FRP has released a robust H1/23E trading update, recording revenue up 10% YoY to £49.4m and Adj EBITDA up 5% YoY to £11.6m; a solid performance considering UK administrations remain subdued. Trading remains in line with expectations for the full year, and we leave our forecasts unchanged. FRP trades on an FY23E Adj P/E of 21.7x, offers a 2.7% dividend yield and has a strong net cash position (£21m). With the challenges faced by companies intensifying (eg high inflation, rising interest rates, th ....
