XPS Pensions Group

XPS · Main Market · Financial Services · mcap £626m · 304.5p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 18 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £618.2m
Owner’s net cash: −£45.4m
Net cash / market cap: -7%
EV ex leases: £663.6m
Revenue: £262.7m
Operating profit: £43.2m
Free cash flow after leases: £42.3m
EV / EBIT: 15.4×
FCF yield: 6.8%
Price / tangible book: 3.54×
ROCE: 16%
Net income (owners): £26.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 18 Jun 26 · read the results ↗

Source ↗

	2026 Trading items £'000	2026 Non-trading and exceptional items 1 £'000	2026 Total £'000	2025 Trading items £'000	2025 Non-trading and exceptional items 1 £'000	2025 Total £'000
Revenue	262,659	-	262,659	231,785	-	231,785
Other operating (expense)/income	-	(110)	(110)	-	988	988
Operating expenses	(193,992)	(25,327)	(219,319)	(168,888)	(19,703)	(188,591)
Profit/(loss) from operating activities	68,667	(25,437)	43,230	62,897	(18,715)	44,182
Finance income	91	-	91	109	-	109
Finance costs	(4,607)	-	(4,607)	(3,541)	-	(3,541)
Profit/(loss) before tax	64,151	(25,437)	38,714	59,465	(18,715)	40,750
Income tax (expense)/credit	(16,214)	4,058	(12,156)	(14,353)	3,946	(10,407)
Profit/(loss) after tax and total comprehensive income/(loss) for the year	47,937	(21,379)	26,558	45,112	(14,769)	30,343
Pence Pence Pence Pence
Profit or loss
Basic earnings per share	23.5	-	13.0	21.9	-	14.7
Diluted earnings per share	22.3	-	12.4	20.6	-	13.8

Source ↗

	2026 £'000	2025 £'000
Assets
Non-current assets
Property, plant and equipment	5,889	5,278
Right-of-use assets	14,373	13,835
Intangible assets	218,247	222,998
Other long-term receivables	2,985	5,971
Total non-current assets	241,494	248,082
Current assets
Trade and other receivables	70,432	60,683
Current income tax asset	714	-
Cash and cash equivalents	16,848	14,717
Total current assets	87,994	75,400
Total assets	329,488	323,482
Liabilities
Non-current liabilities
Loans and borrowings	62,251	54,021
Lease liabilities	12,473	12,038
Provisions	2,717	2,903
Trade and other payables	5,488	670
Deferred tax liabilities	17,070	16,138
Total non-current liabilities	99,999	85,770
Current liabilities
Lease liabilities	3,353	2,915
Provisions	3,728	2,700
Trade and other payables	47,561	46,456
Current income tax liabilities	-	234
Total current liabilities	54,642	52,305
Total liabilities	154,641	138,075
Net assets	174,847	185,407
Equity
Equity attributable to owners of the parent
Share capital	104	104
Share premium	1,786	1,786
Merger relief reserve	48,687	48,687
Investment in own shares held in trust	(18,233)	(15,142)
Retained earnings	142,503	149,972
Total equity	174,847	185,407

Source ↗

	2026 £'000	2025 £'000
Cash flows from operating activities
Profit for the year	26,558	30,343
Adjustments for
Depreciation	1,234	1,034
Depreciation of right-of-use assets	2,986	2,962
Amortisation	12,246	9,832
Finance income	(91)	(109)
Finance costs	4,607	3,541
Gain on acquisition of business	-	(988)
Fair value loss on consideration paid	110	-
Share-based payment expense	7,025	5,946
Income tax expense	12,156	10,407
Total adjustments for	66,831	62,968
Increase in trade and other receivables	(6,763)	(13,509)
Increase in trade and other payables	5,713	2,060
Increase in provisions	405	1,449
	66,186	52,968
Income tax paid	(10,970)	(11,152)
Net cash inflow from operating activities	55,216	41,816
Cash flows from investing activities
Finance income received	91	109
Acquisition of subsidiary, net of cash acquired	-	(13,774)
Purchases of property, plant and equipment	(2,149)	(2,101)
Purchases of intangibles	(7,827)	(6,089)
Net cash outflow from investing activities	(9,885)	(21,855)
Cash flows from financing activities
Proceeds from existing loans	18,000	39,333
Repayment of loans	(10,000)	(9,000)
Payment relating to extension of loan facility	-	(332)
Proceeds from the exercise of share options settled by EBT shares	2,275	868
Purchase of own shares by EBT	(20,914)	(18,715)
Interest paid	(3,710)	(2,312)
Lease interest paid	(666)	(318)
Payment of lease liabilities	(2,255)	(1,997)
Dividends paid to the holders of the parent	(25,047)	(22,185)
Dividend equivalents paid on vesting of share options	(883)	(591)
Net cash outflow from financing activities	(43,200)	(15,249)
Net increase in cash and cash equivalents	2,131	4,712
Cash and cash equivalents at start of year	14,717	10,005
Cash and cash equivalents at end of year	16,848	14,717

