Good morning, and welcome to the FRP Advisory Group Plc annual general meeting proceedings. Throughout the recorded meeting, attendees will be in listen-only mode. Questions can be submitted at any time via the Q&A tab situated in the right-hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted, then publish responses where it is appropriate to do so. I would now like to hand you over to Penny Judd, Non-Executive Chair. Good morning.
Thank you and welcome to everyone joining us in the room and online. My name is Penny Judd. I am the Non-Executive Chair of FRP Advisory Group plc. I confirm that we are quorate, and accordingly, I am pleased to be able to open the 2026 annual general meeting of FRP Advisory Group plc. Joining me today are my fellow board members, Geoff Rowley, our Chief Executive Officer, Jeremy French, our Chief Operating Officer, Gavin Jones, our Chief Financial Officer, and our Non-Executive Directors, David Chubb, Kathryn Fleming, and Louise Jackson, who will be joining us shortly. She is a little held up. Before turning to the formal business of the meeting, I would like to draw the meeting's attention to the trading update released at 7:00 A.M. today, which reads as follows.
In the year to 30th April 2026, FRP delivered another year of profitable growth with positive contributions across all six service pillars. Revenue grew 16% to GBP 177 million, of which 10% was organic. Adjusted underlying EBITDA rose 12% to GBP 46 million and adjusted total earnings per share increased 11% to GBX 11.92 . We completed two acquisitions and made an investment during the year, resulting in 15 acquisitions since IPO.
The team grew by 99 colleagues to 894, excluding consultants, at 30th April 2026. We ended the year with net cash of GBP 26 million. Total dividends for financial year 2026 rose 7% to GBX 5.8 per share, our sixth consecutive year of dividend growth since IPO. In our full-year results announcement on 22nd July 2026, we stated that trading and activity levels in the new financial year had started positively, and we are pleased to confirm that this has continued.
In line with the company's quarterly dividend policy, the board is pleased to declare an interim dividend of GBX 1.05 per eligible ordinary share for the first quarter of 2027. Q1 2026 was GBX 1.00 , an increase of 5%. The dividend will be paid on 18th December 2026 to shareholders on the register on 20th of November 2026, with the ex-dividend date being 19th November 2026.
Trading year to date continues to be in line with the board's expectations. The integration of the businesses acquired during 2026, including One Advisory Group and Arc & Co, has progressed as planned and all are performing in line with expectations. The near and medium-term outlook for our service pillars remains positive, and we are confident of continued progress for the rest of the year. The company expects to announce a trading update for the six months to 31st of October 2026 in mid-November 2026.
We've provided an opportunity for shareholders to submit questions in advance of the meeting, and we'll address these during the Q&A session. Moving to the formal business. The notice convening today's annual general meeting was posted to shareholders on 19th of August 2026, and accordingly, I can confirm that the requisite notice of the meeting has been given.
The notice sets out the resolutions to be proposed to shareholders, together with the related explanatory notes. With your consent, I propose that the notice of the meeting be taken as read. Voting. For this meeting, in accordance with best practice under Article 50.1 of the company's Articles of Association, I direct that voting on all resolutions be conducted by poll. Poll cards have been provided to those present and entitled to vote. I will cast the proxy votes held by me in accordance with the relevant instructions.
If you're present today and have appointed me as your proxy, you do not need to complete a poll card unless you wish to change your vote. If you do so, your revised vote will replace the relevant proxy instructions. I'm appointing the company secretary as the scrutineer. Resolutions 1- 14 are proposed as ordinary resolutions and resolutions 15 - 17 are special resolutions.
Ordinary resolutions require a simple majority of votes to pass, and special resolutions require 75% or more of the votes to pass. I'll now briefly run through each resolution before formally proposing them as a group. Resolutions one, two, and three are to receive the 2026 annual report and accounts, to accept the directors' remuneration report and directors' remuneration policy, respectively. Resolutions 4 - 10 address the reappointment of each of the directors of FRP.
Resolutions 11 and 12 seek approval for the reappointment of PKF Littlejohn LLP as the company's auditor and to provide the audit and risk committee with the authority to determine the auditor's remuneration. Resolution 13 seeks your approval of a final dividend of GBX 2.80 per ordinary share. Resolutions 14- 17 concern share authorities. Resolution 14 will authorize the directors to allot shares, and resolutions 15 and 16 will enable the allotment of shares free of statutory pre-emption rights within the limits set out in the resolutions.
Resolution 17 permits the company to buy back its shares in the market. These authorities are limited as to the amount and duration of authority as set out in detail in the notice. I now propose each of resolutions 1 - 17 as set out in the notice. I now declare the poll open. Please complete your poll cards by ticking the appropriate box against each resolution, completing your details and signing the form. Please note that a vote withheld is not a vote in law and will not be counted in the proportion of votes for or against a resolution.
Completed poll cards will be collected by the company secretary. While the poll is ongoing, we'll move on to the Q&A section. Are there any questions from attendees in the room or through other channels? I'll take that as a no. So thank you. As noted at the start of the meeting, should any questions be unanswered, they'll be reviewed and shared as appropriate. All the poll cards have been submitted. We'll now declare the poll closed. I'm pleased to confirm that all the resolutions put to the meeting today have been passed by the requisite majority. The results of the poll, including the exact figures and percentages, will be announced via RNS as soon as reasonably practical after the meeting. This concludes the formal business of the meeting. There being no further business, I declare the meeting closed and thank you for your attendance, and I will hand back to our organizer online.
Many thanks indeed. Thank you very much for updating attendees today. Can I please ask attendees not to leave right now and just fill the questionnaire in at the end of the meeting. That concludes today's session, and good morning to you all.