Half-year Report

FRP Advisory Group PLC
12 December 2023
 

 

 

 

 

12 December 2023

 

FRP ADVISORY GROUP PLC

("FRP", the "Group" or the "Company")

 

Half Year Results

For the six months ended 31 October 2023

 

 

FRP Advisory Group plc, a leading national specialist business advisory firm, announces its half year results for the six months ended 31 October 2023 ("H1 2024").

FRP seeks to deliver solutions that create, preserve and recover value, enabling businesses to navigate a broad range of complex situations. Specialising in Restructuring, Corporate Finance, Debt, Forensics and Financial Advisory, we develop effective strategies tailored to the needs of businesses of all kinds. Our five service pillars complement each other to support clients throughout their entire business lifecycle. We draw on experts within each of our service areas to put the best team forward for each situation.

Financial

H1 2024

H1 2023

Growth

Revenue

£58.7m

£49.4m

19%

Underlying adjusted EBITDA1

£15.5m

£11.6m

34%

Reported profit before tax

£11.5m

£5.6m

105%

Adjusted profit before tax3

£13.8m

£10.2m

35%

Reported basic EPS

3.76p

2.68p

41%

Adjusted total EPS4

4.20p

3.35p

25%

Cash collection (inclusive of VAT where applicable)

£56.3m

£52.0m

8%

H1 dividend

1.8p

1.7p

6%

Net cash2

£11.7m

£21.0m

(56%)

Revenue per Partner for 6 months

£0.7m

£0.6m

17%

Non-Financial

 

 

 

Number of administration appointments

169

78

117%

Number of fee earners, including Partners

484

422

15%

Number of colleagues, excluding Consultants

622

536

16%

Colleague utilisation rate

65%

63%

3%

 

 

Financial highlights

·      Strong profitable growth

Revenue increased by 16% on an organic basis and by 3% on an inorganic basis (APP and Wilson Field Group acquisitions)

Growth was driven by an uptick in restructuring activity levels  

Underlying adjusted EBITDA grew by 34% to £15.5m

·      Balance sheet strength maintained

Net cash at 31 October 2023 of £11.7 million2

Continued undrawn committed revolving credit facility ("RCF") of £10 million, along with an accordion acquisition facility of £15 million.

·      Increased interim dividend

H1 2024 dividend of 1.8p (Q1 0.9p and Q2 0.9p), up 6% on prior year

Operational highlights

·      Continued progress across five specialist service pillars:

§

§

§

§ Signs of an increase in debt refinancing and restructuring related M&A activity

Forensic Services

§ High level of activity across both investigations and disputes

Financial Advisory

§ Actively engaged in a range of assignments including option reviews and transaction due diligence, supported by our valuations and pensions advisory specialists

·     

·     

·     

·     

·     

·     

Key Performance Indicators ("KPIs")

Financial

H1 2024

H1 2023

Revenue

£58.7m

£49.4m

Underlying adjusted EBITDA1

£15.5m

£11.6m

Cash collection (inclusive of VAT where applicable)

£56.3m

£52.0m

Adjusted profit before tax3

£13.8m

£10.2m

Revenue per Partner for 6 months

£0.7m

£0.6m

Non-Financial

H1 2024

H1 2023

Number of administration appointments

169

78

Number of fee earners, including Partners

484

422

Colleague utilisation rate

65%

63%

1)     Underlying adjusted EBITDA removes exceptional costs and non-cash costs including share-based payments relating to deemed remuneration arising on acquisitions that is subject to continuing employment and the Employee Incentive Plan established on IPO and funded by Partners, resulting in no dilution to existing shareholders. This is illustrated in the underlying adjusted EBITDA table below.

2)     £15.7m gross cash less £4.0m of structured debt (H1 2023: £26.6m less £5.6m), repayable over two and a half remaining years.

3)     Adjusted profit before tax is reported profit before tax of £13.8m (H1 2023: £10.2m) adjusted for share-based payments of £2.3m (H1 2023: £4.5m) and exceptional items of £nil (H1 2023: £0.1m).

4)     See note 4

 

Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

" I am proud of the team's achievements to date and FRP has performed well in the first half. Our strategy is to ensure our five service pillars and 28 locations are connected and work together to provide solutions that achieve the best possible outcomes, which supports our delivery of sustainable profitable growth. Our total first half revenue growth was 19%, of which organic revenue growth accounted for 16%, while underlying adjusted EBITDA grew by of 34%.

