Andrew Vaughan: Our revenue growth is a testament to the strength of our strategy and the dedication of our people
Barnett Waddingham has published its full year accounts for the 12 months to 31 May 2025 – revealing an increase in revenue of 12.8% from £160m to £181m.
The consultancy's results come after it was acquired by Howden, the global insurance and employee benefits intermediary group, a deal which completed in April.
Figures provided by the firm to Professional Pensions show the pension consulting and employee benefits revenue for the combined firm – Barnett Waddingham LLP and Howden Employee Benefits & Wellbeing – now stand at around £276m.
Barnett Waddingham said it had been "a year of standout commercial success and post-acquisition integration" – adding the 2024/25 year "continued Barnett Waddingham's long-track record of strong organic growth".
The firm said key financial highlights include 12% growth across actuarial consulting, investment consulting and pension administration.
Barnett Waddingham said its actuarial consulting business area achieved a major milestone, generating more than £50m in income for the first time, while pension administration exceeded £57m. Barnett Waddingham said investment consulting also demonstrated an "outstanding" year, with assets on the firm's streamlined investment platform standing at £3bn, delivering £2m in annual fee savings to clients.
The firm said its risk transfer team completed 30 transactions, which comprised of over 10% of all deals in the market. It added that its public sector team had secured high profile wins with the Hertfordshire Pension Fund and the Wiltshire Pension Fund and secured a reappointment to the Kent Pension Fund, extending a 14 year-relationship.
Barnett Waddingham's other business areas grew by 15% overall, with each of the individual business areas contributing to the increase.
The firm said there was significant investment in capabilities across employer consulting, insurance and longevity consulting, board management services, and in its SIPP and SSAS businesses.
Barnett Waddingham said its insurance and longevity, in particular, delivered a standout performance with income up by 42%.
Barnett Waddingham senior partner Andrew Vaughan said: "The results speak for themselves, robust growth, excellent client feedback and a business well positioned for the future as part of the Howden Group.
"Our near 13% revenue growth is a testament to the strength of our strategy and the dedication of our people.
"The successful integration with Howden has created exciting new opportunities while preserving the culture and independence that our clients value. We've maintained our people-focused approach with a client-first mindset, and this has remained the driving force behind everything we have achieved."
Barnett Waddingham finance partner Robert Hawkes added: "FY2024/25 has been a transformational year that positions us perfectly for sustained growth. Our strong performance reflects the benefits of strategic investment in our people, services and technology.
"Looking forward, our continued focus on innovation and client service ensures we remain well-positioned to deliver exceptional value and continue our journey of empowering people to secure better futures."
See also: The UK's biggest pension consulting firms by revenue
