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Annual Report 2022

Annual Report and Accounts 2022

What we want to achieve

We are a forward-looking, ambitious business. We are a leading independent pensions and administration consulting firm – the best place for people to work, and the best partner for our clients.

Our values


We are ambitious


We do the right thing


We are agile


We are helpful


We are expert

Our strategic priorities

Regulatory change

Expand services

Grow market share

Mergers and acquisitions

Our strategy

Financial highlights


Adjusted EBITDA1

Adjusted diluted earnings per share2

FTE employees3

Proposed full year dividend

Net debt4

Profit before tax

Basic EPS

  1. Adjusted EBITDA excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and exceptional costs.
  2. 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.
  3. As at year end.
  4. Excluding lease liabilities.

Operational highlights

  • Significant new client wins including being appointed pensions advisory partner by BT Group plc
  • Partnership announced with abrdn plc to launch a UK DB master trust
  • Acquisition of Michael J Field Consulting Actuaries to expand our SIP business
  • Investment in developing our proprietary administration platform to drive operational efficiencies in the future
  • Developed our services including member analytics, GMP, trustee governance/secretarial services and risk transfer


  • Winner of Actuarial Consulting Firm of the Year and Investment Consulting Firm of the Year at the Professional Pensions UK Pensions Awards 2021
  • Strong client survey results with 93% of clients "satisfied" or better
  • Excellent staff survey results with 95% of staff agreeing or strongly agreeing that XPS is a good place to work
  • We became carbon neutral and continued to be a signatory to the Stewardship Code for our investment advice



Investment case

We are a purpose-led business with strong fundamentals operating in a long-dated and growing market. We are a sustainable business that is focused on delivering value for all our stakeholders.

Why invest in XPS?

Co-Chief Executives’ review

We are focused on improving profitability and delivering long-term sustainable growth for our shareholders whilst taking into account the interests of all stakeholders. 

As I look back over the last five years, I am extremely proud of how far we have come, but I’m even more excited about the future. We are a market leading firm with great solutions for clients, and have created a really strong platform for growth for the benefit of our people and all our stakeholders.”

Paul Cuff,
Co-Chief Executive Officer

We continue to deliver strong organic revenue growth, with FY 2022 showing the highest operating result since our listing in 2017 reflecting our market position as a high-quality provider in the pensions market.”

Ben Bramhall,
Co-Chief Executive Officer


Supporting sustainable pensions for the benefit of all

Being a responsible business has never been more important than it is today, but it has always been a priority for us. Doing the right thing is at the core of our business strategy. It is how we operate across all our activities. Our sustainability framework is focused on:




Our employees


Our clients


Our communities


Our environment

Our purpose puts people and society at the heart of our business. By looking after the long-term financial wellbeing of millions of people in UK pension schemes, we provide services that have an important societal value.

Snehal Shah,
Chief Financial Officer

Chairman’s governance report

As our excellent financial results demonstrate, XPS employees continued to provide an exceptional level of service to our pension scheme clients and their underlying members, despite the disruption and challenges we all faced.”

Tom Cross Brown,


Governance report




Strategic report


Financial statements