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Frenkel Topping Grp (FEN)

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Monday 20 March, 2017

Frenkel Topping Grp

Final Results

RNS Number : 8687Z
Frenkel Topping Group PLC
20 March 2017
 



 

Frenkel Topping Group plc

("Frenkel Topping" or "the Company")

 

Full Year Results

 

Frenkel Topping (AIM: FEN), a specialist independent financial advisor and asset manager focused on asset protection for vulnerable clients, announces its audited results for the year ended 31 December 2016.

 

Financial Highlights

·     Pre-tax profit £0.9m (2015: £1.3m)

reflecting share based compensation charge

                underlying trading in line with market expectations

 

Operational Highlights

·     Lord Chancellor review of the Ogden Discount Rate post year-end


 

 

For further information:

 

Frenkel Topping Group plc

www.frenkeltopping.co.uk

Jason Granite, Executive Chairman

Richard Fraser, Chief Executive Officer

Tel: 0161 886 8000

Julie Dean, Chief Financial Officer

 

 

 

finnCap Ltd

 

 

Adrian Hargrave/James Thompson/Alex Price (Corporate Finance)

Tony Quirke (Corporate Broking)

Tel: 020 7220 0500

 

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or frenkeltopping@walbrookpr.com

Paul McManus

Mob: 07980 541 893

Nick Rome

Mob: 07748 325 236

 

 

About Frenkel Topping: www.frenkeltopping.co.uk

Frenkel Topping provides specialist independent financial advice and wealth management focussed on asset protection for clients. The specialist financial services group has a market leading position providing advice and fund management services for personal injury and clinical negligence awards and is well placed to provide services to a wider customer base.

 

It has a national presence with offices in Manchester, Birmingham, Cardiff, London and Leeds and has relationships and infrastructure in place to further grow its reach and target markets.

 

As at 31 December 2016 the Group has over 1,600 clients with £745m of Assets Under Management (AUM) with £253m on a discretionary mandate.



 

Chairman's Report

 

2016 was a pivotal year of change for the Group as it grew its range of specialisms to include the capability to offer discretionary managed services, as well as financial advice, to those in receipt of a personal injury or clinical negligence claim. 

 

The Board welcomed Mark Richards as Non-Executive Director and Mark Holt as Commercial Director, expanding the Board's experience of the financial services industry and large complex claims.

 

The Group completed the purchase of a 9,700 sqft building and the head office function has been relocated.  The purchase of the building will allow the Group to continue to grow from its current head count of 65 and provide purpose built client suites to better serve our client base, in addition to providing staff with an excellent working area to retain and attract employees.

Operational Review

The focus remains on continued year-on-year growth in both AUM and those on a discretionary mandate. 

 

On the morning of 27 February 2017, the Lord Chancellor ruled that the Ogden discount rate, which is currently used to calculate the quantum of damages awards in personal injury and clinical negligence claims, be set at -0.75% rather than the current 2.5%, effective from 20 March 2017.  This announcement has dramatically changed how compensation damages are calculated.

 

We have calculated that the size of court damages is likely to grow significantly to a potential average uplift of c. 80%.

 

In addition a client's decision to receive a Periodical Payment Order (PPO), which is an annual payment for life, as opposed to a lump sum, has been impacted by this change to the discount rate.  Claimants who have historically taken a PPO will now favour a lump sum because the peace of mind and diminished need for investment risk, previously only available with a PPO, has in effect been provided within the lump sum.  The claimant now not only has the lump sum of damages significantly increase to meet their lifetime needs, but the added advantage of the flexibility a lump sum award offers.

 

Furthermore with a historic 2.5% discount rate, clients needed to take investments risk in order to generate this level of return, net of fees.  With a revised -0.75% discount rate, the clients risk appetite is reduced.  This is aligned to the ethos of the Frenkel Topping Safety First Portfolios.

 



 

The Safety First portfolio strategies are specifically designed for the needs of vulnerable clients and are characterised by a focus on inflation matching returns and low volatility.  We are pleased with the returns from the Safety First Portfolios during 2016 and into 2017:

 

Performance


Year

2016

%

YTD

2017~

%

 

Since Inception*

%

 

Volatility*

%

Safety First 2 Direct

1.53

1.35

2.88

1.84

Safety First 3 Direct

3.26

1.69

4.95

2.22

Safety First 4 Direct

4.38

2.08

6.46

3.11

Safety First 5 Direct

5.63

2.65

8.28

3.44

Safety First 6 Direct

10.10

3.76

13.86

5.14

    

                Source: Financial Express Analytics

           *From 04.01.16 to  2.03.17      

                ~ From 30.12.16 to 01.03.17

 

All figures are on a bid - bid, total return basis and are quoted net of underlying fund charges, our DFM fee of 0.6% including VAT and a platform fee of 0.2%. Actual Past Performance Data is from 29/4/16 only as the models only launched on this date. Pre -launch performance from 4/1/16 - 29/4/16 is simulated past performance. The figures represent performance of a model portfolio.

