Manchester advice company lays foundations for growth in 2016

Investment advice firm Frenkel Topping has released its financial results for the six months to June 30, showing decreased profits as it invests in its network of consultants to boost growth next year.

Manchester-based Frenkel Topping’s investment strategy saw its pre-tax profits fall to £568k, from £653k during the same period last year.

Its cash balance at the end of the period, after paying £328k to its shareholders in dividends, was £1.75m, which is an increase of £460k against its balance this time last year.

Commenting on the results, company chairman David Southworth said: “This was a pivotal period for the company as we developed our investment strategy with a view to delivering higher growth rates in order for operating profits, AUM and cash to grow significantly from 2016 onwards.

“We took the decision to build on traditionally consistent growth, which has been underpinned by 99% client retention for our investment management services. We are delighted by the calibre of fee earners we have added to our growing regional footprint and are well placed to further grow our reach.”

David added: “We will continue to explore opportunities that will enable us to grow our assets under management as we build on our strong foundations for accelerated growth.”

Frenkel Topping saw its net asset value, before non-controlling interests, rise from £7.65m in the first half of 2014 to £8.35m. Further, its total revenues rose to £2.94m from £2.71m in H1 2014, which is an increase of 9%.

In the six months to June 30, the company also opened new offices in London, Bristol, Leeds, Cardiff and Birmingham.

As part of his chairman’s statement, David said Frenkel Topping is focusing on developing its core market expertise further and hopes to provide asset protection services to an increasing number of additional markets.