Listed IFA Frenkel Topping announced today (9 April) that it has seen operational profit before compensation and provisions jump 25 per cent in 2012 to £1.1m, as it praised its “early adoption” of the Retail Distribution Review requirements for generating “additional opportunities”.

The firm, which provides specialist independent financial advice on the investment of personal injury damages and clinical negligence awards, saw profit before tax in 2012 rise to a little more than £1m, an increase of 21 per cent compared to the previous year.

Group revenue increased 5 per cent to £4.8m, while funds in its investment management service increased 16 per cent in 2012 to £483m.

The RDR was implemented on 1 January 2013 and the group said that the financial services industry has now entered into “a period of significant change”.

In a statement it said the group has successfully operated to the heightened standards imposed by the RDR for a number of years and believes that its “early adoption in this area should generate additional opportunities for the group”.

David Southworth, chairman of Frenkel Topping, said: “The group has continued to successfully grow profit, funds in the investment management service and recurring income, and the board is pleased with the further progress that has been made during the period.

“The group’s strategy for further growth remains to focus on driving organic growth and client retention. The board is confident about the future for Frenkel Topping, and this confidence is reflected in the increased dividend for the period.”

The dividend increase had been proposed to increase to 30p compared to 18p in 2011.