23rd Apr 2021 11:34
(Alliance News) - XPS Pensions Group PLC on Friday said it expects to report an annual revenue hike and a performance which meets market expectations.
The Reading-based pensions actuarial, consulting and administration firm said that in the year ended March 31, revenue rose 7%, or 6% excluding the contribution of acquisitions. In financial 2020, XPS reported revenue of GBP119.8 million.
"Underlying this, revenues within Pensions Advisory grew by 6% year-on-year. The component parts of Pensions Advisory each grew, with Pensions Actuarial & Consulting growing by 3% and Pensions Investment Consulting by 21%. The Pensions Administration business grew by 9%," XPS added.
At SIPP, its self-invested pensions plans arm, revenue fell 8% annually, which XPS put down to low interest rates.
"The National Pensions Trust business has performed well with revenue growing 35% year-on-year with a faster-than-expected recovery in asset prices, as well as additional asset transfers, with total assets under management now over GBP1 billion," XPS added.
"The board is pleased with the group's performance and anticipates that the financial performance will be in line with market expectations."
XPS shares were 2.1% lower at 124.40 pence each in London on Friday morning.
XPS expects to release its annual results on June 24.
By Eric Cunha; [email protected]
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