Announcement • Oct 01
Frenkel Topping to Apply to the London Stock Exchange for the Cancellation of the Admission to Trading of its Shares on AIM The board of directors of Irwell Financial Services Bidco Limited ("IrwellBidco") and the Independent Directors of Frenkel Topping Group plc ("Frenkel Topping" or the "Company") announced that they have reached agreement on the terms and conditions of a recommended offer to be made by Irwell Bidco for the entire issued, and to be issued, ordinary share capital of Frenkel Topping (the "Offer"). It is intended that the Offer will be effected by way of a Court-sanctioned scheme of arrangement between Frenkel Topping and its shareholders under Part 26 of the Companies Act 2006, although Irwell Bidco reserves the right to elect to implement the Offer by way of a Takeover Offer (subject to the consent of the Panel). The Frenkel Topping Shares are currently admitted to trading on AIM. On successful completion of the Offer, the Company will become a wholly owned subsidiary of Irwell Bidco, and it is therefore intended that application will be made to the London Stock Exchange for the cancellation of the admission to trading of the Frenkel Topping Shares on AIM to become effective as soon as practicable after the Effective Date. It is expected that the last day of dealings in Frenkel Topping shares on AIM will be the last Business Day prior to the Effective Date and no transfers will be registered after 6.00 p.m. (London time) on that date. On the Effective Date, share certificates in respect of Frenkel Topping Shares will cease to be valid and should be destroyed. Entitlements to Frenkel Topping Shares held within the CREST system will be cancelled upon, or shortly after, the Scheme becoming Effective. It is also intended that, following the Scheme becoming Effective, and after the Frenkel Topping Shares have been cancelled from trading on AIM, Frenkel Topping will be re-registered as a private limited company under the relevant provisions of the Companies Act 2006. It is further intended that following successful completion of the Offer, Irwell Bidco will seek for the Irwell Holdco Shares to be admitted to trading on a suitable UK matched bargain facility platform and for the Irwell Midco 1 Loan Notes to be separately traded on TISEto enable holders of Irwell Holdco Units to potentially buy and sell such equity and debt securities thereafter. Upcoming Dividend • Sep 25
Upcoming dividend of UK£0.014 per share Eligible shareholders must have bought the stock before 02 October 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 60% and the cash payout ratio is 98%. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.4%). In line with average of industry peers (3.0%). Announcement • Sep 22
Frenkel Topping Group Plc Announces Extension of PUSU Deadline On 2 June 2025, it was announced that Harwood Private Equity LLP ("Harwood") and the independent directors of Frenkel Topping Group Plc (AIM:FEN) (the Company) (the "Independent Directors") were in discussions with respect to a possible cash offer to be made by Harwood for the entire issued and to be issued ordinary share capital of Frenkel Topping (the "2.4 Announcement"). Defined terms in this announcement have the same meanings as in the 2.4 Announcement except as otherwise stated. Further to the subsequent announcement on 22 August 2025, given preparations and discussions to progress the proposed transaction remains ongoing between the Company and Harwood, the Independent Directors have requested, and the Panel has consented to, an extension to the date by which Harwood is required either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. on 20 October 2025. This deadline can be further extended with the agreement of the Independent Directors and the consent of the Panel in accordance with Rule 2.6(c) of the Code. This announcement does not amount to a firm intention to make an offer under Rule 2.7 of the Code, and there can be no certainty that any offer will ultimately be made for the Company. A further announcement(s) will be made in due course as and when appropriate. This announcement has been made with the consent of Harwood. The Company remains in an 'offer period' in accordance with the rules of the Code and the attention of the Company's shareholders is drawn to the continuing disclosure requirements of Rule 8 of the Code. Announcement • Aug 25
