TIDMFEN

RNS Number : 9529K

Frenkel Topping Group PLC

03 September 2019

Frenkel Topping Group plc

("Frenkel Topping" or "the Company" or "the Group")

Interim Results

Strategic Progress Delivers Robust Financial Performance

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 2019.

Financial Highlights

 
                              HY 2019   HY 2018   % change 
 Revenue                      GBP4.1m   GBP3.6m     +14% 
                             --------  --------  --------- 
 Recurring revenue            GBP3.2m   GBP2.9m     +10% 
                             --------  --------  --------- 
 Gross profit                 GBP2.2m   GBP2.1m     +5% 
                             --------  --------  --------- 
 Profit from operations(1)    GBP0.8m   GBP0.4m    +100% 
                             --------  --------  --------- 
 Statutory pre-tax 
  profit                      GBP596k   GBP282k    +111% 
                             --------  --------  --------- 
 Basic EPS                     0.6p      0.32p      +88% 
                             --------  --------  --------- 
 Cash from operations(2)      GBP0.5m   GBP0.5m      - 
                             --------  --------  --------- 
 Interim dividend              0.32p     0.32p       - 
                             --------  --------  --------- 
 

(1) Profit from operations before share based compensations

(2) Cash from operations before corporation tax

Operational Highlights and Outlook

   --     Assets Under Management of GBP851m, up 12% (as at 30 June 2018: GBP759m) 
   --     GBP44m of new investment mandates in H1, in line with management's expectations 
   --     Assets on a DFM Mandate of GBP345m, up 11% (as at 30 June 2018: GBP312m) 
   --     New business income 30% higher at GBP0.9m than the comparative period in 2018 (GBP0.69M) 
   --     Client retention rate remained high at 98% 

-- All model portfolio strategies achieved positive returns; H1 growth between 4%-12% according to the risk criteria set for the fund

   --     Current trading is in line with management's expectations 

Paul Richardson, Chairman of Frenkel Topping said:

"I am pleased to report an excellent set of results and a period of significant progress. Despite challenging financial markets over the period, we have delivered a 14% increase in revenue, a 111% rise in pre-tax profit and made considerable progress against our strategic commitments. New business income increased by 30% over the comparative period whilst client retention remained high at 98% - reflecting our ability to conservatively manage our clients' money and generate returns. Our growth has been supported by strategic investments made in developing talent and marketing which has invigorated and strengthened the business for the long term.

"The Company has built a strong platform to generate further growth and current trading is line with management expectations."

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014."

 
                                     www.frenkeltopping.co.uk 
   Frenkel Topping Group plc 
 Paul Richardson, Non-Executive     Tel: 0161 886 8000 
  Chairman 
  Richard Fraser, Chief Executive 
  Officer 
 Stephen Bentley, Chief Finance 
  Officer 
 Mark Holt, Commercial Director 
 finnCap Ltd                        Tel: 020 7220 0500 
 Carl Holmes/James Thompson 
  (Corporate Finance) 
  Tim Redfern / Richard Chambers 
  (ECM) 
 
 TB Cardew                          frenkeltopping@tbcardew.com 
 Tom Allison                        Tel: 0207 930 0777 
  Shan Shan Willenbrock              Mob: 07775 848537 
  Olivia Rosser 
 

For further information:

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 growth of the business by an increase in the number of highly qualified fee earners for the provision of its industry leading specialisms.

It has a national presence with offices in Manchester, Birmingham, Cardiff and London and has relationships and infrastructure in place to further grow its reach and target markets.

CEO Statement

Overview

I am pleased to report an excellent set of results, building on the progress announced in our 2018 financial accounts. We have made significant progress financially and operationally, underpinned by our strategic investments in the Frenkel Topping Academy, marketing and technology, enabling us to report solid growth across our key performance indicators.

The Group's revenue increased by 14% to GBP4.1m (HY 2018: GBP3.6m), predominantly driven by new business income which at GBP896k was 30% higher than the comparative period in 2018. Recurring revenue is a healthy 78% of total revenue and our client retention rate remains high at 98%, reflecting positive performances from our portfolios and a focus on excellent customer service.

The Company delivered GBP44m of new investments mandates, reflecting our strong competitive position and trusted brand. AUM amounted to GBP851m, an increase of GBP72m or 9% since the year end. The Group's assets on a Discretionary Fund Management basis through Ascencia Investment Management ("Ascencia") were up 11% to GBP345m (as at 30 June 2018: GBP312m).

