XPS Pensions announces chairman exit and steady client growth amid regulatory changes
London-listed firm XPS Pensions reported steady organic growth this morning, as well as announcing that its chairman, Tom Cross Brown, will be retiring in September.
The firm reported growth across the board, with revenues growing eight per cent organically year on year.
Advisory work has continued to see high client activity levels driven by continued regulatory changes as well as further new business wins for the Group. This has led to a seven per cent boost in revenues.
Pensions Administration revenues grew nine per cent year on year driven by new client wins coming on stream and project work.
The National Pensions Trust (“NPT”) business performed strongly with revenue growing 38 per cent year on year, and total assets under management now over £1.3bn.
Commenting on the results Paul Cuff, Co-CEO, said: “This year we celebrated our five-year anniversary of listing on the London Stock Exchange, and it was a very successful year for the Group. A key headline is of course the strong growth across all our divisions but there were many more milestones along the way.
However, he did say that the firm was “mindful” of the current inflationary backdrop but remains “confident in our business model to be able to minimise the impact of inflationary pressures on profits through a continued focus on overall efficiency and our disciplined approach to pricing”.
The company also took the opportunity to announce Tom Cross Brown’s departure.
“I am sad to retire and have thoroughly enjoyed working with XPS since the initial IPO and throughout the important changes and developments since. I wish XPS great success in the years ahead”, Cross Brown said.