Frenkel Topping posts 80% revenue rise

Frenkel Topping posts 80% revenue rise

Frenkel Topping saw its revenue nearly double in 2021, and has seen “robust” trading so far this year, the chief executive has said.

The group posted revenues of £18.4mn in 2021, an increase from £10.2mn in 2020.

Gross profit rose 64 per cent to £9mn and total assets increased by a third, to £37.8mn.

Chief executive Richard Fraser said the results show the “cumulative impact of clear commercial goals”, as well as a targeted acquisition strategy and a desire to deliver the best possible outcomes for clients.

The IFA specialises in advising those who have been or are involved in personal injury and clinical negligence litigation.

Fraser said: “The current financial year has begun robustly giving cause for optimism for the remainder and outturn of the year.

“The board remains focused on delivering value for all stakeholders and are happy to report that the group is trading in line with management's expectations."

He added that the board is continuing to assess further acquisitions in the pre-settlement professional services marketplace in personal injury and clinical negligence.

The group bought five companies after raising £13mn in July 2020.

Earlier this year it completed the acquisition of Cardinal Management, a trauma signposting partnership support service, which Frenkel Topping said would provide a "clear and direct link" to claimants and their professional representatives at the earliest stage possible after injury.

In 2021 the company bought Partners in Costs, A&M Bacon, Bidwell Henderson Costs Consultants, as well as Forths Associates in 2020.

The company had £1.6mn in net cash at the start of the year, following acquisition costs.