- Independent financial advisor Frenkel Topping said Wednesday first-half profits slumped as rising costs from investments and flat revenues held back performance.

For the six months to 31 June May, profit before tax fell to £0.3m from £1.0m a year earlier and revenue was £3.6m, flat year-on-year.

The poor performance was blamed on rising costs from investment in trainee consultants, the graduate academy and marketing.

Assets under management rose to £759m for the first half, from £752m a year earlier.

'We remain focused on reaching AUM of £1bn and expect that a combination of organic growth and focused acquisition strategy will accelerate the growth of the business and strengthen the existing platform,' the company said.

Frenkel Topping announced an interim dividend of 0.32p a share, up 8% on the interim paid in 2017.

The company said it expects the growth in its business pipeline and assets under management added during the period to continue over second half of year, and confirmed that it is trading in line with market expectations.

At 9:13am: [LON:FEN] Frenkel Topping Group PLC share price was -1p at 30p

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