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Why invest in XPS?

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.

Diversified and stable client base

We have long-standing relationships with a large and diverse client base, consisting of over 1,500 clients. We have a strong brand and have won multiple industry awards for our client service.


Top ten clients represent
18% of revenue

Well positioned in a sustainable market with favourable market trends and a strong competitive position

There are c.£1.5 trillion of liabilities of private UK defined benefit pension schemes and a rapidly growing defined contribution market. Regulatory developments are driving increased client activity and demand for our services.


size of annual fee market
Long-dated liabilities in UK
defined benefit schemes

Track record of positive financial performance and dividend yield

XPS has delivered year on year revenue growth, through a range of macroeconomic conditions, since listing on the London Stock Exchange.


revenue CAGR
since listing in 2017

Trusted expertise and highly engaged colleagues

The outstanding expertise and client service focus of our colleagues is widely relied upon and highly valued by our clients. We have high client satisfaction scores and our people think XPS is a great place to work.


of our people
think XPS is a great
place to work

Non-cyclical and recurring revenues with inflation linkage

Our services are typically provided on the basis of an open-ended engagement with clients, have inflation linkage, and are compliance driven to a statutory timetable. They are therefore required in all parts of the economic cycle. We have a high degree of visibility of our revenue.


repeat recurring revenue
across the business


Opportunities for earnings enhancing M&A and scale up

We have a proven track record of successful earnings enhancing M&A which demonstrates our ability to execute deals that are aligned to our corporate strategy.


since listing in 2017

Strong cash conversion and growing dividends

The Group has a robust balance sheet and consistently high cash conversion and has continued to pay two-thirds of adjusted profit in dividends each year since listing.


adjusted operating
cash conversion