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XPS Pensions Group is a leading pensions consulting and administration business focused on UK pension schemes.

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 1,500 clients. We have a strong brand and have won multiple industry awards for our client service.

1,500+

clients

Well positioned in a sustainable market with favourable market trends

There are c.£2 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.

£2bn+

size of annual fee market

Track record of positive financial performance and dividend yield

XPS has delivered year-on-year revenue growth, through a range of macroeconomic conditions, for the past five years since listing on the London Stock Exchange.

23%

revenue CAGR over the last five years

Trusted expertise and highly engaged colleagues

The outstanding expertise and client service focus of our colleagues is 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.

95%

of our people think XPS is a great place to work

Non-cyclical and recurring revenues

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

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

Strong cash conversion and growing dividends

The Group has a robust balance sheet and consistently high cash conversion and has continued to pay two-thirds of adjusted profit in dividends each year since listing.

96%

adjusted operating cash conversion

Five years in review since we first listed on the London Stock Exchange.

Financial and operational highlights

Revenue

Adjusted EBITDA¹

Adjusted diluted earnings per share²

FTE employees³

Proposed full year dividend

Net debt⁴

Profit before tax

Employee survey: Staff agreeing or strongly agreeing that XPS is a good place to work

Notes

Adjusted EBITDA excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and exceptional costs. From continuing operations.
Adjusted diluted earnings per share from continuing operations. It 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 of the Annual Report and Accounts.
As at year end.
Excluding lease liabilities

Five-year summary

	2018	2019	2020	2021	2022	Growth %
Revenue
Pensions Actuarial & Consulting	58.1	56.8	58.8	60.7	63.7	10%
Pensions Investment	7.1	8.1	9.6	11.6	13.7	93%
Pensions Advisory	65.2	64.9	68.4	72.3	77.4	19%
Pensions Administration	32.6	37.5	42.9	46.8	50.8	56%
SIP	5.4	6.1	6.1	5.6	6.1	13%
NPT	1.0	1.4	2.4	3.2	4.3	330%
Total revenue	104.2¹	109.9	119.8	127.9	138.6	33%

Adjusted EBITDA²	19.4	29.9	30.4	32.0	34.1	76%
Profit before tax³	3.1	11.2	11.1	11.4	16.9	445%
Adjusted diluted EPS (pence per share)⁴	8.1	9.6	9.6	9.8	10.2	26%
Basic EPS (pence per share)⁵	1.3	4.9	3.4	4.4	4.6	254%
Full year dividend (pence)	6.3	6.6	6.6	6.7	7.2	14%
Net debt⁶	46.3	51.7	56.1	50.4	54.6	18%
FTE Employees⁷	882	1,111	1,203	1,325	1,442	63%

All figures in £ million unless otherwise stated.

Notes

Proforma basis – as if the Punter Southall entities had been in the Group for the whole year.
Adjusted EBITDA excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and exceptional costs. From continuing operations.
Profit before tax is adjusted in FY18-20 for the impact of IFRS16.
Adjusted diluted earnings per share from continuing operations. It 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. Adjusted in FY18-FY20 for the estimated impact of IFRS16.
Basic earnings per share is adjusted in FY18-FY20 for the estimated impact of IFRS16.
Net debt excludes lease liabilities.
As at year end.