Our Restructuring Team are considerably more active compared to the same period last year and have increased their administration market share. The Forensic Services team is expanding, and are seeing an increase in demand for support on disputes and investigations, often driven by fraud related matters or the need for independent investigations.  Financial Advisory and FRP Corporate Finance (including Debt Advisory) remain active in the mid-market and have a healthy H2 pipeline, although increased caution among investors and lenders in the current environment is also driving an increase in due diligence which means deals are taking longer to complete. There is also an increase in debt refinancing and restructuring related M&A activity.

As demand for our services continues to increase, we remain committed to retaining our healthy collegiate culture where we promote the development, health and well-being of our colleagues and believe that we can best serve clients by ensuring colleagues collaborate and help each other. FRP always aims to put forward the right team, from the right services pillars and locations for each project.

Trading to date has been positive and the Board expects to exceed current consensus market expectations for FY 2024. FRP is well positioned in our core markets, to support corporates through their business cycle and the Board is confident of continued progress."

Enquiries:

FRP Advisory Group plc                                                                    

Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via MHP

 

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

Katy Birkin/Stephen Keys/George Lawson (Corporate Finance)

Tel: +44 (0) 207 220 0500

 

Investec Bank plc (Joint Broker)

Carlton Nelson/James Rudd (Corporate Broking)

Tel: +44 (0) 207 597 4000

 

MHP (Financial Public Relations)

Oliver Hughes

Charlie Barker

Catherine Chapman

Tel: +44 (0) 783 462 3818

FRP@mhpgroup.com 

Notes to Editors

FRP is a leading national specialist business advisory firm established in 2010. It 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.

·      Financial Advisory: transaction services including financial due diligence, lender services, financial modelling, valuations, pensions and company-side advisory services.

Management statement

The Group delivered another strong performance during H1 2024, continuing to grow its revenues, profits and team. Revenue grew by 19% (£9.3m) which was primarily organic. This in turn led to an increase in underlying adjusted EBITDA of 34% (£3.9m).

 

The Group's multidisciplinary nature, with experts across Restructuring Advisory, Corporate Finance, Debt Advisory, Forensic Services and Financial Advisory, ensures that the business is versatile, resilient and can offer tailored solutions to support and advise clients throughout their entire lifecycle.

Restructuring

The source for all insolvency statistics are London and Regional Gazettes.


Corporate Finance (including Debt Advisory)

FRP Corporate Finance continued to invest in external and internal talent and recently announced six promotions within the team, including two Partner promotions. In addition, Tim Spooner joined as a Partner in the Bristol office, and Victoria Kisseleva joined in London, with particular expertise in the beauty and wellness sector.

Whilst deal volumes in the UK are down compared to the prior year - reflecting the challenging conditions seen across the broader economy - the team remained an active player in the mid-market, and closed 25 transactions in H1 2024, with a combined value of £537m and raising £209m of debt (H1 2023: 40 deals with a combined value of £1.2bn and raising £552m of debt).

Notable deals in H1 2024 included:

·              The sale of CLC Group to HIG Group

·              The sale of The Vegner Group to Odevo

·              The refinancing of Bridge Farm Group

·              A £33 million committed debt facility for Slater & Gordon

Going into H2 2024, our pipeline of new opportunities remains robust and we are continuing to see good levels of activity across the national Corporate Finance practice. Whilst the mid-market in which we operate is appearing to remain resilient - aided by the availability of capital and an eagerness to deploy - there is a clear flight to quality. Investors are understandably cautious and requiring additional diligence, meaning deals are taking longer to complete but there are signs that confidence is returning, and we continue to work closely with the PE community having closed transactions with 11 mid-market firms in H1 2024. As predicted, we are seeing signs of an increase in debt refinancing and restructuring related M&A activity.

Forensic Services

Forensic Services have seen a high level of activity across both investigations and disputes.  We have seen more assignments requiring forensic accounting support and have hired more staff across multiple locations to meet the increase in demand for our services.

Financial Advisory

The team is actively engaged in a range of assignments including option reviews and transaction due diligence, where stakeholders are seeking more assurance on the viability of new investments and refinancing, given the greater cost of capital and a higher risk environment.

Our valuation specialists have been active with both mainstream projects and preparing valuations which underpin restructuring plans and schemes of arrangement.

Our pensions advisory specialists continue to work with trustees and corporates, increasingly those moving towards buying-out schemes with insurers to secure member benefits after the recent changes in market conditions, as well as those navigating the changing regulatory environment and its impact on corporate transactions and scheme funding.

