Last checked at 19 Jan 2015 07:00
Frenkel Topping Group plc
("Frenkel Topping" or "the Company")
Trading update and notice of results
Frenkel Topping (AIM: FEN), a leading provider of specialist independent financial advice on the investment of personal injury damages and clinical negligence awards, provides the following trading update for the financial year ended 31 December 2014:
The Company has seen another strong performance for the year with results that show continued growth in revenues, pre-tax profits and funds under management.
Unaudited revenues for the full year grew 3.6% to £5.7m (2013: £5.5m) which, with a marked improvement in profit margins, led to an increase in the operating profit (before share based payments) of 21% to £1.74m (2013: £1.43m). Pre-tax profit increased by 12.2% to £1.56m (2013: £1.39m), in line with market expectations. Funds in the Investment Management Service business increased by 9.3% to approximately £610m (as at 31 Dec 2013: £558m).
The Company continues to maintain an impressively high client retention rate of 99% for its Investment Management Service and overall regular recurring revenue now accounts for 74% of total revenues (2013: 70%).
Cash balances remain strong with a net cash balance of £1.70m (as at 31 Dec 2013: £1.52m) and this is after the purchase, by the employee benefit trust, of the Company's own shares during the year totaling £407,072 and the payment of £458,731 to shareholders in dividends, including the Company's first ever Interim dividend. The Board has agreed a progressive dividend policy whereby future dividends will increase in line with profits. Further details of the final dividend will be provided in the final results announcement.
Frenkel Topping will release final results for the year ended 31 December 2014 on Monday 23 March 2015. Briefings for analysts, media and investors will be held that week and anyone wishing to attend should contact Walbrook PR.
Richard Fraser, Managing Director of Frenkel Topping, commented: "This was another very successful period for the Company as we continued to build on consistent year-on-year growth. We have a very strong offering and the fact that we have once again grown profits, revenues and Assets Under Management is testament to our team's hard work while the fact that we paid our first interim dividend highlights our focus on providing further real shareholder value and confidence in future growth."
For further information:
Frenkel Topping Group plc | www.frenkeltopping.co.uk |
Richard Fraser, Managing Director | Tel: 0161 886 8000 |
Julie Dean, Finance Director |
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Shore Capital | Tel: 020 7408 4090 |
Pascal Keane / Patrick Castle |
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Walbrook PR Ltd | Tel: 020 7933 8780 or frenkeltopping@walbrookpr.com |
Paul McManus | Mob: 07980 541 893 |
Nick Rome | Mob: 07748 325 236 |
About Frenkel Topping: www.frenkeltopping.co.uk
Frenkel Topping provides specialist independent financial advice on the investment of personal injury damages and clinical negligence awards. Frenkel Topping offers a complete service for all personal injury claims handlers, lawyers and individual clients, dealing with awards from a few thousand pounds to multi-million pound cases. The Company's expertise includes asset protection, bespoke investment portfolios, analysis of periodical payments, Court of Protection portfolios and provision and setting up of trustee and receivership bank accounts. Frenkel Topping currently has £610 million of Assets under Management.