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(Alliance News) - XPS Pensions Group PLC on Wednesday reported strong interim revenue growth, with the firm confident of beating its previous full-year expectations.
In the six months to September 30, the Reading-based financial services business expects to report that revenue from continuing operations grew 23%.
Shares in XPS were trading up 14% at 350.00 pence in London on Wednesday afternoon.
A combination of client demand, an expansion of services and the impact of lagged price increases saw its advisory revenue increase by 14%, damped marginally by the trading in its pensions investment consulting division, which saw revenue fall 2%, following consistent growth of 48% in the prior two years.
Pension administration revenue increased by 40%, driven by project work for public sector clients, new client wins and inflationary price increases.
Client demand for the pension consulting business continued to be bolstered by regulatory changes which XPS sees will contribute to "continued demand for the group's advisory services".
The firm said: "The board is pleased with the group's performance in the first half of the year and, notwithstanding an even tougher comparative period in H2 is confident of achieving full year results ahead of its previous expectations."
By Christopher Ward, Alliance News reporter
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