An interim dividend of 2.4p has been declared by the Board XPS Pensions Group (2020: 2.3p). The interim dividend amounting to £4.9 million (2020: £4.7 million), will be paid on 3 February 2022 to those shareholders on the register on 7 January 2022.
Other financial highlights include:
High levels of client activity and new business wins drove 10% organic growth in Group revenues to £67.3 million
Advisory revenue growth of 10% comprised:
o Fourth consecutive half year of YoY growth in Pensions Actuarial and Consulting revenues (+7% YoY)
o Continued strong double digit growth in Investment Consulting revenues (+26% YoY)
Pensions Administration revenue growth of 9% YoY driven by new client wins coming on stream and project work
SIP revenues down 3% YoY as expected due to the bank base rate reductions but underlying SIP sales have grown
NPT assets under management (AUM) up 49% YoY to c.£1.2 billion and combined with recovery in asset prices driving 50% YoY increase in revenues
Investment in headcount and increases in certain central costs mean adjusted EBITDA of £15.5 million is up 5% YoY
Statutory profit before tax of £7.1m is up 154%, reflecting both the revenue growth as well as an exceptional credit and lower non-trading items during the period (£4.9 million; 2020: £8.5 million)
Net debt/adjusted EBITDA of 1.87x as at 30 September 2021 (2020: 1.78x)
New RCF of £100 million on a four-year term in place to support growth
