Post-Close Trading Update

XPS Pensions Group PLC

21 April 2026

 

21 April 2026

XPS Pensions Group plc

("XPS" or the "Group")

Post-Close Trading Update

Double digit revenue growth +13 %

Another year of record results, in line with expectations

XPS Group, a leading Pensions and Insurance Consulting and Administration business, is pleased to provide its post-close trading update (unaudited) in respect of the year ended 31 March 2026 ahead of announcing full year results on 18 June 2026.

Strong revenue growth coupled with ongoing disciplined cost management and delivery of operating efficiencies means the Board is confident of achieving full year results in line with expectations.

Summary

XPS has continued to perform strongly with revenues growing 13% and organic growth of 7% being particularly pleasing given the very strong comparative prior year performance. This builds on the Group's track-record of double-digit revenue growth in recent years, with aggregate revenue growth of more than 100% over the last five financial years.  Key highlights are:

•	Very strong underlying performance, with Group revenues up 18% after adjusting for the McCloud remedy project in the prior year (organic growth of 12%)
•	Good performance across all service lines, with new client wins in all areas and project wins in Risk Transfer, Insurance Consulting and Administration
•	Core Advisory, including the expanding Insurance Consulting business, up 20% and accounting for 57% of Group revenue, continuing to benefit from a supportive pensions market backdrop of ongoing regulatory change
•	Administration up 5%, accounting for 38% of Group revenue, despite significant revenues from the McCloud remedy project in the prior year
•	SIP up 10%, delivering its fourth consecutive year of double-digit growth
•	Revenues from insurers across all business units have tripled, and now represent 10% of Group revenues, supported by the Polaris acquisition in February 2025 and success in winning mandates to deploy broader XPS capabilities
•	Ongoing regulatory change, including run-on for surplus extraction, continuing to underpin strong demand. Inflation linked contracts remain a structural benefit to the Group.

Paul Cuff, Co-CEO commented:

"We are very pleased with the full year performance of the Group, with another period of excellent growth. Our strong organic performance has been supplemented by the acquisition of Polaris, which is increasingly contributing to group performance and supporting demand across the group.

"The pensions industry is undergoing a structural shift. Regulatory change and the shift toward surplus management create opportunities for better member and sponsor outcomes, and we are proud to lead through this transformation."

-Ends-

For further information, contact:
XPS Pensions Group
Snehal Shah Chief Financial Officer	[phone] / [e-mail]
Canaccord Genuity (Joint Broker)	[phone]
Adam James
George Grainger
Deutsche Bank (Joint Broker)	[phone]
Stuart Skinner
Kevin Cruickshank
Camarco (Media Enquiries)	[phone] / [e-mail]
Rosie Driscoll Geoffrey Pelham-Lane Phoebe Pugh

Notes to Editors:

XPS Pensions Group plc is a leading consulting and administration business focused on UK pension schemes and insurers. XPS combines expertise, insight and technology to address the needs of over 1,300 pension schemes and their sponsoring employers on an ongoing and project basis, also providing advice and administration to UK insurance companies. We undertake pensions administration for c.1.2 million members and provide advisory services to schemes and corporate sponsors in respect of schemes of all sizes, including 86 with assets over £1bn.

 

END