- Frenkel Topping - a specialist independent financial adviser and asset manager focussed on asset protection for vulnerable clients - posts pre-tax profits of GBP1.29m for the year to the end of December, 18% down on last time.

The group says underlying trading was in line with market expectations and the figure reflects expansion costs of £0.6m and acquisition costs of £0.14m.

Revenue rose by 11% to GBP6.31m with recurring revenue of GBP4.7m (2014: £4.20m). Gross profit was up 2% at £3.97m (2014: £3.90m) but operating profit (before share based payments) fell by 14% to £1.50m (2014: £1.75m).

Total dividends (paid and proposed) up 25% to 0.8875p per share (2014: 0.71p).

Chairman David Southworth said: "Having recruited carefully and managed the expansion of our regional representation we are extremely well placed to increase operating profitability. Receipt of FCA approval will enable us to put our new strategy in place and to migrate our assets to the new model and to target a larger addressable market looking for a capital-preserving investment strategy. We are extremely excited by the prospects for the business and look forward to updating the market with further developments in due course."

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