Strong year for Frenkel Topping

FRENKEL Topping , the AIM-listed provider of specialist independent financial adviser, had a “strong” 2014, according to a full-year update.

The Old Trafford company, which provides advice on the investment of personal injury damages and clinical negligence awards,said its results show growth in revenues, pre-tax profits and funds under management for the 12 months to December 31.

Unaudited revenues for the full year grew 3.6% to £5.7m (2013: £5.5m) which, with a marked improvement in profit margins, led to an increase in the operating profit  of 21% to £1.74m.

Pre-tax profit increased by 12.2% to £1.56m (2013: £1.39m), in line with market expectations. Funds in its  the investment management service business increased by 9.3% to approximately £610m.

Frenkel Topping said it had maintained client retention rates at 99% for its investment management service and overall regular recurring revenue now accounts for 74% of total revenues, up from 70% a year ago.

Managing director Richard Fraser said: “This was another very successful period for the company as we continued to build on consistent year-on-year growth.

“We have a very strong offering and the fact that we have once again grown profits, revenues and assets under mManagement is testament to our team’s hard work while the fact that we paid our first interim dividend highlights our focus on providing further real shareholder value and confidence in future growth.”

The company had a net cash balance of £1.70m after the purchase, by the employee benefit trust, of Frenkel Topping shares during the year totaling £407,072 and the payment of £458,731 to shareholders in dividends.

It will release final results for the year on March 23.