- Frenkel Topping's first half revenue was flat at £2.9m and recurring revenue was also unchanged at £2.2m.

Gross profit innthe six months to the end of June fell to £1.6m (H1 2015: £1.80m) and operating profit (before share based payments) fell to £0.3m (H1 2015 £0.6m) while pre-tax profits dropped to £0.3m (H1 2015:££0.6m) - reflecting its stated investment strategy.

Assets under management rose stood at £687m (30 June 2015: £640m).

The company declares an interim dividend of 0.2375p per share (H1 2015: 0.19p).

Executive chairman Jason Granite said: "Given the developmental nature of the first half the Company is well placed to expand its operations and client base. We expect the benefits of our new strategy to feed through more rapidly during the second half now that the migration of funds has commenced. We have a wider potential customer base, a highly competitive pricing structure and are also benefiting from savings generated by renegotiated terms.

"The growing number of fee earners should benefit from the increased product offering and ability to target a wider retail customer base and we are well placed to build on the momentum created during the first half. Having laid the foundations for growth during the period the Company remains on track to double 2015's operating profitability by 2017."

Story provided by