- Frenkel Topping provided a strategic update for the group. Since the changes to the executive team during the last few months, the board completed a detailed review of the company's activities and competitive advantages.

As a result of this, the directors of the company believe that the potential addressable market available to the company is broader than that which it historically targeted, being a focus on medical negligence or personal injury cases.

As a result of this, the board made investments in the company's cost base to reflect a restructuring of the company along the following core business lines:

1. Continuing to offer expert witness and Independent Financial Advice to clients who have suffered personal injury or medical negligence claims as the established market leader.

2. Frenkel Topping Investment Management (FTIM) continues to offer low risk investment products that are designed to preserve our clients' assets but also offers higher return products that are more exposed to equities. The company will continue to seek to expand FTIM's offering beyond the current three core portfolios offered and will seek to expand FTIM's services to a wider audience.

3. A recently launched new business, Obiter Wealth Management. This division will offer financial advice to clients who are in receipt of large lumps sums that they need to invest.

These clients may include the former owners of family businesses that they have recently sold, divorcees, retirees who are in receipt of a large lump sum or may need to invest their pension pot to provide income in retirement and charities who need to invest in very safe assets.

In order to permit the growth in the company's existing business and the new activities referred to above, the company increased its cost base slightly this year and will continue to do so in 2018 and beyond. This will allow investments in information technology, compliance, marketing and additional hiring, which is described in more detail below.

Adding to the current infrastructure is expected to deliver disproportionate growth in operating profit in the medium term, as the company is able to significantly increase the amount of assets under management that it is able to target and potentially with shorter sales cycles than is currently the case as it moves into targeting new end clients through Obiter.

As part of the changes to the company's strategy, the company will have a lesser focus on utilising its cash resources to drive investment profits, including property revaluations, which have assisted the company to trade broadly in line with its market expectations, as announced on 14 November 2017.

The croup also announced it has accepted the first intake into its Graduate Development Scheme, who over a two year training programme will gain experience in all aspects of our business and will obtain the initial qualifications they need to become the Investment Advisors of the future.

Most of those selected for the programme are existing employees and the expectation that existing personnel will be considered for new positions helps staff morale.

In addition, the improved work place offered in our new offices, improved information systems provided by our investment in technology and attractive employment terms all help staff retention, which the board believes is important in driving the long term success of the company.

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