Operating profit before share based compensation was GBP0.8m, doubling from the GBP0.4m reported in HY2018, and EBITDA before share based compensation was GBP905k, up 105%, reflecting the Group's revenue growth. In the first half of 2019, GBP383K was invested in marketing and developing talent compared to GBP449K in the comparable period which included reorganisation costs. Our disciplined cost control has ensured that a larger proportion of the growth in sales flows through to the bottom line, delivering a disproportionate increase in operating profit and profit before tax.

Despite the increase in operating profit and EBITDA, the cash generated from operating activities of GBP328,000 in the half year was lower than the GBP474,000 generated in the equivalent period in 2018. This was due to a GBP373,000 increase in working capital which resulted from the Group's new business generation.

Progress against our strategy

In 2018, we delivered good results, with solid execution, and outlined three core strategic aims for growing the business. I am pleased to report that the Company is making good progress on these commitments to generate further growth over the long term:

1. To grow organically our core business of independent financial advice for personal injury and clinical negligence awards.

We achieved good organic growth in the period under review and, as highlighted above, this has been supported by the investments we made over the past two years. We are proud of our graduate and apprenticeship programme which was launched to ensure talent is regularly introduced to the business. This has been an excellent investment with newly qualified consultants winning new business, adding to AUM and, importantly, maintaining existing client relationships. Investments in marketing has also been key to driving this excellent set of results.

2. To increase the strength of our Discretionary Fund Management through Ascencia and expand its services to a wider audience.

Despite economic headwinds, all our model portfolios in the investment management business achieved positive returns, each posting growth of between 4% and 12% according to the risk criteria set for the fund. The performance reflects our expertise and the conservative approach we have to take in protecting our clients' money and generating returns. In June, we appointed Tatton Asset Management Limited as investment manager for Ascencia's core and passive products as part of our strategy to expand its asset management capabilities. This, together with Wellian Investment Solutions Limited as its portfolio research partner, will enable the Group to further scale the business and offer a broader range of products. In the period under review, we launched the Ascencia Islamic Portfolio, a Sharia Law compliant investment portfolio which was developed to support the needs of our Muslim clients. The Ascencia Islamic Portfolio is essentially multi-asset and consists of a blend of Shariah compliant equity focused exchange traded funds, managed fixed income solutions, together with an element of physically backed gold exposure. The new portfolio complements our existing Socially Responsible Investment Portfolios as there are number of synergies between the two.

3. To grow the business through selective acquisitions to widen our market reach and position Obiter Wealth Management ("Obiter") as a Challenger Generalist IFA Brand.

Obiter was established in response to demand from the solicitors and clients we work with to widen our expert witness services to include divorce cases, wills and probates and MBOs (Management Buy Outs). We are actively sourcing M&A opportunities which complement Obiter and align themselves with our stated strategy. The Group has considered several businesses over the last six months, but we have a strict acquisition policy and will not make any acquisitions unless they meet our criteria. We continue to have active discussions with firms and, if acquired, they will benefit from the back-office and technical support we have built in Manchester, while allowing us to extend the territories into which our core specialist service is offered.

Ogden Rate

In previous announcements we have commented on the impact of the Ogden Rate (Personal Injury Discount Rate ("PIDR")) when it was cut to -0.75% from the then long standing 2.5% and the likelihood of an increase in lump sum settlements. We believe that these settlements have and will continue to filter through to larger investments for claimants, particularly given the latest government announcement to increase the rate upwards, but only to -0.25% following a number of consultations. Mark Holt, the Group's Commercial Director has been heavily involved in the consultation process and comments:

"The incremental increase in the PIDR will not see claimants rush back to settling claims with the inclusion of Periodical Payments, moreover the trend to settle for once and for all lump sums will continue, somewhat unaffected by this latest rate increase"

As previously announced, the change in the Ogden Rate is not predicted to have a significant impact on Frenkel Topping. The Company views the change as an opportunity for potential clients and solicitors to seek its expertise.

Dividend

In June 2019 the Company paid a final dividend in respect of FY18 of GBP668,000 or 0.97 pence per share. This represents a total dividend for 2018 of 1.29 pence per share (2017: 1.203 pence) to shareholders. The Board has reviewed the dividend and is mindful of the Group's earnings growth potential and future expansion plans. With this in mind, the Company will maintain an interim dividend of 0.32 pence per share which amounts to GBP220,492 (2018 Interim Dividend: 0.32 pence and GBP220,701). The interim dividend will be paid on 26 September 2019 to shareholders on the register at close of business on 13 September 2019 and the shares will trade on an ex-dividend basis from 12 September 2019.

