Frenkel Topping FY revenues grow in 'landmark' year

(Sharecast News) - Professional services firm Frenkel Topping said on Monday that both revenue and pre-tax profits had grown in 'landmark' FY24.

Frenkel Topping said revenues were up 14% at �37.4m, with recurring revenues rising 12% to �13.4m and non-recurring revenues up 15% at �24.0m, while pre-tax profits surged 31% to �4.2m and gross profits ticked up 4% to �14.4m. Basic earnings per share were up 64% to 2.3p.

Funds under management grew 17% to �1.56bn, marking a record year for assets added, while funds on a discretionary mandate increased by 26% to �1.03bn, breaking past the �1.0bn ceiling for the first time in what Frenkel Topping called a "landmark" event.

However, Frenkel Topping also said both adjusted underlying earnings and adjusted profit from operations were flat year-on-year at �8.0m and �7.2m, respectively, while adjusted basic earnings per share were down 10% at 3.9p.

The AIM-listed group also said it had a net debt balance of �3.8m at the end of FY24, versus its net cash balance of �2.4m at the end of the prior year.

Chief executive Richard Fraser said: "Our 2024 results demonstrate the success of our growth strategy over recent years and the resilience of our business against the backdrop of challenges faced within our costs segment which had a modest impact on the year end outturn, as previously announced.

"We have started 2025 strongly, with a record first quarter and we remain confident for the year ahead."

As of 1100 BST, Frenkel Topping shares were up 1.71% at 35.09p.

Reporting by Iain Gilbert at Sharecast.com