Annual Report 2023
We are a forward-looking, ambitious business. We are a leading independent pensions and administration consulting firm and want to be the best provider of services to the UK pensions market.
Adjusted diluted earnings per share2
Proposed full year dividend
Profit before tax
1 Adjusted EBITDA excludes the impact of share-based payment costs, fair value adjustments of contingent consideration, and
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.
- Sixth successive year of growth in revenue and adjusted EBITDA¹
- Development of our proprietary Administration platform Aurora – launched in June 2023 and expected to drive significant operational efficiencies
- Our agile response to the Liability Driven Investment (LDI) Crisis arising from the government’s mini‑budget of 23 September 2022
- Acquisition of Penfida, a leading independent covenant adviser
- Multiple award wins, including at Professional Pensions UK Pensions Awards; Third Party Administrator of the Year, Actuarial and Pensions Consultancy of the Year and Investment Consultancy of the Year
- Carbon neutral for the second year in a row and retained signatory to the FRC’s Stewardship Code
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.