Frenkel’s FY24 results are in line with our forecasts with the key features being +17% growth in AUM and +12% growth in recurring revenue (+14% reported) but a reduction in operating margin from 22.0% to 19.1% as the previously announced issues at PIC and investment for growth and in people impacted. PIC is now operating efficiently post management change and the new year has started well, with record growth in the availability of Medico Legal Expert Witnesses set to be a key growth driver. We m ....
