lessee
extension or termination option being exercised), it adjusts the
carrying amount of the lease liability to re ect the payments to
make over the revised term, which are discounted at the same
discount rate that applied on lease commencement. The carrying
value of lease liabilities is similarly revised when the variable
element of future lease payments dependent on a rate or index is
revised. In both cases an equivalent adjustment is made to the
carrying value of the right-of-use asset, with the revised carrying
amount being amortised over the remaining(revised) lease term.
2.23 Financing income and expenses
Financing expenses comprise interest payable, nance charges on
leases recognised in pro t or loss using the effective interest
method, unwinding of the discount on provisions, and net foreign
exchange losses that are recognised in the statement of
comprehensive income.
Other interest receivable and similar income include interest
receivable on funds invested and net foreign exchange gains.
Interest income and interest payable are recognised in the
statement of comprehensive income as they accrue, using the
effective interest method.
2.24 Share capital
Ordinary shares are classi ed as equity. Equity instruments
issued by the Company are recorded at the proceeds received, net of
direct issue costs.
2.25 Share based payments
Equity settled share-based payments to employees and others
providing similar services are measured at the fair value of the
equity instruments at the grant date.
The fair value determined at the grant date of the equity
settled share based payments is expensed on a straight-line basis
over the vesting period, based on the Group's estimate of the
number of equity instruments that will eventually vest, with a
corresponding increase in equity. At the end of each reporting
period, the Group revises its estimate of the number of equity
instruments expected to vest. The impact of the revision of the
original estimates, if any, is recognised in the statement of
comprehensive income such that the cumulative expense re ects the
revised estimate, with a corresponding adjustment to other
reserves. Where equity settled share-based payments of the parent
company have been issued to employees of its subsidiaries this is
recognised as a cost of investment in the parent company nancial
statements and as an expense and capital contribution in the
subsidiary.
The Employee Bene t Trust has been consolidated.
2.26 Dividends
Interim dividends are recognised in the financial statements
when they are declared. Final dividends which are recommended for
shareholder approval, after the yearend balance sheet date, are
disclosed as a post year end event.
3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group's accounting policies, directors
are required to make judgements, estimates and assumptions about
the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated
assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an on
going basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised, if the revision
affects only that period, or in the period of the revision and
future periods if the revision affects both current and future
periods.
The following are the critical judgements, apart from those
involving estimates (which are dealt with separately below), that
have been made in the process of applying the Group's accounting
policies and that have had the most signi cant effect on amounts
recognised in the nancial statements, as listed below:
Deemed remuneration
Deemed remuneration arises during acquisitions, where
compensation in the form of equity is subject to a lock in period,
in order to retain the key fee earners post acquisition. This is a
judgement area but the guidance in IFRS 3 Business Combinations is
followed. As the equity compensation is restricted until the key
fee earners have completed the required lock in period, it is not
considered to be part of the cost of the acquisition and it is
initially recognised in the share based payments reserve as a debit
to the reserve and amortised through the statement of comprehensive
income over the lock in period. Compensation for three of the
acquisitions made in the year was in the form of equity subject to
a lock in period. The directors have made the judgement that this
equity compensation is deemed remuneration. Note 24 provides
further detail on the acquisitions in the year.
Purchase price allocation (PPA)
When acquiring a business FRP perform a purchase price
allocation exercise, with specialist assistance if required.
Any identified intangibles are amortised over their useful
economic life. The Group applies judgement in determining the fair
value of net assets acquired and in evaluating whether there are
separately identifiable intangible assets that require recognition.
Please refer to Note 24 for further detail on the acquisitions made
in the year.
Key source of estimation uncertainty
The judgements involving estimates and assumptions which have a
signi cant risk of causing a material adjustment to the carrying
amount of assets and liabilities are as follows.
Impairment of goodwill
The Group records all assets and liabilities acquired in
business combinations, including goodwill, at fair value. Goodwill
is not amortised but is subject, at a minimum, to annual tests for
impairment. The initial goodwill recorded, and subsequent
impairment review require management to determine appropriate
assumptions (which are sources of estimation uncertainty) in
relation to cash flow projections over a five year period, the
terminal growth rate and the discount rate used to discount the
cash flows to present value. See note 13 for further details on the
Group's assumptions.
Unbilled revenue
Time recorded for chargeable professional services work is
regularly reviewed to ensure that only what the Directors believe
to be recoverable from the client is recognised as unbilled revenue
within prepayments and accrued revenue.
Estimates are made with allocating revenue to the performance
obligation and the valuation of contract assets. The Group
estimates the contract completion point, costs yet to be incurred
and the potential outcome of the contract.
Signi cant assumptions are involved on a case by case basis in
order to estimate the time to complete an assignment and the
resultant final compensation, where variable consideration is
involved, and which results in the recognition of unbilled
revenue.
Management base their assumptions on historical experience,
market insights and rational estimates of future events. Estimates
are made in each part of the business by engagement teams with
experience of the service being delivered and are subject to review
and challenge by management.