Frenkel Topping Group Plc Announces Extension of PUSU Deadline On 2 June 2025, it was announced that Harwood Private Equity LLP ("Harwood") and the independent directors of the Company (the "Independent Directors") were in discussions with respect to a possible cash offer to be made by Harwood for the entire issued and to be issued ordinary share capital of Frenkel Topping Group Plc (AIM:FEN) (the "2.4 Announcement"). Defined terms in this announcement have the same meanings as in the 2.4 Announcement except as otherwise stated. Further to the subsequent announcement on 28 July 2025, given preparations and discussions to progress the proposed transaction remains ongoing between the Company and Harwood, the Independent Directors have requested, and the Panel has consented to, an extension to the date by which Harwood is required either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. on 22 September 2025. This deadline can be further extended with the agreement of the Independent Directors and the consent of the Panel in accordance with Rule 2.6(c) of the Code. This announcement does not amount to a firm intention to make an offer under Rule 2.7 of the Code, and there can be no certainty that any offer will ultimately be made for the Company. Announcement • Jun 04
Harwood Reportedly Mounts New £45 Million Frenkel Topping Bid Harwood Capital (Harwood Capital LLP) is in ‘advanced discussions’ over making a cash offer for national IFA firm Frenkel Topping Group Plc (AIM:FEN), according to a market announcement on 02 June 2025. The bid would be via a private special purpose vehicle (SPV) for all Frenkel Topping shares, and would value the advice business at around £64 million in total. Under the potential offer, the IFA’s shareholders would receive 50p per ordinary share in cash, or a combination of shares and loan notes from the SPV. The 50p per share price amounts to a 19.5% premium to the closing price of 43p a share on 30 May for the AIM-listed firm. Harwood, which is run by City veteran Christopher Mills, currently owns just under 30% of the 128m Frenkel Topping ordinary shares in issue. On that basis, to buy the remainder of the company at 50p a share would cost around £44.8 million. Harwood’s current ownership of the IFA is predominately via the North Atlantic Smaller Companies investment trust. The bid must take place no later than 5pm on 30th June, under UK takeover rules. Harwood had made a previous bid for Frenkel Topping in 2020. Declared Dividend • May 22
Dividend of UK£0.014 announced Dividend of UK£0.014 is the same as last year. Ex-date: 2nd October 2025 Payment date: 17th October 2025 Dividend yield will be 3.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 56% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 20
Frenkel Topping Group Plc, Annual General Meeting, Jun 18, 2025 Frenkel Topping Group Plc, Annual General Meeting, Jun 18, 2025. Location: 6 stratton street, w1j 8ld, london United Kingdom Reported Earnings • Apr 30
Full year 2024 earnings released: EPS: UK£0.023 (vs UK£0.014 in FY 2023) Full year 2024 results: EPS: UK£0.023 (up from UK£0.014 in FY 2023). Revenue: UK£37.4m (up 14% from FY 2023). Net income: UK£2.80m (up 68% from FY 2023). Profit margin: 7.5% (up from 5.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (UK£39.9m market cap, or US$53.1m). Announcement • Mar 11
Frenkel Topping Group Plc to Report Fiscal Year 2024 Results on Apr 28, 2025 Frenkel Topping Group Plc announced that they will report fiscal year 2024 results at 8:00 AM, GMT Standard Time on Apr 28, 2025 Announcement • Oct 25
Frenkel Topping Group plc Announces Resignation of Zoe Holland as Non-Executive Director Frenkel Topping Group Plc announced that Zoe Holland MBE has, by mutual agreement, resigned from the Board as Non-Executive Director with immediate effect to free up Zoe's capacity to focus on new opportunities. The Group intends to seek a replacement for Zoe and shall make a further announcement once a suitable candidate has been identified, whom hope will add as much value to the Group as Zoe has done. New Risk • Oct 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.0% Last year net profit margin: 8.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 159% Cash payout ratio: 101% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (UK£53.5m market cap, or US$71.0m). Upcoming Dividend • Sep 26
Upcoming dividend of UK£0.014 per share Eligible shareholders must have bought the stock before 03 October 2024. Payment date: 18 October 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (5.4%). Higher than average of industry peers (2.8%). Price Target Changed • Aug 29
Price target decreased by 16% to UK£0.72 Down from UK£0.86, the current price target is provided by 1 analyst. New target price is 47% above last closing price of UK£0.49. Stock is down 16% over the past year. The company is forecast to post earnings per share of UK£0.022 for next year compared to UK£0.014 last year. Declared Dividend • May 10
