Very interesting comparing share price movements for FRP with BEG and K3C... far less volatility. Clearly there's a significant tranche of shares held back in trust for employee share options (a very good thing), but the company appears to be well managed and understated inn reporting. For FRP at least, it's good to see that company administrations are on the up (not just lower-value liquidations), and also the increased number of news items concerning their involvement in large-scale M&A activity. Can't wait to see their next set of results. Price charts and analyst reporting clearly point towards a breakout from 135p to at least 165. Fingers crossed ! |
This one continues to nudge upwards, seems to be a decent buyer in the background |
Hold this in a few places, div in at interactive but not with HL |
Has anyone received their Q1 dividend, payment date should have been Dec 24th? Still waiting for mine but I expect it's just Xmas BH delays. |
More scaremongering. There's nothing untoward about the extension. The issue here is with shareholders who made a poor investment decision in Koovs and are desperately looking for a scapegoat. |
Just out Companies House, FRP Advisory have extended their Koovs administration investigation by another year to Dec 2022, that will be 3 years to close this case.Shareholders have expressed serious misgivings about the conduct of FRP Advisory, RPC Law. Press have been notified. |
FRP advisory is an emerging UK advisory firm involved in forensic services, pensions, restructuring, debt, and corporate finance advisory to raise capital for clients while providing suitable valuations. From a financial perspective, the firm derived a profit margin of 21.31% , stemming from an £8.8m surge in revenue (£44.7m-£35.9m) with respect to 2020. Subsequently, adjusted EBITDA was £11.1m in 2021, 14% higher than the £9.7m generated last year, signifying that FRP advisory is able to fund its operating and activities effectively while deriving attractive operating profits, such was the case of the £5,825m yielded in 2021.
Keep up to date with WealthOracle AM |
Superb H1 results showing very positive impact of Corporate Finance acquisitions coupled with organic growth. FRP operate in a higher-level restructuring area than BEG, dealing with larger Administration cases rather than lower-value Creditors Voluntary Liquidations. This is the area where government support has particularly distorted insolvency numbers.It's only a matter of time until pent up pressure causes this dam to burst... and when it does fee income should increase dramatically. |
It's coming up to H1 reporting. It'll be interesting to see what impact M&A based acquisitions have had on performance. |
Been adding quite a lot here over the last couple of weeks seems primed for a move north imo |
A month old but still relevant. Didn't spot this at the time. |
Good update. Q1 dividend declared, 0.8p payable Christmas Eve. |
Been topping up this morning, beg statement suggesting the floodgates will be opening soon |
They are accumulating quite rapidly.
Only 3 weeks since they passed the 4% threshold having been 3.14% before that. |
Danske Invest Management jump from 4% to 5% holding. |
Good to see some positive price movements today with a breakaway-gap in a trading-range underpinned by increased volume. Although FRP - based upon fundamentals - are a higher quality company than BEG or K3C, their share price has been out of kilter for a few weeks. I'm expecting resistance around 135p but once this is breached 160p seems easily attainable. AGM end of this month. |
Thanks. That'll do nicely .. |
4.37 is what stockopedia have as forecast 2022e dividend. |
Thanks Tole.
