Frenkel Topping Group Plc (LON:FEN), a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, has today announced its interim results for the six months ended 30 June 2019.
Financial Highlights
| HY 2019 | HY 2018 | % change | |
| Revenue | £4.1m | £3.6m | +14% |
| Recurring revenue | £3.2m | £2.9m | +10% |
| Gross profit | £2.2m | £2.1m | +5% |
| Profit from operations1 | £0.8m | £0.4m | +100% |
| Statutory pre-tax profit | £596k | £282k | +111% |
| Basic EPS | 0.6p | 0.32p | +88% |
| Cash from operations2 | £0.5m | £0.5m | – |
| Interim dividend | 0.32p | 0.32p | – |
1 Profit from operations before share based compensations
2 Cash from operations before corporation tax
Operational Highlights and Outlook
· Assets Under Management of £851m, up 12% (as at 30 June 2018: £759m)
· £44m of new investment mandates in H1, in line with management’s expectations
· Assets on a DFM Mandate of £345m, up 11% (as at 30 June 2018: £312m)
· New business income 30% higher at £0.9m than the comparative period in 2018 (£0.69M)
· Client retention rate remained high at 98%
· All model portfolio strategies achieved positive returns; H1 growth between 4%-12% according to the risk criteria set for the fund
· Current trading is in line with management’s expectations
Paul Richardson, Chairman of Frenkel Topping said:
“I am pleased to report an excellent set of results and a period of significant progress. Despite challenging financial markets over the period, we have delivered a 14% increase in revenue, a 111% rise in pre-tax profit and made considerable progress against our strategic commitments. New business income increased by 30% over the comparative period whilst client retention remained high at 98% – reflecting our ability to conservatively manage our clients’ money and generate returns. 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.
“The Company has built a strong platform to generate further growth and current trading is line with management expectations.”
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.”
