Business
Trading Update and Notice of Results
Trading Update and Notice of Results.
About this update from Frenkel Topping Group Plc
[{"type":"text","content":"\n \n \n \n The information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n Frenkel Topping Group plc\n \n \n (\"Frenkel Topping\", the \"Company\" or the \"Group\") \n \n \n Trading Update for the year ended 31 December 2022\n \n \n &\n \n \n Notice of Results\n \n \n Strong financial performance and delivery against strategy in FY2022\n \n \n Positive start to FY2023, trading in line with expectations\n \n \n Frenkel Topping (AIM: FEN), a specialist financial and professional services firm operating within the personal injury and clinical negligence marketplace, is pleased to provide the following trading update for the financial year ended 31 December 2022 (\"FY2022\") and an outlook for the current financial year (\"FY2023\").\n \n \n The Board expects to report revenues in line with expectations of c.£24.8m (2021: £18.4m) and adjusted EBITDA of c.£6.1m* (2021: £4.6m) for FY2022. Pleasingly, EBITDA margin has been stable year on year at c25%. The Company had £5.0m of net cash at the year end and remains debt free. Assets Under Management (\"AUM\") has grown to £1,187m (2021: £1,174m) during the year £129m of new AUM was added within the advisory business.\n \n \n This performance demonstrates the Company's resilience in a challenging financial market, as well as the progress made by the Company in diversifying revenue streams via its focused acquisition strategy and consolidation of the Personal Injury (PI) and Clinical Negligence (CN) space.\n \n \n Of note is the performance of the Group's discretionary fund manager, Ascencia Investment Management (\"Ascencia\"), where assets on a DFM Mandate increased to £715m (2021: £676m). \n \n \n Comparing Ascencia's positive performance against a backdrop of wider market contraction and material outflows further demonstrates Ascencia's success in managing\n multi-asset investment solutions that are positioned to capture the upside of market fluctuations, while ai...