TIDMFEN
RNS Number : 9809J
Frenkel Topping Group PLC
22 August 2023
The information contained within this announcement was deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 as amended. With the publication of this announcement via a
Regulatory Information Service, this inside information is now
considered to be in the public domain.
Frenkel Topping Group plc
("Frenkel Topping", the "Company" or the "Group")
Pre-Close Trading Update to 30(th) June 2023
Ahead of the announcement of its half-year results due on 29
September 2023, Frenkel Topping (AIM: FEN), a specialist financial
and professional services firm operating within the personal injury
and clinical negligence marketplace, is pleased to provide the
following trading update for the six month period ended 30(th) June
2023 ("HY2023") and an outlook for the current financial year
("FY2023").
H1 2023* H1 2022* % change FY2022
(GBPm) (GBPm) Full year
(GBPm)
---------
Revenue 16.0 11.1 44% 24.8
---------- --------- ---------
Recurring revenue 5.9 5.4 9% 11.0
---------- --------- ---------
Gross profit 6.6 5.0 32% 11.1
---------- --------- ---------
EBITDA** 3.5 2.7 30% 6.1
---------- --------- ---------
Profit attributable
to shareholders 1.7 0.9 89% 1.7
---------- --------- ---------
EPS (basic) 1.4 pence 0.8 pence 75% 1.5 pence
---------- --------- ---------
Cash generated from
operating activities 1.5 0.6 150% 0.7
---------- --------- ---------
*Unaudited
**EBITDA before share based compensation, acquisition strategy,
integration and reorganisation costs
Assets Under Management ("AUM") has grown to GBP1,261m (HY2022:
GBP1,155m). The Company is also pleased to again report its
outstanding client retention rate maintained at 99%.
This performance demonstrates the Company's continued resilience
in a challenging financial market, as well as the progress made by
the Company in diversifying revenue streams via its focused
acquisition strategy and consolidation of the Personal Injury (PI)
and Clinical Negligence (CN) space.
Of note is the performance of the Group's discretionary fund
manager, Ascencia Investment Management ("Ascencia"), where assets
on a DFM Mandate increased to GBP761m (HY2022: GBP667m).
As we saw in the previous financial year the Group's recurring
revenue has continued to be supplemented by transactional revenue
delivered by the Group's businesses acquired during the last 3
years, underlining the success of diversifying revenue streams,
seeing total revenues at GBP16m, but with a consequential change in
margin profile.
The Company's group businesses have enjoyed real momentum in the
period with Cardinal Management Limited ("Cardinal") adding two new
sites to its Major Trauma Centre portfolio in recent months through
John Radcliffe Hospital, run by Oxford University Hospitals NHS
Foundation Trust and Alder Hey Children's Hospital opting to join
Cardinal after a competitive tender process.
Outlook
The business goes into the second half of the year carrying real
momentum from H1, benefiting from the diversification of revenue
and encouraging growth in transactional revenue. We do expect
financial markets to remain challenging, which will continue to
moderately impact AUM growth and the Company's recurring revenue
generated from this. However, the Board maintains confidence in the
full year outturn and its expectation for the year which are
tracking in line with management's expectation.
Notice of results and update on strategy
Final, unaudited results for the six months ended 30(th) June
2023 are expected to be announced on 29 September 2023.
* The financial expectations noted above are preliminary. Adj.
EBITDA defined as before share based compensation, acquisition,
integration and reorganisation costs.
For further information:
Frenkel Topping Group plc www.frenkeltoppinggroup.co.uk
Richard Fraser, Chief Executive Officer Tel: 0161 886 8000
finnCap Ltd (Nominated Advisor & Broker) Tel: 020 7220 0500
Carl Holmes/Abigail Kelly/Milesh Hindocha
(Corporate Finance)
Tim Redfern / Charlotte Sutcliffe (ECM)
About Frenkel Topping Group
The Frenkel Topping Group of companies specialises in providing
financial advice and asset protection services to clients at times
of financial vulnerability, with particular expertise in the field
of personal injury (PI) and clinical negligence (CN).
For more than 30 years the Group has worked with legal
professionals and injured clients themselves to provide
pre-settlement, at-settlement and post-settlement services to help
achieve the best long-term outcomes for clients after injury. It
boasts a client retention rate of 99%.
Frenkel Topping Group is focused on consolidating the fragmented
PI and CN space in order to provide the most comprehensive suite of
services to clients and deliver a best-in-class service offering
from immediately after injury or illness and for the rest of their
lives.
The group's services include the Major Trauma Signposting
Partnership service inside NHS Major Trauma Centres, expert
witness, costs, tax and forensic accountancy, independent financial
advice, investment management, and care and case management.
The Group's discretionary fund manager, Ascencia, manages
financial portfolios for clients in unique circumstances, often who
have received a financial settlement after litigation. In recent
years Ascencia has diversified its portfolios to include a
Sharia-law-compliant portfolio and a number of ESG portfolios in
response to increased interest in socially responsible investing
(SRI).
Frenkel Topping has earned a reputation for commercial
astuteness underpinned by a strong moral obligation to its clients,
employees and wider society, with a continued focus on its
Environmental, Social and Governance (ESG) impact.
For more information visit: www.frenkeltoppinggroup.co.uk
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END
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August 22, 2023 02:00 ET (06:00 GMT)
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