Frenkel Topping Group PLC on Wednesday reported a surge in its 2023 revenue but said earnings fell short of expectatopms/

Shares in Frenkel Topping were down 7.0% to 48.35 pence each in London on Wednesday afternoon.

The Manchester, England-based professional and financial services firm focused on personal injury and clinical negligence said it expects 2023 revenue of around £32.8 million, up 32% from £24.8 million the year before. This was driven by its acquisition strategy, Frenkel Topping said.

Assets under management jumped 12% to £1.34 billion as at December 31 from £1.19 billion a year ago.

Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation for the year is expected at £8.0 million, which is slightly below expectations, the firm said.

Looking ahead, Frenkel Topping said it continues to deliver on its growth strategy, and is committed to continuing its acquisition path.

‘January 2024 has been positive with a strong pipeline of new AuM opportunities being pursued, which provides confidence for the start of the new financial year,’ it added.

Chief Executive Officer Richard Fraser commented: ‘Volatile market conditions have seen clients channelling funds into high interest savings accounts and led to a general reluctance to invest in equities which unsurprisingly has meant high margin recurring revenue being impacted, with a consequential impact on both revenue and Ebitda for [2023] being slightly below expectations by c.6-7%.

‘However, we have grown our AuM, in no small part thanks to Ascencia, which has again beaten its benchmark and shown agility in launching the new Money Market Solution in response to market dynamics and client demand and overall demonstrated resilience in a challenging environment.’

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