Outlook

We are trading in line with management's expectations and expect to continue to invest in the business to ensure future growth. The Board is mindful of the broader political and economic uncertainty but remains confident that our strong platform, together with our high client retention rate and ability to generate new business will enable us to deliver growth in the second half of 2019 and beyond. I would like to thank all of our staff for their hard work and steadfast focus on delivering for our clients and creating excellence in everything we do. It is very encouraging to see how hard everyone is working to deliver on our strategic commitments and position Frenkel Topping for success over the longer term.

Richard Fraser, CEO

 
 Frenkel Topping Group plc                               6 Months              6 Months              Yr Ended 
 Group Income Statement                                    Jun-19                Jun-18                Dec-18 
                                                        Unaudited             Unaudited               Audited 
                                      Note                GBP'000               GBP'000               GBP'000 
 
 Revenue                                                    4,071                 3,624                 7,661 
 Direct Staff Costs                                       (1,838)               (1,560)               (2,943) 
 Gross Profit                                               2,232                 2,064                 4,718 
 
 Administrative Expenses 
 Share Based Compensation                                   (270)                 (159)                 (386) 
 Development and Reorganisation 
  Costs                                                     (383)                 (449)                 (701) 
 Formal Sales                                                   -                     -                 (165) 
 Other                                                    (1,034)               (1,209)               (2,309) 
                                            ---------------------  --------------------  -------------------- 
 Total Administrative Expenses                            (1,687)               (1,817)               (3,561) 
 
 Profit from Operations before 
  share based compensation and 
  formal sale process                                         815                   406                 1,708 
 Share Based Compensation                                   (270)                 (159)                 (386) 
 Formal Sales                                                   -                     -                 (165) 
-----------------------------------  -----  ---------------------  --------------------  -------------------- 
 
 Profit from Operations                                       546                   247                 1,157 
                                            ---------------------  --------------------  -------------------- 
 
 Other Gains & Losses 
 Finance income                                                53                    24                  (13) 
 Finance Costs                                                (3)                     - 
 Share of profits from investments                              -                                           - 
  accounted for using the equity 
  method                                                                             11 
                                            ---------------------  --------------------  -------------------- 
 
 Profit Before Tax                                            596                   282                 1,144 
 
 Taxation                                                   (143)                  (60)                 (349) 
                                            ---------------------  --------------------  -------------------- 
 
 Profit for Period                                            453                   222                   795 
 
 Gains on property revaluation 
  arising net of Tax                                            -                     -                    27 
                                            ---------------------  --------------------  -------------------- 
                                                              453                   222                   822 
 
 Minority interest                                           (39)                     -                  (29) 
                                            ---------------------  --------------------  -------------------- 
 
 Profit and Total Comprehensive 
  Income Attributable to: 
 Owners of Parent Undertakings                                414                   222                   793 
                                            =====================  ====================  ==================== 
 
 Earnings per share - basic 
  (pence)                                3                   0.60                  0.32                  1.11 
 Earnings per share - diluted 
  (pence)                                3                   0.60                  0.32                  1.11 
 

The results for the period are derived from continuing activities.

 
 Frenkel Topping Group plc 
 Group Statement of Financial             30-Jun-19         30-Jun-18         31-Dec-18 
  Position 
                                          Unaudited         Unaudited           Audited 
                                            GBP'000           GBP'000           GBP'000 
 ASSETS 
 NON-CURRENT ASSETS 
 Goodwill                                     7,020             7,020             7,020 
 Property, Plant and equipment                1,672             1,402             1,424 
 Investments                                      -                25                 - 
 Deferred tax                                    30                53                10 
                                  -----------------  ----------------  ---------------- 
                                              8,722             8,500             8,454 
 CURRENT ASSETS 
 Accrued income                                 864               822               982 
 Trade receivables                            1,547             1,358             1,535 
 Other receivables                              686               210               160 
 Investments                                    751             1,202             1,136 
 Cash at bank and in hand                       620               558               848 
                                  -----------------  ----------------  ---------------- 
                                              4,469             4,150             4,661 
                                  -----------------  ----------------  ---------------- 
 
 TOTAL ASSETS                                13,192            12,650            13,115 
                                  =================  ================  ================ 
 
