- Frenkel Topping's revenue rose by 9% to £2.94m in the six months to the end of June with recurring revenue of £2.27m (H1 2014: £2.04m), representing 77% of the total.

Gross profit fell to £1.80m (H1 2014: £1.84m) and operating profit (before share based payments) was £0.61m (H1 2014: £0.74m).

Pre-tax profit fell to £0.57m (H1 2014: £0.65m) - reflecting stated investment strategy.

Chairman David Southworth said: "This was a pivotal period for the Company as we developed our investment strategy with a view to delivering higher growth rates in order for operating profits, AUM and cash to grow significantly from 2016 onwards. We took the decision to build on traditionally consistent growth, which has been underpinned by 99% client retention for our investment management services. We are delighted by the calibre of fee earners we have added to our growing regional footprint and are well placed to further grow our reach.

"We are focused on further developing our core market expertise and also see scope to provide asset protection services to a growing number of other potential markets. We will continue to explore opportunities that will enable us to grow our assets under management as we build on our strong foundations for accelerated growth."

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