Curtis Banks Hikes Payout As 2017 Revenue And Profit Advance By Third

LONDON (Alliance News) - Self-invested personal pension provider Curtis Banks Group PLC hiked its dividend by 56% on Thursday after profit and revenue grew by a third in 2017, with the number of pension accounts expanding rapidly through organic and acquisitive growth.

In 2017, pretax profit rose 31% to GBP5.9 million from GBP4.5 million the year prior. This was after revenue rose 33% to GBP386.6 million from GBP291.4 million the year before.

Curtis Banks proposed a 4.75 pence per share final dividend, up 58% from 3.00p the year prior. For the full year, the dividend rose 56% to 6.25p from 4.00p.

By the end of 2017, total assets under management had risen 21% to GBP24.7 billion from GBP20.4 billion the year before.

The number of SIPPs administered rose to 76,474 from 72,983. Excluding the impact of acquisitions, SIPP accounts added organically in 2017 totalled 8,719, accelerating from 6,236 the year before.

"This year has been one of considerable progress for the group with a strong increase in our operating revenues and adjusted operating profit," Curtis Banks Rupert Curtis said. "As a result and in accordance with our progressive dividend policy I am pleased to report a 56% proposed increase in our dividend for the year."

"We have undergone a period of consolidation following the acquisition of Suffolk Life and now have a single identity for the group," Curtis added. "Our new integrated Group Management Committee has built the foundations for us to operate more efficiently and to provide an even better service for our customers."

In January 2016, Curtis agreed to buy Suffolk Life Group from FTSE 100-listed insurer Legal & General Group PLC for GBP45.0 million.

"The market opportunity for SIPP providers remains compelling," Curtis said. "The key regulatory and demographic drivers of our organic growth persist and we are well positioned to continue our profitable growth."

Shares in Curtis Banks were 0.6% higher at 314.00 pence on Thursday.