Frenkel Topping warns on profits after losing clients, upping marketing spend
StockMarketWire.com - Specialist financial advisory group Frenkel Topping warned of a 50% reduction in its first-half operating profit, blaming tough market conditions and higher spending to maintain market share.
The first-half performance was expected to lead to profits for the full year being below market expectations.
The group, which focuses on asset protection for vulnerable clients, said increase in case sizes had resulted in sales cycles taking longer, and fee structures being altered.
Certain clients had also been lost after consultants left the business.
'The board believes that its efforts to increase its marketing and efforts in expert witness work will result in an acceleration of assets under management, potentially on better terms than currently being achieved, in the second half of the current year and beyond,' the company said.
'The company also remains highly focused on attracting new consultants and staff that can make an immediate impact and it is expected that new consultants will be employed by the company prior to publication of the half-year results.'
At 2:47pm: (LON:FEN) Frenkel Topping Group PLC share price was -9.8p at 37p
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