 EQUITY AND LIABILITIES 
 EQUITY 
 Share capital                                  393               393               393 
 Share Premium                                  400               400               400 
 Merger reserve                               5,315             5,315             5,315 
 Revaluation reserve                            178               151               178 
 Own share reserve                          (4,579)           (4,449)           (4,567) 
 Other reserve                                (341)             (341)             (341) 
 Retained earnings                           10,576             9,989            10,553 
 Non-controlling interest                        82                 -                43 
                                  -----------------  ----------------  ---------------- 
 TOTAL EQUITY                                12,024            11,458            11,974 
 CURRENT LIABILITIES 
 Current taxation                               354               223               216 
 Trade and other payables                       745               969               926 
                                  -----------------  ----------------  ---------------- 
                                              1,098             1,192             1,142 
                                  -----------------  ----------------  ---------------- 
 
 LIABILITIES > 1 YEAR                            69                 -                 - 
                                  -----------------  ----------------  ---------------- 
 
 TOTAL LIABILITIES                            1,167             1,192             1,142 
                                  -----------------  ----------------  ---------------- 
 
 TOTAL EQUITY AND LIABILITIES                13,192            12,650            13,115 
                                  =================  ================  ================ 
 

Consolidated Statement of Changes in Equity For the period to 30 June 2019

 
                       Share           Share          Merger           Other             Own          Retained            Revaluation         Total   Non-controlling     Total 
                     Capital         Premium                                           share                                  reserve   controlling         Interests 
                                                                                                                                          Interests 
                                                     Reserve         Reserve         Reserve          Earnings 
                     GBP'000         GBP'000         GBP'000         GBP'000         GBP'000           GBP'000                GBP'000       GBP'000           GBP'000   GBP'000 
 Balance 1 
  January 
  2018                   393             400           5,315           (341)         (4,449)            10,253                    151        11,722                      11,722 
 Share based 
  payments                 -               -               -               -               -               159                      -           159                         159 
 Dividend Paid             -               -               -               -               -             (640)                      -         (640)                       (640) 
 Tax Charge 
  Relating 
  to the Share 
  Option 
  Scheme                   -               -               -               -               -               (5)                      -           (5)                         (5) 
                 -----------  --------------  --------------  --------------  --------------  ----------------  ---------------------  ------------  ----------------  -------- 
 Total 
  transactions 
  with owners 
  recognised 
  in equity                -               -               -               -               -             (486)                      -         (486)                       (486) 
 Profit for the 
  period                   -               -               -               -               -               222                      -           222                         222 
 
 Balance 30 
  June 2018              393             400           5,315           (341)         (4,449)             9,989                    151        11,458                 0    11,458 
 New shares 
  issued                   -               -               -               -               -                 -                      -             0                           0 
 Purchase of 
  own shares               -               -               -               -           (118)                 -                      -         (118)                       (118) 
 Share based 
  payments                 -               -               -               -               -               245                      -           245                         245 
 Tax credit 
  relating 
  to share 
  option scheme            -               -               -               -               -               (6)                      -           (6)                         (6) 
 Dividend paid 
  to 
  shareholders             -               -               -               -               -             (220)                      -         (220)                       (220) 
 Acquisition of 
  Subsidiary                                                                                                                                                       14        14 
 
 Total 
  transactions 
  with owners 
  recognised 
  in equity                -               -               -               -           (118)                19                      -          (99)                14      (85) 
 Profit and 
  total 
  comprehensive 
  income for 
  the period               -               -               -               -               -               545                      -           545                29       574 
 Other 
  comprehensive 
  income                   -               -               -               -               -                 -                     27            27                          27 
 
 Balance 31 
  December 
  2018                   393             400           5,315           (341)         (4,567)            10,553                    178        11,931                43    11,974 
 Share based 
  compensation             -               -               -               -               -               261                      -           261                         261 
 Dividend paid 
  to 
  shareholders             -               -               -               -               -             (668)                      -         (668)                       (668) 
 Building 
  Depreciation                                                                                              13                                   13                          13 
 Share option 
  scheme                   -               -               -               -               -                 3                      -             3                           3 
 
 Total 
  transaction 
  with owners 
  recognised 
  in equity                -               -               -               -               -             (391)                      -         (391)                 0     (391) 
 Purchase of 
  own shares               -               -               -               -            (12)                 -                      -          (12)                        (12) 
 Profit and 
  total 
  comprehensive 
  income for 
  the period               -               -               -               -               -               414                      -           414                39       453 
 Balance 30 
  June 2019              393             400           5,315           (341)         (4,579)            10,576                    178        11,942                82    12,024 
                 ===========  ==============  ==============  ==============  ==============  ================  =====================  ============  ================  ======== 
 
   --      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 Ascencia Investment Management (formerly 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 3,105,708 (31 December 2018: 3,067,576) shares held by the company and the 6,648,016 (31 December 2018: 6,648,016) held by the Frenkel Topping Group Employee Benefit Trust. The open market value of the shares held at 30 June 2018 was GBP4,331,442 (31 December 2018: GBP3,784,445).

