XPS Pension Group’s revenue increased by 113 per cent to £52.2m between 30 September 2017 and 30 September 2018, according to its latest interim results.
The increase was attributed to a combination of the integration of Punter Southall businesses worth £26.7m and underlying growth in the combined business, on a pro-forma basis, of 3.3 per cent.
Its revenue from its pensions business alone increased from £15.4m to £27.8m over this period.
Commenting on the report, XPS Pensions Group co-CEO, Ben Bramhall said: "This is the first reporting period that includes the Punter Southall acquisition for the duration of the period.
“The combined business has done well following the merger, with several large new clients and project wins.
“The successful integration of the two businesses has been underpinned by the fantastic attitude of the XPS employees.”
However, the company’s operating profit fell by 98 per cent, from £4.2m to £0.1m, although if you discount costs relating to the integration with Punter Southall, the adjusted operating profit increased by 63 per cent to £11.4m.
Its number of pensions clients decreased from 505 on 31 March 2018 to 493, due largely to “the non-recurrence of a number of one-off projects”.
As of 30 September 2018, the company’s assets totalled £246m, down from £256m six months prior.
However, its liabilities also fell from £102m to £97m over the same period.
XPS Pensions Group co-CEO, Paull Cuff added: “We are seeing significant growth opportunities in the pensions industry driven by an increasingly positive regulatory background around issues such as GMP Equalisation and the ongoing CMA review into investment consulting.
“Against the backdrop of these difficult and complex issues, our clients continue to rely on us for expert advice.”
XPS Pension Group also acquired Kier Pensions Administration, completed on 31 October 2018, which it hopes will “open up wider strategic opportunities in the public sector”.
It also sold its healthcare business, announced on 18 September 2018, to focus on its core market of pensions.