XPS Pensions Group Plc Board has proposed a final dividend of 7.0p (FY 2023: 5.7p). The final dividend, which amounts to £14.6 million (FY 2023: £11.8 million), will be paid on 23 September 2024 to those shareholders on the register on 23 August 2024
Other financial highlights include:
Client demand and inflationary fee increases drove 21% growth in Group revenues to £196.6 million
Operational gearing continuing to improve with adjusted EBITDA up 32% YoY, with margin increasing to 27.9% from 25.5% last year
Pensions Actuarial Consulting grew 21% and Pensions Investment Consulting grew 13% driven by client demand due to continued market and regulatory changes, alongside inflationary fee increases
Pensions Administration revenue grew 25% YoY driven by new client wins, inflationary fee increases and increased levels of project work in areas such as GMP and the McCloud remedy.
SIP revenues up 17% with underlying sales, and increases in commission tracking the bank base rate
The National Pension Trust (NPT) was sold in November 2023 to SEI for an initial cash consideration of £35.0 million, with the Group simultaneously entering into a long-term contract to provide services to SEI
Strong balance sheet supported by highly cash generative platform - operating cash-flow conversion of 104% (FY 2023: 99%)
Net debt/adjusted EBITDA substantially reduced to 0.27x at 31 March 2024 (31 March 2023: 1.38x)
Statutory profit before tax up 227% YoY. Excluding the impact of the NPT disposal, statutory profit before tax was up 57%
Adjusted diluted EPS up 24% YoY to 15.1p despite the increase in corporation tax rate from 19% to 25%
