Specialist advice firm Frenkel Topping has grown its revenue-generating fee earners, assets under management and revenues while gross profit remained relatively stable in the first six months of this year.
Frenkel Topping’s interim statement for the first half of this year, published today (13 July) revealed that it now has 15 revenue-generating fee earners compared to 9 on 30 March 2014, AUM grew 9 per cent to £640m while revenues also increased 9 per cent to £2.94m.
Its gross profit for the first half of the year was £1.8m compared to £1.84m in the same period in 2014.
The provider of specialist independent financial advice on the investment of personal injury damages and clinical negligence awards said that its pre-tax profit fell during this period to £570,000 compared to £650,000 in the first half of 2014.
Frenkel Topping said this reflected its “investment strategy”.
David Southworth, chairman of Frenkel Topping, said: “This was a pivotal period for the company as we developed our investment strategy with a view to delivering higher growth rates in order for operating profits, AUM and cash to grow significantly from 2016 onwards.
“We took the decision to build on traditionally consistent growth, which has been underpinned by 99 per cent client retention for our investment management services. We are delighted by the calibre of fee earners we have added to our growing regional footprint and are well placed to further grow our reach.
“We are focused on further developing our core market expertise and also see scope to provide asset protection services to a growing number of other potential markets. We will continue to explore opportunities that will enable us to grow our assets under management as we build on our strong foundations for accelerated growth.”
Earlier this year, the company’s 2014 results were deemed “solid” by Mr Southworth, with total comprehensive income of £1.36m rising from £1.1m in 2013, but leaving room to invest now to deliver accelerated growth from 2016.
donia.o’loughlin@ft.com
