24th Oct 2019 11:54
(Alliance News) - XPS Pensions Group PLC on Thursday said it is in "strong" position to take advantage of new opportunities following high-single-digit revenue growth in first half of its current financial year.
The stock was 5.2% higher in late morning trade in London at 115.70 pence a share.
The investment consulting and pension administration company said its performance in the six months to the end of September was in line with its expectations. Total revenue grew by 8% year-on-year from GBP52.2 million generated last year.
On a divisional basis, the Pensions Administration business grew by 19% and the Pensions Investment business grew by 11%. However, revenue for the Pensions Actuarial & Consulting business were flat year-on-year, reflecting the modest impact of the Royal London acquisition which completed at the end of May.
"We are pleased with our overall progress, including in the Pensions Actuarial & Consulting business where we have also had a number of client wins," said Co-Chief Executive Paul Cuff.
XPS Pensions said it has made further progress on the operational integration of the Punter Southall businesses, and has successfully exited the transitional services agreement in respect of IT.
Looking ahead, Cuff added: "The good progress we have made on operational integration puts us in a strong position to take advantage of the market opportunities before us."
XPS Pensions expects to report its half-year results on November 28.
By Evelina Grecenko; [email protected]
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