Frenkel Topping delivers 'robust performance' in 2019
Wealth manager Frenkel Topping said on Wednesday that it had delivered "a robust performance" in 2019, underpinned by the continued implementation of its strategy.
Frenkel Topping posted a 12% year-on-year increase in revenues for the period to £8.6m, while pre-tax profits improved 9% to £1.2m.
The AIM-listed group stated assets under management had grown 4% to £880m, reflecting net inflows and "strong levels" of new business wins, while the firm's balance sheet also remained strong - with net cash and marketable securities of £2.4m as of 30 April.
However, Frenkel warned that since the Bank of England base rate was cut to 0.1% in March, lower interest rates have had a negative impact on the business but despite this, the firm still recommended a 5% increase in total dividends to 1.35p per share.
Looking forward, Frenkel said that despite the impact of Covid-19, it had continued to trade "positively" during the first five months of the year.
"The board believes the business is very well positioned to deliver further growth in this financial year, guided by our deep-rooted culture of integrity, honesty and clearly-defined commercial objectives and reiterates its confidence in the full-year outturn," said chief executive Richard Fraser at the group's closed-door annual general meeting.
As of 1010 BST, Frenkel shares were up 3.80% at 41.0p.