Share based payments
The charge related to equity settled transactions with employees
is measured by reference to the fair value of the equity
instruments at the date they are granted, using an appropriate
valuation model selected according to the terms and conditions of
the grant. Judgement is applied in determining the most appropriate
valuation model and in determining the inputs to the model.
Third-party experts are engaged to advise in this area where
necessary. There is estimation uncertainty in the determination of
assumptions related to the number of options which are expected to
vest, by reference to historic leaver rates and expected outcomes
under relevant performance conditions. Refer to Note 23 for further
detail on share based payments.
4. Financial risk management
The Group is exposed to a variety of nancial risks through its
use of nancial instruments which result from its operating
activities. All of the Group's nancial instruments are classi ed as
nancial assets or liabilities measured at amortised cost.
The Group does not actively engage in the trading of nancial
assets for speculative purposes. The most signi cant nancial risks
to which the Group is exposed are described below.
Credit risk associated with cash balances is managed by
transacting with major global financial institutions and
periodically reviewing their creditworthiness. The Group mainly
banks with Barclays Bank plc and Natwest whose credit ratings are
A-1 short term, (Standard & Poor's) and A-2 short term,
(Standard & Poor's) respectively. Accordingly, the Group's
associated credit risk is limited.
Generally, the Group's maximum exposure to credit risk is
limited to the carrying amount of the nancial assets recognised at
the balance sheet date, as summarised below.
Credit risk is the risk of nancial risk to the Group if a
counter party to a nancial instrument fails to meet its contractual
obligation. The nature of the group's debtor balances, the time
taken for payment by clients and the associated credit risk are
dependent on the type of engagement.
Restated
Year Ended Year Ended
30 April 30 April
2021 2020
Credit Risk GBP'000 GBP'000
----------- -----------
Trade receivables 4,855 3,391
Cash and cash equivalents 24,383 21,311
29,238 24,702
----------- -----------
On formal insolvency appointments (which form the majority of
the Group's activities), invoices are generally raised having
achieved approval from creditors to draw fees. This is typically
settled on a timely basis from case funds. The credit risk on these
engagements is therefore considered to be extremely low.
The Group's trade receivables are actively monitored by
management on a monthly basis. The group provides a variety of
different professional services in line with its pillars to spread
credit risk over its service lines. The Group also controls cash
collection of its insolvency assignments in line with the terms of
appointment.
The ageing pro le of trade receivables that were not impaired is
shown within Note 15. The Group does not believe it is exposed to
any material concentrations of credit risk.
Liquidity risk
Liquidity risk is the risk that the Group will encounter dif
culty in meeting its obligations associated with its nancial
liabilities. The Group seeks to manage nancial risks to ensure suf
cient liquidity is available to meet foreseeable needs and to
invest cash assets safely and pro tably.
The contractual maturities of borrowings, trade payables and
other nancial liabilities are disclosed below.
Year Ended Restated
30 April 30 April
2021 2020
Liquidity risk GBP'000 GBP'000
----------- ---------
Within 1 year 31,424 24,921
Within 2-5
years 13,994 12,342
Beyond 5 years 935 753
46,352 38,016
----------- ---------
Interest rate risk
Interest rate risk is the risk that the value of a nancial
instrument or cash ows associated with the instrument will uctuate
due to changes in market interest rates. Interest bearing assets
including cash and cash equivalents are considered to be short term
liquid assets. It is the Group's policy to settle trade payables
within the credit terms allowed and the Group does therefore not
incur interest on overdue balances.
FRP has a GBP8m term loan with an interest base rate plus 3%.
The company has an interest risk management risk strategy and
reforecasts cashflow whenever the base rate changes, base interest
rates are currently low and in the medium term it is expected that
this will remain stable.
In terms of sensitivity analysis, if interest rates increased by
200 basis points or 2% the incremental FY2022 impact would reduce
the profit before tax by GBP0.2m. If base rate (prevailing at the
date of signing of 0.1%) reduced there would be a negligible impact
on FRP's FY2022 profit before tax.
Foreign currency risk
There is no material risk associated with foreign currency
transactions or overseas subsidiaries.
5. Operating segments
The Group has one single business segment and therefore all
revenue is derived from the provision of specialist business
advisory services as stated in the principal activity. The Chief
operating Decision Maker (CoDM) is the Chief Executive Officer. The
Group has five pillars which individually do not meet the
definition of a disclosable operating segment.
The Group's assets are held in the UK and all its capital
expenditure arises in the UK. The Group's operations and markets
are located in the UK.
All revenue is recognised in relation to contracts held with
customers. No customer contributed 10% or more of the Group's
revenue.
6. Operating pro t
Operating pro t has been arrived at after charging:
Year Ended Restated
30 April 30 April
2021 2020
GBP'000 GBP'000
----------- ---------
Depreciation of owned assets 677 542
Depreciation of right-of-use-assets 835 815
Fees payable to the Group's auditor
for the audit of the group accounts 80 100
Fees payable to the auditor for other
services
the auditing of Subsidiary accounts 20 40
Expenses relating to short term leases 52 35
7. Exceptional costs
Items that are material, either because of their size or their
nature, or that are nonrecurring are considered as exceptional
items and are presented within the line items to which they best
relate.
