We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Frenkel Topping Group Plc | LSE:FEN | London | Ordinary Share | GB00B01YXQ71 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 52.50 | 51.00 | 54.00 | 52.50 | 52.50 | 52.50 | 102,485 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Legal Services | 24.85M | 1.65M | 0.0129 | 40.70 | 67.21M |
From May 2019 to May 2024
TIDMFEN
RNS Number : 1286K
Frenkel Topping Group PLC
05 July 2017
5 July 2017
Frenkel Topping Group plc
("Frenkel Topping" or "the Company")
Interim Results
Frenkel Topping (AIM: FEN), a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, announces its interim results for the six months ended 30 June 2017.
Trading reflects the foundations laid during 2016 with operating profit for the first half of 2017 four times more than the same period over 2016. The Company is pleased to announce that it is on target to more than double the operating profit delivered in 2016, as previously reported by year end 2017.
Financial Highlights
-- Revenue and other operating income GBP3.9m (H1 2016: GBP2.9m)
-- Recurring revenue of GBP2.9m (H1 2016: GBP2.2m), representing 81% of total revenue
-- Gross profit of GBP2.3m (H1 2016: GBP1.6m) -- Operating profit (before share based payments) of GBP1.3m (H1 2016 GBP0.3m) -- Pre-tax profit of GBP1.0m (H1 2016: GBP0.3m) -- Basic EPS of 1.022p (H1 2016: 0.27p) -- Assets under management GBP765m (as at 30 June 2016: GBP687m) -- Assets on a DFM Mandate GBP291m (as at 30 June 2016: nil)
-- Net cash and marketable securities at the period end of GBP4.8m (as at 30 June 2016: GBP4.4m)
-- Interim dividend of 0.2969p per share (H1 2016: 0.2375p)
Operational Highlights
-- Board focused on delivering existing business plan -- Ogden Review flowing into higher damages awards for clients
Jason Granite, Executive Chairman of Frenkel Topping, commented: "The Board is pleased with the positive results delivered during the first half of 2017. We will continue to execute the existing business plan for the Company. We will seek to expand our geographical footprint, authorised individuals and establish further joint venture relationships to drive asset growth.
Having conducted a thorough strategic review to determine the best direction for the Company, the Board is fully focused on reaching GBP1bn AUM and remain open to opportunistic investments to maximise its return on its cash position, as well as other investments and acquisitions that might accelerate the growth of the business."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information:
Frenkel Topping Group www.frenkeltopping.co.uk plc Jason Granite, Executive Tel: 0161 886 8000 Chairman Richard Fraser, Chief Executive Officer Julie Dean, 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 Mob: 07748 325 236
About Frenkel Topping: www.frenkeltopping.co.uk
Frenkel Topping provides specialist independent financial advice focussed on asset protection for clients. The specialist independent financial adviser has a market leading position providing advice and fund management services for personal injury trusts and clinical negligence awards and is well placed to provide services to a wider customer base.
The Company provides a range of wealth management services including bespoke investment portfolios, personal and corporate financial advice and tax planning. It is focused on increasing its assets under management by continued organic growth of the business by an increase in the number of highly qualified fee earners for the provision of its industry leading specialisms. The company expects to increase the number of staff in all departments to support the existing business plan and reinforce its position as industry leader within personal injury and clinical negligence.
It has a national presence with offices in Manchester, Birmingham, Cardiff, London and Leeds and has relationships and infrastructure in place to further grow its reach and target markets.
Chairman's Statement
Results
The Company is pleased to announce positive results for the half year period ended 30 June 2017.
Profit from operations, before share based compensation and other exceptional costs, has grown by more than four times the operating profit delivered in the same period of 2016, to GBP1.3m (H1 2016: GBP0.3m; FY 2016: GBP1.4m).
Revenues and other operating income for the period has increased by 34% to GBP3.9m (H1 2016: GBP2.9m; FY 2016: GBP6.4m).
Gross profit margins have increased to 63% (H1 2016: 55% FY 2016: 58%). Operating profit margins have increased to 37% (H1 2016: 11% FY 2016: 22%).