 

All these factors are expected to accelerate exponentially the rate of growth of AUM at Frenkel Topping as a result of clients in receipt of larger damage awards.

 

We believe being able to offer an investment vehicle designed with our niche client bank in mind, with larger damages awards paid, has laid the foundations for significant growth over the coming years of both AUM and assets on a discretionary mandate. 

 

Results

Gross Profit was £3.7m (2015: £4.0m) with profit from operations before share based compensation charge and acquisition costs of £1.4m (2015: £1.5m) and cash generated from operations of £1.6m (2015: £1.0m).  Other comprehensive income amounted to £0.1m (2015: £nil), which when added to the profit from operations before share based compensation charge and acquisition costs amount to £1.5m (2015: £1.5m).

 

Revenue for the year amounted to £6.4m (2015: £6.3m), of which £5.1m (2015: £4.7m) was contributed from recurring revenues amounting to 80% of total revenues (2015: 74%).

 

During the year the Group focused on the suitability review of its existing client bank and enters 2017 re focused on organic growth.

 

The performance during 2016, in terms of profitability, has reflected the Board's focus to develop Frenkel Topping's ability to gear up to manage increased AUM, including those on a discretionary basis with FTIM and laying the foundations for a step change in profitability from 2017 onwards.

 

We are pleased to report that for the eighth consecutive year we have maintained our very high client retention rate (99%) for the period.

 

Closing cash and marketable securities as at 31 December 16 amounted to £4.2m (2015 £4.5m), this after the return to shareholders of £0.7m in dividends and £1.1m into purchasing the new head office building in Manchester.  As at 31 December 2016, £3.1m was held in a listed fund investment which has been disposed of since that date and re-invested in a commercial property loan investment as announced on 23 January 2017.

 

Total Assets as at 31 December 16 were £15.0m (2015 £14.7m).

 

Dividend

We are delighted to continue to advance our progressive dividend policy and the Board has recommended a final dividend of 0.8719 pence. Combined with our interim dividend, the proposed dividend will give a total payment for the year of 1.1094 pence per share, a 25% uplift to the prior-year (2015: 0.8875 pence), and a recognition of the continued cash generation and profitability of the business.

 

Subject to shareholder approval at the Company's Annual General Meeting on 3 May 2017, the final dividend will be paid on 26 May 2017 to shareholders on the register at the close of business on 12 May 2017. The ex-dividend date is 11 May 2017. 

 

Outlook

The Board is pleased with the position of the Group as it enters 2017.  The foundations laid during 2016 have resulted in the Group running at a significantly more profitable level, with additional revenue and profitability being driven from the AUM on a discretionary mandate with FTIM, lower third party costs across the business and higher AUM. 

 

With larger awards, lower Periodical Payment Orders and a core investment strategy geared towards a lower risk appetite, the market place in which the group operates within and thus the AUM and profitability of the Group is likely to grow.

 

Given our expertise in this market place we recognise that there will be a hiatus in cases settling as court dates will be postponed in the short term as lawyers recalculate schedules based on the new discount rate.  Therefore the uplift in AUM is expected to flow during the 2nd half of 2017 and into 2018 and beyond.

 

2017 trading has started in line with expectations and the Board reconfirms its revenue target of c. £8.5m and profit from operations target for 2017 of £3.5m on the basis of the assumptions previously stated.  The Board is targeting revenue of £10m in 2018 and profit from operations of £5.0m, which assumes delivery of c. £100m of AUM during 2017 and c. £180m for 2018, maintaining current margins and cost control and delivery of a return on the cash balance

 

We are extremely pleased with the Group's prospects and look forward to updating the market as the Board continues to work towards its target of £1 billion of AUM and £350m on a discretionary mandate.

 

The changes announced will dramatically increase the damages paid to our future clients and as a result, accelerated growth of AUM at Frenkel Topping.  The Board is excited at the additional growth prospects this represents.

 

In the light of the Group's continued progress and momentum, further supported by the recent outcome of the Ogden Discount Rate review, the Board will continue to consider strategic options for maximising the Group's potential through enhancing the service offering to our clients and ultimately enhancing shareholder value.

