SIPP provider Curtis Banks has reported pre tax profit up by 8% to £10.9m for 2019.

Operating revenue rose 6% to £48.9m.

The firm saw the number of own SIPP plans it administers up 7% but overall numbers fell slightly from 77,730 to 76,541 due to attrition from older books and a slowdown in the pension transfer market. 

Assets under Administration were up by 17.3% to £29.1bn.

Will Self, chief executive of Curtis Banks, said the results showed “disciplined growth” but admitted the Covid-19 outbreak has created uncertainty for the rest of the year.

He said: “These results demonstrate growth across all our financial metrics during a year in which we made important changes to the executive team and demonstrated the positive results of operational changes made in recent years.

“The highlights of our financial results show disciplined growth and an improving operating margin. During the year, we continued to invest in the operations of our business. A key highlight has been the launch of Your Future SIPP which has been a success with enormously positive feedback received from the adviser community.

“2020 began well with an improvement in the wider market, but the current COVID-19 outbreak has created uncertainty as to the outlook for the remainder of the financial year.

“It is clear that there will be a level of impact over the coming months, including operational disruption, but we have contingency plans in place for the business and the health of our employees and clients are our main priority."

The company has acquired numerous SIPP books in recent years and remains on the lookout for acquisitions. Chairman Chris Macdonald said: "We continue to actively seek appropriate acquisition opportunities to complement our organic growth."