RNS Number : 6220L
Frenkel Topping Group PLC
14 January 2021
Frenkel Topping Group plc
("Frenkel Topping", the "Company" or the "Group")
Strategic Progress on Consolidation Delivering Robust
Frenkel Topping, the specialist independent financial advisor
and asset manager focused on asset protection for vulnerable
clients, is pleased to provide the following update on trading and
progress to the year end 31 December 2020.
The Company made good progress in the year driven by organic
growth and new business, and has grown AUM by 12.7% to GBP1,012m
(2019: GBP898m) showing resilience to the continuing COVID-19
pandemic. Assets on a DFM Mandate increased 32.1% to GBP527m (2019:
GBP399m). In addition, the Company is also pleased to see continued
high client retention rates at 99% and it has a solid pipeline of
new business opportunities for the year ahead.
The Board therefore expects that the Company's trading for the
full year will be in line with management expectations reporting
approximate revenues of GBP10m  (2019: GBP8.56m) and adjusted
EBITDA of GBP2.5m  (2019: GBP1.97m). The Company's balance sheet
remains robust with GBP12.0m of cash at the year end.
The Board is delighted with the year end results that reflect a
positive year of growth, including the acquisition of forensic
accountancy firm, Forth Associates Limited ("Forths"), and the
oversubscribed fundraise of GBP13m (gross) in July 2020.
The integration of Forths has progressed well since the
completion of the acquisition, reaffirming the Company's strategy
to pursue opportunities to consolidate the pre-settlement
professional services marketplace in Personal Injury and Clinical
Given remarkable market volatility, it is pleasing the Group's
investment solutions, provided by Ascencia Investment Management,
have performed well throughout the year. In the 12 months from 1
January to 31 December 2020, all Ascencia clients received a
positive return - a testament to its robust and conservative
Of particular note is the strong performance of the Company's
Environmental, Social and Governance (ESG) portfolios, launched
over two years ago. This ESG approach has now been integrated into
the Company's investment philosophy.
Furthermore, Ascencia's fund of Sharia-compliant holdings,
launched in 2019, has gained traction throughout 2020 and has been
received well by clients of the Group with particular interest from
A comprehensive update and review of the year will be provided
with the Company's annual results, which are expected to be
announced in April 2021.
Further to yesterday's announcement confirming that the Company
will not be making a firm offer for NAHL Group plc, while it is
disappointing not to be able to deliver a business combination, the
Company is working on other compelling M&A opportunities which
it looks forward to updating shareholders on as soon as
Richard Fraser, Chief Executive Officer of Frenkel Topping Group
"We are pleased to report a strong performance that is in line
with management expectations. Our successful GBP13m capital raise
and acquisition of forensic accountancy firm, Forths, earlier this
year were key steps in our consolidation of the PI and Clinical
"We are looking forward to building on those successes as we
move into 2021 with a continued focus on growing our core business,
driving AUM and executing our Buy and Build strategy, maintaining
our outstanding client retention levels and generating strong and
sustainable returns for our shareholders."
The information communicated in this announcement contains
For further information:
Frenkel Topping Group plc Tel: 0161 886 8000
Richard Fraser, Chief Executive Officer www.frenkeltopping.co.uk
finnCap Ltd Tel: 020 7220 0500
Carl Holmes / Giles Rolls (Corporate
Tim Redfern / Richard Chambers (ECM)
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or the solicitation of any
offer to buy, sell, subscribe for any securities or the
solicitation of any vote in any jurisdiction.
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About Frenkel Topping Group:
The financial services firm consists of Frenkel Topping Limited,
Ascencia Investment Management, Obiter Wealth Management, Equatas
Accountants and Forth Associates.
The 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 and clinical negligence.
With more than 30 years' experience in the industry, 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.
Through its core business, Frenkel Topping Limited, the firm
supports litigators pre-settlement in achieving maximum damages, by
providing expert witness services, and post-settlement to achieve
the best long-term financial outcomes for clients after injury. It
boasts a client retention rate of 99%.
The Group's discretionary fund manager, Ascencia, provides
financial portfolios for clients in unique circumstances. 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
Obiter provides a generalist wealth management service -
including advice on Savings and Investments; Tax planning; Life
Insurance; Critical Illness and Income protection; Endowment advice
and Keyman Insurance, with a particular specialism in financial
advice on pensions and pension sharing orders for the clients of
divorce and family lawyers. Obiter applies the same core principles
of honesty, transparency, responsibility and reliability to
individuals, regardless of background or situation.
In 2019, Frenkel Topping launched its accountancy arm, Equatas,
to assist clients with tax planning and move closer to providing a
full end-to-end service under the Group brand, improving the
experience for clients and maintaining the Group's standards
throughout the client journey.
In 2020 Frenkel Topping acquired Forths, a specialist forensic
accounting services business which assists in financial and legal
disputes. The acquisition makes Frenkel Topping the largest
independent provider of financial expert witness reports to the
For more information visit: www.frenkeltopping.co.uk
 Inclusive of the acquisition of Forth Associates Limited on 22 July 2020
 Inclusive of the acquisition of Forth Associates Limited on
22 July 2020 and EBITDA stated before Share Based Compensation,
M&A strategy and re-organisation costs
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(END) Dow Jones Newswires
January 14, 2021 02:00 ET (07:00 GMT)