LONDON (Alliance News) - Frenkel Topping Group PLC said Wednesday its interim profit dropped due to investment in trainee consultants and marketing costs.
For the six months to June 30, the financial advisor and asset manager posted pretax profit of GBP282,000, down year-on-year from GBP1.0 million. Meanwhile, revenue was flat at GBP3.6 million.
Administrative expenses, including reorganisation costs, increased to GBP1.8 million from GBP1.6 million a year prior.
In the six-month period, the company had GBP759 million of assets under management compared with GBP753 million a year prior.
The company increased its interim dividend to 0.32 pence per share from 0.30p a year ago, "reflecting the board's confidence in the company's growth trajectory".
Current trading is in line with expectations, Frenkel Topping said, with the board confident in its growth prospects.
Non-Executive Chairman Paul Richardson said: "The board is confident that, following a significant period of investment in the company's systems and personnel, the company will return to growth in the coming quarters.
"We remain focused on reaching assets under management of GBP1 billion and expect that a combination of organic growth and focused acquisition strategy will accelerate the growth of the business and strengthen the existing platform."
Shares in the company were trading up 2.4% at 31.75p each.
Frenkel Topping (FEN)