Frenkel Topping profit and revenue surge 80% after acquisitions
Frenkel Topping remains optimistic for the year as revenues and profits almost double after making a number of acquisitions.
The IFA, which specialises in advising those who have been or are involved in personal injury and clinical negligence litigation, reported revenues had grown 80% to £18.4m for the year to 31 December 2021.
Pre-tax profits for the period also surged by 80% from £1.5m to £2.7m and adjusted EBITDA increased to £4.6m, up 84% from £2.5m.
During the year the group acquired five companies after raising £13m in July 2020 pushing its assets under management up by 16% to £1.17bn, and assets on a on a discretionary mandate rose by 28% to £676mn in 2021.
Frenkel Topping said the first three months of trading in 2022 has been robust – despite a backdrop of market volatility due to continued impact of Covid and most recently the Russian invasion of Ukraine.
Richard Fraser, CEO of Frenkel Topping, said: “Our 2021 results demonstrate the cumulative impact of clear commercial goals, a targeted acquisition strategy focused on acquiring high quality, complementary businesses with aligned values, and a desire to deliver the best possible outcomes for our underlying clients.
“We have developed a market-leading platform from which to offer greater breadth of services to people who have suffered significant and often life changing injuries.
“Despite continued uncertainty in the geo-political and macroeconomic backdrop, we have achieved an increase of 84% in Adjusted EBITDA, 80% in pre-tax profit. 16% in AUM and 28% in assets on a discretionary mandate.
“Our client retention rate remained high at an impressive 99% which reflects our clients’ trust and confidence in us to manage their money conservatively and generate returns.”
He added: “The current financial year has begun robustly giving cause for optimism for the remainder and outturn of the year.”
The board has recommended a dividend of 1.36p per share which remains unchanged from the previous year.
