Frenkel Topping’s profit before tax grows 12.2%

Frenkel Topping’s profit before tax grows 12.2%

Specialist advice firm Frenkel Topping has today (19 January) posted its results for the year, showing a pre-tax profit up by 12.2 per cent to £1.56m, compared with 2013’s figure of £1.39m.

The firm previously posted a 13 per cent rise in profit before tax, after increasing its gross profit margin to 68 per cent in the first half of 2014.

Elsewhere, unaudited revenues grew 3.6 per cent for the full year to £5.7m, with a total increase in operating profit before share based payments of 21 per cent to £1.47m.

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In 2013 the unaudited revenues grew to £5.5m, whilst the increase in operating profit in 2013 reached £1.43m.

Funds in the investment management service business increased by 9.3 per cent to approximately £610m, compared with the figure of £558m in December 2013.

The firm said it continues to maintain an “impressively high client retention rate” of 99 per cent for its investment management service and overall regular recurring revenue now accounts for 74 per cent of total revenues, compared with 2013’s figure of 70 per cent.

The board agreed a progressive dividend policy, whereby future dividends will increase in line with profits. Further details of the final dividend will be provided in the final results announcement.

Richard Fraser, managing director of Frenkel Topping, commented: “We have a very strong offering and the fact that we have once again grown profits, revenues and assets under management 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.”