People and operations

At FRP we focus on the basics; delivering clear, honest advice and always doing the right thing. Our reputation is built on our colleagues helping stakeholders to achieve the best possible outcome.

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. We believe highly engaged colleagues deliver excellent client service and results, and in turn, strengthen our reputation in the market.

We work hard to attract and retain highly skilled professionals by creating a rewarding, high-performing environment. An Employee Incentive Plan (EIP) was established on IPO in order to incentivise employees under which options over ordinary shares were granted to staff, vesting three years from IPO. The trust holding these options is not eligible for dividends as rights were waived. On vesting, the ordinary shares will gain rights to dividends.

In an increasingly competitive environment, we have continued to recruit talented individuals to join FRP and help us grow in targeted areas.  Our team grew to 622 as at 31 October 2023, representing 16% growth year-on-year, set out in the table below.


31-Oct-23

30-Apr-23

31-Oct-22

Partners

88

78

80

Other Fee earners

396

361

342

Subtotal - Fee earners

484

439

422

Support

138

112

114

Total colleagues (ex Consultants)

622

551

536


In November 2023, we announced a further 33 promotions across our five service pillars and within the Central Services teams, which included three new Partners and six new Directors.

Four lateral hire Partners were appointed to our Bristol, London and Manchester offices between September and November 2023.

·     

·     

·     


Environmental, Social and Governance ("ESG")

The ESG Committee ensures the Group has focus on relevant and proportionate value creative ESG initiatives. We have committed the Group to being Carbon Neutral by 2030. For further details please see our website:

https://www.frpadvisory.com/about/approach/corporate-social-responsibility/environmental-social-and-governance/

FRP is a member of the UN Global Compact, whose aim is to strengthen corporate sustainability worldwide. Over 23,500 companies across 167 countries participate and membership will assist FRP to commit to, assess, define, implement, measure and communicate our sustainability strategy.

. £22,400. Notable colleague activities included Manchester's Josh Richmond swimming the English Channel in a 6-person relay team, collectively raising over £12,000 for the Children's Air Ambulance and our London City office taking part in the Lord Mayor's Appeal Charity's 'City Giving Day', raising £6,400, which included a matched donation from FRP. A percentage of this total was distributed to the Appeal, with the remainder to The Connection at St Martin's in the Fields.

Selective acquisitions

FRP's strategy is to generate sustainable profitable growth by combining a focus on organic growth with acquisitions that meet the Group's selective criteria. The three acquisition criteria we focus on are: cultural fit, strategic fit (within our five pillars/growth region) and economic fit (acceptable transaction economics).

 

Following an acquisition we treat the first 12 months' contribution to the Group as inorganic, with contribution from month 13 onwards becoming organic.

 

A strong financial performance and continued discipline

Due to our continued profitability and cash position, in line with our stated dividend policy, the Board declares an interim dividend for Q2 2024 of 0.9p per eligible ordinary share. This dividend will be paid on 22 March 2024 to shareholders on the Company's register on 23 February 2024, with an ex-dividend date of 22 February 2024. This dividend takes the total for H1 2024 to 1.8p per eligible share (H1 2023: 1.7p).


Going concern

During H1 2024, FRP has continued to grow profitably. The Group had net cash of £11.7m (H1 2023: £21.0m) and an undrawn RCF of £10m as at 31 October 2023. Net cash is calculated based on £15.7m gross cash less £4.0m of structured debt (repayable over approximately two and a half years). The Group also has an accordion acquisition facility of £15m.

The Directors have made appropriate enquiries and consider that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statement. Further detail on the assessment of going concern can be found within note 2.3 of this interim financial report.

Current trading and outlook

The Restructuring Team are considerably more active this half compared to the same period a year ago and have increased administration market share. Companies with significant borrowings who have rolled off lower interest rate arrangements are now subject to much higher debt service costs, with interest rates now considerably higher than the 2009-2021 period. Businesses are also exposed to much higher levels of cost inflation. FRP continues to be one of the most active Restructuring Advisory businesses in the UK, supporting clients on both stress and distress situations where we create commercial solutions to achieve the best possible outcome.  Certain sectors such as construction, property, casual dining and food service, retail, administrative and support services are finding current trading conditions particularly challenging.

The Forensic services team is expanding, and are seeing an increase in demand for support on disputes and investigations, often driven by fraud related matters or the need for independent investigations.  

