Frenkel Topping profits flat, but outlook improves

(Sharecast News) - Financial advisers Frenkel Topping reported double-digit top-line growth in 2024 and delivered a confident outlook, though profits didn't grow. The company, which operates within the personal injury and clinical negligence marketplace, said full-year revenues were up 14% at £37.4m, with recurring revenues up 12% at £13.4m and non-recurring revenues 15% higher at £24m.

"FY2024 results are expected to be in line with management expectations and operational progress continued in the second half of the year with a focus on integration across the group," the company announced on Monday.

Gross profits were up 4% year-on-year at £14.4m, though adjusted EBITDA was flat at £8m.

The company said that actions taken to address the challenges faced within Partners in Costs (PIC) business means that 2025 has started with a "stable base".

"January 2025 has seen continued positive momentum taken through from the previous financial year with a strong pipeline of new AUM opportunities being pursued, which provides confidence for the start of the new financial year," Frenkel Topping said.

Shares were 0.3% lower at 35.4p by 0911 GMT.