Cuff: At XPS our culture is at the heart of what we do
XPS Group has published its post-close trading update for the year ended 31 March 2025, revealing year-on-year revenue growth of 18%.
The group's update – which come ahead of publication of its full-year results on 19 June – showed advisory revenues grew 10% year-on-year, with actuarial consulting seeing growth of 14%. It said investment consulting revenues were down 4% year-on-year having grown 46% in the previous two years.
XPS said its administration revenues grew 30% while its self-invested pensions revenues grew by 15%.
The firm said that, as in previous years, ongoing regulatory change, new client wins, and the inflation-linkage of its contracts, combined with the "resilience and predictability" of its business model, has driven its robust financial performance.
XPS said rectification projects following the McCloud judgement had provided an additional growth lever within its administration over the last 18 months – but noted its administration business had continued to experience double digit growth even excluding this, with multiple drivers including GMP equalisation, risk transfer and further opportunities in both the public and private sectors.
Despite this, it did note there was a statutory deadline of 31 March 2025 for the majority of this McCloud work to be completed – explaining the firm would therefore be "lapping very strong comparators next year".
The group also noted it completed the acquisition of Polaris Actuaries and Consultants on 28 February – an acquisition it said would "materially accelerate" the group's strategy of becoming a leading player in the fragmented UK insurance consulting market.
The board said it was confident of achieving full-year results in line with previously upgraded expectations.
Co-chief executive Paul Cuff said: "We are pleased to deliver another year of double-digit percentage revenue growth. There has been strong demand for our services, as clients have needed support to respond to market and regulatory changes. A highlight of the year was entry into the FTSE 250 last summer, which was a milestone to be proud of, and since then we have gone from strength to strength. Recently we welcomed new colleagues from Polaris and we are delighted to see them settling in well. As always, at XPS our culture is at the heart of what we do, and I would like to thank all our people for the way they support each other and our clients."
