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LONDON (Alliance News) - Frenkel Topping Group PLC Monday said revenue, pretax profit and funds under management all rose in 2014, and its board has agreed a dividend policy which will see future dividends increase in line with profits.
In a trading update, the provider of specialist financial advice on the investment of personal injury damages and clinical negligence awards said its pretax profit rose 12.2% to GBP1.6 million in 2014, from GBP1.4 million in 2013, in line with market expectations.
It said revenue grew 3.6% to GBP5.7 million, from GBP55 million, helping push operating profit up 21% to GBP1.7 million, from GBP1.4 million.
Funds in its investment management service business rose to about GBP610 million, from GBP558 million at the end of 2013. It said client retention in the business was 99%, and overall recurring revenue now accounts for 74% of total revenue, up from 70% in 2013.
It had a net cash balance of GBP1.7 million at the end of 2014, up from GBP1.5 million a year earlier.
Frenkel Topping said it will give details of its final dividend for 2014 when it puts out its full results for the year on March 23.
Still, the company's shares were down 3.5% at 39.10 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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