A total turnover of £120.9m for the year of 2022 has been reported by Barnett Waddingham in its latest annual report.

In the update, Annual Report and Accounts 2021-2022, Barnett Waddingham stated that its turnover had increased from £112.8m in 2021, representing a 7 per cent year-on-year increase.

The update described this growth as “pleasing” due to the recent shift in the economic landscape in light of factors such as the war in Ukraine and the continued transition back to the “new normal” following the Covid-19 pandemic.

Barnett Waddingham’s update also revealed other areas of growth in 2022, as operating profit increased from £31.6m in 2021 to £32.5m in 2022, while total comprehensive income for the year rose from £479,561 in 2021 to £882,768 in 2022.

Additionally, it was revealed that £6.6m of new annual recurring business and £3.4m of new projects had been added to the organisation over the past year.

Services to defined benefit (DB) pension schemes remained a central business focus, according to the update, which revealed revenue growth for the DB area of 7 per cent for the year ending 31 May 2022.

However, the update suggested that diversifying services outside of DB pensions are expected to play "increasingly important" roles in the future of BW, noting that a number of these areas also saw growth in 2022.

In particular, it revealed that the employer consulting business saw revenue grow by 11 per cent, while its insurance consulting business area also saw very strong growth, with a 15 per cent increase in revenue.

The update also provided insight into the developments in Barnett Waddingham’s recruitment, revealing that 314 new people had joined the organisation over the past year, 84 per cent of which came from direct recruitment such as staff referrals and direct applicants.

Barnett Waddingham senior partner, Andrew Vaughan, commented: “Despite the pressures of the past couple of years, Barnett Waddingham has once again demonstrated impressive resilience and another excellent year.

“This success can very clearly be attributed to the adaptable and hard-working professionals across Barnett Waddingham who have remained steadfastly focused on providing industry-leading levels of client service and continuing to deliver innovative, tailored solutions."

Vaughan went on to state that this continued growth allows the organisation to maintain its investment programme in its people, services and technology to ensure that it continues to be a leading, independent professional services consultancy right across risk, pensions, investment and insurance.

"Our ongoing investment programme is vital to the success of Barnett Waddingham and is something that we continue to prioritise every year as a business," he continued.

“Looking ahead, we remain extremely positive for the continued success right across our organisation. We continue to win new clients, expand the services we provide, invest in our people and systems, and maintain the standards expected of our high-quality services to clients.”

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