 

Jason Granite

Chairman

 

group STATEMENT of comprehensive income

for the year ended 31 December 2016



Group

Group



2016

2015


Notes

£

£





REVENUE

2

6,398,511

6,309,687

Direct staff costs


(2,732,515)

(2,337,389)



                            

                            

GROSS PROFIT


3,665,996

3,972,298





ADMINISTRATIVE EXPENSES




Share based compensation


(551,045)

(77,543)

Acquisition costs


-

(136,000)

Other


(2,231,198)

(2,470,744)



                              

                              

TOTAL ADMINISTRATIVE EXPENSES


(2,782,243)

(2,684,287)



                             

                             

 

Profit from operations before share based compensation and acquisition costs


 

1,434,798

 

1,501,554

- share based compensation


(551,045)

(77,543)

- acquisition costs


-

(136,000)



                          

                          

profit from operations


883,753

1,288,011





Finance costs


(427)

(2,549)



                          

                          

profit BEFORE TAX


883,326

1,285,462

Income tax expense

3

(189,322)

(232,158)



                          

                          

PROFIT FOR THE YEAR

 

ITEMS THAT WILL NOT BE SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS:

Gains on property revaluation arising net of tax


694,004

 

 

70,991

1,053,304

 

 

-



                          

                          

total comprehensive

INCOME for the year

764,995

1,053,304



                  

                  





 

profit and total comprehensive INCOME ATTRIBUTABLE TO:




Owners of the parent undertaking


764,995

1,053,304

Non controlling interest


-

-



                          

                          



764,995

1,053,304



                  

                  

Earnings per ordinary share - basic (pence)

4

0.96p

1.64p

Earnings per ordinary share - diluted (pence)

4

0.91p

1.59p



                  

                  

 


group STATEMENT of FINANCIAL POSITION

As at 31 December 2016

 


 

 



 

Group

 

Group





2016

2015





£

£

assets

NON CURRENT ASSETS






Goodwill

Property, plant and equipment




7,020,287

1,247,401

7,020,287

9,861

Deferred taxation




178,500

277,683





                              

                              





8,446,188

7,307,831

CURRENT ASSETS






Accrued income

Trade receivables

Other receivables




714,901

1,170,969

490,518

1,018,983

1,066,870

329,411

Investments




3,061,980

40,000

Cash and cash equivalents




1,162,645

4,961,473





                              

                              





6,601,013

7,416,737





                              

                              

total assets




15,047,201

14,724,568





                  

                  

equity and liabilities

equity

Share capital

Share Premium

Merger reserve

Revaluation reserve

Other reserve

Own shares reserve

Retained earnings

 




384,954

361,028

5,314,702

70,991

(341,174)

(774,197)

9,346,735

 

370,061

-

5,314,702

-

(341,174)

(774,197)

8,770,155

 





                              

                              

equity attributable to owners

of parent undertaking




14,363,039

13,339,547

Non controlling interests




-

490





                              

                              

TOTAL EQUITY




14,363,039

13,340,037

 

CURRENT LIABILITIES

Bank overdrafts

Current taxation

Trade and other payables




-

13,816

670,346

487,559

242,192

654,780





                              

                              





 

684,162

1,384,531





                              

                             

TOTAL LIABILITIES




684,162

1,384,531





                              

                              

TOTAL EQUITY AND LIABILITIES




15,047,201

14,724,568





                  

                  

 



 


group STATEMENT of Changes in Equity

For the year ended 31 December 2016


Share Capital

Share Premium

Merger reserve

Other

Reserve

Own shares

Reserve

Retained Earnings

 

Revaluation Reserve

 

Total

controlling

interest

Non controlling interests

Total


£

£

£

£

£

£

£

£

£

£

Balance 1 January 2015

319,186

-

929,577

(341,174)

(774,197)

8,082,486

-

8,215,878

 

490

8,216,368

 

New shares issued

 

Share based compensation

 

Dividend Paid

 

50,875

 

 

-

 

-

_______

 

-

 

 

-

 

-

________

 

4,385,125

 

 

-

 

-

_______

 

-

 

 

-

 

-

________

 

-

 

 

-

 

-

_______

 

-

 

 

77,543

 

(443,178)

________

 

-

 

 

-

 

-

________

 

4,436,000

 

 

77,543

 

(443,178)

________

 

-

 

 

-

 

-

_______

 

4,436,000

 

 

77,543

 

(443,178)

________

Total transactions with

owners recognised in equity

 

 

370,061

_______

 