An analysis of the amount presented as exceptional items in
these nancial statements is given below.
Year Ended Year Ended
30 April 30 April
2021 2020
GBP'000 GBP'000
------------ -----------
Operating items
Costs in relation to
the IPO - 1,974
Total exceptional costs - 1,974
------------ -----------
8. Director and employee information
The average number of Directors and employees during the year
was:
Year Ended Year Ended
30 April 30 April
2021 2020
Number Number
----------- -----------
Directors 7 5
Fee earning employees (including
Partners) 314 279
Non fee earning employees 77 67
The aggregate payoll costs
of these persons were as
follows:
GBP'000 GBP'000
----------- -----------
Wages, salaries and Partner
compensation charged as an
expense 38,426 40,735
Social security costs 2,892 1,202
Pension costs - defined contribution
scheme 611 394
Share-based payment expense 4,643 361
46,572 42,692
----------- -----------
9. Directors' Remuneration and emoluments (including Partner profit allocations)
Details of emoluments paid to the key management personnel
(including Partner pro t allocations in respect of Messrs Rowley
and French) are as follows:
14 November
Year Ended 2019
30 April to 30 April
2021 2020
GBP'000 GBP'000
----------- ------------
Directors' emoluments 2,571 427
Benefits in kind (inc. pension
contributions) 19 1
Share option award 180 115
2,769 543
----------- ------------
Remuneration (including Partner profit allocation)
disclosed above include the following amounts paid
to the highest paid Director:
GBP'000 GBP'000
--------- ---------
Remuneration for qualifying
services 1,353 278
--------- ---------
10. Finance income and expense
Year Ended Year Ended
30 April 30 April
2021 2020
GBP'000 GBP'000
----------- -----------
On short term deposits
and investments - 7
Total finance income - 7
----------- -----------
On bank loans and overdrafts
measured at amortised cost 93 148
On lease liability 140 29
Total finance expense 233 177
----------- -----------
11. Taxation
Year Ended Year Ended
30 April 30 April
2021 2020
GBP'000 GBP'000
----------- -----------
Current tax
UK Corporation tax 4,194 705
Deferred tax
(Reversal)/orignation of temporary
differences (1,201) 124
Total tax charge 2,993 829
----------- -----------
Reconciliation of tax charge:
Year Ended Year Ended
30 April 30 April
2021 2020
GBP'000 GBP'000
----------- -----------
Profit before tax 16,604 2,906
Corporation tax in the UK at
19% 3,155 552
Effects of:
Non-deductible expenses 26 132
Other Permanent differences (188) 145
Total tax charge 2,993 829
----------- -----------
The UK Budget 2021 announcements on 3 March 2021 included an
increase to the UK's main corporation tax rate to 25%, which is due
to be effective from 1 April 2023. These changes were not
substantively enacted at the balance sheet date and hence have not
been reflected in the measurement of deferred tax balances at the
period end. If the Group's deferred tax balances at the period end
were remeasured at 25% this would result in a deferred tax asset
increase of GBP0.4m.
12. Earnings per share
The earnings per share has been calculated using the pro t for
the year and the weighted average number of ordinary shares
outstanding during the year, as follows:
Basic and Adjusted Basic and Adjusted
GBPm diluted EPS EPS diluted EPS EPS
2021 2021 2020 2020
Reported
Profit
after
tax 13.6 13.6 2.1 2.1
Add Share
based
payments - 4.6 - 0.3
Less
deferred
tax - (1.2) - -
Adjusted
profit
after
tax 13.6 17.0 2.1 2.4
Shares in
issue 239,393,684 239,393,684 237,500,560 237,500,560
EPS
(pence) 5.69 7.11 0.87 1.00
---------- ---------------------------------- ------------------------- ---------------------------------- ---------------------------
The potential ordinary shares which arise as a result of the
options in issue are not dilutive under the terms of IAS 33 because
the share options are backed by shares already in issue.
Accordingly, there is no difference between the basic and dilutive
loss per share.
The Employee Bene t Trust has waived its entitlement to
dividends. It holds 18,750,000 shares of the 243,191,489 shares in
issue at 30 April 2021.
13. Goodwill and other intangible assets
30 April 2021
Computer
Client
software List Goodwill Total
GBP'000 GBP'000 GBP'000 GBP'000
----------------- -------------------- --------- --------
Cost
At 1 May 2019 10 - 750 760
At 30 April 2020 10 - 750 760
----------------- -------------------- --------- --------
At 1 May 2020 10 - 750 760
Additions - 833 8,850 9,683
At 30 April 2021 10 833 9,600 10,443
----------------- -------------------- --------- --------
Amortisation
At 1 May 2019 (8) - - (8)
Charge for the
period (2) - - (2)
At 30 April 2020 (10) - - (10)
----------------- -------------------- --------- --------
At 1 May 2020 (10) - - (10)
Charge for the
period - (39) - (39)
At 30 April 2021 (10) (39) - (49)
----------------- -------------------- --------- --------
Net book value
At 30 April 2020 - - 750 750
At 30 April 2021 - 794 9,600 10,394
----------------- -------------------- --------- --------
Additions to goodwill and intangible assets in the year relate
to acquisitions as set out in note 24.
