Frenkel Topping, specialist professional services firm, has reported double-digit growth in revenue and profit over the 2013 financial year, as the firm announces a new acquisition.
Over the full-year of 2023, Frenkel Topping posted £32.8m in revenue, which was a 32 per cent increase on the previous year of £24.8m. Its gross profit also jumped 25 per cent from £11.1m to £13.9m.
The firm, which listed on London’s AIM 20 years ago, specialises in personal injury (PI) and clinical negligence (CN).
Its funds under management (FUM) was £1,335m, a growth of 12 per cent on £1,187m, as the firm stated “despite turbulent markets”.
Frenkel Topping acquired personal injury support firm Cardinal Management for £10m in January 2022. Over the last financial year, the firm had two new major trauma centres, which were added by Cardinal.
On the results, CEO Richard Fraser said: “Our 2023 results demonstrate the success of our acquisition strategy over recent years and the resilience of our business against the backdrop of challenging and volatile market conditions which saw a modest impact on the year end outturn as previously announced.”
The firm started Q1 of 2024 off with an acquisition of North West Law Services (NWL) by way of acquisition of the current parent company NWL (Group) for a total cash consideration of £2.75m.
NWL is a cost consultant business based in the North West with over 40 years experience in the field.
The acquisition was announced along with the results, and sees NWL work with the teams at Partners in Costs (PIC), Bidwell Henderson Costs Consultants (BH) and A&M Bacon (A&M Bacon).
Frenkel Topping stated the acquisition complements the group’s full service offering within costs and gives broad national coverage and an ability to seamlessly offer its services to its clients.
CEO Fraser stated that he was “delighted to welcome NWL into the group. Over the years Lee, Phil and their team have built a leading legal costs consultancy business that was well known to the group prior to discussions commencing.”
He added that the “acquisition fits perfectly into our strategy of acquiring high-quality, customer-focused businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of our other costs businesses – Partners in Costs, A&M Bacon and Bidwell Henderson.”
Over Q1 of 23, the firm has also signed a new £7.5m revolving credit facility with Santander to support its growth and acquisition strategy.
“We continue to be optimistic about our long-term goal to grow to 15 per cent market share in each of our business units,” Fraser added.