-

________

 

5,314,702

_______

 

(341,174)

________

 

(774,197)

_______

 

7,716,851

________

 

-

________

 

12,286,243

________

 

490

_______

 

12,286,243

________

 

Profit and total

Comprehensive income for

the period

 

Balance 1

January  2016

 

-

_______

 

 

370,061

 

 

-

________

 

 

-

 

 

-

________

 

 

5,314,702

 

 

-

_________

 

 

(341,174)

 

 

-

________

 

 

(774,197)

 

 

1,053,304

_________

 

 

8,770,155

 

 

-

_________

 

 

-

 

 

1,053,304

_________

 

 

13,339,547

 

 

          -  

________

 

 

490

 

 

1,053,304

_________

 

 

13,340,037

 

 

New shares issued

 

14,893

 

361,028

 

-

 

 -

 

-

 

-

 

-

 

      375,921

 

-

 

375,921

 

Share based compensation

 

-

 

-

 

-

 

-

 

-

 

551,045

 

-

 

551,045

 

-

 

551,045

 

Dividend paid

 

-

 

 

-

 

-

 

-

 

-

 

(668,469)

 

-

 

(668,469)

 

-

 

(668,469)

 

Removal minority interest

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

(490)

 

(490)


 _______

 _______

_______

_______

_______

_______

_______

_______

____

_______

Total transactions with owners recognised in equity



384,954



361,028



5,314,702 



(341,174)



(774,197)



8,652,731



-



13,598,044 



-



13,598,044


_______

_______

_______

_______

_______

_______

_______

_______

_______

_______

 

 

Profit for year

Other Comprehensive Income

 


-

-

 


-

-

 


-

-

 


-

-

 


-

-

 


694,004

-

 

 


-

70,991

 

 


694,004

70,991

 


-

-

 


694,004

70,991


_______

_______

________

_______

_______

__________

__________

__________

________

__________

Balance 31 Dec 16

384,954

361,028

5,314,702

(341,174)

(774,197)

9,346,735

70,991

14,363,039

-

14,363,039























 

The share capital represents the number of shares issued at nominal price.  The merger reserve represents the cost of the shares issued to purchase the non-controlling interest at market value at the date of the acquisition and the excess of fair value over nominal value of shares issued to acquire Frenkel Topping Investment Management Limited.

 

The share premium represents the amount paid over the nominal value for new shares issued.

 

The other reserve represents the excess paid for the non-controlling interest over the book value at the date of the acquisition.

 

The revaluation reserve reflects the cumulative surplus arising on the revaluation of the freehold property to market value, net of deferred tax.

 

The own shares reserve represents the cost of 3,218,016 (2015: 3,218,016) shares held by an employee benefit trust.  The open market value of the shares held at 31 December 2016 was £1,713,915 (2015: £1,814,249).

 

Retained earnings represents the profit generated by the Group since trading commenced, together with dividends paid, share premium cancelled and share based payment and credits.

 

The removal on the minority interest reserve during the year is in connection with the closing down of a dormant, non trading, 51% owned Subsidiary, Outspire Financial Limited.

 

The Group has conformed with all capital requirements as imposed by the FCA.

 


GROUP CASH FLOW STATEMENT

For the year ended 31 December 2016

 




Year ended

Year ended


31 December 2016

31 December 2015


£

£




Profit before tax

883,326 

1,285,462

 

Adjustments to reconcile profit for the year to cash (used in)/generated from operating activities:

Finance cost

 

 

 

427

 

 

 

2,549

Share based compensation

551,045

77,543

Depreciation and loss of on disposal

5,543

7,508

Decrease(/increase) in accrued income, trade and other receivables

129,583

(440,953)

Increase in trade and other payables

14,721

22,470


                            

                            

Cash generated from operations

1,584,645

954,579

Income tax paid

(430,849)

(205,365)


                            

                            

Cash generated from operating activities

1,153,796

749,214




Investing activities



Acquisition of property, plant and equipment

(1,172,090)

(4,044)

Cash acquired from acquisition

-

2,500,000

Investment

(3,000,000)

(40,000)


                            

                            

Cash used in investment activities

(4,172,090)

2,455,956




Financing activities



Shares issued

375,921

11,000

Dividend paid

(668,469)

(443,178)

Interest on loans and borrowings

 

(427)

 

      (2,793)

       


                              

                              

Cash used in financing

(292,975)

(434,971)

 

(Decrease)/increase in cash and cash equivalents

 

(3,311,269)

 

2,770,199

 

Opening cash and cash equivalents

 

