Firm which specialises in advising vulnerable businesses sees profits rise

Specialist financial adviser Frenkel Topping saw its operating profit increase from £1.4m to £2.3m in the last 12 months.

The Salford firm specialises in protecting vulnerable clients and is predicting a busy year ahead with more firms finding themselves in difficulty.

The AIM listed business is a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients

According to its final results revenue rose  from £6.4m to £7.3m.

Profit before share based payments, formal sale and reorganisation costs and tax was £2.6m compared with £1.4m the previous year.

The company said it enjoyed a ninth consecutive year of high client retention at 95% for investment management services

Assets under management increased to £752m from £745m on the previous year, despite a slowdown in settlements following Ogden Rate review

There was also the successful launch of new business Obiter Wealth Management Limited.
Paul Richardson, Executive Chairman, said: “We have been incredibly busy this year building a platform to drive shareholder value through 2018 and the next three to five years.

“2018 will be a further year of investment whilst bedding in the changes from 2017.

“This will not be without its challenges, but we remain totally focussed on putting the client at the centre of everything we do and executing our three to five year plan.

“We expect the size of the vulnerable client market to increase in 2018 and beyond which, coupled with the changes to the Ogden Discount Rate and our early work in cases with our expert witness team, we expect to ensure that we grow our revenues at least in line with this market, with the opportunity to outperform substantially.

“As described later, additional initiatives such as Obiter, the Frenkel Topping Training Academy and a focus on quality, recurring earnings, will allow the Group to accelerate its growth both in the short and medium term, whilst retaining quality earnings and strong margins.

“We look to the future with confidence and are excited about the opportunities that lie ahead.”

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