- Financial advisory group Frenkel Topping posted a 42% drop in annual profit as investments in IT systems and marketing offset a rise in sales.

Pre-tax profit for the year through December fell to £1.1m, even as revenue rose 5.5% to £7.7m.

The company declared annual dividends of 1.29p per share, up from 1.22p on-year.

'Last year we identified a number of risks to Frenkel Topping's development and embarked on an investment strategy to help grow and protect the business in a challenging market environment and mitigate these risks,' chief executive Richard Fraser said.

'During the year we invested £0.7m across the business mainly on IT systems, FTG Academy and marketing.'

'The company is in a good position as we scale up for our next period of growth.'

'Current trading is encouraging and we have had a solid start to the new financial year, underpinned by recent investment and our conservative investment approach.'

At 3:06pm: [LON:FEN] Frenkel Topping Group PLC share price was +1.5p at 29.5p

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