4,473,914

 

1,703,715


                            

                            

Closing cash and cash equivalents

1,162,645

4,473,914

 

Reconciliation of cash and cash equivalents










Cash at bank and in hand

1,162,645

4,961,473



Overdraft

-

(487,559)




                            

                            



Closing cash and cash equivalents

1,162,645

4,473,914




=========================================

=========================================



 



 

1.             General information

 

The preliminary financial information does not constitute full accounts within the meaning of section 434 of the Companies Act 2006 but is derived from accounts for the years ended 31 December 2016 and 31 December 2015. The figures for the year ended 31 December 2016 are audited.  The preliminary announcement is prepared on the same basis as set out in the statutory accounts for the year ended 31 December 2016.  Those accounts, upon which the auditor issued an unqualified opinion, did not include a reference to any matters to which the auditors drew attention by way of emphasis, without qualifying their report, and made no statement under section 498(2) or (3) of the Companies Act 2006, will be delivered to the Registrar of Companies following the Annual General Meeting.

 

Statutory accounts for the year ended 31 December 2015 have been filed with the Registrar of Companies.  The auditors' report on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis, without qualifying their report, and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

 

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), as adopted by the European Union (EU), this announcement does not in itself contain sufficient information to comply with IFRSs. 

 

Frenkel Topping Group Plc is incorporated and domiciled in the United Kingdom.

 

2.             revenue and SEGMENTAL REPORTING

 

All of the Group's revenue arises from activities within the UK.  Management considers there to be only one operating segment within the business based on the way the business is organised and the way results are reported internally.

3.             TAxation


Group

Group

               

2016

2015

 

£

£

Analysis of charge in year

 

 

Current tax

 

 

 

UK corporation tax

64,473

301,410

 

Adjustments in respect of previous periods

25,667

5,804

 

 

                  

                  

 

Total current tax charge

90,140

307,214

 

 

                  

                  

 

Deferred tax

 

 

 

Temporary differences, origination and reversal

99,182

(75,056)

 

 

                  

                  

 

Total deferred tax charge

99,182

(75,056)

 

 

                  

                  

 

Tax on profit on ordinary activities

189,322

232,158

 

 

                  

                  


                Factors affecting tax charge for year

 

The tax assessed for the period is higher than the main rate of corporation tax in the UK of 20% (2015: 20.3%).  The differences are explained below:

 

 

Group

Group

 

2016

2015

 

£

£

Profit before taxation

883,326

1,285,462

 

                  

                  

Profit multiplied by main rate of corporation tax in the UK of 20% (2015: 20.3%)

176,750

260,306

Effects of:



Expenses not deductible

12,559

44,531

Exercise of share options

(235,045)

(14,675)

Share based payments

209,391

(59,354)

Other charges/(deductions) in period

25,667

1,350

 

 

 

 

                  

                  

Total tax expense for year

189,322

232,158

 

                  

                  

 



 

4.            EARNINGS PER SHARE


The calculation of the basic and diluted earnings per share is based on the following data:



 

2016

2015

 

£

£

Earnings

 

 

Earnings for the purposes of basic earnings per share (net profit for the year attributable to equity holders of the parent)

694,004

1,053,304

Earnings for the purposes of diluted earnings per share

694,004

1,053,304

 

 

 

Number of shares

 

 

Weighted average number of ordinary shares for the purposes of basic earnings per share

Weighted average shares in issue

75,294,625

67,220,766

Less: own shares held

 

(3,128,016)

 

 

(3,128,016)

 

 

 

Effect of dilutive potential ordinary shares:

72,166,609

 

64,092,750

 

- Share options

4,366,476

2,198,304

 

 

 

Weighted average number of ordinary shares for the purposes of diluted earnings per share

76,533,085

66,291,054

 

 

 

 

 

 

 

 

 

5.            Basis of the preliminary announcement

 

The board of directors of Frenkel Topping Group Plc approved the Preliminary Results on 17 March 2017.

 

The statutory accounts for the year ended 31 December 2016 will be delivered to the Registrar of Companies following the Annual General Meeting.  The statutory accounts will be posted to shareholders on 23 March 2017.  Further copies will be available to the public, free of charge, at the Company's registered office, Frenkel House, 15 Carolina Way, Salford, Manchester, M50 2ZY and the Company's website at www.frenkeltopping.co.uk

 

6.            ANNUAL GENERAL MEETING

 

The Annual General Meeting will be held on 3 May 2017 at 11am at Frenkel House, 15 Carolina Way, Salford, Manchester, M50 2ZY.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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