Restructuring experts FRP says property, food and retail firms are most at risk as insolvencies continue to soar this year.
FRP revealed first-half revenue jumped to £58.7 million as more companies called in its services as they struggled to stay afloat. Underlying profits were up 34% to £15.5 million.
Boss Geoff Rowley said: “FRP performed well in the first half, with our team, revenues and profits all continuing to grow. We continued to take market share and made further progress against our strategy, which remains to deliver sustainable profitable growth by ensuring our five service pillars work together to provide solutions that achieve the best possible outcomes.
“Looking ahead, we remain confident of making further progress, with leading positions in our core markets and a team and structure that leaves us well positioned to support corporates through the business cycle and respond to increased demand for our services.”
Among the insolvencies FRP has worked on this year are AIM-listed housebuilder Inland Homes and online bike retailer Wiggle.
The group also saw a boost in earnings from forensic services, which was partly due to a rise in corporate fraud.
Looking ahead, FRP added that “if current activity levels continue, the Board remains confident of at least achieving full year expectations.
The shares gained 2.3% to 124.8p, but they are still down more than 20% for the year.
The warning on retail comes as official figures from the ONS today showed retail sales surprisingly fell again in October, bringing sales to their lowest level since February 2021, during the Covid-19 lockdown.
