LONDON (Alliance News) - Personal injury and clinical negligence financial adviser Frenkel Topping Group PLC Monday reported a 35% increase in annual pretax profit and upped its full-year dividend.
Frenkel Topping reported a GBP1.4 million pretax profit for 2013, compared with GBP1.0 million in 2012. Revenue grew by 15% to GBP5.5 million and administrative expenses rose by 16% to GBP2.1 million. However, pretax profit rose because gross profit margin increased by four percentage points to 64%.
The full-year dividend was increased to 0.58 pence a share, compared with 0.30 pence in the previous year.
"The group's strategy is to invest further in strengthening its brand to maintain its position as market leader, as well to continue developing our excellent network of professional advisers with whom we work so closely. The group is in a robust financial position and has recorded a fifth consecutive year of client retention at 99%. The board remains confident of continuing to deliver profitable growth and increasing shareholder value for the foreseeable future," Chairman David Southworth, said in a statement.
Southworth said Frenkel Topping has plans to extend its coverage in the legal marketplace even further.
Frenkel Topping shares were Monday quoted at 45.00 pence, down 10.0%, though the stock is still trading at highs not seen since 2004-05.
It is up by more than 40.0% in the year-to-date.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Frenkel Topping (FEN)