Frenkel Topping profits soar following period of 'significant progress'

Financial advisor and asset manager Frenkel Topping saw its revenues and profits grow year-on-year following a half of "significant progress".

Frenkel witnessed a 14% increase in revenues to £4.1m, with recurring revenues jumping 10% to £3.2m, while gross profits grew 5% to £2.2m as the group made "considerable progress" against its strategic commitments.

Despite "challenging financial markets" over the period, Frenkel Topping managed to more than double statutory pre-tax profits at £596,000.

New business income increased 30% year-on-year, whilst client retention remained high at 98% - reflecting Frenkel's ability to conservatively manage clients' money and generate returns.

Assets under management meanwhile were up by 12% at £851m.

Chairman Paul Richardson said: "I am pleased to report an excellent set of results and a period of significant progress.

"Our growth has been supported by strategic investments made in developing talent and marketing which has invigorated and strengthened the business for the long term."

Looking forward, Richardson added that Frenkel had built "a strong platform to generate further growth" and said current trading was line with management expectations.

As of 1035 BST, Frenkel Topping shares were down 1.56% at 31.50p.