The figure is unaudited and comes ahead of full year results expected to be released on 20 June.

The group, one of the UK’s leading pension consultancy and administrators, says that it has continued to perform “strongly” with Pensions Actuarial Consulting revenues up 20% year on year, Pensions Investment Consulting revenues up 13%, administration revenues grew 24% and SIPP revenues rising 17% year on year.   

It said it had seen high levels of demand for our services due to continued regulatory change, new clients and the inflation-linkage of contracts. 

Growth drivers in the year include GMP equalisation, rectification projects following the McCloud judgement, and the impact of new business wins in the Risk Transfer market. 

The company says thes areas should provide a “strong underpin” for growth in the next full year. 

The group said it expected “further regulatory tailwinds” with the introduction of the new General Code of Practice (effective end of March 2024) and the new Funding Code of Practice (likely effective September 2024) both of which will impact defined benefit clients driving demand for our services. 

XPS said costs had been managed well and the board expects full year results ahead of its own previously upgraded expectations.

Paul Cuff, co-CEO, said: “We are pleased to be on course for a strong financial performance for the year.  We have seen good growth across all our lines of business, as we have responded to strong client demand including in areas that we have invested in over recent years such as our risk transfer advisory capability. 

“We grew strongly in the prior year too, so to achieve further like-for-like growth of 20% on top of that is very pleasing.  We have achieved this with a strong culture and I would like to thank all our people for the way they support each other and our clients.”