Following initial recognition, goodwill is subject to impairment
reviews, at least annually, and measured at cost less accumulated
impairment losses. Any impairment is recognised immediately in the
consolidated statement of comprehensive income and is not
subsequently reversed.
There are three steps to performing an impairment review:
-- Allocating the goodwill to the relevant cash generating unit (CGU) or multiple CGUs.
-- Determining the recoverable amount of the CGU to which the goodwill belongs.
-- Recognising any impairment losses after performing an impairment review of the CGU or CGUs.
Goodwill acquired in a business combination represents future
economic bene ts arising from assets that are not capable of being
individually identi ed and separately recognised. Goodwill does not
generate cash ows independently from other assets or groups of
assets and so the recoverable amount of goodwill as an individual
asset cannot be determined. However, goodwill often contributes to
the cash ows of individual or multiple CGUs. Therefore, goodwill
acquired in a business combination must be allocated from the
acquisition date to each of the acquirer's CGUs or groups of CGUs
that are expected to bene t from the synergies of the business
combination.
The de nition of a CGU is "the smallest identi able group of
assets that generates cash in ows that are largely independent of
the cash in ows from other assets or groups of assets" (per IAS
36).
For FRP the CGU is represented by:
-- A net cash inflow stream from a group of acquired Partners
-- A net cash inflow from an entire location
-- An entire entity (parent or subsidiary entities within a group)
-- Departments or business units within an entity
In accordance with IAS 36, a CGU to which goodwill has been
allocated shall be tested for impairment annually and whenever
there is indication of impairment by comparing the carrying amount
of the unit, including the goodwill, with the recoverable amount of
the unit.
If the recoverable amount of the unit exceeds the carrying
amount of the unit, the unit and the goodwill allocated to that
unit shall be regarded as not impaired. If the carrying amount of
the unit exceeds the recoverable amount of the unit, the entity
shall recognise an impairment loss.
Goodwill
At 30 April 2021
-- Debt Advisory GBP750k
-- JDC Group GBP3,210k
-- Spectrum GBP5,640k
The recoverable amount is the higher of a CGU's fair value less
costs to sell and its value in use. In brief the fair value less
costs to sell is likely to involve a valuation of the CGU if sold
at an arm's length and deducting the costs of disposal.
The value in use will involve a discounted cash ow ('DCF')
calculation estimating the future cash in ows and out ows to be
derived from the continuing use of the CGU, The DCF calculation
would include the estimated net cash ows, if any, to be received
for the disposal of the CGU at the end of its useful life.
Key assumptions used in value in use calculation
The key assumptions for the value in use calculation are those
regarding:
-- number of years of cash flows used and budgeted EBITDA growth rate;
-- discount rate; and
-- terminal growth rate.
Number of years of cash ows used
The recoverable amount of the CGU is based on a value in use
calculation using speci c cash ow projections over a 5-year period
and a terminal growth rate thereafter. The cash ow projections for
the 5-year period assume a conservative growth rate of 7.5% (2020:
7.5%).
The 5-year forecast is prepared considering members'
expectations based on market knowledge, numbers of new engagements
and the pipeline of opportunities.
Discount rate
The Group's post-tax weighted average cost of capital has been
used to calculate a group pre-tax discount rate of 12.9% (2020:
12.9%), which re ects current market assessments of the time value
of money for the period under review and the risks speci c to the
Group.
Terminal growth rate
A terminal growth rate of 1.0% (2020: 1.0%) is used. This is
derived from members' expectations based on market knowledge,
numbers of new engagements, and the pipeline of opportunities.
Sensitivity to changes in assumptions
With regard to the assessment of value in use for Debt Advisory,
JDC and Spectrum CGU, the directors believe that reasonably
possible changes in any of the above key assumptions would not
cause the carrying value of the unit to exceed its recoverable
amount.
