XPS Pensions Group pre-tax revenue up 13%

Pension consultancy and SIPP enterprise XPS Pensions Group has reported pre-tax earnings up 13% for the previous yr.

Pre-tax revenue for the yr rose from £16.9m to £19.1m.

In outcomes out this week the agency mentioned it was one other yr of “report progress” with complete group income up 20% from £138.6m to £166.6m.

The agency mentioned it had seen robust shopper demand, inflationary charge will increase and progress with M&A exercise regardless of a difficult financial backdrop.

The corporate mentioned it had seen the strongest progress in pensions actuarial consulting and funding consulting.

XPS Pension Group additionally contains XPS Self Invested Pensions which has specialised in SIPPs for greater than 40 years. XPS Self Invested Pensions was beforehand referred to as Xafinity.

Assertion of Funding Ideas (SIP) revenues had been up 54% with robust underlying gross sales plus the good thing about the complete yr affect of the acquisition of Michael J Area SIPP and SSAS e book in addition to robust natural progress and the upper financial institution base charge. General, SIP revenues rose 54% to £9.4 million (FY 2022: £6.1 million).

XPS is continuous to increase distribution channels for its SIPP providing and was not too long ago added to the panel of beneficial SIPP suppliers for wealth supervisor St James’ Place. 

Pensions Administration income grew 10% yr on yr pushed by new shopper wins and ongoing venture work.  

Paul Cuff, co-CEO of XPS Pensions Group, mentioned: “We’re happy with the group’s efficiency, and pleased with our folks.  It was a really busy yr certainly, as we helped our shoppers to navigate risky monetary markets, together with in fact the gilts disaster in September and October final yr. 

“It was additionally a yr through which most of the investments we have now made within the group’s providers actually paid off, as we grew strongly and gained actual market traction in areas comparable to threat switch work and DC consulting.  This, mixed with new shopper wins coming onboard, and in opposition to the backdrop of upper contractual inflationary charge will increase coming via, drove a report yr of progress for the agency. We had been delighted to welcome new colleagues to the Group via the acquisition of Penfida, which enhanced our current functionality within the space of employer covenant recommendation.”

Ben Bramhall, additionally a co-CEO of XPS Pensions Group, mentioned: “The supply of our new administration platform, Aurora, is a giant milestone for our Pensions Administration enterprise.  It was delivered on time and on funds and is now reside.  We’re excited as Aurora is actually leading edge and can ship a greater expertise for our shoppers and their members.  It’s already driving new enterprise alternatives for us on this space.”

The agency mentioned it anticipated demand for its providers to stay excessive regardless of financial challenges within the wider financial system.

XPS Pensions Group claims to be the biggest pure pensions specialist within the UK and is listed on the London Inventory Change.