XPS Pensions Group PLC Post-close trading update (2975Q)
17 Octubre 2023 - 1:00AM
UK Regulatory
TIDMXPS
RNS Number : 2975Q
XPS Pensions Group PLC
17 October 2023
17 October 2023
XPS Pensions Group plc
Post-close trading update
XPS Pensions Group plc ("XPS" or the "Group") is pleased to
provide its post-close trading update (unaudited) for the six
months ended 30 September 2023 ahead of its interim results
expected to be released on 23 November.
Trading update
The strong trading momentum from H2 last year has continued in
the six months ended 30 September 2023 and Group revenues have
grown 23% year on year to GBP94.5 million (HY 23: GBP77.0 million),
19% organically.
Strong demand across all our services, new clients, and the
inflation-linkage of our contracts across the business has
contributed to the growth.
Advisory revenues grew 28% year on year (23% organic) comprising
Pensions Actuarial & Consulting growth of 29% year on year (22%
organic) and 26% year on year growth in our Pensions Investment
Consulting business. The growth reflects continued high levels of
client activity, driven in part by continued regulatory changes and
demand for advice in response to volatility in financial markets
and changes in pension scheme funding levels. Our clients continue
to seek lots of support as they update their long-term strategies
in response to rising long term interest rates and the changed
inflationary environment, both of which can have profound impacts
on pension scheme assets and liabilities.
Pensions Administration revenues grew 16% year on year driven by
new client wins coming on stream as well as strong demand for
project work. The outlook for Pensions Administration is strong
with significant project work with public sector clients stemming
from regulatory changes as well as continued success in the
first-time outsourcing market.
Across all of our Pensions businesses we have been targeting new
business activity in enlisting insurance companies as clients.
There has been some immediate success and we will continue to focus
on this market.
SIP revenues grew 23% year on year; driven by strong underlying
sales and the impact of the increase in the bank base rate. The
National Pensions Trust (NPT) business has seen AUM at 30 September
2023 increase 7% to over GBP1.5 billion since 31 March 2023.
Revenues were flat year on year impacted by competitive price
pressures. We announced the sale of the NPT business to SEI in July
2023 pending regulatory approvals. We continue to have positive
engagement with The Pensions Regulator and currently expect to
complete the sale by end of the calendar year.
The Group has continued to invest as anticipated in people and
technology to support future growth whilst continuing to deliver
operational gearing. The Board is pleased with the Group's
performance in the first half of the year and, notwithstanding a
tougher comparative period in H2, is confident of achieving full
year results ahead of its previous expectations.
Paul Cuff, Co-CEO commented:
"We are pleased to confirm continued strong performance across
all our lines of business, sustaining the momentum we have built in
recent years. We have been building the breadth and depth of our
capability for some time now, and this has enabled us to provide
excellent support to our clients in all the varied areas where they
need support. I continue to be immensely proud of our people who
have continued to look after our clients and each other very well,
and I would like to thank all of them for their dedication."
-Ends-
For further information, contact:
Enquiries:
XPS Pensions Group
Snehal Shah, Chief Financial Officer +44 (0)20 3978 8626
Canaccord Genuity (Joint Broker) +44 (0) 20 7523 8000
Adam James
Alex Orr
RBC Capital Markets (Joint Broker) +44 (0)20 7653 4000
James Agnew
Jamil Miah
Media Enquiries
Camarco
Gordon Poole +44 (0)20 3757 4997
Rosie Driscoll +44 (0)20 3757 4981
Notes to Editors:
XPS Pensions Group is a leading independent pension consulting
and administration business focussed on UK pension schemes. XPS
combines expertise, insight and technology to address the needs of
over 1,500 pension schemes and their sponsoring employers on an
ongoing and project basis. We undertake pensions administration for
over one million members and provide advisory services to schemes
and corporate sponsors in respect of schemes of all sizes,
including 81 with assets over GBP1bn.
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