AUM as at 30 June had grown to GBP765m (GBP687m as at 30 June 2016). Assets on a DFM basis has grown to GBP291m (nil as at 30 June 2016).
The Company generated GBP1.4m of cash from its operating activities during the period (H1 2016: GBP0.5; FY 2016: GBP1.6m).
The closing cash balance and marketable securities at the period end was GBP4.8m (H1 2016: GBP4.4m; FY 2016 GBP4.2m). This was after paying the final dividend of GBP0.6m to shareholders during the period.
The net asset value of the Company, before non-controlling interest, at 30 June 2017 was GBP15.5m (H1 2016: GBP13.9m; FY 2015 GBP15.0m).
On the 30 June 17, FCFM Group Properties IV Limited repaid the GBP3m Commercial Property SPV loan and acquired the Company's 37.5% interest for GBP150,000. As a result of this transaction the Company has received approximately GBP3.3m of cash during the period.
Dividend
In May 2017 the Company paid a final dividend in respect of FY16 of GBP0.6m. This represents a total dividend for 2016 of 1.1094 pence per share (2015: 0.8875 pence) to shareholders. The Company is pleased to announce that it will be paying an interim dividend of 0.2969 pence per share (H1 2016: 0.2375 pence), a 25% increase on the interim paid in 2016. The interim dividend will be paid on 4 August 2017 to shareholders on the register at close of business on 21 July 2017 and the shares will trade on an ex-dividend basis from 20 July 2017.
Operations
During the period the Company has moved into its new head office building in Manchester.
The foundations laid during 2016 have transitioned into 2017 with profits being increased from higher revenues driven from growth in AUM, assets on a DFM basis and cost synergies across the Company.
The effects of the Lord Chancellor's decision to lower the Ogden discount rate, effective from 20 March 2017 are now starting to translate into higher levels of damages available for our clients and this should accelerate the growth of AUM for the Company. In addition to this, the Company expects to increase its market share in the industry, through expanding its geographical footprint, increasing the number of authorised individuals and establishing further joint venture relationships with legal firms to drive asset growth.
The Company also intends to expand its investment offerings through Frenkel Topping Investment Management and its Safety First Product Range.
Outlook
The Board is focused on reaching AUM of GBP1bn and will remain open to opportunistic investments with a view to both maximising its return on its cash position combined with other investment acquisitions that might accelerate the growth of the business and strengthen the existing platform.
The Board expects the strong growth demonstrated in the results for H1 to continue over H2 and confirms that it is trading in line with market expectations to deliver operating profit of more than double that of 2016.
The Company will continue with its progressive dividend policy that is supported by the growth prospects of the Company.
Furthermore the Company finished the period with a strong balance sheet - including GBP4.8m in cash and marketable securities. With the first half of 2017 trading in line with market expectations the board reconfirms its profit from operations forecast of GBP3.5m. The delivery of such is dependent on the performance of the sales consultants, control of administration expenses, growth in AUM and delivery of future returns from the Company cash balance.
I would like to thank all of our staff and shareholders for their continued support and look forward to providing further updates.
