Law Debenture posts 11.7% growth in pensions revenue
Law Debenture has reported a smaller overall growth in pensions revenue for 2019 despite an increase in net pensions revenue.
The professional services business saw a net pensions revenue of £10.5m last year, up from £9.5m in 2018 which placed overall 2018 growth at 14.7%.
Law Debenture described last year's solid net growth as "underpinned by initiatives from new management" after appointing new chief technology officer David Williams at the end of 2018.
The capital valuation for the business increased 21% over 2019 which it said demonstrates its ability to produce long-term capital growth and increasing income for shareholders.
The business' end-year results state: "Work continues to lay the foundations for future growth. We are confident that we are still at the early stages of growth and believe we can continue to grow our revenue and earnings significantly over time.
"The belief in this growth was a key factor in the determination of an increased dividend to shareholders. Our aim is for our independent professional services business again to deliver mid to high single-digit growth for our investors over the course of 2020."
Chief executive Denis Jackson added: "Both the long and short-term performance of our investment portfolio remains strong. We have an excellent investment management team, who the board is confident are well placed to continue to position the equity portfolio for future longer-term growth."
Going forward, he added Law Debenture's independent professional services business was "alert to opportunities" in the acquisitions space where it could "utilise the balance sheet to accelerate growth in returns for our shareholders".
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