-- 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       ended       ended 
 For the period to 30 June 2019                        30-Jun-19   30-Jun-18   31-Dec-18 
                                                       Unaudited   Unaudited     Audited 
                                                         GBP'000     GBP'000     GBP'000 
 Profit before tax                                           596         282       1,144 
 Adjustments to reconcile profit for the 
  period to cash generated from operating 
  activities: 
 Unrealised (Gains / Losses) on Investments                 (53)        (24)          13 
 Share based compensation                                    270         159         404 
 Depreciation                                                 90          36          95 
 (Increase)/Decrease in accrued income, trade 
  and other receivables                                    (495)          83       (292) 
 Increase/ (Decrease)/ in trade and other payables           122        (62)          32 
                                                      ----------  ----------  ---------- 
 Cash generated from operations                              530         474       1,396 
 Income Tax paid                                           (202)           -       (268) 
                                                      ----------  ----------  ---------- 
 Cash generated from operating activities                    328         474       1,128 
 
 Investing Activities 
 Acquisition of property, plant and equipment              (143)        (31)        (87) 
 IFRS 16 Implementation                                    (183)           -           - 
 Net Investment Disposals / (Purchases)                      438     (1,061)     (1,031) 
                                                      ----------  ----------  ---------- 
 Cash (used) / generated in investing activities             112     (1,092)     (1,118) 
 Financing activities 
 Own shares purchased                                          -           -       (118) 
 Dividend paid                                             (668)       (640)       (860) 
                                                                  ---------- 
 Cash used in financing                                    (668)       (640)       (978) 
                                                      ----------  ----------  ---------- 
 (Decrease)/ increase in cash                              (228)     (1,258)       (968) 
 
 Opening cash                                                848       1,816       1,816 
                                                      ----------  ----------  ---------- 
 Closing cash                                                620         558         848 
                                                      ==========  ==========  ========== 
 
 Closing Cash and Cash Equivalents 
 Cash                                                        620         558         848 
 Cash equivalents                                            751       1,202       1,136 
                                                      ----------  ----------  ---------- 
 Closing cash and cash equivalents                         1,372       1,760       1,984 
                                                      ==========  ==========  ========== 
 

Cash is held at National Westminster Bank Plc.

Cash equivalents are held in liquid investments.

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 2019. 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 2018 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 2019 and 30 June 2018 is unaudited.

The Company's statutory accounts for the year ended 31 December 2018 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 Companies, in the preparation of these interim financial statements.

The Company has considered the provisions of IFRS 9 Financial Instruments and has concluded that it has no effect on the valuation of its assets and its liabilities shown in its balance sheet.

The Company has also considered the provisions of IFRS 15 Revenue from Contracts with Customers and has concluded that it has no significant effect on the Company's approach to revenue recognition.

The Company has implemented the provisions of IFRS 16 Leases and has applied the modified retrospective approach.

Significant accounting policies

The accounting policies used in the preparation of the financial information for the six months ended 30 June 2019 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 2018.

   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 2019           June 2018           December 
                                                                                                  2018 
 Earnings 
 Earning for the purpose of basic earnings           GBP414,440          GBP222,186         GBP766,735 
  per share (net profit for the period 
  attributable to equity holder of the 
  parent) 
 Earning for the purpose of diluted                  GBP414,440          GBP222,186         GBP766,735 
  earnings per share 
 Number of shares 
                                                     78,657,349          78,657,349         78,657,349 
 
 Purpose for basic earnings per share               (9,753,724)         (9,388,016)        (9,715,592) 
                                               ----------------    ----------------     -------------- 
  Less: own shares held                              68,903,625          69,269,333         68,941,757 
                                                ---------------     ---------------   ---------------- 
 Purpose of diluted earnings per share               68,903,625          69,269,333         68,941,757 
                                                ---------------     ---------------    --------------- 
 
 Basic EPS pence                                           0.60                0.32               1.11 
 Diluted EPS                                               0.60                0.32               1.11 
 
   4.            Dividend 

A final dividend of GBP668,365 representing 0.97 pence per share was approved by the Shareholders at the AGM on 30(th) May 2019. The final dividend was paid on 28(th) June 2019. The total dividend paid in relation to 2018 being 1.29 (2017: 1.2203) pence per share.

   5.            The Board of Directors approved the interim report on 2 September 2019. 

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 -

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END

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