Frenkel Topping Group PLC Trading Update (3256W)
14 November 2017 - 6:00PM
UK Regulatory
TIDMFEN
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 Tel: 0161 886 8000
Richard Fraser, Chief Executive Officer
Stephen Bentley, Chief Finance Officer
finnCap Ltd Tel: 020 7220 0500
Adrian Hargrave/James Thompson/Alex Price (Corporate Finance)
Tony Quirke (Corporate Broking)
Walbrook PR Ltd Tel: 020 7933 8780 or frenkeltopping@walbrookpr.com
Paul McManus Mob: 07980 541 893
Nick Rome
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTFFWFFDFWSEEF
(END) Dow Jones Newswires
November 14, 2017 02:00 ET (07:00 GMT)
Frenkel Topping (LSE:FEN)
Historical Stock Chart
From Apr 2024 to May 2024
Frenkel Topping (LSE:FEN)
Historical Stock Chart
From May 2023 to May 2024