Annual Report 2025
Annual Report and Accounts 2025
What we want to achieve
We will constantly challenge the status quo to drive better outcomes for members and policyholders, offering our people exciting and rewarding careers, whilst achieving profitable growth.
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
Mergers and acquisitions
Grow market share
Financial highlights
Revenue excluding NPT1
+18%
Adjusted EBITDA excluding NPT2
+27%
Adjusted diluted earnings per share excluding NPT3
+35%
FTE employees4
+11%
Proposed full year dividend
+19%
Net debt/adjusted EBITDA excluding NPT5
+111%
Profit before tax6
-35%
Basic EPS7
-44%
1 FY 2024 Group revenue presented excluding £2.8 million of NPT revenue, as this business was disposed of in November 2024.
2 Adjusted EBITDA excludes the impact of exceptional and non-trading items (see note 5 in the financial statements). FY 2024 also excludes the results of the NPT business disposed of during FY 2024. FY 2024 adjusted EBITDA including the results of the NPT business was £55.3 million. See table 1 in the appendix to the Chief Financial Officer’s review for more detail.
3 Adjusted diluted earnings per share is based on adjusted profit after tax, which excludes the impact of exceptional and non-trading items, and the tax impact of these items (see note 5 in the financial statements). In the prior year this also excludes the results of the NPT business disposed of during the year (see table 3 in the appendix to the Chief Financial Officer’s review). FY 2024 adjusted diluted earnings per share including the NPT business was 15.3p.
4 As at year end.
5 Net debt to adjusted EBITDA excluding NPT has increased due to the acquisition of Polaris Actuaries and Consultants Ltd (Polaris) in February 2025.
6 Profit before tax in FY 2024 benefits from the gain on disposal of the NPT business. Excluding this, FY 2024 profit before tax would have been £30.0 million, giving a 37% increase year on 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, which means the growth for FY 2025 would be 40%.
Operational highlights
£4.1bn
2024: £2.8bn
Value of liabilities over which we provided risk transfer advice
86
2024: 88
Number of schemes that we advise with over £1bn of assets
1.2m
2024: 1.1m
Members under administration
+24 eNPS
2024: +31 eNPS
High eNPS score for the third year in a row
£6.3m
2024: £5.5m
Continuing investment in software assets to drive operational efficiencies and improve customer experience
Sustainability highlights
Senior management positions held by women
38%
Number of clients in Sustainable funds
40
Proportion of electricity that is renewable by kWh/square foot
69%
Investment case
We are purpose-led and operate with a defined strategic direction and robust foundational principles in a dynamic, growing market. We are a sustainable business focused on delivering value to all stakeholders.
Co-Chief Executives’ review
The year ended 31 March 2025 has seen us extend our record of growing revenues every year since our 2017 initial public offering (IPO) on the London Stock Exchange.
Our business model and the market in which we operate in can be viewed as being largely independent of the wider economic outlook.”
Paul Cuff,
Co-Chief Executive Officer
The investments that we have made in our people, services and technology have really started to pay off.”
Ben Bramhall,
Co-Chief Executive Officer
Shaping a better future
Sustainability is integrated into our purpose, mission, and strategy at XPS. The sustainability framework is designed to “shape a better future,” aiming to deliver positive outcomes for stakeholders.
With defined objectives for each of its priority areas below, the framework aligns with our corporate priorities and seeks to incorporate sustainability into the business model, products, and services.
Our sustainability framework is focused on:
Responsible business
Our people
Our communities
Our clients and members
Our environment
Sustainability is embedded in our business model helping us support safe, robust and well-understood pension schemes for the benefit of people and society. Our work with colleagues, clients, members and communities demonstrates how we shape a better future for all.”
Snehal Shah
Chief Financial Officer
Governance report
Strong governance is the foundation that accelerates sustainable growth and investor confidence; through accountability, transparency and results.”
Alan Bannatyne
Chairman
Downloads
Annual Report and Accounts 2025
Governance report
Sustainability report
Strategic report
Financial statements
Co-CEO's review
- Register for events
- Join our mailing list
Register for events
We enjoy hosting a wide range of events for pension scheme trustees, corporate sponsors, independent trustees, and pensions professionals.
Join our mailing list
Keep up to date with our latest news and views including pension briefings, XPS insights, reports and event invitations.