|
XPS Pensions Group PLC on Thursday reported a strong rise in interim revenue, although this was outstripped by operating cost increases limiting underlying profit growth. The Reading, England-based pensions consultant and administrator said pretax profit fell 25% to £13.7 million in the half year that ended September 30 from £18.2 million the year prior but was up 5.3% to £27.9 million from £26.5 million on an adjusted basis. Revenue rose 13% to £128.5 million from £113.4 million with Advisory up 19%, Administration up 6.4%, and SIP up 10%. ‘Strong client demand, continuing project work, expansion of services, and expansion into the insurance consulting market’ drove the revenue growth, XPS said. Organic revenue grew 8% which was ‘particularly pleasing’ given the significant revenue from the one-off McCloud remedy project in prior year comparator, XPS added. Operating costs, excluding exceptional and non-trading items, rose 15% to £98.5 million slightly ahead of the growth in group revenue. Earnings per share fell 33% to 4.2 pence from 6.3p, but increased 8.5% to 10.2p from 9.4p on an adjusted basis. Adjusted measures exclude the impact of amortisation of acquired intangibles, share based payments and exceptional items. XPS boosted its dividend by 11% to 4.1p per share from 3.7p. Looking ahead, XPS said it is ‘confident of achieving full year results in line with its previous expectations’. ‘The pensions industry is experiencing more change now than at any point in the past two decades, all of which drives increasing need for advice which XPS is well placed to provide,’ it added. Shares in XPS Pensions were down 3.1% to 326.00p each in London on Thursday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
