Profits up to £2.2m at financial services firm

Profits were up by five per cent to £2.2m at a firm which specialises on independent financial advice and asset protection for vulnerable clients.

Salford based Frenkel Topping issued its interim results for the six months to the end of June.

Revenues were up 14% to £4.1m and profit from operations were up by £400,000 to £800,000.

Assets under management were up 12% to £851m and £44m new investments were made in the first half.

New business income was 30% higher at £900,000 and client retention was 98%.

Chairman of the firm Paul Richardson said: “I am pleased to report an excellent set of results and a period of significant progress.

“Despite challenging financial markets over the period, we have delivered a 14% increase in revenue, a 111% rise in pre-tax profit and made considerable progress against our strategic commitments.

“New business income increased by 30% over the comparative period whilst client retention remained high at 98% – reflecting our ability to conservatively manage our clients’ money and generate returns.

“Our growth has been supported by strategic investments made in developing talent and marketing which has invigorated and strengthened the business for the long term.

“The Company has built a strong platform to generate further growth and current trading is line with management expectations.”