FRP Advisory Group PLC on Wednesday emphasised the strength of its business model and strategy, after seeing both earnings and revenue increase over the course of the financial year.

For the financial year ended April 30, the London-based business advisory firm reported pretax profit of £29.9 million, up 92% from £15.6 million a year prior. Basic earnings per share rose 67% to 9.35 pence from 5.58p.

Revenue also enjoyed a boost, rising 23% to £128.2 million from £104.0 million the year before.

According to FRP, all five of its pillars made a ‘positive contribution’ in the year, with the group’s restructuring team continuing to be ‘the most active’ in the UK administration appointment market.

The firm also noted that trading for the first full year of its combined financial advisory pillar had been positive, with ‘heightened activity’ across all service lines.

The firm declared a dividend of 5.0p, up 8.7% from 4.6p year-on-year.

‘In the new financial year, activity levels across all our locations and pillars are encouraging, with trading in line with the board’s expectations. Our M&A pipeline also remains healthy, giving us confidence of making further positive progress against our strategy,’ said Chief Executive Officer Geoff Rowley.

Looking ahead, FRP Advisory said its short and medium-term outlook ‘remains positive’, adding that the firm is ‘confident of continued progress’.

Shares in FRP Advisory Group were trading 0.8% lower at 129.49 pence each in London on Wednesday afternoon.

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