Jason Granite
Executive Chairman
5 July 2017
Hot Features
Premium
Frenkel Topping Group plc 6 Months 6 Months Year
ended
ended ended 31-Dec-
Group income statement 30-Jun-17 30-Jun-16 16
Unaudited Unaudited Audited
Note GBP GBP GBP
REVENUE 3,627,355 2,859,876 6,398,511
Direct staff costs (1,336,867) (1,274,308) (2,732,515)
Gross Profit 2,290,488 1,585,568 3,665,996
OTHER OPERATING INCOME
AND ADMINISTRATIVE EXPENSES
Other operating income 284,795 - -
Share based compensation (211,764) (38,772) (551,045)
Other exceptional costs (115,973) - -
Administration costs (1,244,829) (1,284,701) (2,231,198)
TOTAL OTHER OPERATING INCOME
AND ADMINISTRATIVE EXPENSES (1,287,771) (1,323,473) (2,782,243)
Profit from operations
before share based compensation
and other exceptional costs 1,330,454 300,867 1,434,798
Share based compensation
and other exceptional costs (327,737) (38,772) (551,045)
PROFIT FROM OPERATIONS 1,002,717 262,095 883,753
Finance costs - (427) (427)
PROFIT BEFORE TAXATION 1,002,717 261,668 883,326
Income tax expense
PROFIT FOR YEAR
(248,031) (63,953) (189,322)
ITEMS THAT WILL NOT BE __________ ___________ ___________
SUBSEQUENTLY RECLASSIFIED 754,686 197,715 694,004
TO PROFIT AND LOSS
Gains on property revaluation
arising net of tax
- - 70,991
TOTAL COMPREHENSIVE INCOME __________ ___________ __________
FOR YEAR 754,686 197,715 764,995
------------ ------------- -------------
PROFIT AND TOTAL COMPREHENSIVE
INCOME ATTRIBUTABLE TO:
Owners of parent undertakings 754,686 197,715 764,995
Non controlling interest - - -
------------ ------------- -------------
754,686 197,715 764,995
------------ ------------- -------------
Earnings per share - basic
(pence) 3 1.022 0.27 0.96
Earnings per share - diluted
(pence) 3 0.96 0.27 0.91
The results for the period are derived from continuing activities.
Frenkel Topping Group
plc
Group Statement of
Financial Position 30-Jun-17 30-Jun-16 31-Dec-16
As at 30 June 2017 Unaudited Unaudited Audited
GBP GBP GBP
ASSETS
NON CURRENT ASSETS
Goodwill 7,020,287 7,020,287 7,020,287
Property, Plant and
equipment 1,263,284 10,839 1,247,401
Deferred tax 178,500 277,683 178,500
------------ ------------ ------------
8,462,071 7,308,809 8,446,188
CURRENT ASSETS
Accrued income 663,621 680,129 714,901
Trade receivables 1,202,658 1,028,801 1,170,969
Other receivables 392,044 426,610 490,518
Investments 999,542 40,000 3,061,980
Cash at bank and in
hand 3,846,743 4,430,803 1,162,645
------------ ------------ ------------
7,104,608 6,606,343 6,601,013
TOTAL ASSETS 15,566,679 13,915,152 15,047,201
============ ============ ============
EQUITY AND LIABILITIES
EQUITY
Share capital 384,954 373,111 384,954
Share Premium 361,028 79,300 361,028
Merger reserve 5,314,702 5,314,702 5,314,702
Revaluation reserve 70,991 - 70,991
Own share reserve (774,197) (774,197) (774,197)
Other reserve (341,174) (341,174) (341,174)
Retained earnings 9,669,176 8,507,971 9,346,735
------------ ------------ ------------
EQUITY ATTRIBUTABLE
TO HOLDER OF PARENT 14,685,480 13,159,713 14,363,039
Non controlling Interests - - -
TOTAL EQUITY 14,685,480 13,159,713 14,363,039
CURRENT LIABILITIES
Current taxation 275,167 248,341 13,816
Trade and other payables 606,032 507,098 670,346
881,196 755,439 684,162
TOTAL LIABILITIES 881,199 755,439 684,162
------------ ------------ ------------
TOTAL EQUITY AND LIABILITIES 15,566,679 13,915,152 15,047,201
============ ============ ============
Consolidated Statement of Changes in Equity
For the period to 30 June 2017
Own share Total Non