Source ↗

	2025 Trading items Unaudited £'000	2025 Non-trading and exceptional items 1 Unaudited £'000	2025 Total Unaudited £'000	2024 Trading items Unaudited £'000	2024 Non-trading and exceptional items 1 Unaudited £'000	2024 Total Unaudited £'000
Revenue	128,526	-	128,526	113,414	-	113,414
Operating expenses	(98,545)	(14,205)	(112,750)	(85,590)	(8,232)	(93,822)
Profit/(loss) from operating activities	29,981	(14,205)	15,776	27,824	(8,232)	19,592
Finance income	52	-	52	36	-	36
Finance costs	(2,165)	-	(2,165)	(1,383)	-	(1,383)
Profit/(loss) before tax	27,868	(14,205)	13,663	26,477	(8,232)	18,245
Income tax (expense)/credit	(7,003)	1,981	(5,022)	(6,973)	1,766	(5,207)
Profit/(loss) after tax and total comprehensive income for the period	20,865	(12,224)	8,641	19,504	(6,466)	13,038
Pence Pence Pence Pence
Profit or loss
Basic earnings per share	10.2	4.2	9.4	6.3	–	–
Diluted earnings per share	9.7	4.0	8.9	5.9	–	–

Source ↗

	30 September 2025 Unaudited £'000	31 March 2025 Audited £'000
Assets
Non-current assets
Property, plant and equipment	5,356	5,278
Right-of-use assets	15,649	13,835
Intangible assets	220,170	222,998
Other long-term receivables	4,479	5,971
Total non-current assets	245,654	248,082
Current assets
Trade and other receivables	63,312	60,683
Current income tax asset	1,734	-
Cash and cash equivalents	10,843	14,717
Total current assets	75,889	75,400
Total assets	321,543	323,482
Liabilities
Non-current liabilities
Loans and borrowings	72,126	54,021
Lease liabilities	13,596	12,038
Provisions	2,433	2,903
Trade and other payables	4,435	670
Deferred tax liabilities	17,791	16,138
Total non-current liabilities	110,381	85,770
Current liabilities
Lease liabilities	3,473	2,915
Provisions	3,128	2,700
Trade and other payables	36,332	46,456
Current income tax liabilities	-	234
Total current liabilities	42,933	52,305
Total liabilities	153,314	138,075
Net assets	168,229	185,407
Equity
Equity attributable to owners of the parent
Share capital	104	104
Share premium	1,786	1,786
Merger relief reserve	48,687	48,687
Investment in own shares held in trust	(13,374)	(15,142)
Retained earnings	131,026	149,972
Total equity	168,229	185,407

Source ↗

	2025 Unaudited £'000	2024 Unaudited £'000
Cash flows from operating activities
Profit after tax for the period	8,641	13,038
Adjustments for
Depreciation	581	486
Depreciation of right-of-use assets	1,415	1,390
Amortisation	6,181	4,621
Finance income	(52)	(36)
Finance costs	2,165	1,383
Share-based payment expense	3,461	2,586
Income tax expense	5,022	5,207
Total adjustments for	27,414	28,675
Increase in trade and other receivables	(1,137)	(2,287)
Decrease in trade and other payables	(5,485)	(1,683)
(Decrease)/increase in provisions	(383)	122
	20,409	24,827
Income tax paid	(4,912)	(6,068)
Net cash inflow from operating activities	15,497	18,759
Cash flows from investing activities
Purchases of property, plant and equipment	(735)	(1,603)
Purchases of software	(3,688)	(2,779)
Net cash outflow from investing activities	(4,423)	(4,382)
Cash flows from financing activities
Proceeds from existing loans	18,000	12,000
Repayment of loans	-	(4,000)
Payment relating to extension of loan facility	(20)	-
Purchase of own shares	(14,485)	(6,405)
Proceeds from the exercise of share options settled by EBT shares	1,899	767
Interest paid	(1,660)	(870)
Lease interest paid	(207)	(166)
Payment of lease liabilities	(902)	(966)
Dividends paid to the holders of the parent	(16,697)	(14,577)
Dividend equivalents paid on vesting of share options	(876)	(591)
Net cash outflow from financing activities	(14,948)	(14,808)
Net decrease in cash and cash equivalents	(3,874)	(431)
Cash and cash equivalents at start of the period	14,717	10,005
Cash and cash equivalents at end of period	10,843	9,574