14. Property, plant and equipment
30 April 2021
Property, Plant and Equipment
Fixtures
Computer and Leasehold Motor
use asset equipment fittings improvements vehicles Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------- ------------- ------------------ -------------- ---------- ----------------
Cost
At 1 May 2019 7,209 1,405 532 1,398 7 10,551
Additions 24 310 90 283 - 707
Disposals -
At 30 April 2020 7,233 1,715 622 1,681 7 11,258
----------------- ------------- ------------------ -------------- ---------- ----------------
At 1 May 2020 7,233 1,715 622 1,681 7 11,258
Arising on
acquisitions - 74 5 145 - 224
Additions 413 401 181 120 - 1,114
Disposal (46) - - - - (46)
At 30 April 2021 7,600 2,190 808 1,946 7 12,550
----------------- ------------- ------------------ -------------- ---------- ----------------
Depreciation
At 1 May 2019 (2,423) (750) (198) (539) (2) (3,912)
Depreciation
charge
for the period (815) (292) (83) (166) (1) (1,357)
Disposals - - - - - -
At 30 April 2020 (3,238) (1,042) (281) (705) (3) (5,269)
----------------- ------------- ------------------ -------------- ---------- ----------------
At 1 May 2020 (3,238) (1,042) (281) (705) (3) (5,269)
Depreciation
charge
for the period (835) (339) (110) (227) (1) (1,512)
Disposals - - - - - -
At 30 April 2021 (4,073) (1,381) (391) (932) (4) (6,781)
----------------- ------------- ------------------ -------------- ---------- ----------------
Net book value
At 30 April 2020 3,995 673 341 976 4 5,989
At 30 April 2021 3,527 807 417 1,013 3 5,769
----------------- ------------- ------------------ -------------- ---------- ----------------
15. Trade and other receivables
Group as Group as
at at
30 April 30 April
2021 2020
Trade and other receivables GBP'000 GBP'000
--------- ---------
Trade receivables 4,855 3,391
Other receivables 2,466 1,900
Unbilled revenue 35,052 28,285
42,373 33,576
--------- ---------
Group as Group as
at at
30 April 30 April
2021 2020
Non-current Assets GBP'000 GBP'000
--------- ---------
Deemed Remuneration - -
- -
--------- ---------
The ageing profile of non-related party
trade receivables is as follows:
As at As at
30 April 30 April
2021 2020
Due in GBP'000 GBP'000
------------ ------------
<30 Days 2,286 1,305
30-60 Days 1,182 434
60-90 Days 309 485
>90 Days 1,078 1,167
Total 4,855 3,391
------------ ------------
All of the trade receivables were non-interest bearing and
receivable under normal commercial terms. The directors consider
that the carrying value of trade and other receivables approximates
to their fair value.
The acquisitions completed during the year fall within FRP's
five service pillars, and therefore the treatment of providing or
writing off acquired receivables follows FRP group policy.
All trade receivables and unbilled revenue are derived from
contracts with customers. Unbilled revenue constitutes income
recognised based on stage of completion but not yet billed to the
customer. Write offs happen on a case by case basis immediately
followings the receipt of information implying
irrecoverability.
The gross receivables have increased in line with the growth of
the business. During the Covid-19 pandemic our receivables from
HMRC increased due to a delay in settlements. FRP believes these
amounts to be recoverable.
The expected loss provision for trade receivables is calculated
on the gross carrying amount of trade receivables less any specific
loss allowance, and is detailed below as follows:
As at 30 <30 days <60 days <90 <180 days >180 days Total
April GBP'000 GBP'000 days GBP'000 GBP'000 GBP'000
2020 GBP'000
Expected
loss rate 0% 0% 0% 4% 49% 11%
Gross
carrying
amount 1,305 434 485 785 822 3,831
Expected
credit
loss
provision - - - (34) (406) (440)
As at 30
April
2021
Expected
loss rate 0% 0% 5% 2% 59% 13%
Gross
carrying
amount 2,286 1,182 324 601 1,210 5,603
Expected
credit
loss
provision (15) (15) (718) (748)
16. Cash and cash equivalents
Group as Group as
at at
30 April 30 April
2021 2020
GBP'000 GBP'000
--------- ---------
Cash at bank and
in hand 24,383 21,311
Cash at banks earn interest at floating rates based on daily
bank deposit rates.
17. Trade and other payables
Group as
at Restated
30 April 30 April
2021 2020
Current liabilities GBP'000 GBP'000
--------- ---------
Trade payables 877 1,064
Other taxes and social security
costs 5,849 3,416
Liabilities to Partners go forward 9,074 1,393
Liabilities to Partners cessation
profits at IPO 5,440 15,422
Deferred Consideration 813 -
Other payables and accruals 12,631 5,981
34,684 27,276
--------- ---------
Group as
at Restated
30 April 30 April
2021 2020
Non-current liabilities GBP'000 GBP'000
--------- ---------
Other payables and accruals - 109
Liabilities to Partners go forward 245 139
Liabilities to Partners cessation
profits at IPO 1,114 6,554
Partner capital 3,833 2,726
Deferred Consideration 339 -
5,531 9,528
--------- ---------
The liabilities to Partners mentioned in both of the above
tables includes tax due to HMRC on their behalf.
18. Loans and borrowings
Group as Group as
at at
30 April 30 April
2021 2020
GBP'000 GBP'000
--------- ---------
Current borrowings
Bank loan 1,600 -
Lease liability 872 925
2,472 925
--------- ---------
Non-current interest-bearing loans
and borrowings
Bank loan 6,400 -
Lease liability 2,768 3,271
9,168 3,271
--------- ---------
Bank loan is repayable
Within one year 1,600 -
Within two to five years 6,400 -
8,000 -
--------- ---------
The above GBP8 million five year term loan is with Barclays Bank
plc (Barclays) and is repayable over 20 quarterly instalments. The
interest rate is, the Bank of England base rate plus 3%. The Group
also has a GBP10 million revolving credit facility with Barclays
that was undrawn at 30 April 2021. Barclays have security over FRP
entities for both the RCF and the term loan, in the form of both a
fixed and floating charge over the Group's assets.
