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Pin to quick picksXps Pensions Regulatory News (XPS)

Share Price Information for Xps Pensions (XPS)

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Pre-close trading update

22 Mar 2023 07:00

RNS Number : 7730T
XPS Pensions Group PLC
22 March 2023
 

22 March 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

 

XPS Pensions Group plc

 

Pre-close trading update

 

A strong finish to the year, anticipated ahead of expectations

 

XPS Pensions Group plc ("XPS" or the "Group") is pleased to provide its pre-close trading update (unaudited) for the year ending 31 March 2023 ahead of its full year results expected to be released in late June.

 

Trading update

 

The Group has continued to perform strongly, and the Board now expects revenues for the full year to be ahead of current consensus, in the range of £163 million - £165 million, representing YoY growth of 17% - 19%.  

The resilience and predictability of our business model has driven a strong performance for the year. As previously highlighted, the inflation-linkage of our contracts across our services has supported growth, albeit for many contracts this only took effect mid-year and so will not be fully reflected in FY23.

Our Advisory business has continued to see high levels of client activity, driven in part by continued regulatory changes and demand for advice in response to the increased volatility in financial markets, following the "mini-budget" in September 2022. We have also seen significant growth in Risk Transfer services as funding positions have improved and clients have looked to de-risk. Our Pensions Administration, SIP and NPT businesses have all performed in line with expectations.

The Group has continued to invest in people and technology to support future growth. The Board is confident that costs have been managed well and expects operational gearing to have improved.

Capital Markets Day

The Group plans to host a Capital Markets Day event for analysts and institutional investors in London in May 2023. Further details of the event and registration will be announced in due course. We anticipate that the Group's next trading update will also be on the same day.

Paul Cuff, Co-CEO commented:

"We are pleased to be on course for a strong financial performance for the year. It was a year of extraordinary change in financial markets, with rising interest rates and inflation posing significant challenges for our clients. I am very proud of how well we have served them throughout, and I would like to thank all our people for their extraordinary 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

Patrick Dolaghan

RBC Capital Markets (Joint Broker)

 +44 (0)20 7653 4000

James Agnew

Jonathan Hardy

Jamil Miah

 

Media Enquiries

Camarco

Gordon Poole

+44 (0)20 3757 4997

Rosie Driscoll

+44 (0)20 3757 4981

The person responsible for making this announcement is Zoe Adlam (Company Secretary)

 

Notes to Editors:

 

XPS Pensions Group is a leading 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 1 million members and provide advisory services to schemes and corporate sponsors in respect of schemes of all sizes, including 51 with assets over £1bn.

 

 

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
 
 
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