Dividend increased to UK£0.014 Dividend of UK£0.014 is 33% higher than last year. Ex-date: 3rd October 2024 Payment date: 18th October 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio). However, it is covered by cash flows (58% cash payout ratio). The dividend has increased by an average of 9.0% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 160% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 10
Frenkel Topping Group Plc, Annual General Meeting, May 31, 2024 Frenkel Topping Group Plc, Annual General Meeting, May 31, 2024. Location: frenkel house, 15 carolina way, m50 2zy, salford United Kingdom New Risk • Apr 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (101% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (UK£65.7m market cap, or US$81.8m). Reported Earnings • Apr 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: UK£0.014. Revenue: UK£32.8m (up 32% from FY 2022). Net income: UK£1.66m (flat on FY 2022). Profit margin: 5.1% (down from 6.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Capital Markets industry in the United Kingdom. New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (UK£62.7m market cap, or US$78.0m). Announcement • Mar 13
Frenkel Topping Group Plc to Report Fiscal Year 2023 Results on Apr 22, 2024 Frenkel Topping Group Plc announced that they will report fiscal year 2023 results on Apr 22, 2024 Announcement • Feb 20
Frenkel Topping Group Plc Announces Executive Changes Frenkel Topping Group Plc announced the appointment of Christopher Mills as Non-Executive Chairman . Mr. Mills joined the board of Frenkel Topping as Non-Executive Director on 20 May 2020. Pursuant to a number of recent exits by Harwood Capital Management, Mr. Mills has consequently stepped down from a number of company boards as a non-executive director. This has given Mr. Mills capacity to take on the role as Non-Executive Chairman of Frenkel Topping and provided him more time to devote to the business in which he is a major shareholder. Mr. Mills founded Harwood Capital Management in 2011, a successor to its former parent company JO Hambro Capital Management, which he co-founded in 1993 and of which he was formerly the Chief Investment Officer. He is currently the Chief Executive Officer and Investment Manager of North Atlantic Smaller Companies Investment Trust plc, aUKlisted investment trust, and a non-executive Director of several companies including AssetCo plc, MJ Gleeson plc and Oryx International Growth Fund Limited. Former Chairman, Tim Linacre, will remain on the Board of the Company, taking up the position of Senior Independent Non-Executive Director to support Frenkel Topping's strategy going forward. Mr. Linacre joined the board of Frenkel Topping in 2018 with more than 30 years' experience in financial services as a stockbroker and an investment banker and more latterly in financial public relations. Major Estimate Revision • Jan 25
Consensus EPS estimates fall by 50% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from UK£34.9m to UK£32.8m. EPS estimate also fell from UK£0.036 per share to UK£0.018 per share. Net income forecast to grow 40% next year vs 16% growth forecast for Capital Markets industry in the United Kingdom. Consensus price target down from UK£1.02 to UK£0.86. Share price fell 5.8% to UK£0.49 over the past week. Price Target Changed • Jan 24
Price target decreased by 11% to UK£0.86 Down from UK£0.97, the current price target is provided by 1 analyst. New target price is 65% above last closing price of UK£0.52. Stock is down 28% over the past year. The company is forecast to post earnings per share of UK£0.018 for next year compared to UK£0.015 last year. Announcement • Jan 24
Frenkel Topping Group Plc Provides Revenue Guidance for the Financial Year Ended 31 December 2023 Frenkel Topping Group Plc provided revenue guidance for the financial year ended 31 December 2023. For the period, the company announced that in light of the challenging market conditions during the year, revenue is expected to be £32.8 million. Announcement • Oct 05
Frenkel Topping Group Plc Appoints Rebecca Bidwell as Director of Strategy Frenkel Topping Group Plc announced the appointment of Rebecca Bidwell as Director of Strategy and Implementation for Frenkel Topping Group. The newly created role will lead on transformation projects to support the Group strategy and accelerate the integration of recent M&A activity inside the Salford-based firm. Bidwell moves from her role as Managing Director of Bidwell Henderson - the leading costs consultancy acquired by Frenkel Topping Group in 2021. With the brief to lead on theimplementation of change across the Group and deliver its project portfolio, Bidwell will bring her experience of nurturing 'grassroots' talent to deliver successful change while building a culture of learning and development. Reported Earnings • Oct 05
