Trading Update

RNS Number : 3256W

Frenkel Topping Group PLC

14 November 2017

 

Frenkel Topping Group plc

("Frenkel Topping" or "the Company")

Trading Update

Frenkel Topping (AIM: FEN), a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, provides the following update in relation to trading for the current financial year:

The Company's unaudited trading performance in the year to 31 October 2017 has been significantly ahead of the same period in 2016 and is broadly in line with expectations with the result for the year expected to be more than double the same period last year.

This performance is particularly pleasing in a period of uncertainty around the Ogden formula which has delayed decisions on a number of its clients' cases and the aborted formal sale process consuming significant management time.

Whilst the discount rate reduction caused, as predicted, a hiatus in claimants' cases moving to settlement, the legal marketplace has become more accustomed with the negative rate. This has resulted in a significant increase of cases starting to settle over the last few months.

Our consultants have continued to win business and increase assets under management, as well as continuing to increase the level of funds under discretionary management, which is a key driver of revenues and margins for the Company. Furthermore, during this financial information we have continued to increase the number of consultants employed, invested in new information technology and moved into new offices to equip us to take the business forward and capitalise further on our leading position in the market. 

Paul Richardson, Executive Chairman, commented:

"The performance of the Company in the first ten months of this year is pleasing given the challenges faced. Since joining Frenkel Topping, I have been impressed by the quality of the team in place and the growth achieved in the current year. I am also very excited by the opportunity the Company has to continue to grow in its current and new market sectors, leveraging off Frenkel Topping's core competency of servicing vulnerable clients."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information:

Frenkel Topping Group plc	www.frenkeltopping.co.uk
Paul Richardson, Executive Chairman Richard Fraser, Chief Executive Officer	Tel: [phone]
Stephen Bentley, Chief Finance Officer
finnCap Ltd	Tel: [phone]
Adrian Hargrave/James Thompson/Alex Price (Corporate Finance) Tony Quirke (Corporate Broking)
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Nick Rome

 

END

 

 

TSTFFWFFDFWSEEF