FRP Advisory Group

FRP Advisory Group Dividend Analysis and Summary

• Dividend declared: 1.0p per share (Interim Q2 2026)
• Ex-dividend date: 19/02/2026
• Record date: 20/02/2026
• Payment date: 20/03/2026
• Half-year dividends (H1 2026): 2.0p per share (Q1: 1.0p, Q2: 1.0p), up 5% year-on-year (H1 2025: 1.9p)
• Eligibility: shares held in the EIP/EBT trust waive dividends until vest; weighted average shares excluding EBT were ~248.3m in H1 (implies c. £2.5m cash cost per 1.0p, subject to share count at record date)
• Policy: declared “in line with stated dividend policy” (no change signalled)

• Earnings cover (H1 2026): basic EPS 5.43p vs H1 dividends 2.0p ? cover ~2.7x; adjusted basic EPS 6.35p ? cover ~3.2x.
• Profitability: revenue £87.1m (+12%), underlying adjusted EBITDA £23.0m (+3%), adjusted PBT £21.1m (+4%).
• Balance sheet and liquidity: net cash £16.5m at 31 Oct 2025; £10m undrawn RCF and £7.8m accordion remain available.
• Cash dynamics: cash collection £81.0m; operating cash flow was modest (£1.6m) due to working capital build (notably WIP up to £73.9m), but management cites a strong conversion track record.
• Capital returns already paid H1: dividends of £8.7m (includes prior-period distributions), indicating capacity to fund ongoing payouts alongside growth investments.