19. Deferred tax
Group as Group as
at at
30 April 30 April
2021 2020
GBP'000 GBP'000
--------- ---------
Deferred tax liability brought
forward 124 -
Recognised in profit and
loss for the period (1,200) 124
Deferred tax on acquisition 151
Deferred tax (asset)/liability (925) 124
--------- ---------
The deferred tax provision is analysed
as follows:
Group as Group as
at at
30 April 30 April
2021 2020
GBP'000 GBP'000
--------- ---------
Accelerated capital allowance 138 138
Other temporary differences (14) (14)
Share based payments (1,200) -
Deferred tax on acquisition 151 -
(925) 124
--------- ---------
20. Financial instruments
Group as
at Restated
30 April 30 April
2021 2020
GBP'000 GBP'000
--------- ---------
Financial assets held at amortised
cost 29,238 24,702
Financial liabilities held
at amortised cost 46,352 38,016
21. Share capital
Ordinary
Number
Reconciliation of movement GBP0.001
in shares during the year shares
At 1 May 2020 237,500,560
Shares issued in the year 5,690,929
At 30 April 2021 243,191,489
------------
22. Dividends
During the period a dividend of GBP1,457k, equivalent to 0.66p
per eligible ordinary share, was paid out to shareholders on 13
November 2020. This related to FY2020.
For FY2021 a dividend of GBP3,533k, equivalent to 1.6p per
eligible ordinary share, was declared on 16 December 2020 and paid
on 18 March 2021. A further dividend of GBP1,796k, equivalent to
0.8p per eligible ordinary share, was declared on 12 February 2021
and paid on 11 June 2021. The Board recommends a final dividend of
1.7p per eligible ordinary share for the financial year ended 30
April 2021. Subject to approval by shareholders, the final dividend
will be paid on 29 October 2021 to shareholders on the Company's
register at close of business on 1 October 2021. If the final
dividend is approved, the total dividends paid by the Company
relating to the financial year ended 30 April 2021 will be 4.1p per
eligible ordinary share.
23. Share based payments
Number of
share options
April 2021
Outstanding at the beginning
of the year 11,398,469
Granted during the year 5,444,139
Forfeited during the year (679,129)
Outstanding at the end of
the year 16,163,479
Exercisable at the end of
the year -
The weighted average life of outstanding options was two years
(2020: three years).
Details of the number of share options outstanding by type
of company scheme were as follows:
Employees Non-executive Total
directors
Outstanding at the beginning
of the year 11,254,719 143,750 11,398,469
Granted during the year 5,444,139 - 5,444,139
Forfeited during the year (672,879) (6,250) (679,129)
Outstanding at the end of
the year 16,025,979 137,500 16,163,479
Exercisable at the end of
the year - - -
Option arrangements that exist over FRP Advisory Group plc's shares
at the end of the year are detailed below:
April
Date of grant 2021 Vesting
6 March 2020 16,025,979 from 06/03/2023
6 March 2020 137,500 from 06/03/2023
The majority of the options vest in March 2023.
The Group uses a Black Scholes model to estimate the fair value
of share options. The options were issued over shares held by the
FRP Advisory Group Employee Benefit Trust. The following
information is relevant in the determination of the fair value of
the above options. The assumptions inherent in the use of this
model, at the time of issue, are as follows:
-- The options are nil cost for the employee scheme established
on IPO and nominal cost for the non-exec scheme.
-- The option life is the estimated period over which the
options will be exercised. The options have no expiry date to
discount, so three years has been considered a reasonable expected
life as those awarded are required to remain in employment for
three years;
-- No variables change during the life of the option (such as
the dividend yield remaining zero);
-- As the Group has limited trading history, the volatility rate
has been based on other AIM support services entities. The
volatility rate used was 21%;
-- A risk-free interest rate of 0.6% has been used (2020: 0.7%); and
-- 100% of the options issued under the employee scheme are
expected to vest. 100% of the options issued to the non-executive
directors are expected to vest.
The total recognised share-based payment expense during the year
by the Group was GBP3,700k (2020: GBP361k)
24. Acquisitions
FRP's growth strategy is to focus organic growth supported by
selective inorganic opportunities where there is a cultural,
strategic and mutually acceptable transactional economics fit. The
four acquisitions strategically fit into FRP's 5 service pillars
and we believe there to be revenue synergies of the
combinations.
Date Name Location Type Percentage Pillars
bought
15 June 2020 Team acquisition Newcastle WIP/Assets 100% Restructuring Advisory
----------------- -------------- ----------- ----------- ------------------------
15 September JDC Group East Anglia Share 100% Corporate Finance
2020 and Forensics Services
----------------- -------------- ----------- ----------- ------------------------
27 September Abbott Fielding Kent WIP/Assets 100% Restructuring Advisory
2020 assets
----------------- -------------- ----------- ----------- ------------------------
26 February Spectrum Reading/South Share 100% Corporate Finance
2021 Corporate and Debt Advisory
Finance
Limited
----------------- -------------- ----------- ----------- ------------------------
Acquisition costs of GBP0.4m relating to the four acquisitions
have been expensed in the period but not adjusted for in adjusted
underlying EBITDA.
