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    FRP   GB00BL9BW044

FRP ADVISORY GROUP PLC

(FRP)
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FRP Advisory Group plc acquired Spectrum Corporate Finance LLP from five undisclosed sellers for £9.4 million.

03/01/2021 EDT

FRP Advisory Group plc (AIM:FRP) acquired Spectrum Corporate Finance LLP from five undisclosed sellers for £9.4 million on February 26, 2021. Under the terms of the transaction, consideration includes cash payment of £9.4 million plus a further payment contingent on the net assets. The five key selling shareholders of Spectrum have agreed to subscribe for £3.8 million of subscription shares being the closing mid-price on February 23, 2021. The cash proceeds will be funded by a partial drawdown under the existing Revolving Credit Facility. For the year 2020, Spectrum revenue of reported revenue of £4 million and EBITDA of £0.5 million. 27 employees will join FRP including seven as partners Simon Davies, Clive Hatchard, Ian Milne, Mark Farlow, Simon Sherliker, Darren Miller and James Mines. Cenkos Securities plc (AIM:CNKS) acted as financial advisor to FRP Advisory. FRP Advisory Group plc (AIM:FRP) completed the acquisition of Spectrum Corporate Finance LLP from five undisclosed sellers on February 26, 2021.


© S&P Capital IQ 2021
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Financials
Sales 2022 86,4 M 119 M 119 M
Net income 2022 12,7 M 17,4 M 17,4 M
Net cash 2022 12,2 M 16,8 M 16,8 M
P/E ratio 2022 23,0x
Yield 2022 3,59%
Capitalization 274 M 376 M 376 M
EV / Sales 2022 3,03x
EV / Sales 2023 2,83x
Nbr of Employees 457
Free-Float 33,6%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 1,22 GBX
Average target price 165,00 GBX
Spread / Average Target 13 425%
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Managers and Directors
Geoffrey Paul Rowley Chief Executive Officer & Director
Gavin Jones Chief Financial Officer & Director
Nigel Raymond Allen Guy Non-Executive Chairman
Jeremy Stuart French Chief Operating Officer & Director
Catherine Lucy O'Neill Independent Non-Executive Director
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