Pension group XPS has reported flat profits for the 12 months ending 31 March at £11.4m but remains positive about the year ahead.

The firm has quoted two profit figures with one, including the new IFRS 16 reporting standard, showing a decline in full year profits to £11.1m.

The pre-IFRS 16 figures show pre-tax profits the same as last year at £11.4m.

Despite the lack of profit growth the firm says it has been resilient during the Coronavirus crisis and prospects for the year ahead look reasonable with the group “trading well” in April and May and demand for services from pension trustees expected to rise.

However XPS remains concerned about “headwinds” which could be caused by economic uncertainty related to Covid-19.

Total pensions revenue was up 9% to £111.3m with SIPP business remaining stable at £6.1m.

Pensions actuarial and consulting produced the lion’s share of revenue at £58.8m, up 4% on the previous year. Pensions administration was second at £42.9m, up 14% yoy. Pensions investment consulting saw 19% revenue growth to £9.6m.

1. The company said total revenue growth of 9% was fuelled by “significant” new client wins as well as the impact of acquisitions and organic growth of 5%.  
2. XPS say it has made a “resilient response” to Coronavirus with almost all staff working from home successfully.

Ben Bramhall, Co-CEO of XPS Pensions Group, said: “The past year was a pleasing one in terms of delivering on our strategy. 

“The Pensions Actuarial and Consulting business returned to growth, and achieved new client wins over the year on some large and prestigious accounts which show the strength of the XPS proposition in the market.   

Paul Cuff, Co-CEO of XPS Pensions Group, said: “Against this backdrop of good group performance, we were also pleased with our two acquisitions which have already bedded into the group very well. In Edinburgh, the Royal London team have boosted our capability in serving small schemes, and in Bristol our acquisition of Trigon has enabled us to expand the services received by their clients.”