First half 2023 earnings released: EPS: UK£0.014 (vs UK£0.008 in 1H 2022) First half 2023 results: EPS: UK£0.014 (up from UK£0.008 in 1H 2022). Revenue: UK£16.0m (up 44% from 1H 2022). Net income: UK£1.68m (up 91% from 1H 2022). Profit margin: 11% (up from 7.9% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 28
Upcoming dividend of UK£0.01 per share at 2.4% yield Eligible shareholders must have bought the stock before 05 October 2023. Payment date: 20 October 2023. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (3.5%). New Risk • Sep 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 403% Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (UK£69.4m market cap, or US$86.0m). New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 403% Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (UK£71.3m market cap, or US$89.7m). Recent Insider Transactions • Aug 30
MD & Executive Director recently bought UK£70k worth of stock On the 25th of August, Mark Holt bought around 130k shares on-market at roughly UK£0.54 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold UK£80k more in shares than they bought in the last 12 months. Announcement • Aug 22
Frenkel Topping Group Plc to Report First Half, 2023 Results on Sep 29, 2023 Frenkel Topping Group Plc announced that they will report first half, 2023 results on Sep 29, 2023 New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£78.8m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (6.6% net profit margin). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (UK£78.8m market cap, or US$99.4m). Recent Insider Transactions Derivative • Jun 21
CEO & Executive Director exercised options and sold UK£130k worth of stock On the 19th of June, Richard Fraser exercised 185k options at a strike price of around UK£0.005 and sold these shares for an average price of UK£0.71 per share. This trade did not impact their existing holding. For the year to December 2016, Richard's total compensation was 74% salary and 26% non-salary. Since September 2022, Richard has owned 1.90m shares directly. Company insiders have collectively sold UK£280k more than they bought, via options and on-market transactions in the last 12 months. Announcement • May 17
Frenkel Topping Group plc Proposes Final Dividend Frenkel Topping Group Plc proposed final dividend of 1.03 pence per share on 20 October 2023 to shareholders on the register at close of business on 6 October 2023. The shares will go ex-dividend on 5 October 2023. Announcement • May 16
Frenkel Topping Group Plc, Annual General Meeting, Jun 13, 2023 Frenkel Topping Group Plc, Annual General Meeting, Jun 13, 2023, at 09:00 Coordinated Universal Time. Location: Frenkel House, 15 Carolina Way Salford, M50 2ZY Salford United Kingdom Reported Earnings • Apr 25
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: UK£0.015 (down from UK£0.022 in FY 2021). Revenue: UK£24.8m (up 35% from FY 2021). Net income: UK£1.65m (down 29% from FY 2021). Profit margin: 6.6% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 22% per year. Major Estimate Revision • Feb 08
Consensus EPS estimates fall by 41% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate fell from UK£0.022 to UK£0.013 per share. Revenue forecast steady at UK£24.8m. Net income forecast to grow 42% next year vs 3.4% decline forecast for Capital Markets industry in the United Kingdom. Consensus price target of UK£0.76 unchanged from last update. Share price fell 4.1% to UK£0.71 over the past week. Price Target Changed • Nov 16
Price target increased to UK£0.76 Up from UK£0.64, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of UK£0.74. Stock is down 9.2% over the past year. The company is forecast to post earnings per share of UK£0.022 for next year compared to UK£0.022 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Non-Executive & Independent Chairman Tim Linacre was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
Frenkel Topping Group Plc Announces Interim Dividend, Payable on December 2, 2022 Frenkel Topping Group Plc has resolved to pay an interim dividend of 0.34 pence per share. The interim dividend will be paid on 2nd December 2022 to shareholders on the register at close of business on 18th November 2022 and the shares will trade on an ex-dividend basis from 17th November 2022. Major Estimate Revision • Oct 03
