‘Stellar year’ for financial advisory firm as revenues and profits grow
Financial advisory Frenkel Topping has hailed a “stellar year” as revenue and profits grew.
The Salford company said this has been driven by organic growth, high levels of new business and complementary strategic acquisitions.
In the year to the end of December 2021, Frenkel Topping grew revenues to around £18m, up from £10m in 2020 and reported adjusted EBITDA of £4.5m, up from £2.5m in the previous year.
The company had £8.6m of net cash at the year end and Assets Under Management grew by 16% to £1,174m.
Having raised £13m in July 2020, the team has executed the buy-and-build strategy having acquired five complementary businesses, expanding the group’s reach in the personal injury and clinical negligence space.
These acquisitions have added £7m of revenue & £1.8m EBITDA this financial year with all being immediately earnings enhancing.
The Company’s ‘Working in Partnership’ programme has “nurtured strong relationships” with law firms, Pattinson Brewer and Ralli in recent years and 2021 saw the successful launch of two new joint ventures with both firms, increasing the total joint ventures to six in the PI and CN space.
In the year, £21m of AUM added came from Joint Venture partners, highlighting the continued value of those commercial relationships.
The acquisition of Cardinal has provided has also already led to several national law firms engaging with the Group, “bolstering an already healthy pipeline within the Company’s ‘Working in Partnership’ programme providing further opportunities for joint ventures.”
Richard Fraser, CEO of Frenkel Topping Group said: “Our strategy to consolidate the professional services market in Personal Injury and Clinical Negligence gives us greater access to clients – both directly to the injured party and via their professional representatives – and allows for a greater customisation of their care, delivering an end-to-end service, making Frenkel Topping a one-stop solution and a stand out player in its space.”
He added: “The Board continues to assess further strategic acquisitions however the Group’s primary focus going forward is the bedding in our recent acquisitions, and growing the enlarged group organically to drive strong and sustainable returns for our shareholders and building shareholder value.”
