Post-Close Trading Update
Revenue grew 13% to record levels with organic growth of 7%, in line with expectations.
vs expectations: in line
- Revenue growth +13%
- Organic growth +7%
- Core Advisory revenue growth +20%
- Core Advisory as % of Group revenue 57%
- Administration as % of Group revenue 38%
- Insurer revenues as % of Group revenue 10%
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XPS Group, a leading Pensions and Insurance Consulting and Administration business, is pleased to provide its post-close trading update (unaudited) in respect of the year ended 31 March 2026 ahead of announcing full year results on 18 June 2026.
Strong revenue growth coupled with ongoing disciplined cost management and delivery of operating efficiencies means the Board is confident of achieving full year results in line with expectations.
Summary
XPS has continued to perform strongly with revenues growing 13% and organic growth of 7% being particularly pleasing given the very strong comparative prior year performance. This builds on the Group's track-record of double-digit revenue growth in recent years, with aggregate revenue growth of more than 100% over the last five financial years. Key highlights are:
| • | Very strong underlying performance, with Group revenues up 18% after adjusting for the McCloud remedy project in the prior year (organic growth of 12%) |
| • | Good performance across all service lines, with new client wins in all areas and project wins in Risk Transfer, Insurance Consulting and Administration |
| • | Core Advisory, including the expanding Insurance Consulting business, up 20% and accounting for 57% of Group revenue, continuing to benefit from a supportive pensions market backdrop of ongoing regulatory change |
| • | Administration up 5%, accounting for 38% of Group revenue, despite significant revenues from the McCloud remedy project in the prior year |
| • | SIP up 10%, delivering its fourth consecutive year of double-digit growth |
| • | Revenues from insurers across all business units have tripled, and now represent 10% of Group revenues, supported by the Polaris acquisition in February 2025 and success in winning mandates to deploy broader XPS capabilities |
| • | Ongoing regulatory change, including run-on for surplus extraction, continuing to underpin strong demand. Inflation linked contracts remain a structural benefit to the Group. |
Paul Cuff, Co-CEO commented:
"We are very pleased with the full year performance of the Group, with another period of excellent growth. Our strong organic performance has been supplemented by the acquisition of Polaris, which is increasingly contributing to group performance and supporting demand across the group.
"The pensions industry is undergoing a structural shift. Regulatory change and the shift toward surplus management create opportunities for better member and sponsor outcomes, and we are proud to lead through this transformation."
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