Share Share Merger Other Reserve Retained Revaluation controlling controlling
Capital Premium Reserve Reserve Earnings reserve interest interest Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
Balance
1 January
2016 370,061 - 5,314,702 (341,174) (774,197) 8,770,155 - 13,339,547 490 13,340,037
New shares
issued 3,050 79,300 - - - - - 82,350 - 82,350
Share based
compensation - - - - - 38,772 - 38,772 - 38,772
Minority
interest - - - - - - - - (490) (490)
Dividend
paid to
shareholders - - - - - (498,671) - (498,671) - (498,671)
_______ _______ _______ _______ _______ ________ ________ ________ _____ ________
Total
transactions
with owners
recognised
in equity 373,111 79,300 5,314,702 (341,174) (774,197) 8,310,256 - 12,961,998 - 12,961,998
Profit
and total
comprehensive
income
for the
period - - - - - 197,715 - 197,715 - 197,715
_______ _______ _______ _______ _______ ________ ________ ________ _____ ________
Balance
30 June
2016 373,111 79,300 5,314,702 (341,174) (774,197) 8,507,971 - 13,159,713 - 13,159,713
New shares
issued 11,843 281,728 - - - - - 293,571 - 293,571
Share based
compensation - - - - - 512,274 - 512,274 - 512,274
Dividend
paid to
shareholders - - - - - (169,798) - (169,798) - (169,798)
_______ _______ _______ _______ _______ _______ _______ _______ _____ ________
Total
transactions
with owners
recognised
in equity 384,954 361,028 5,314,702 (341,174) (774,197) 8,850,447 - 13,795,759 - 13,795,759
Profit
and total
comprehensive
income
for the
period - - - - - 496,289 - 496,289 - 496,289
Other
comprehensive
income - - - - - - 70,991 70,991 - 70,991
_______ _______ _______ _______ _______ _______ _______ _______ _____ _______
Balance
31 December
2016 384,954 361,028 5,314,702 (341,174) (774,197) 9,346,735 70,991 14,363,039 - 14,363,039
Share based
compensation - - - - - 211,764 - 211,764 - 211,764
Dividend
paid to
shareholders - - - - - (644,009) - (644,009) - (644,009)
_______ _______ _______ _______ _______ _______ _______ _______ _____ ________
Total
transaction
with owners
recognised
in equity 384,954 361,028 5,314,702 (341,174) (774,197) 8,914,490 70,991 13,930,794 - 13,930,794
Profit
and total
comprehensive
income
for the
period - - - - - 754,686 - 754,686 - 754,686
_______ _______ _______ _______ _______ _______ _______ _______ _____ ________
Balance
30 June
2017 384,954 361,028 5,314,702 (341,174) (774,197) 9,669,176 70,991 14,685,480 - 14,685,480
============ ============ ============== ============== ============= ============= ============= ============= ========== ===============
-- The share capital represents the number of shares issued at nominal price.
-- The merger reserve represents the cost of the shares issued to purchase the non controlling interest at market value at the date of the acquisition and the excess of fair value over nominal value of shares issued to acquire Frenkel Topping Investment Management Limited.
-- The other reserve represents the excess paid for the non controlling interest over the book value at the date of the acquisition.
-- The own shares reserve represents the cost of 3,128,016 (2016: 3,128,016) shares held by an employee benefit trust. The open market value of the shares held at 30 June 2017 was GBP1,657,848 (2016: GBP1,407,607).
-- Retained earnings represents the profit generated by the Company since trading commenced, together with dividends paid, share premium cancelled and share based payment and credits.
-- The Company has conformed with all capital requirements as imposed by the FCA.