Financial Advisory are supporting on range of assignments including option reviews and transaction due diligence, where stakeholders are seeking more assurance on the viability of new investments and re-financing given the greater cost of capital and a higher risk environment. Our valuation specialists have been active with both mainstream projects and preparing valuations which underpin restructuring plans and schemes of arrangements.

FRP Corporate Finance (including Debt Advisory) remains active in the mid-market and have a healthy H2 pipeline, although increased caution among investors and lenders in the current environment is also driving an increase in due diligence which means deals are taking longer to complete. There is also an increase in debt refinancing and restructuring related M&A activity.

The group has a strong balance sheet and available facilities to support continued growth.


Geoff Rowley                                                        Nigel Guy
Chief Executive Officer                                         Non-Executive Chairman

Underlying adjusted results
For the six months ended 31 October 2023

Calculation of underlying adjusted EBITDA
(Earnings Before Interest Tax Depreciation and Amortisation)

 

£m

H1 2024

(restated)

H1 2023

FY 2023

Reported profit before tax (PBT)

          11.5

            5.6

          15.6

Add interest, depreciation, amortisation

            1.7

            1.4

            2.9

Reported EBITDA

          13.2

            7.0

          18.5

Add exceptional items

               -

            0.1

            0.1

Add share-based payment expense relating to the Employee Incentive Plan

            1.6

            3.3

            6.3

Add share-based payment expense - deemed remuneration

            0.7

            1.2

            2.1

Underlying adjusted EBITDA

          15.5

          11.6

          27.0

 

Ø Employers National Insurance due to the EIP awards when the options vest, £0.4m (H1 2023: £0.9m) accrued in the period.

Consolidated statement of comprehensive income

For the six months ended 31 October 2023

 



Unaudited

Restated

Unaudited

Audited

 


6 months ended

6 months ended

Year Ended

 


31 Oct 23

31 Oct 22

30 Apr 23


Notes

£ million

£ million

£ million

 





Revenue

 

                             58.7

                           49.4

                    104.0






Personnel costs


(33.0)

(32.3)

(64.3)

Depreciation and amortisation


(1.3)

(1.2)

(2.5)

Other operating expenses


(12.5)

(10.0)

(21.1)

Exceptional costs

3

                                  -

(0.1)

(0.1)






Operating profit


                             11.9

                             5.8

                      16.0






Finance income


                               0.2

                             0.1

                        0.2

Finance costs


(0.6)

(0.3)

(0.6)






Net finance costs


(0.4)

(0.2)

(0.4)






Profit before tax

 

                             11.5

                             5.6

                      15.6






Taxation


(2.7)

                             0.3

(2.9)






Profit for the period


                               8.8

                             5.9

                      12.7











Total comprehensive income for the period


                               8.8

                             5.9

                      12.7






Earnings per share (in pence)

 




Total

4

                             3.53

                           2.38

                      5.13

Basic

4

                             3.76

                           2.68

                      5.58

Diluted

4

                             3.64

                           2.50

                      5.33






Adjusted earnings per share (in pence)

 




Total

4

                             4.20

                           3.35

                      7.83

Basic

4

                             4.49

                           3.76

                      8.52

Diluted

4

                             4.34

                           3.51

                      8.14

 

 

All results derive from continuing operations.

 

 

Consolidated statement of financial position

For the six months ended 31 October 2023

 



 

Restated

 



Unaudited

Unaudited

Audited

 


6 months ended

6 months ended

Year Ended

 


31 Oct 23

31 Oct 22

30 Apr 23


Notes

£ million

£ million

£ million

 





Non-current assets

 




Goodwill


                             12.7

                             10.2

                             10.8

Other intangible assets


                               2.3

                               0.7

                               0.6

Property, plant and equipment


                               2.5

                               2.7

                               2.5

Right of use asset


                               6.0

                               5.6

                               6.5

Deferred tax asset


                               1.6

                               4.7

                               2.5

Total non-current assets


                             25.1

                             23.9

                             22.9






Current assets

 




Trade and other receivables

6

                             68.5

                             48.5

                             58.3

Cash and cash equivalents


                             15.7

                             26.6

                             27.7

Total current assets


                             84.2

                             75.1

                             86.0






Total assets


                           109.3

                             99.0

                           108.9






Current liabilities

 




Trade and other payables

7

                             26.6

                             26.1

                             29.7

Loans and borrowings


                               1.6

                               1.6

                               1.6

Lease liabilities


                               1.6

                               1.7

                               1.2

Total current liabilities


                             29.8

                             29.4

                             32.5






Non-current liabilities

 




