LONDON (ShareCast) - (Sharecast News) - Frenkel Topping reported a solid first-half trading performance in an update on Friday, with continued growth in funds under management and operational progress across its specialist financial and professional services subsidiaries.
The AIM-traded group, which focuses on the personal injury and clinical negligence markets, said funds under management rose to £1.63bn at 30 June, up from £1.46bn a year earlier.

Assets under discretionary mandate increased to £1.1bn from £935m in the first half of 2024, supporting further growth in recurring revenue.

The company highlighted the strong performance of its investment arm, Ascencia Investment Management, whose Sharia Compliant Solutions 4 portfolio won Defaqto's Defensive Comparator Sector award.

Three additional portfolios received Highly Commended ratings, reflecting consistent risk-adjusted returns over five years.

Its Major Trauma Support Partnership, formerly Cardinal Management, expanded its footprint in NHS Major Trauma Centres with the addition of Royal Stoke University Hospital, bringing the total to 12.

The company said it was continuing to work closely with the NHS to expand the reach and impact of its services.

Growth in its transactional businesses was driven by an increase in engaged medico-legal expert witnesses and improved results from its Costs segment.

The performance was further supported by a full-period contribution from Northwest Law Services, acquired in April 2024.

Despite cost pressures from higher National Insurance and minimum wage rates, the group said increased revenue had bolstered overall performance, which remained in line with expectations.

Talks over a possible cash offer from Harwood Private Equity LLP were still ongoing.

Harwood would need to announce a firm intention to make an offer or walk away by 1700 BST on 25 August, in line with the Takeover Code.

That deadline could be extended with the agreement of the independent directors and the consent of the panel.

Looking ahead, the board said it was confident in the group's outlook and its ability to deliver on strategic goals.

Reporting by Josh White for Sharecast.com.

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