Listed IFA sees profit before tax jump 13%

Specialist advice firm Frenkel Topping has reported a 13 per cent rise in profit before tax after increasing its gross profit margin to 68 per cent in the first half of this year.

The listed IFA’s interim results for the six months ended 30 June 2014 revealed it has seen profit before tax of £652,745 in the first half of this year.

The firm, which provides advice on the investment of personal injury and clinical negligence awards, also reported its gross profit margin has increased from 61 per cent to 68 per cent in this period.

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Its assets under management has also increased by12 per cent since 30 June 2013 to £584m. Basic earnings per share increased to 0.86p compared to 0.70p in the first half of 2013.

David Southworth, chairman of Frenkel Topping, said: “The group is delighted to report another excellent set of results in which the company has significantly increased profit before tax and substantially improved profit from operations by 20 per cent.

“Assets under management continue to grow and are currently nearly £600m. The group has again maintained its 99 per cent client retention rate.

“Frenkel Topping’s strategy is to maintain this organic growth and to build on its strength in supporting litigation professionals.

“The group remains in a robust financial position and continues to deliver profitable growth. Consequently, the company intends to increase future dividends in-line with increases in profits in the coming years, thereby maximising shareholder value.”