Trade and other payables

7

                               5.1

                               5.4

                               4.8

Loans and borrowings


                               2.4

                               4.0

                               3.2

Lease liabilities


                               4.5

                               4.0

                               5.3

Total non-current liabilities


                             12.0

                             13.4

                             13.3






Total liabilities


                             41.8

                             42.8

                             45.8






Net assets


                             67.5

                             56.2

                             63.1






Equity

 




Share capital


                               0.2

                               0.2

                               0.2

Share premium


                             33.7

                             31.5

                             32.0

Treasury shares reserve


(0.0)

(0.0)

(0.0)

Share-based payment reserve


                               1.9

                               2.9

                               1.3

Merger reserve


                               1.3

                               1.3

                               1.3

Retained earnings


                             30.4

                             20.3

                             28.3

Shareholders equity


                             67.5

                             56.2

                             63.1

 

Approved by the Board and authorised for issue on 11 December 2023.

 

Jeremy French                                                                     Gavin Jones

Director, COO                                                                        Director, CFO

Company Registration No. 12315862

Consolidated statement of changes in equity

For the six months ended 31 October 2023


 


Called up share capital

 

Share premium account

Treasury share reserve

Share-based payment reserve

Merger reserve

Retained earnings

Total equity

 


£ million

£ million

£ million

£ million

£ million

£ million

£ million

 








Balance at 31 October 2022 (unaudited) (restated)

             0.2

           31.5

(0.0)

             2.9

             1.3

           20.3

           56.2

 








Profit for the half year

                 -

                 -

                 -

                 -

                 -

             6.8

             6.8

Other movements

                 -

                 -

             0.0

                 -

                 -

(0.0)

                 -

Dividends

                 -

                 -

                 -

                 -

                 -

(3.8)

(3.8)

Issue of share capital

             0.0

             0.5

                 -

                 -

                 -

                 -

             0.5

Share-based payment expense

                 -

                 -

                 -

             3.0

                 -

                 -

             3.0

Deemed remuneration additions

                 -

                 -

                 -

(1.0)

                 -

                 -

(1.0)

Deemed remuneration charge

                 -

                 -

                 -

             1.4

                 -

                 -

             1.4

Transfer to retained earnings

                 -

                 -

                 -

(5.0)

                 -

             5.0

                 -

 








Balance at 30 April 2023 (audited)

             0.2

           32.0

(0.0)

             1.3

             1.3

           28.3

           63.1

 








Profit for the half year

                 -

                 -

                 -

                 -

                 -

             8.8

             8.8

Dividends

                 -

                 -

                 -

                 -

                 -

(6.7)

(6.7)

Issue of share capital

             0.0

             1.7

                 -

                 -

                 -

                 -

             1.7

Other movements

                 -

                 -

             0.0

                 -

                 -

(0.0)

                 -

Share-based payment expense

                 -

                 -

                 -

             1.6

                 -

                 -

             1.6

Deemed remuneration additions

                 -

                 -

                 -

(1.7)

                 -

                 -

(1.7)

Deemed remuneration charge

                 -

                 -

                 -

             0.7

                 -

                 -

             0.7

 








Balance at 31 October 2023 (unaudited)

             0.2

           33.7

(0.0)

             1.9

             1.3

           30.4

           67.5

 

Consolidated statement of cash flows

For the six months ended 31 October 2023

 

 


Unaudited

Restated

Unaudited

Audited

 

6 months ended

6 months ended

Year Ended

 

31 Oct 23

31 Oct 22

30 Apr 23


£ million

£ million

£ million

 




Cash flows from operating activities

 



Profit before taxation

                             11.5

                               5.6

                             15.6

Depreciation, amortisation and impairment (non cash)

                               1.3

                               1.2

                               2.5

Share-based payments: employee options (non cash)

                               1.6

                               3.3

                               6.3

Share-based payments: deemed remuneration (non cash)

                               0.7

                               0.7

                               2.1

Net finance expenses

                               0.4

                               0.2

                               0.4

Increase in trade and other receivables

(7.5)

(2.6)

(11.6)

Decrease in trade and other payables

(1.5)

(5.1)

(2.2)

Tax paid

(5.4)

(0.2)

(2.0)

Net cash from operating activities

                               1.1

                               3.1

                             11.1





Cash flows from investing activities

 



Purchase of tangible assets

(0.2)

