Sales and profits up at Frenkel Topping
FRENKEL Topping increased both revenues and profits in the six months to June 30.
The Scompany’s turnover climbed by 37% to £2.2m, while pre-tax profits were up 71% to £287,000. The amount of funds under its investment management service also grew by 29% to £389m.
The Old Trafford-based firm spcialises in advising the recipients of large personal injury or clinical negligence settlement on investments which will provide enough oof a return to maintain long-term standards of care.
The company’s chairman, David Southworth, said the results showed a return to growth both in size and profitability of the business after an unstable period in both domestic and global financial markets in 2008 and 2009.
“We continue to offer our clients premium investment management of their assets, provided by world-class managers, including Goldman Sachs, Morgan Stanley and Brooks Macdonald, which otherwise would be unattainable to them,” said Southworth.
He added that the company had geared up for the Retail Distribution Review – the new rules set up to govern investment advice by the Financial Services Authority. Many of its authorised independent financial advisors have already achieved the necessary qualifications and the remainder are “making good progress”.
“The group now has the flexibility and resources to adapt to opportunities and changes in the marketplace,” said Southworth. “As a result, the board has confidence in the continuing success of the group through the remainder of 2011 and beyond.”
