Curtis Banks Group PLC Trading and Operations Update (8327G)
30 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMCBP
RNS Number : 8327G
Curtis Banks Group PLC
30 November 2020
30 November 2020
Curtis Banks Group plc
("Curtis Banks", the "Company" or the "Group")
Trading and Operations Update
Curtis Banks, one of the UK's leading SIPP providers, is pleased
to provide a trading and operations update.
The Company can confirm that since its interim results the Group
is performing well and, in spite of considerable headwinds, remains
in line with market expectations.
Aligned with Curtis Banks' stated growth strategy to build
greater scale and additional, complementary revenue streams the
Company announced the acquisitions of Talbot and Muir, a
high-quality provider of SIPP and SSAS schemes, and Dunstan Thomas,
a leading FinTech provider in July 2020. The integration of these
two businesses is progressing in accordance with plans.
These two acquisitions enable a step change in the quality of
our revenue stream, materially increasing the amount generated from
recurring fee income. The Company is delighted to outline a further
step being taken this year. Following a review of the business
model the Company has taken the decision to achieve a better
balance between fee income and interest income, which it believes
is more transparent and provides greater certainty to clients. This
will involve increases to the annual SIPP administration fees paid
on the mid and full SIPPs with effect from 1 February 2021. These
fees remain competitive against the market, reflecting the value of
Curtis Banks' enhanced proposition. In addition, we are
implementing steps to improve the interest received by clients as
rates increase.
The decisive actions taken by management during 2020, including
the acquisitions of Talbot and Muir and Dunstan Thomas, are driving
additional recurring SIPP revenues and building further diversity
of revenues. The benefit of these actions will be reflected in our
financial year to 31 December 2021. Together with these fee
changes, the actions will materially reduce the Group's overall
sensitivity to interest rates. This will provide a robust and
sustainable foundation for future growth.
The Company intends to release a post-close trading update in
January 2021, ahead of announcing its full year results in March
2021.
Will Self, CEO of Curtis Banks , said:
" Curtis Banks is the largest independent SIPP provider in the
UK and has always taken a leadership position, evolving our
proposition and driving change in the sector.
"We have continued to invest in the business committing GBP5m to
investment in technology, over a 5 year period. This has already
delivered a new online portal, improving data visibility and the
customer journey. Investment in systems, processes and our people
is vital to ensuring our business continues to meet clients' needs
and expectations into the future, as well as for us to continue to
innovate."
" We are transitioning the Group to a more sustainable,
resilient business model through diversifying our revenue streams
and reducing our exposure to interest rates. The first step taken
in 2020 was acquiring Talbot and Muir, a high-quality business with
strong recurring revenues. Secondly, we diversified the Group's
revenue generation with the acquisition of Dunstan Thomas. Thirdly,
as part of a review, we have addressed the Group's volatility in
revenue caused by interest income and today announced changes to
our SIPP annual administration fee to provide greater transparency
for clients. These changes, not only reduce the proportion of
interest income of our total revenues but also ensure our business
continues to meet the needs and expectations of our clients, and
their advisers, in the future. It strongly positions the Group for
future growth as a market leading SIPP provider in an evolving
regulatory environment."
"Curtis Banks continues to perform strongly despite a
challenging market environment and the integration of Talbot and
Muir and Dunstan Thomas continues at pace. We remain well
positioned for the year ahead."
- END -
Contact:
Curtis Banks Group plc www.curtisbanks.co.uk
Will Self - Chief Executive Officer +44 (0) 117 9107910
Dan Cowland - Chief Financial Officer
Peel Hunt LLP (Nominated Adviser
& Joint Broker) +44 (0) 20 7418 8900
James Britton
Rishi Shah
Nplus1 Singer Capital Markets Limited
(Joint Broker) +44 (0) 20 7496 3000
Mark Taylor
Rachel Hayes
Camarco (Financial PR) +44 (0) 20 3757 4984
Ed Gascoigne-Pees
Georgia Edmonds
Jake Thomas
Notes to Editors
Curtis Banks is one of the United Kingdom's leading
administrators of self-invested pension products, principally SIPPs
and SSASs and has successfully developed, through a combination of
organic growth and acquisitions, into one of the largest UK
providers of these products. At 30 June 2020 the Group administered
circa GBP28.6bn of pension assets on behalf of over 76,000 active
clients.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBRBPTMTBTBFM
(END) Dow Jones Newswires
November 30, 2020 02:00 ET (07:00 GMT)
Curtis Banks (LSE:CBP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Curtis Banks (LSE:CBP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024