JDC Group
The Group was acquired to bolster two of FRP's pillars,
Corporate Finance and Forensic Services and give FRP an immediate
presence in the East Anglia region. FRP acquired 100% of the shares
of JDC Holdings Limited, the JDC Group TopCo.
The fair values of JDC Group at the acquisition date of 15
September 2020, following the purchase price allocation exercise
are detailed below:
Fair value
GBP'000
Net assets acquired
Intangible Asset - Customer Relationships 833
Property, plant and equipment 49
Trade Receivables 377
WIP 257
Prepayments 37
Cash 338
Deferred tax liability (158)
Trade Payables (58)
Accruals (327)
VAT (258)
Corporation tax (246)
Total provisional fair value 845
------------------------------------------- ------------------
Consideration 4,055
Goodwill 3,210
Cash flow GBP'000
Cash paid as consideration on
acquisition (2,959)
Less cash acquired at acquisition 338
Net cash outflow (2,621)
------------------------------------------- ------------------
Fair value
Consideration GBP'000
Consideration settled by cash 2,959
Deferred consideration 1,096
Total Consideration 4,055
------------------------------------------- ------------------
During the acquisition equity compensation of GBP1,379k was also
granted to certain vendor fee earners. As this is subject to a
lock-in, this has not been included in the cost of the acquisition
but as deemed remuneration within the share based payment reserve
in the financial statements.
Goodwill arises due to intangible assets that do not qualify for
separate recognition. The JDC Group team have a referral network of
accountants and lawyers but this is not separately
identifiable.
On acquisition fair value adjustments of GBP675k relating to the
separate recognition of intangible assets were recorded.
The key shareholders who sold JDC joined FRP as Partners.
Another Partner and colleagues who TUPEed to FRP received nil cost
option awards, from the Employee Incentive Plan (EIP) funded on
IPO.
In the financial year, the acquisition contributed GBP2,493k of
revenue and GBP743k to the group's underlying EBITDA for the period
between 15 September 2020 and 30 April 2021.
Spectrum Corporate Finance Limited
The Company was acquired to bolster two of FRP's pillars,
Corporate Finance and Debt Advisory. Regionally they are based in
Reading and the South. This acquisition combined with the JDC
acquisition gives FRP a key position in the UK mid cap
transactional market place. FRP is now able to help on both
advising clients to realise their strategic ambitions as lead
advisor or the restructuring advisory team is able to assist as
challenges arise. FRP acquired 100% of the shares of Spectrum
Corporate Finance Limited.
The amounts recognised in respect of the identifiable assets
acquired and liabilities assumed as at 26 February 2021 are set out
below:
Fair value
GBP'000
Net assets acquired
Property, plant and equipment 175
Trade Receivables 1,471
Other Debtors 2,082
Prepayments 137
Cash 1,422
Trade Payables (140)
Accruals (560)
PAYE (173)
VAT (235)
Corporation tax (908)
Total provisional fair value 3,271
----------------------------------- ---------------------
Consideration 8,911
Goodwill 5,640
Cash flow GBP'000
Cash paid as consideration on
acquisition (9,400)
Less cash acquired at acquisition 1,422
Net cash outflow (7,978)
----------------------------------- ---------------------
Fair value
Consideration GBP'000
Initial Consideration - Cash 9,400
Consideration settled in cash
in post year end 3,271
Share subscription income (3,760)
Total Consideration 8,911
----------------------------------- ---------------------
During the acquisition equity compensation of GBP3,760k was also
granted to certain vendor fee earners. As this is subject to a
lock-in, this has not been included in the cost of the acquisition
but as deemed remuneration within the share based payment reserve
in the financial statements.
Goodwill arises due to intangible assets that do not qualify for
separate recognition. The Spectrum Corporate Finance team have a
referral network of accountants and lawyers but this is not
separately identifiable.
No fair value adjustments relating to the separate recognition
of intangible assets were recorded.
The key shareholders who sold Spectrum, joined FRP as Partners.
Other new FRP Partners and colleagues who TUPEed to FRP received
nil cost option awards, from the Employee Incentive Plan (EIP)
funded on IPO.
In the financial year, the acquisition contributed GBP479k of
revenue and GBP5k to the group's underlying EBITDA for the period
between 26 February 2021 and 30 April 2021.
A restructuring team and assets in Newcastle
FRP had an existing operation in Newcastle to which we acquired
two Partners and a team of 13. This combined hub is well positioned
to service the North East region.
Partners and colleagues who TUPEed to FRP received nil cost
option awards, from the Employee Incentive Plan (EIP) funded on
IPO.
GBP'000
--------
Assets Acquired 945
Consideration -
Cash (945)
Goodwill -
--------
In the financial year, revenue contribution was GBP2,786k.
EBITDA contribution to the Group since acquisition was GBP792k for
the period between 15 June 2020 and 30 April 2021.
The assets and trade of Abbott Fielding Ltd, Kent
This transaction gives FRP presence in the Kent region. The team
specialises in corporate recovery and turnaround strategies. One
Partner and 10 colleagues joined FRP.