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from UK£25.1m to UK£24.6m. EPS estimate also fell from UK£0.03 per share to UK£0.02 per share. Net income forecast to grow 64% next year vs 1.9% growth forecast for Capital Markets industry in the United Kingdom. Consensus price target of UK£0.76 unchanged from last update. Share price fell 11% to UK£0.59 over the past week. Upcoming Dividend • Sep 29
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 06 October 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (3.6%). Reported Earnings • Sep 26
First half 2022 earnings released: EPS: UK£0.008 (vs UK£0.009 in 1H 2021) First half 2022 results: EPS: UK£0.008 (down from UK£0.009 in 1H 2021). Revenue: UK£11.1m (up 31% from 1H 2021). Net income: UK£881.0k (down 2.3% from 1H 2021). Profit margin: 7.9% (down from 11% in 1H 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 29% per year. Announcement • Sep 15
Frenkel Topping Group Plc (AIM:FEN) acquired N-Able Services Ltd for £1.1 million. Frenkel Topping Group Plc (AIM:FEN) acquired N-Able Services Ltd for £1.1 million on September 13, 2022. Under the terms of transaction, consideration will be paid with an initial cash consideration of £0.55m (subject to adjustment) with a further cash payment of £0.275m on the first anniversary of completion and earnout payment of up to £0.275m on the second anniversary of completion subject to certain performance criteria.
Frenkel Topping Group Plc (AIM:FEN) completed the acquisition of N-Able Services Ltd on September 13, 2022. Announcement • Sep 14
Frenkel Topping Group Plc (AIM:FEN) acquired Somek & Associates Limited for £7 million. Frenkel Topping Group Plc (AIM:FEN) acquired Somek & Associates Limited for £7 million on September 13, 2022. The Acquisitions have been funded through existing cash resources. Frenkel Topping has agreed to pay an initial cash consideration of £4 million (subject to adjustment) with a further cash payment of £1.5 million on the first anniversary of completion and an additional earnout of up to £1.5 million on the second anniversary of completion subject to certain performance criteria being achieved. Somek recorded revenue of £4.0 million and PAT of £0.6 million for the year to 31 March 2022 and had net assets of £2.0 million as at that date.
Frenkel Topping Group Plc (AIM:FEN) completed the acquisition of Somek & Associates Limited on September 13, 2022. Announcement • Sep 01
Frenkel Topping Group Plc to Report First Half, 2022 Results on Sep 26, 2022 Frenkel Topping Group Plc announced that they will report first half, 2022 results on Sep 26, 2022 Major Estimate Revision • Jul 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from UK£0.04 to UK£0.03. Revenue forecast unchanged from UK£24.1m at last update. Net income forecast to grow 54% next year vs 1.3% decline forecast for Capital Markets industry in the United Kingdom. Consensus price target of UK£0.97 unchanged from last update. Share price fell 6.5% to UK£0.72 over the past week. Announcement • May 16
Frenkel Topping Group Plc, Annual General Meeting, Jun 22, 2022 Frenkel Topping Group Plc, Annual General Meeting, Jun 22, 2022, at 10:00 Coordinated Universal Time. Location: Frenkel House, 15 Carolina Way Salford, United Kingdom Price Target Changed • Apr 27
Price target increased to UK£0.73 Up from UK£0.64, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of UK£0.76. Stock is up 51% over the past year. The company is forecast to post earnings per share of UK£0.039 for next year compared to UK£0.022 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Non-Executive & Independent Chairman Tim Linacre was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 15
Frenkel Topping Group Plc to Report Fiscal Year 2021 Results on Apr 25, 2022 Frenkel Topping Group Plc announced that they will report fiscal year 2021 results on Apr 25, 2022 Announcement • Jan 12
Frenkel Topping Group Plc (AIM:FEN) acquired Cardinal Management Limited from Andrew Pemberton and Sarah Pemberton for £10 million. Frenkel Topping Group Plc (AIM:FEN) acquired Cardinal Management Limited from Andrew Pemberton and Sarah Pemberton for £10 million on January 10, 2022. The consideration will be paid 50% upfront, subject to a post-completion adjustment following a completion accounts process, and 50% in earnout payments subject to Cardinal's EBITDA till 2025. For the year ended 31st March 2021, Cardinal generated revenues of £0.9 million and recorded £1 million worth net assets on the balance sheet. Cardinal has a team of 19 people, 14 directly employed and all led by Andrew Pemberton, who will remain in place as Managing Director following completion of the Acquisition. The Acquisition is expected to be immediately earnings accretive for Frenkel Topping. Carl Holmes, James Thompson and Milesh Hindocha of finnCap Ltd acted as financial advisors to Frenkel Topping Group.