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	262.7	231.8
Adjusted EBITDA	75.7	69.7
EBITDA	59.7	58.0
Adjusted operating profit	68.7	62.9
Exceptional / adjusting items	(25.4)	(18.7)
Operating profit	43.2	44.2
Depreciation (owned assets)	1.2	1.0
Depreciation (right-of-use)	3.0	3.0
Amortisation	12.2	9.8
Share-based payments	7.0	5.9
Operating profit to net income
Finance costs	(4.6)	(3.5)
Profit before tax	38.7	40.8
Tax	(12.2)	(10.4)
Net income (owners)	26.6	30.3
Per share
EPS basic	13.0p	14.7p
EPS diluted	12.4p	13.8p
Dividend per share	13.2p	11.9p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	134.1	128.5	118.4	113.4
Adjusted EBITDA	42.2	33.4	38.8	30.9
EBITDA	35.7	24.0	31.9	26.1
Adjusted operating profit	38.7	30.0	35.1	27.8
Operating profit	27.5	15.8	24.6	19.6
Depreciation (owned assets)	0.7	0.6	0.5	0.5
Depreciation (right-of-use)	1.6	1.4	1.6	1.4
Amortisation	6.1	6.2	5.2	4.6
Share-based payments	3.6	3.5	3.4	2.6
Operating profit to net income
Finance costs	(2.4)	(2.2)	(2.2)	(1.4)
Profit before tax	25.1	13.7	22.5	18.2
Tax	(7.1)	(5.0)	(5.2)	(5.2)
Net income (owners)	17.9	8.6	17.3	13.0
Per share
EPS basic	8.8p	4.2p	8.4p	6.3p
EPS diluted	8.4p	4.0p	7.9p	5.9p
Dividend per share	9.1p	4.1p	8.2p	3.7p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	55.2	41.8
Interest paid	(3.7)	(2.3)
Tax paid	(11.0)	(11.2)
Investing activities
Capex (PP&E)	(2.1)	(2.1)
Capex (intangibles)	(7.8)	(6.1)
Financing activities
Lease principal paid	(2.3)	(2.0)
Lease interest paid	(0.7)	(0.3)
Dividends paid	(25.0)	(22.2)
Share buybacks	(20.9)	(18.7)
Shares issued	2.3	0.9

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	39.7	15.5	23.1	18.8
Interest paid	(2.0)	(1.7)	(1.4)	(0.9)
Tax paid	(6.1)	(4.9)	(5.1)	(6.1)
Investing activities
Capex (PP&E)	(1.4)	(0.7)	(0.5)	(1.6)
Capex (intangibles)	(4.1)	(3.7)	(3.3)	(2.8)
Financing activities
Lease principal paid	(1.4)	(0.9)	(1.0)	(1.0)
Lease interest paid	(0.5)	(0.2)	(0.2)	(0.2)
Dividends paid	(8.3)	(16.7)	(7.6)	(14.6)
Share buybacks	(6.4)	(14.5)	(12.3)	(6.4)

	31 Mar 26	31 Mar 25
Non-current assets
Other intangibles	–	223.0
Property, plant & equipment	5.9	5.3
Non-current assets	241.5	248.1
Current assets
Trade receivables	70.4	60.7
Cash	16.8	14.7
Current assets	88.0	75.4
Total assets	329.5	323.5
Current liabilities
Trade payables	47.6	46.5
Lease liabilities, current	3.4	2.9
Current liabilities	54.6	52.3
Non-current liabilities
Borrowings, non-current	62.3	54.0
Lease liabilities, non-current	12.5	12.0
Non-current liabilities	100.0	85.8
Total liabilities	154.6	138.1
Equity
Total equity	174.8	185.4
Net cash and other figures
Net cash / (debt) ex leases	(46.2)	(40.3)

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Other intangibles	–	220.2	223.0	–
Property, plant & equipment	5.9	5.4	5.3	–
Non-current assets	241.5	245.7	248.1	–
Current assets
Trade receivables	70.4	63.3	60.7	–
Cash	16.8	10.8	14.7	–
Current assets	88.0	75.9	75.4	–
Total assets	329.5	321.5	323.5	–
Current liabilities
Trade payables	47.6	36.3	46.5	–
Lease liabilities, current	3.4	3.5	2.9	–
Current liabilities	54.6	42.9	52.3	–
Non-current liabilities
Borrowings, non-current	62.3	72.1	54.0	–
Lease liabilities, non-current	12.5	13.6	12.0	–
Non-current liabilities	100.0	110.4	85.8	–
Total liabilities	154.6	153.3	138.1	–
Equity
Total equity	174.8	168.2	185.4	–
Net cash and other figures
Net cash / (debt) ex leases	(46.2)	(62.2)	(40.3)	(22.4)
Undrawn facilities	–	47.0	–	–

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Company filings. Not investment advice.