XPS posts 8% revenue growth driven by admin and investment consulting business
XPS Pensions has published interim results for the half year ending 30 September, posting total revenue of £56.3m and pre-tax profits of £4.4m.
The firm's results - published today (29 November) - reveal an 8% boost in revenue when compared to the same period in 2018 and a pre-tax profit growth of £3.3m.
XPS said the total revenue growth was "driven primarily by double digit growth in pensions administration and pension investment", which posted a 19% year on year change to £20.3m and an 11% year on year growth to £4.2m respectively.
Its revenue growth was also bolstered by a 57% year on year change from National Pension Trust - the master trust run by XPS - which posted revenue of £1.1m at the end of the six month period.
Its pensions actuarial and consulting revenue remained flat year on year at £27.7m.
The board revealed it anticipates the results for the full year to be in-line with its expectations.
Co-chief executive Paul Cuff said: "We are pleased with our overall progress, including the pensions actuarial and consulting business where we have achieved a number of new client wins. With increased resourcing levels and key strategic hires, this business unit is well placed to return to growth in the second half of the year.
"The good progress we have made on operational integration puts us in a strong position to take advantage of the market opportunities before us. Our new business pipeline across the group remains healthy and our industry profile combined with our expertise means we are well placed to convert these opportunities."
The results are followed by the business' announcement this morning of the acquisition of Trigon Professional Services from Trigon Pensions Holdings, as part of its growth strategy.
The acquisition will strength XPS's presence in the south-west and will double the size of its presence in Bristol as the 40 Trigon staff based there join the firm.
Trigon managing director David Gascoigne said: "We are joining a market leader in the consultancy and administration sectors with a wealth of expertise that will be of significant benefit both to our clients and our employees.
"By joining XPS, we are able to focus on our core business value of keeping our clients at the heart of everything we do."
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