Frenkel Topping Group Plc (AIM:FEN) completed the acquisition of Cardinal Management Limited from Andrew Pemberton and Sarah Pemberton on January 10, 2022. Reported Earnings • Sep 23
First half 2021 earnings released: EPS UK£0.009 (vs UK£0.004 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£8.46m (up 90% from 1H 2020). Net income: UK£902.0k (up 254% from 1H 2020). Profit margin: 11% (up from 5.7% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 18
Frenkel Topping Group Plc (AIM:FEN) acquired Bidwell Henderson Costs Consultants Ltd from Mark Bidwell, Rebecca Bidwell and Ann Delaney for £3.5 million. Frenkel Topping Group Plc (AIM:FEN) acquired Bidwell Henderson Costs Consultants Ltd from Mark Bidwell, Rebecca Bidwell and Ann Delaney("sellers") for £3.5 million on August 17, 2021. The total maximum consideration for Bidwell Henderson is £1.48 million of which £0.74 million is payable on completion and the balance of which will fall due in two equal tranches of £0.37 million on the first and second anniversary post completion with an additional earn-out being payable in 2024 if certain targets are met. In addition, the Sellers will receive an earn-out of 2.5x the EBITDA generated in the year to December 31, 2023 over £296,000 capped at £2 million.
Henderson generated revenues of £1.56m, reported a £0.4m profit before tax, £0.3 million EBITDA and with £0.4m net assets on the balance sheet as at March 31, 2021. Mark Bidwell, Rebecca Bidwell and Ann Delaney will remain with Bidwell. The Acquisition is cash generative and is expected to be immediately earnings enhancing following completion.
Frenkel Topping Group Plc (AIM:FEN) completed the acquisition of Bidwell Henderson Costs Consultants Ltd from Mark Bidwell, Rebecca Bidwell and Ann Delaney on August 17, 2021. Upcoming Dividend • Jun 03
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 25 June 2021. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (4.0%). In line with average of industry peers (2.6%). Announcement • May 06
Frenkel Topping Group plc Proposes Final Dividend for the Financial Year Ending December 31, 2020, Payable on June 25, 2021 Frenkel Topping Group Plc confirmed that, subject to shareholder approval at the company's AGM on 22 June 2021, its final dividend of 1.04 pence per ordinary share of 0.5 pence, in respect of the year ending 31 December 2020, will be paid on 25 June 2021 to shareholders registered at the close of business on 11 June 2021 (ex-dividend date 10 June 2021). Reported Earnings • May 05
Full year 2020 earnings released: EPS UK£0.013 (vs UK£0.013 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: UK£10.2m (up 19% from FY 2019). Net income: UK£1.05m (up 22% from FY 2019). Profit margin: 10% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 22
Frenkel Topping Group Plc Appoints Mrs. Zoe Holland as Non-Executive Director Frenkel Topping announced the appointment of Mrs. Zoe Holland as a Non-executive Director of the company with immediate effect. Mrs. Holland has over 25 years' legal and business experience and is currently managing director of ZebraLC having founded the business in 2012. Mrs. Holland is recognised as a trusted advisor to law firms, banks, funders, ATE insurers, accountants and private investors looking for advice upon WIP valuation, legal sector market knowledge, receivables risks, governance, financial and operational risk management including restructuring and turnaround. Is New 90 Day High Low • Feb 09
New 90-day high: UK£0.50 The company is up 16% from its price of UK£0.43 on 11 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 13% over the same period. Announcement • Feb 03
Frenkel Topping Group Plc (AIM:FEN) acquired A & M Bacon Limited and Partners in Costs Limited from Teresa Aitken and Reuben Glynn for £9 million. Frenkel Topping Group Plc (AIM:FEN) acquired A & M Bacon Limited and Partners in Costs Limited from Teresa Aitken and Reuben Glynn for £9 million on February 1, 2021. The combined total maximum consideration is £9 million of which £5 million is payable in cash at completion (subject to a post-completion adjustment following a completion accounts process) and £0.9 million through the issue of 2 million ordinary shares in Frenkel Topping Group Plc on completion and a further £3.1 million deferred consideration is payable in cash in two tranches on January 31, 2022 and January 31, 2023. The ordinary shares issued as consideration will be subject to lock-in arrangements for the next two years.