(0.3)

(0.6)

Acquisition of subsidiaries less cash acquired

(4.1)

(0.4)

(1.6)

Interest received

                               0.2

                               0.0

                               0.2

Net cash used in investing activities

(4.1)

(0.7)

(2.0)





Cash flows from financing activities

 



Gross Proceeds from share sales

                                  -

                               7.5

                               7.5

Dividends

(6.8)

(6.0)

(9.8)

Principal elements of lease payments

(1.0)

(0.7)

(1.4)

Repayment of loans and borrowings

(0.8)

(1.2)

(2.0)

Interest paid

(0.4)

(0.3)

(0.6)

Net cash used in financing activities

(9.0)

(0.7)

(6.3)





Net (decrease)/increase in cash and cash equivalents

(12.0)

                               1.7

                               2.8

Cash and cash equivalents at the beginning of the period

                             27.7

                             24.9

                             24.9

Cash and cash equivalents at the end of the period

                             15.7

                             26.6

                             27.7





 

 

 

 

Notes to the Financial Statements

For the six months ended 31 October 2023

 

Exceptional costs in the prior period relate to the placing in June 2022, which included an extension of the lock-in for Partners.

 

 

EPS

Adjusted EPS

 

EPS

Adjusted EPS

£m

H1 2024

H1 2024

 

H1 2023

H1 2023

Reported Profit after tax

                     8.8

                    8.8


                         5.9

                    5.9

Add Exceptional items

                         -

                        -


                             -

                    0.1

Add Share-based payments

                         -

                    2.3


                             -

                    4.5

Less deferred tax

                         -

(0.6)


                             -

(2.2)

Adjusted Profit after tax

                     8.8

                  10.5


                         5.9

                    8.3


 

 




Total average shares in issue

   249,813,394

   249,813,394


       247,448,913

   247,448,913


 

 




Total share EPS (pence)

                  3.53

                  4.20


                      2.38

                  3.35


 

 




Weighted average shares in issue excluding EBT

   234,015,204

   234,015,204


       220,504,872

   220,504,872

Basic EPS (pence)

                  3.76

                  4.49


                      2.68

                  3.76

 

 

 




Dilutive potential ordinary shares under share option schemes

        7,827,995

       7,827,995


          15,213,834

     15,213,834

 

 

 




Weighted diluted shares in issue

   241,843,199

   241,843,199


       235,718,706

   235,718,706


 

 




Diluted EPS (pence)

                  3.64

                  4.34


                      2.50

                  3.51

Dividend

Trade and other receivables






Unaudited

Unaudited

Audited

 

6 months ended

6 months ended

Year Ended

 

31 Oct 23

31 Oct 22

30 Apr 23

Trade and other receivables

£ million

£ million

£ million

Trade receivables

                               7.6

                               6.0

                               7.9

Other receivables

                               4.5

                               2.4

                               4.6

Unbilled revenue

                             56.4

                             40.1

                             45.8


                             68.5

                             48.5

                             58.3





The ageing profile of non-related party trade receivables is as follows:








As at

As at

As at

 

31 Oct 23

31 Oct 22

30 Apr 23

Due in

£ million

£ million

£ million

<30 Days

                               5.0

                               3.0

                               4.1

30-60 Days

                               0.3

                               1.0

                               1.6

60-90 Days

                               0.3

                               0.3

                               0.8

>90 Days

                               2.0

                               1.7

                               1.4

Total

                               7.6

                               6.0

                               7.9

 

Trade and other payables


Unaudited

Unaudited

Audited

 

6 months ended

6 months ended

Year Ended

 

31 Oct 23

31 Oct 22

30 Apr 23

Current liabilities

£ million

£ million

£ million

Trade payables

                               3.0

                               0.7

                               1.9

Other taxes and social security costs

                               4.0

                               5.7

                               8.4

Liabilities to Partners go forward

                             11.4

                             10.9

                             10.3

Other payables and accruals

                               8.2

                               8.8

                               9.1


                             26.6

                             26.1

                             29.7










Unaudited

Unaudited

Audited

 

6 months ended

6 months ended

Year Ended

 

31 Oct 23

31 Oct 22

30 Apr 23

Non-current liabilities

£ million

£ million

£ million

Other payables and accruals

                               0.6

                               1.1

                               0.7

Partner capital

                               4.5

                               4.3

                               4.1


                               5.1

                               5.4

                               4.8

 

 

 

 

 

 

 

 

 

 

 

      

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