Specialist advice firm Frenkel Topping has reported a 35 per cent rise in profit before tax after increasing its profit margin to 64 per cent last year.

The firm, which provides advice on the investment of personal injury and clinical negligence awards, reported profit before tax of just under £1.4m for 2013, up from just over £1m in the year before.

Last year (3 May) Frenkel Topping told FTAdviser it would be able to retain 25 per cent more of its fee revenue while lowering the total expense ratio for clients owing to stronger negotiating power and competition among outsourced investment providers following the implementation of the Retail Distribution Review.

In April 2013, the company reported its profits had jumped 25 per cent to £1.1m in 2012, saying its “early adoption” of the RDR principles had led to “additional opportunities”.

Total revenue for 2013 also rose year-on-year, reaching £5.5m compared to the £4.8m brought in the previous year.

David Southworth, chairman of Frenkel Topping, said: “The group’s strategy is to invest further in strengthening its brand to maintain its position as market leader, as well to continue developing our excellent network of professional advisers with whom we work so closely.

“The group is in a robust financial position and has recorded a fifth consecutive year of client retention at 99 per cent. The board remains confident of continuing to deliver profitable growth and increasing shareholder value for the foreseeable future.”