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FRP Advisory Group

FRP.L
71
Financial - Capital Markets · Financial Services
Price
119.00 GBp
-0.50 (-0.42%)
Market Cap
£294.0M
Exchange
London Stock Exchange
Winston Score
71
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Apr 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Good
Cash Flow
Good
Stability
Good
Valuation
Strong
Dividends
Strong

Share count rising — dilution

+19.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 213.6M (2022) → 255.7M (2026)

Winston Score History

The full picture

FRP Advisory Group is a UK-based professional services firm that helps businesses and individuals deal with financial problems. Its main services include insolvency and restructuring (helping companies that cannot pay their debts), corporate finance (advising on mergers and acquisitions), and debt advisory. Customers include struggling businesses, lenders, and company owners across a wide range of industries. FRP is one of the larger independent advisory firms of its kind in the United Kingdom.

The company earns money by charging fees for its advisory and restructuring work, rather than taking a cut of deals or earning interest. It operates almost entirely in the UK, with a network of offices spread across England and Scotland, and generates roughly £100–120 million in annual revenue. Its competitive edge comes from its national reach and specialist expertise, which are hard for smaller rivals to replicate quickly. The key growth driver is the level of corporate insolvencies in the UK economy — when more businesses struggle financially, demand for FRP's services tends to rise.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+34.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

23.7%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£29M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

FRP Advisory Group is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
97.3%
Premium pricing power — 97.3% gross margin
Profit after running costs
Operating Margin
19.2%
Healthy — 19.2% operating margin
Return on the money invested
ROCE
32.4%
Exceptional — 32.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+16.3%
Fast-growing sales (+16.3% YoY)
Profit growth
EPS YoY
+17.2%
Earnings growing fast (+17.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
87%
Modest — 87% of profit becomes cash
Spare cash per sale
FCF Margin
11.4%
Modest free cash flow (11.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
40.11x
Comfortably covers interest (40.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.3x
Attractive valuation — P/E 11.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.78%
Healthy income — 4.78% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+7.4%
Dividend growing modestly (7.4% YoY)

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