Frenkel Topping pays maiden dividend
FRENKEL Topping grew pre-tax profits by 32% to £853,000 in 2011 as revenues increased by a quarter to £4.6m (£3.7m).
The company, which provides specialist investment advice to people who have been awarded major personal injury or clinical negligence awards to pay for care, also said that the amount of funds within its investment management service increased by 17% to £416m.
The amount of business generated from recurring income grew to £3.1m (£2.4m) and it continued to generate cash, meaning that it finished the year with a positive cash balance of more than £235,000 compared with an overdraft of £42,904 at the beginning of the year.
Chairman David Southworth said that Frenkel Topping had “continued to focus on organic growth and client retention”. He added that the increase in the amount of funds under its management “is a remarkable achievement” given the turbulence that financial markets have been under.
“The global economy continues to face turbulence but as a result of working with our global partners such as Brooks Macdonald, Goldman Sachs and Morgan Stanley, we seek to continue to invest our clients assets with caution whilst providing them with a quality service. We believe this approach will continue to improve the results of the group,” he said.
The firm finished the year with net assets of £5.7m (£5.1m) and said that as a result of its improving position it planned to pay its first ever dividend of 0.176p per share, equating to around £100,000.
