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 1,400 clients. We have a strong brand and have won multiple industry awards for our client service.
1,400+
clients
Top ten clients represent
18% of revenue
Benefit from regulatory and market change
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.
>£2.5bn
size of annual fee market
Track record of revenue growth and improving margins
XPS has delivered year on year profitable revenue growth, through a range of macroeconomic conditions, since listing on the London Stock Exchange.
28%
adjusted EBITDA margin
Trusted expertise and highly engaged colleagues
The outstanding expertise and client service focus of our colleagues are 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.
98%
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, 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.
>90%
repeat recurring revenue
across the business
Strong cash conversion and growing dividends
XPS has a robust balance sheet, consistently high cash conversion and has a progressive dividend policy. Since listing in 2017, £91 million has been paid in dividends.
0.3x
covenant leverage
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.
6
acquisitions
since listing in 2017
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