Colleagues who TUPEed to FRP received nil cost option awards,
from the Employee Incentive Plan (EIP) funded on IPO.
GBP'000
--------
Assets Acquired 665
Consideration -
Cash (665)
Goodwill -
--------
During the acquisition equity compensation of GBP1,000k was also
granted to the vendor fee earner. As this is subject to a lock-in,
this has not been treated as part of the cost of acquisition but as
deemed remuneration within the share based payment reserve in the
financial statements.
In the financial year, revenue contribution was GBP1,227k.
EBITDA contribution to the Group since acquisition was GBP294k for
the period between 27 September 2020 and 30 April 2021.
25. Leases
Group as at Restated
30 April 30 April
2021 2020
GBP'000 GBP'000
-------------- ----------
Expenses relating to short
term leases 52 35
Lease interest 140 170
Cash outflow for leases 911 850
The carrying value of right-of-use assets all relate
to leasehold land and buildings.
Lease liabilities cashflows in relation to right-of-use
assets fall due as follows:
Group as at Restated
30 April 30 April
2021 2020
GBP'000 GBP'000
-------------- ----------
Due within one year 988 1,061
Due within two to five
years 2,063 2,814
Due after more than five
years 935 753
3,986 4,628
-------------- ----------
26. Reserves
Called up share capital
The called-up share capital reserve represents the nominal value
of equity shares issued.
Share premium account
The share premium account reserve represents the amounts above
the nominal value of shares issued and called up by the
Company.
Treasury shares reserve
The Treasury shares reserve represents the shares of FRP
Advisory plc that are held in Treasury or by the Employee Bene t
Trust.
Share based payment reserve
The share-based payment reserve represents:
-- The cumulative expense of equity-settled share-based payments
provided to employees, including key management personnel, as part
of their remuneration.
-- Deemed remuneration arising from acquisitions, which is amortised over the lock-in period.
Merger reserve
The merger reserve represents the difference between the nominal
value of shares issued and the fair value of the assets received.
The merger reserve arose following: a share for share exchange
between FRP Advisory LLP and FRP Advisory Group plc as part of the
group reorganisation in March 2020 and a FRP Advisory Group plc
share for share exchange in the JDC Group acquisition.
Retained earnings
The retained earnings reserve represents the Group's cumulative
net gains and losses less distributions. Transfers from the share
based payment reserve to retained earnings are subject to board
approval.
27. Related party transactions
During the year the Group recharged costs of NIL (2020: GBP19k)
to Apex Debt Solutions LLP, an LLP in which the Group has a
controlling interest.
FRP Advisory Services LLP provides services to FRP Advisory
Trading Ltd, a subsidiary of FRP Advisory Group Plc.
Relating to the financial year FRP Advisory Trading Ltd
contracted services valued at GBP17.1m from FRP Advisory Services
LLP. Geoff Rowley and Jeremy French are directors of FRP Advisory
Group plc, FRP Advisory Trading Ltd and designated members of FRP
Advisory Services LLP.
28. Control
There is no one ultimate controlling party of FRP Advisory Group
plc. It is listed on London Stock Exchange AIM market but the IPO
vendor Partners are treated as a concert party with a holding of c.
49%.
29. Events after the reporting period
The Board of Directors proposed a final dividend of 1.7p for the
final quarter to 30 April 2021. Subject to approval by
shareholders, the final dividend will be paid on 29 October 2021 to
shareholders on the Company's register at close of business on 1
October 2021.
30. Capital commitments
At the balance sheet date, the Group had no material capital
commitments in respect of property, plant and equipment (2020:
GBPnil).
31. Contingent liabilities
The Group is from time to time involved in legal actions that
are incidental to its operations. Currently the Group is not
involved in any legal actions that would signi cantly affect the
nancial position or pro tability of the Group.
NOTE
The financial information set out above does not constitute the
Group's statutory accounts for the year ended 30 April 2021 but is
derived from those accounts. Statutory accounts for 2021 will be
delivered to the Registrar of Companies following the company's
annual general meeting. The auditors have reported on these
accounts; their report was unqualified, did not draw attention to
any matters by way of emphasis without qualifying their report and
did not contain statements under s498(2) or (3) of the Companies
Act 2006.
The information included in this announcement is taken from the
audited financial statements which are expected to be dispatched to
the members shortly and will be available at
www.frpadvisory.com
This announcement is based on the Group's financial statements,
which are prepared in accordance with International accounting
standards in conformity with the requirements of the Companies Act
2006.
Neither an audit nor a review provides assurance on the
maintenance and integrity of the website, including controls used
to achieve this, and in particular whether any changes may have
occurred to the financial information since first published. These
matters are the responsibility of the directors but no control
procedures can provide absolute assurance in this area.
Legislation in the United Kingdom governing the preparation and
dissemination of financial information differs from legislation in
other jurisdictions.
This preliminary statement was approved by the Board of
Directors on 26 July 2021.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FR KZGZNMVDGMZZ
(END) Dow Jones Newswires
July 27, 2021 02:00 ET (06:00 GMT)
Frp Advisory (LSE:FRP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Frp Advisory (LSE:FRP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
