XPS Pensions Group PLC Pre-close trading update (9273Q)
24 Octubre 2019 - 1:00AM
UK Regulatory
TIDMXPS
RNS Number : 9273Q
XPS Pensions Group PLC
24 October 2019
24 October 2019
XPS Pensions Group plc
Pre-close trading update
XPS Pensions Group plc ("XPS" or the "Group"), the pensions
actuarial & consulting, investment consulting and pension
administration business, is pleased to provide its pre-close
trading update for the six months ended 30 September 2019.
The performance of the Group in the first half of the year was
in line with the Board's expectations with total revenues growing
8% year on year. Underlying this, the Pensions Administration
business grew by 19% and the Pensions Investment business grew by
11%. Revenues for the Pensions Actuarial & Consulting business
were flat year on year. The results for the Pensions Actuarial
& Consulting and Pensions Administration businesses reflect the
modest impact of the Royal London acquisition which completed on 31
May 2019.
The Group made further progress on the operational integration
of the Punter Southall businesses, and has successfully exited the
Transitional Services Agreement ("TSA") in respect of IT. The only
remaining service being provided under the TSA is facilities
management which is due to end during the second half of this
financial year.
The Board is pleased with the Group's first half performance and
anticipates that the results for the full year will be in-line with
the current market consensus.
Paul Cuff, Co CEO commented:
"We are pleased with our overall progress, including in the
Pensions Actuarial & Consulting business where we have also had
a number of client wins. With increased resourcing levels and some
key strategic hires, this business unit is well placed to return to
modest growth in the second half.
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,
as the winners of both the Professional Pensions Actuarial
Consulting firm of the Year and Administration Firm of the Year in
May 2019, we are well placed to convert these opportunities."
XPS Pensions Group plc expects to report its half-year results
to 30 September 2019 on 28 November 2019.
There will be an analyst presentation to discuss the results at
09:30am on 28 November 2019 at Macfarlanes, 20 Cursitor Street,
London EC4A 1LT.
Those analysts wishing to attend are asked to contact Nick
Hennis at Camarco on +44 (0)20 3781 8330 or at
nick.hennis@camarco.co.uk.
-Ends-
For further information, contact:
Enquiries:
XPS Pensions Group +44 (0)118 918 5110
Paul Cuff
Liberum (Joint Broker) +44 (0) 20 3100 2222
Richard Crawley
Robert Morton
Cameron Duncan
RBC Capital Markets (Joint Broker) +44 (0)20 7653 4000
James Agnew
Jonathan Hardy
Jamil Miah
Media Enquiries
Camarco
Ed Gascoigne-Pees +44 (0)20 3757 4984
Nick Hennis +44 (0)20 3781 8330
Notes to Editors:
XPS Pensions Group is the largest pure pensions consultancy in
the UK, specialising in pensions actuarial & consulting,
investment consulting and pensions administration, with revenues of
around GBP110 million. The XPS Pensions Group business combines
expertise, insight and technology to address the needs of both
pension trustees and sponsoring companies for over 1,000 pension
schemes on an ongoing and project basis. These clients include 25
schemes with over GBP1bn of assets, and we undertake pensions
administration for over 800,000 scheme members.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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