XPS Pensions lifts full-year revenue expectations
By Michele Maatouk
Date: Wednesday 22 Mar 2023
(Sharecast News) - XPS Pensions said on Wednesday that full year-revenues were set to be ahead of consensus expectations following a strong end to the year.
In an update ahead of its results for the year to the end of March 2023, the company lifted its revenue guidance to between £163m and £165m, which represents year-over-year growth of 17% to 19%.
"The resilience and predictability of our business model has driven a strong performance for the year," it said. "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."
XPS said the advisory business has continued to see high levels of client activity, partly driven by continued regulatory changes and demand for advice in response to increased volatility in financial markets following the "mini-budget" last September.
It also highlighted "significant" growth in Risk Transfer services as funding positions have improved and clients have looked to de-risk. XPS said its pensions administration, SIP and NPT businesses have all performed in line with expectations.
Co-chief executive officer Paul Cuff said: "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."
At 1025 GMT, the shares were up 6.6% at 159.90p.
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