Full year pre-tax profit rose 21 per cent at independent financial advisory group Frenkel Topping underpinned by strong growth in the group's investment management services.
Profit before tax increased to £1.03m in the year ended December 31st from £0.85m one year earlier, while revenue jumped 5.0% to £4.78m from £4.57m a year earlier.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group said that its strategy of driving organic growth and ensuring maximum client retention had resulted in the total funds in investment management services (FIMS) increasing by 16% to £483m from £416m in 2011.
The group also implemented a new technology platform and administration software solution to provide clients with increased access to fund management products that it said would not otherwise have been available to them.
Basic earnings per ordinary share contracted slightly to 1.09p from 1.11p a year earlier and basic diluted earnings per ordinary share were unchanged from a year ago at 1.05p.
The group said it would be recommending an increased dividend payment of £188,875, almost twice the value in 2011 - which was £100,000-, representing 0.3p per share. This compared to 0.176p per share in 2011 for the period, which was covered 3.6 times by earnings.
The proposed dividend is subject to shareholder approval at an AGM scheduled for May 29th and the group said, if approved, it would be paid on June 7th to shareholders on the register at close of business on April 19th.
David Southworth, Chairman of Frenkel Topping, commented: "The group's strategy for further growth remains to focus on driving organic growth and client retention. The board is confident about the future for Frenkel Topping, and this confidence is reflected in the increased dividend for the period."
MF
-
‘I’ve had my heat pump for a year - have I saved money?’Ruth Emery’s air source heat pump has turned one. Has she saved on her energy bills over the past 12 months, and could the £7,500 grant be under threat in the upcoming Autumn Budget?
-
MoneyWeek news quiz: Which G7 nation has the most generous state pension?The chancellor “set the context” for the Budget on 26 November this week, and November's Premium Bonds winners were confirmed. The state pension also made headlines. How closely have you been following the news?
