XPS Pensions Group PLC Pre-close trading update (7730T)
March 22 2023 - 3:00AM
UK Regulatory
TIDMXPS
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 GBP163 million - GBP165 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 GBP1bn.
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END
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