Anyone know where the Motley Fool writer gets his 4.37p dividend figure from? Thought it was currently 4.10p annually. |
 https://www.fool.co.uk/investing/2021/08/29/3-aim-stocks-id-buy-for-passive-income/FRP AdvisoryA final AIM stock I'd buy would be FRP Advisory (LSE: FRP). The company specialises in corporate finance, debt and restructuring. In its own words, FRP gets "under the skin of businesses in complex and difficult situations". Thanks to Covid-19, I don't think there'll be a shortage of clients once government support fizzles out.Trading is already going well. Back in July, FRP reported a 25% jump in revenue to £79m in its last full year. As one would hope, the firm's balance sheet also looks robust with a net cash position.That said, it's worth mentioning that the dividends are the lowest of the three mentioned. A 4.37p per share distribution equates to a 3.7% yield. That's only slightly more than I'd get from buying a FTSE 100 tracker.So, while I like the defensive nature of this business, I'd need to question whether it's worth the hassle if truly passive income were my primary objective. It helps that FRP is the cheapest AIM stock mentioned here (16 times earnings). |
A good write-up. The share-price has softened but it looks like a great buying opportunity to me. |
https://masterinvestor.co.uk/equities/the-dogs-of-aim-2021/FRP ADVISORY GROUPHaving a relatively high yield doesn't mean that a company isn't growing any more. In fact, this company has been growing strongly since being founded just over a decade ago and has plans for further growth.FRP Advisory Group (FRP) is a professional-services firm established in 2010 which offers a range of advisory services to individuals, companies, lenders and investors. These cover the whole range of the corporate life cycle, with the core restructuring and insolvency-advice activities supported by areas including corporate finance; mergers and acquisitions; raising and refinancing debt; pensions and forensic services.Over the years, FRP has grown organically and by acquisition to become one of the largest restructuring-advisory firms in the UK by number of corporate-insolvency appointments. Notably, despite year-on-year declines in the number of formal, UK company insolvencies between 2009 and 2016, FRP successfully managed to expand and increase profits. While they grew again in 2016, insolvencies have slowed recently due to government support introduced during the pandemic. However, the latest figures from The Insolvency Service show UK company insolvencies up 7% in May this year to 1,011.FRP joined AIM in March last year, raising £20m for itself along with £60m for prior shareholders that added their shares to the offering. The money was earmarked to fund further opportunistic acquisitions and the organic-growth strategy which involves opening offices in new regions, attracting new fee-earning staff, taking on larger deals and attracting more overseas clients. Like most listed, professional-services firms, FRP has a high percentage of shares owned by its employees, with around 50% held by its partners following the initial public offering (IPO).Solvent businessThe year to 30 April 2021 was another good one for FRP as revenues grew by 25% to £79m. Of this, 15% came from organic growth and the rest from acquisitions, with four deals completed during the year. This was completed in the context of a total, formal, company-insolvency market which saw a 26% fall due to the government support available. However, FRP grew its own market share from 11% to 13%. Helping the organic growth, the team was expanded by 106 employees to 457, with the corporate-finance business expanded to offset any challenges in the insolvency market.This remains a highly profitable business despite large partner fees, with pre-tax profits for the year reported at £16.6m. The balance sheet showed net cash of £16.4m at the period end, remaining strong but down from £24.4m after spending a net £10.6m on acquisitions and paying down £15.4m of IPO liabilities relating to profits owed to partners and related tax.Trading since the period end was said to be in line with expectations, with several initiatives expected to boost growth this year. Adding to the increase in headcount, two new international alliances have been formed, which will enable FRP to access new networks of highly experienced international advisers and support the UK component of international transactions.Good administrationFRP has had a good start on the markets, with the shares rising from the IPO price of 80p to a current 122.5p. At that level the historic price earnings multiple is 17 times ? on the high side but reasonable in my view given the historic growth and expansion plans. What's more, at IPO FRP set out a policy to pay out a generous 70% of its net profits as dividends, with quarterly payments being made. That target was met for 2021, with the 4.1p payment equating to a modest yield of 3.3% at the current price. Analysts at Liberum have a 180p target on the shares, suggesting 47% upside from the current price. |
 Interesting to compare and contrast the three non-audit accountancy firms in the UK insolvency/turnaround and M&A space; BEG, FRP and K3C. All firms win their work based around individual 'transactional' income rather than relying upon steady audit fees. Whilst all three have crossover in the restructuring space, a closer analysis of their accounts and market data indicate three very different businesses based upon value vs volume, and advisory work vs insolvency.BEG - have the highest volume of insolvencies in the UK in terms of liquidations, however when you look deeper the individual value of their appointments is likely to be the lowest. They seem to be growing sales based upon bolt-on acquisitions around valuing assets and M&A activity with smaller companies.FRP - appear to be operating on a value vs volume model, focussed upon winning more profitable restructuring work from larger SMEs and quoted companies that would previously have gone to Big Four accountancy firms were it not for conflicts of interest. They're also clearly growing their M&A side which is focussed upon themid-market.K3C - have traditionally operated in the low-value business sales arena, and have clearly made a reputation in M&A for selling small businesses. Last year they acquired Quantuma, an Insolvency turnaround specialist who have grown well over the last few years and now probably sit somewhere between FRP and BEG in terms of case value vs volume.There's much that can be gleaned from the accounts of these three companies. Hopefully this will help to differentiate them in terms of business fundamentals. |
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