Frenkel Topping Group
plc 6 Months 6 Months Year
Group Cash Flow Statement ended
For the period to ended ended 31-Dec
30 June 2017 30-Jun-17 30-Jun-16 -16
Unaudited Unaudited Audited
GBP GBP GBP
Profit before tax 1,002,717 261,668 883,326
Adjustments to reconcile
profit for the year
to cash generated
from operating activities
Finance cost - 427 427
Share based compensation 211,764 38,772 551,045
Depreciation 22,718 2,625 5,543
Decrease in accrued income,
trade and other receivables 80,502 280,118 129,583
Increase/(decrease) in
trade and other payables 61,302 (41,951) 14,721
Cash generated from operations 1,379,003 541,659 1,584,645
Income Tax paid (112,295) (164,418) (430,849)
----------- ----------- -------------
Cash generated from operating
activities 1,266,708 377,241 1,153,796
Acquisition of property,
plant and equipment (38,601) (3,603) (1,172,090)
Investments 2,100,000 - (3,000,000)
----------- ----------- -------------
Cash generated /(used)
in investing activities 2,061,399 (3,603) (4,172,090)
Financing activities
Shares issued - 82,350 375,921
Dividend paid (644,009) (498,671) (668,469)
Interest on loans
and borrowings - (428) (427)
Cash used in financing (644,009) (416,749) (292,975)
----------- ----------- -------------
Increase/(decrease) in
cash and cash equivalents 2,684,098 (43,111) (3,311,269)
Opening cash and cash
equivalents 1,162,645 4,473,914 4,473,914
----------- ----------- -------------
Closing cash and cash
equivalents 3,846,743 4,430,803 1,162,645
=========== =========== =============
Reconciliation of
cash and cash equivalent
Cash at bank and in
hand 3,846,743 4,430,803 1,162,645
Overdraft - - -
Closing cash and cash
equivalent 3,846,743 4,430,803 1,162,645
---------- ---------- ----------
Cash and cash equivalents are held at National Westminster Bank Plc.
Notes to the Interim Financial Statements
1. Basis of preparation and accounting policies
Basis of preparation
The Company's interim result consolidates the results of the Frenkel Topping and its subsidiary undertakings up to 30 June 2017. Frenkel Topping is a limited liability company incorporated and domiciled in England & Wales and whose shares are quoted on AIM, a market operated by The London Stock Exchange. The consolidated financial information of Frenkel Topping is presented in Pounds Sterling (GBP), which is also the functional currency of the parent.
The financial information contained in this interim report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. It does not therefore include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements as at 31 December 2016 which have been prepared in accordance with IFRS's as adopted by the European Union.
The financial information for the 6 months ended 30 June 2017 is also unaudited.
The Company's statutory accounts for the year ended 31 December 2016 have been delivered to the Registrar of Companies. The report of the auditors on these accounts was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
The Company has not applied IAS 34, Interim Financial Reporting, which is not mandatory for UK Companys, in the preparation of these interim financial statements.
Significant accounting policies
The accounting policies used in the preparation of the financial information for the six months ended 30 June 2017 are in accordance with the recognition and measurement criteria of International Financial Reporting Standards ('IFRS') as adopted by the European Union and are consistent with those which will be adopted in the annual statutory financial statements for the year ended 31 December 2016.
2. Revenue Segmental Reporting
All of the Company's revenue arises from activities within the UK. Management consider there to be only one operating segment within the business based on the way the business is organised and the way results are reported internally.
3. Earnings per ordinary share
6 months 6 months Year ending
June 2017 June 2016 December 2016
Earnings
Earning for the GBP754,686 GBP197,715 GBP694,004
purpose of basic
earnings per
share (net profit
for the year
attributable
to equity holder
of the parent)
GBP754,686 GBP197,715 GBP694,004
Earning for the
purpose of diluted
earnings per
share
Number of shares
76,990,683 74,215,957 75,294,625
Purpose for basic
earnings per (3,128,016) (3,128,016) (3,128,016)
share ---------------- ---------------- --------------
Less: own shares
held 73,862,667 71,087,941 72,166,609
Effect of dilutive
potential ordinary
shares - share
options 4,565,322 1,863,931 4,366,476
--------------- --------------- ----------------
Purpose of diluted
earnings per
share 78,427,989 72,951,872 76,533,085
--------------- --------------- ---------------
4. Dividend
A dividend of GBP644,009 representing 0.8719 pence per share was approved by the Shareholders at the AGM on 3 May 2017 and has not been included as a liability as at 31 December 2016. The dividend was paid on 26 May 2017.
5. The Board of Directors approved the interim report on 4 July 2017.
6. Copies of this report are available from the company website on www.frenkeltopping.co.uk
7. The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DZLFBDDFXBBD
(END) Dow Jones Newswires
July 05, 2017 02:00 ET (06:00 GMT)
1 Year Frenkel Topping Chart |
1 Month Frenkel Topping Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
