IFA  

Advice firm sees 25% rise in profits during 2020

Advice firm sees 25% rise in profits during 2020

Frenkel Topping has seen its pre-tax profits jump 25 per cent as it says the first three months of 2021 have given cause for optimism for the rest of the year.

The advice firm, which specialises in asset protection for vulnerable clients, posted a pre-tax profit of £1.5m in 2020, up from £1.2m in 2019.

The firm’s chief executive, Richard Fraser, said: "The year has begun robustly giving cause for optimism for the remainder of the year. 

"Within our independent financial adviser and investment management pillars, we have won significant asset under management mandates.

"Our conservative approach to investments and customer centric ethos has demonstrated our resilience in the face of the Covid-19 pandemic.”

The group’s AUM rose by 13 per cent to £1bn during 2020, and net cash soared from £1.3m to £12m. In July last year the firm raised £13m in an oversubscribed share placing to allow it to take advantage of acquisitions in the personal injury and clinical negligence markets.

The firm’s revenue in 2020 rose 19 per cent to £10.2m, and gross profit was up 10 per cent to £5.5m.

During 2021 Frenkel Topping has also bought A&M Bacon, a costs specialist in local government and Court of Protection, and Partners in Costs, a specialist in civil litigation claims.

Fraser added: “Our strong performance provides a clear example of the positive outcomes achieved when commercial astuteness is anchored by a strong moral obligation to do the right thing by customers, employees and the wider society.”

sally.hickey@ft.com