LONDON (Alliance News) - Frenkel Topping Group PLC Monday reported an increase in its interim pretax profit due to an increase in revenue and better gross margins, as assets under management rose by 12% to GBP584.0 million over the six-month period.
The group also said it will pay a maiden interim dividend of 0.17 pence per share, and said it intends to increase future dividends in line with increases in profits in forthcoming financial years.
In a statement, Frenkel Topping, which gives independent financial advice on the investment of personal injury damages and clinical negligence awards, said that it made a GBP652,745 pretax profit in the six months ended June 30, compared with GBP578,478 in the corresponding period a year earlier. Revenue increased to GBP2.7 million from GBP2.6 million, aided by an increase in recurring revenue, while administrative expenses rose to GBP1.2 million from GBP990,063.
"The group remains in a strong position and continues to deliver profitable growth. The board remains confident that our cautious investment approach for clients coupled with a high level of service and support for litigation professionals will continue to create value for our shareholders in future years which is demonstrated by our progressive dividend policy," Chairman David Southworth said in a statement.
Frenkel Topping shares were Monday untraded at 39.75 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Frenkel Topping (FEN)