In the year ended April 30, 2020, PIC had revenues of £3.64 million, and reported £2.63 million net assets as at April 30, 2020. In the year ended March 31, 2020, A & M Bacon had revenues of £1.06 million, and reported £0.71 million net assets as at March 31, 2020. Reuben Glynn and Teresa Aitken will remain with the Group in their roles, with Reuben Glynn as Chief Executive of A&M Bacon and Teresa Aitken as Chief Executive of PIC. The acquisitions are cash generative and will be immediately earnings enhancing following completion. There will be a number of synergies when these two businesses are combined within Frenkel Topping that will drive an increase in normalized EBITDA going forwards. Carl Holmes, Giles Rolls, Tim Redfern and Richard Chambers of FinnCap Ltd acted as financial advisors to Frenkel Topping Group Plc.
Frenkel Topping Group Plc (AIM:FEN) completed the acquisition of A & M Bacon Limited and Partners in Costs Limited from Teresa Aitken and Reuben Glynn on February 1, 2021. Announcement • Jan 28
Frenkel Topping Group Plc Appoints Mark Field as A Non-Executive Director Frenkel Topping announced the appointment of Mark Field as a Non-executive Director of the Company with immediate effect. Mr. Field is a former MP and FCO Minister who, during his tenure in UK Parliament, represented the prestigious central London constituency of the Cities of London and Westminster. Mr. Field held this position for over 18 years during which time he also served as the Minister for State at the Foreign and Commonwealth Office and as vice-chair of the Conservative Party. Prior to this, Mark practised as a corporate lawyer at Freshfields and also set up, ran, and sold Kellyfield Consulting, a specialist legal recruitment company. Since leaving Parliament, Mark has embarked on a portfolio career which includes senior advisory roles to multiple public and private sector companies. Most recently, Mark has been appointed as Chairman of Capital International Bank, a new digital bank based in the Isle of Man. Is New 90 Day High Low • Dec 04
New 90-day low: UK£0.41 The company is down 1.0% from its price of UK£0.41 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 11% over the same period. Major Estimate Revision • Sep 29
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from UK£0.014 to UK£0.012. No change was made to the revenue estimate which at the last update was UK£10.1m. Net income is expected to grow by 142% next year compared to 6.9% growth forecast for the Capital Markets industry in the United Kingdom. The consensus price target of UK£0.50 was unchanged from the last update. Share price is up 3.2% to UK£0.49 over the past week. Is New 90 Day High Low • Sep 23
New 90-day high: UK£0.47 The company is up 6.0% from its price of UK£0.45 on 25 June 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 2.0% over the same period. Reported Earnings • Sep 23
First half earnings released Over the last 12 months the company has reported total profits of UK£702.5k, down 24% from the prior year. Total revenue was UK£8.93m over the last 12 months, up 10% from the prior year. Announcement • Sep 02
Frenkel Topping Group Plc to Report First Half, 2020 Results on Sep 22, 2020 Frenkel Topping Group Plc announced that they will report first half, 2020 results on Sep 22, 2020 Announcement • Jul 24
Frenkel Topping Group Plc has completed a Follow-on Equity Offering in the amount of £13 million. Frenkel Topping Group Plc has completed a Follow-on Equity Offering in the amount of £13 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 32,500,000
Price\Range: £0.4
Transaction Features: Regulation S; Subsequent Direct Listing 
