Pension group XPS has reported a 5% rise in profit (adjusted EBITDA) for the year ending 31 March and 7% total revenue growth, driven by client demand across the firms pensions divisions.

Particularly strong growth was seen by the investment consulting division which reported a 21% rise in revenue.

However, the firm's SIPPs business revenue dropped by 8% to £5.6m.

During the year, the group did not take up any Government Coronavirus pandemic support loans and did not utilise the furlough scheme. The firm also made no redundancies as a result of the pandemic.

The firm also hinted that it is looking for further acquisitions, saying that it is operating in a fragmented market and is “well place to growth through further M&A.”

The firm expects strong demand to build this year as a result of evolving pension regulation.

Ben Bramhall, co-CEO of XPS, said: “The outlook for the business is positive as we continue to invest in our people and services. In particular, we anticipate strong demand as we help clients address the challenging regulatory environment, including the pending overhaul of funding regulations, GMP equalisation and the consequences of the finalised CMA Review.”

The firm also announced that it is to start a new ‘post pandemic’ flexible approach to working called ‘My XOS, My Choice’. Under the new flexible working scheme, employees will have more control over how they work going forwards.

Paul Cuff, co-CEO of XPS, said he thinks the new flexible working scheme will “enhance our reputation as a great place to work, enabling us to continue to attract and retain talent in our business.”