REG - XPS Pensions Group - Pre-close trading update

XPS PensionsAnnouncement

22/03/2023 07:15

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RNS Number : 7730T  XPS Pensions Group PLC  22 March 2023

22 March 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

 

XPS Pensions Group plc

 

Pre-close trading update

 

A strong finish to the year, anticipated ahead of expectations

 

XPS Pensions Group plc ("XPS" or the "Group") is pleased to provide its
pre-close trading update (unaudited) for the year ending 31 March 2023 ahead
of its full year results expected to be released in late June.

 

Trading update

 

The Group has continued to perform strongly, and the Board now expects
revenues for the full year to be ahead of current consensus, in the range of
£163 million - £165 million, representing YoY growth of 17% - 19%.

The resilience and predictability of our business model has driven a strong
performance for the year. As previously highlighted, the inflation-linkage of
our contracts across our services has supported growth, albeit for many
contracts this only took effect mid-year and so will not be fully reflected in
FY23.

Our Advisory business has continued to see high levels of client activity,
driven in part by continued regulatory changes and demand for advice in
response to the increased volatility in financial markets, following the
"mini-budget" in September 2022.  We have also seen significant growth in
Risk Transfer services as funding positions have improved and clients have
looked to de-risk. Our Pensions Administration, SIP and NPT businesses have
all performed in line with expectations.

The Group has continued to invest in people and technology to support future
growth. The Board is confident that costs have been managed well and expects
operational gearing to have improved.

Capital Markets Day

The Group plans to host a Capital Markets Day event for analysts and
institutional investors in London in May 2023.  Further details of the event
and registration will be announced in due course.  We anticipate that the
Group's next trading update will also be on the same day.

Paul Cuff, Co-CEO commented:

"We are pleased to be on course for a strong financial performance for the
year.  It was a year of extraordinary change in financial markets, with
rising interest rates and inflation posing significant challenges for our
clients.  I am very proud of how well we have served them throughout, and I
would like to thank all our people for their extraordinary dedication."

 

-Ends-

 

For further information, contact:

 

Enquiries:

 XPS Pensions Group
 Snehal Shah, Chief Financial Officer  +44 (0)20 3978 8626

 Canaccord Genuity (Joint Broker)      +44 (0) 20 7523 8000
 Adam James
 Patrick Dolaghan

 RBC Capital Markets (Joint Broker)     +44 (0)20 7653 4000
 James Agnew
 Jonathan Hardy
 Jamil Miah

 Media Enquiries
 Camarco
 Gordon Poole                          +44 (0)20 3757 4997
 Rosie Driscoll                        +44 (0)20 3757 4981

The person responsible for making this announcement is Zoe Adlam (Company
Secretary)

 

Notes to Editors:

 

XPS Pensions Group is a leading pension consulting and administration
business focussed on UK pension schemes. XPS combines expertise, insight and
technology to address the needs of over 1,500 pension schemes and their
sponsoring employers on an ongoing and project basis. We undertake pensions
administration for over 1 million members and provide advisory services to
schemes and corporate sponsors in respect of schemes of all sizes, including
51 with assets over £1bn.

 

 

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