LONDON (Alliance News) - Financial adviser and asset manager Frenkel Topping Group PLC on Monday said pretax profit fell in 2015 on higher costs, but revenue increased and its assets under management grew.
Frenkel said pretax profit dipped to GBP1.3 million for the year to the end of December from GBP1.6 million in 2014, an 18% decline driven by extra spending on expanding its operations and acquisition costs.
Revenue rose to GBP6.3 million from GBP5.7 million and the group secured GBP85.0 million in new business in the year, up from GBP61.0 million in 2014. Total assets under management for the year increased to GBP666.0 million at the end of December from GBP619.0 million a year earlier.
Client retention remained higher, Frenkel said, at around 98% for its investment management services, as it opened new offices in London, Birmingham, Leeds, Cardiff and Bristol.
Frenkel will pay a final dividend of 0.6975 pence, taking its total dividend to 0.8875p, up 25% on the 0.71p payout a year earlier.
"Having recruited carefully and managed the expansion of our regional representation we are extremely well placed to increase operating profitability," said Chairman David Southworth.
The company later said the UK Financial Conduct Authority has approved its recent application for a variation of permissions, which it said means it is now able to act as a discretionary investment manager with full retail permissions.
Shares in Frenkel were up 6.1% at 56.75 pence Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Frenkel Topping (FEN)