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Annual Report 2023

Annual Report and Accounts 2023

What we want to achieve

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. 

Our values


We are ambitious


We do the right thing


We are agile


We are helpful


We are experts

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

  • 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



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

The resilience and predictability of our business model has driven a strong performance for the year and we are continuing to focus on our strategy to be the best provider of all services to the UK pensions market.

It was a year of extraordinary change in financial markets, with rising interest rates and inflation posing significant challenges for our clients. I am very proud of how well we served our clients throughout.”

Paul Cuff,
Co-Chief Executive Officer

We have delivered strong growth ahead of expectations, showing the highest operating result since our listing in 2017.”

Ben Bramhall,
Co-Chief Executive Officer


Embedding sustainability across our business

Our sustainability strategy is fully aligned to our purpose: to shape and support safe, robust and well-understood pension schemes for the benefit of people and society. But we know sustainability must go beyond our purpose. It must also be embedded in our business.

Our sustainability framework is focused on:




Our people


Our communities


Our clients


Our environment

As we grow, our responsible business
ambition is to ensure that we do so in a responsible and sustainable way. As well as advancing sustainability across our
business, we are working with our clients, communities, suppliers and colleagues to do the right thing, focusing on areas that are material to our business and stakeholders."

Snehal Shah,
Chief Financial Officer

Governance report

I am delighted to have been appointed as Chairman of XPS during the year. I am extremely proud of the success of the XPS Group, with yet another year of record financial performance, and look forward to capitalising on the strong positioning of the business.”

Alan Bannatyne,


Governance report




Strategic report


Financial statements