Frenkel top revenue, higher profits in the first half

Financial and professional services company in bodily injury and clinical negligence Frenkel garnish on Monday announced a 93% improvement in its middle income to £ 8.5million.

The listed company said its recurring revenue was 23% higher year-on-year for the six-month period ended June 30 to £ 4.3million, while gross profit jumped 80% to 4.5million of pounds sterling.

EBITDA climbed 118% to £ 2.4million.

Cash in the bank as of June 30 was £ 6.9million, up 306% from £ 1.7million in the same period last year, while assets under management were 15% higher at 1.11 billion pounds.

Assets on a discretionary mandate increased 40% year-on-year to £ 606million, while net investment mandates fell 3% to £ 73million.

The board declared an interim dividend of 0.34p, up 6% from the distribution of 0.32p in the first half of last year.

“Despite the persistent challenges presented by Covid-19, we achieved another excellent performance in the first six months of 2021, increasing revenue, EBITDA and assets under management year over year. by 93%, 118% and 15% respectively. Said Managing Director Richard Fraser.

“Our portfolios have continued to perform well, generating returns that are significantly higher than the general UK stock index in the 18 months ending in June.

“Since our £ 13million capital increase in July 2020, we have successfully executed our announced purchase and build strategy, which is positively impacting the group’s growth and opportunities by consolidating the fragmented market for personal injury and clinical negligence and enabling Frenkel Topping to become a full service provider with multiple points of contact across the space.

Fraser said the acquisitions of Forths, Partners in Costs, A&M Bacon and, more recently, Bidwell Henderson, allowed the company to expand its routes to growing assets under management from successful claims.

“The second half of the year has started positively and trading remains strong and in line with management’s expectations for the entire year.

“The Board of Directors is convinced of our future and that we have the right culture, resources and expertise to continue to grow our business organically, execute our deployment strategy and become the market leader. by providing a comprehensive service offering to clients and requesters in the personal area. injuries and clinical negligence.

At 0835 BST, shares of Frenkel Topping were up 2.04% to 75p.

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