Lane Clark & Peacock (LCP) reported record income of £126.5m for the financial year ending 31 March 2020, up 10.1% on last year’s figure of £114.9m, also a record at the time.
The consultancy also posted an operating profit of £66.1m, up 8.7% from £60.8m, before members' remuneration and profit shares were accounted for.
LCP said it had a record-breaking year for new business, with 34 ongoing actuarial, investment consultancy, defined contribution (DC), and/or pensions administration appointments, while DC revenues grew by 17.8%.
It has continued to grow its business outside of the pensions arena, with an appointment as investment adviser to a major sovereign wealth fund and central bank, one of the UK's largest charities, and ten high-profile European football institutions.
The company said it was lead adviser on 15 of the 46 buy-in and buyout transactions insuring over £100m of scheme benefits during 2019. The year, which was dominated by mega-transactions, saw £44bn of bulk annuities agreed, including the £3.4bn British American Tobacco buy-in with Pension Insurance Corporation, which LCP acted as lead adviser to.
Chief executive Aaron Punwani said: "This year we have seen steady growth in LCP's talent base, client portfolio and range of services. This is, however, a time more for reflection than for celebration, as we continue to help our clients navigate the challenges of Covid-19.
"The foundations of collaboration and community within our firm culture, as well as our investments in technology, have enabled us to step up to the changes in the way of working that the pandemic has brought with it. I am immensely thankful for the energy that colleagues at LCP have shown in doing so.
"With the economic uncertainty that lies ahead, our priority is to remain resilient and focus on building relationships in order to look after our people, our clients and our business for the long term."
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A book that has been designed to turbocharge the nation’s financial wellbeing during and after the Covid-19 pandemic has been launched.