Last checked at 24 Oct 2019 07:00
24 October 2019
XPS Pensions Group plc
Pre-close trading update
XPS Pensions Group plc ("XPS" or the "Group"), the pensions actuarial & consulting, investment consulting and pension administration business, is pleased to provide its pre-close trading update for the six months ended 30 September 2019.
The performance of the Group in the first half of the year was in line with the Board's expectations with total revenues growing 8% year on year. Underlying this, the Pensions Administration business grew by 19% and the Pensions Investment business grew by 11%. Revenues for the Pensions Actuarial & Consulting business were flat year on year. The results for the Pensions Actuarial & Consulting and Pensions Administration businesses reflect the modest impact of the Royal London acquisition which completed on 31 May 2019.
The Group made further progress on the operational integration of the Punter Southall businesses, and has successfully exited the Transitional Services Agreement ("TSA") in respect of IT. The only remaining service being provided under the TSA is facilities management which is due to end during the second half of this financial year.
The Board is pleased with the Group's first half performance and anticipates that the results for the full year will be in-line with the current market consensus.
Paul Cuff, Co CEO commented:
"We are pleased with our overall progress, including in the Pensions Actuarial & Consulting business where we have also had a number of client wins. With increased resourcing levels and some key strategic hires, this business unit is well placed to return to modest growth in the second half.
The good progress we have made on operational integration puts us in a strong position to take advantage of the market opportunities before us.
Our new business pipeline across the Group remains healthy and, as the winners of both the Professional Pensions Actuarial Consulting firm of the Year and Administration Firm of the Year in May 2019, we are well placed to convert these opportunities."
XPS Pensions Group plc expects to report its half-year results to 30 September 2019 on 28 November 2019.
There will be an analyst presentation to discuss the results at 09:30am on 28 November 2019 at Macfarlanes, 20 Cursitor Street, London EC4A 1LT.
Those analysts wishing to attend are asked to contact Nick Hennis at Camarco on +44 (0)20 3781 8330 or at nick.hennis@camarco.co.uk.
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For further information, contact:
Enquiries:
XPS Pensions Group | +44 (0)118 918 5110 |
Paul Cuff | |
Liberum (Joint Broker) | +44 (0) 20 3100 2222 |
Richard Crawley | |
Robert Morton | |
Cameron Duncan | |
RBC Capital Markets (Joint Broker) | +44 (0)20 7653 4000 |
James Agnew | |
Jonathan Hardy | |
Jamil Miah | |
Media Enquiries | |
Camarco | |
Ed Gascoigne-Pees | +44 (0)20 3757 4984 |
Nick Hennis | +44 (0)20 3781 8330 |
Notes to Editors:
XPS Pensions Group is the largest pure pensions consultancy in the UK, specialising in pensions actuarial & consulting, investment consulting and pensions administration, with revenues of around £110 million. The XPS Pensions Group business combines expertise, insight and technology to address the needs of both pension trustees and sponsoring companies for over 1,000 pension schemes on an ongoing and project basis. These clients include 25 schemes with over £1bn of assets, and we undertake pensions administration for over 800,000 scheme members.