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Pension consultancy and administrator XPS Pension Group has reported 8% progress in revenues over the previous 12 months because of sturdy progress in advisory income, in line with a buying and selling replace forward of its full 12 months ends in June.
The corporate mentioned underlying the optimistic efficiency was advisory revenues up 7% 12 months on 12 months.
Pensions Actuarial and Consulting grew 5% and Pensions Funding Consulting grew 18%.
The corporate, which advises greater than 1,500 pension schemes masking 930 members, mentioned its advisory arm continued to see excessive consumer exercise ranges pushed by continued regulatory modifications in addition to additional new enterprise wins.
Pensions Administration revenues grew 9% 12 months on 12 months pushed by new consumer wins approaching stream and challenge work.
Assertion of Funding Ideas (SIP) revenues had been up 9% 12 months on 12 months as sturdy underlying gross sales helped offset the impression of the financial institution base fee discount within the first half of the 12 months.
The agency says the latest base fee will increase ought to have a optimistic impression on revenues.
In milestones in the course of the 12 months, the acquisition of the commerce and belongings of Michael J Discipline Consulting Actuaries was accomplished in February 2022.
The Nationwide Pensions Belief enterprise carried out strongly with income rising 38% 12 months on 12 months, and complete belongings beneath administration over £1.3 billion.
Final month the group launched its new UK outlined profit grasp belief with abrdn which it expects will convey a further product set to assist pension funds.
Paul Cuff, co-CEO, mentioned: “This 12 months we celebrated our five-year anniversary of itemizing on the London Inventory Alternate, and it was a really profitable 12 months for the Group. A key headline is after all the sturdy progress throughout all our divisions however there have been many extra milestones alongside the best way.
“Whereas every of those had been pleasing achievements for the group, we additionally continued to take care of our give attention to delivering for all our purchasers who’ve wanted our help towards a backdrop of great ranges of regulatory change. It has been implausible to win a number of massive, high-profile mandates in the course of the 12 months along with the BT Group; these new wins will come absolutely on stream within the 12 months forward and help our continued confidence in progress into the long run.”
The agency employs 1,325 workers at 15 UK areas.
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