Frenkel Topping Group PLC on Monday reported growth across the business as diversified revenue streams protected the company from market conditions.
The Manchester, England-based professional and financial advisor said pretax profit in 2023 increased by 32% to £3.2 million from £2.4 million last year.
Revenue over the same period grew 32% to £32.8 million from 24.8 million.
The total dividend proposed for the year was 1.38 pence per share, largely unchanged from 1.37p in 2022.
Overall, the company boasted strong performance in 2023 despite the backdrop of market volatility.
Much of this has been attributed to investments made into acquisitions over recent years that have successfully diversified revenue streams and protected the company from the impacts of financial markets.
Frenkel Topping said it has continued with this acquisition strategy, announcing it had agreed to acquire North West Law Services Ltd for a total consideration of £2.8 million, split across three cash payments over a two year period.
The Chester, England-based legal advisory firm generated a revenue of £1.6 million and pretax profit of £465,000 in 2023.
Chief Executive Officer Richard Fraser said: ‘The acquisition fits perfectly into our strategy of acquiring high-quality, customer-focused businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of our other costs businesses.’
Looking ahead, Frenkel expects the industry to continue feeling the effects of greater compliance costs and higher interest rates that may deter potential customers.
‘However, the group now provides a broad range of services where we have the opportunity to cross sell, thereby accelerating organic growth. There is also the opportunity to achieve synergies across the group...enabling better integration of our various operations,’ said Chair Christopher Mills.
Frenkel Topping shares were up 4.0% to 53.56 pence each in London on Monday morning.
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