(Alliance News) - Curtis Banks Group PLC on Wednesday reported a rise in annual profit and revenue on the back of an organic rise SIPP schemes administered.
In 2019, the financial services firm recorded pretax profit of GBP10.9 million, up 8% from GBP10.1 million in 2018.
Curtis Banks's adjusted operating margin improved to 28.1% from 27.1% in 2018.
Revenue was 6% higher year-on-year in 2019 at GBP48.9 million compared to GBP46.1 million. The increase was attributed to the resilient organic growth of the firm's own-administered pensions.
Curtis Banks ended 2019 with GBP29.1 billion assets under administration, 17% higher than the GBP24.8 billion seen at the point the year before.
The company recorded 7% gross organic growth in self invested personal pension schemes in 2019, but the total SIPP schemes administered slipped 1.5% to 76,541.
The drop in total administered schemes was "inevitable and largely expected", the company said, blaming attrition from older books combined with a slowdown in the pension transfer market.
Curtis Banks proposed a final dividend of 6.50 pence, taking the firm's total dividend for 2019 to 9.0p, up 13% on the 8.0p distributed in 2018.
Chief Executive Will Self said: "These results demonstrate growth across all our financial metrics during a year in which we made important changes to the executive team and demonstrated the positive results of operational changes made in recent years.
"2020 began well with an improvement in the wider market, but the current Covid-19 outbreak has created uncertainty as to the outlook for the remainder of the financial year. It is clear that there will be a level of impact over the coming months, including operational disruption, but we have contingency plans in place for the business and the health of our employees and clients are our main priority."
Shares in Curtis Banks were 1.0% lower in London on Wednesday at 195.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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