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XPS Group, a FTSE 250 company, is a leading UK consulting and administration business specialising in the pensions sector and providing wider ranging support to insurance companies in the life and bulk annuities sector.

We are a forward-looking, ambitious business providing the best place for people to work and the best partner for our clients. Our objective is to be the pre-eminent UK focussed pensions consulting and administration firm.

Diversified and stable client base

We have long-standing relationships with a large and diverse client base, consisting of over 1,400 clients. We have a strong brand and have won multiple industry awards for our client service.

1,400+

clients
Top ten clients represent
18% of revenue

Benefit from regulatory and market change

There are c.£1.5 trillion of liabilities of private UK defined benefit pension schemes and a rapidly growing defined contribution market. Regulatory developments are driving increased client activity and demand for our services.

>£2.5bn

size of annual fee market

Track record of revenue growth and improving margins

XPS has delivered year on year profitable revenue growth, through a range of macroeconomic conditions, since listing on the London Stock Exchange.

28%

adjusted EBITDA margin

Trusted expertise and highly engaged colleagues

The outstanding expertise and client service focus of our colleagues are widely relied upon and highly valued by our clients. We have high client satisfaction scores and our people think XPS is a great place to work.

98%

of our people
think XPS is a great
place to work

Non-cyclical and recurring revenues with inflation linkage

Our services are typically provided on the basis of an open-ended engagement with clients, and are compliance driven to a statutory timetable. They are therefore required in all parts of the economic cycle. We have a high degree of visibility of our revenue.

>90%

repeat recurring revenue
across the business

Strong cash conversion and growing dividends

XPS has a robust balance sheet, consistently high cash conversion and has a progressive dividend policy. Since listing in 2017, £91 million has been paid in dividends.

0.3x

covenant leverage

Opportunities for earnings enhancing M&A and scale up

We have a proven track record of successful earnings enhancing M&A which demonstrates our ability to execute deals that are aligned to our corporate strategy.

acquisitions
since listing in 2017

Financial highlights

Revenue¹

Adjusted EBITDA²

Adjusted diluted earnings per share³

FTE employees⁴

Proposed full year dividend

Net debt⁵

Profit before tax⁶

Basic EPS⁷

Notes

Group revenue growth excluding the NPT business disposed of in November 2023. Revenue growth including the NPT business was 20%. See note 7 in the financial statements.
Adjusted EBITDA excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and exceptional costs. This also excludes the results of the NPT business disposed of during the year. Adjusted EBITDA including the results of the NPT business was £55.3 million (FY 2023: £42.4 million).
Adjusted diluted earnings per share is based on adjusted profit after tax, which excludes the impact of amortisation of intangible assets, share-based payment costs, fair value adjustment of contingent consideration, exceptional costs, and the tax impact of these items (see note 6 in the financial statements). This also excludes the results of the NPT business disposed of during the year. Adjusted diluted earnings per share including the NPT business was 15.3p (FY 2023: 12.6p).
As at year end.
Excluding lease liabilities.
Profit before tax in FY 2024 benefits from the gain on sale of the NPT business. Excluding this, FY 2024 profit before tax would have been £30.0 million, a 57% increase on the prior year.
Basic EPS in FY 2024 benefits from the gain on sale of the NPT business. Excluding this gain, FY 2024 basic EPS would have been 10.5p vs 7.7p, a 36% increase on the prior year.

Five year summary

	2020	2021	2022⁷	2023	2024
Revenue
Pensions Actuarial & Consulting	58.8	60.7	62.2	77.4	93.4
Pensions Investment	9.6	11.6	13.7	18.0	20.3
Pensions Advisory	68.4	72.3	75.9	95.4	113.7
Pensions Administration	42.9	46.8	52.3	57.5	71.9
Pensions	111.3	119.1	128.2	152.9	185.6
SIP	6.1	5.6	6.1	9.4	11.0
NPT	2.4	3.2	4.3	4.3	2.8
Total revenue	119.8	127.9	138.6	166.6	199.4

Adjusted EBITDA¹	30.4	32.0	34.1	42.4	55.3
Profit before tax²	11.1	11.4	16.9	19.1	62.5
Adjusted diluted EPS (pence per share)³	9.6	9.8	10.2	12.6	15.3
Basic EPS (pence per share)⁴	3.4	4.4	4.6	7.7	26.2
Full year dividend (pence)	6.6	6.7	7.2	8.4	10.0
Net debt⁵	56.1	50.4	54.6	55.3	14.0
FTE Employees⁶	1,203	1,325	1,442	1,570	1,712

All figures in millions of £'s unless otherwise stated

Notes

Adjusted EBITDA excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and exceptional costs.
Profit before tax for FY24 includes the gain on disposal of the NPT business of £32.5m.
Adjusted diluted earnings per share is based on adjusted profit after tax, which excludes the impact of amortisation of intangible assets, share-based payment costs, fair value adjustment of contingent consideration, exceptional costs and the gain on disposal of NPT business, as well as the tax impact of these items.
Basic earnings per share in FY24 includes the impact of the gain on disposal of the NPT business of £32.5m (equivalent to 15.7 pence per share).
Net debt excludes lease liabilities.
As at year end.
Revenue re-statement between Pensions Actuarial & Consulting and Pensions Administration.