Profits boosted at Frenkel Topping
FRENKEL Topping has announced a 5% increase in revenues to £2.3m and a 65% increase in pre-tax profits to £474,000 in the six months to June 30.
The Salford-based financial advisory firm, which specialises in investing personal injury damages claims to provide long-term returns which can provide for care, also said that the amount of funds under its management grew by 14% to £445m.
The company said that recurring revenues increased to £1.6m and now represent almost 70% of total turnover. Its investment management service enjoyed a retention rate of 99%.
The company’s net asset value also increased to £5.8m (2011: £5.3m).
It said that it is well-placed to capitalise on the Retail Distribution Review (RDR) covering independent financial advisors which is set to come into force next year. The firm has already made investments in a new back office platform, which has already been successfully implemented, and said 100% of its advisors were already RDR-compliant.
Frenkel Topping chairman David Southworth said: “The board is pleased with the progress that the group has continued to make during the period, particularly in terms of revenue and profitability, as well as the increase in the number of authorised individuals who are now able to transact new business revenues,” he said.
“Despite the uncertain economic environment, we have succeeded in growing recurring revenue and funds in the Investment Management Service.
“The group continues to expand profitably and we look forward to driving further growth and capitalising on the operational efficiencies instigated during the period.”
