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Annual Report 2024

Annual Report and Accounts 2024

What we want to achieve

We are a forward-looking, ambitious business. We are a leading independent pensions and administration consulting firm and strive 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 EBITDA2

Adjusted diluted earnings per share3

FTE employees4

Proposed full year dividend

Net debt5

Profit before tax6

Basic EPS7

1 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.
2 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).
3 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).
4 As at year end.
5 Excluding lease liabilities.
6 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.
7 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.


Operational highlights


Value of liabilities over which we provided risk transfer advice


Number of schemes with over £1bn of assets


Members under administration

+31 eNPS

High eNPS score for the second year in a row


Continuing investment in software assets to drive operational efficiencies and improve customer experience


Maintain carbon neutral status for
third year in a row


Investment case

We are a purpose-led business with strong fundamentals operating in a highly visible 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

Our seventh consecutive year of revenue growth underscores the non-cyclical, predictable and resilient nature of the business with an established brand, and the benefits of investments made in services in prior years.

“Growth has been across all business lines and our profitability has continued to reap the benefits of operational gearing with profits growth outpacing our revenues once again.”

Paul Cuff,
Co-Chief Executive Officer

We are proud of our people. Without their commitment and effort, we would not be reporting a seventh successive year of record revenue growth.”

Ben Bramhall,
Co-Chief Executive Officer


Shaping a better future

Our refreshed sustainability framework helps us focus on "shaping a better future" for those stakeholders, in line with our purpose to shape and support safe, robust and well-understood pension schemes.

Building on our reputation as a responsible business, our framework drives positive outcomes for our people, environment, community, clients and members. 

Our sustainability framework is focused on:


Responsible business


Our people


Our communities


Our clients and members


Our environment

Doing the right thing lies at the heart of XPS. In line with this, during the year we reviewed what is material to our business and stakeholders,  strengthened our sustainability framework and continued to advance sustainability across our business, working closely with clients, communities and colleagues as we did so.”

Snehal Shah,
Chief Financial Officer

Governance report

The Board's primary focus is leading the XPS Group to deliver sustainable and profitable growth, and long-term value for our shareholders, whilst upholding high standards of corporate governance.”

Alan Bannatyne,


Governance report




Strategic report


Financial statements