Frenkel Topping Group PLC on Tuesday said profit in the first half of 2023 rose, noting a benefit from revenue diversification.

The Manchester-based professional and financial services firm focused on asset protection said profit attributable to shareholders jumped 89% to £1.7 million in the six months that ended June 30 from £900,000 a year prior.

Revenue rose 44% to £16.0 million from £11.1 million. Cash generation jumped to £1.5 million from £600,000.

Despite expecting financial markets to remain challenging, Frankel Topping said the outcome for 2023 so far is tracking in line with its own expectations.

The company will release its full half-year results on September 29.

Frenkel Topping shares rose 4.7% to 56.00 pence each on Tuesday morning in London.

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