Curtis Banks Group PLC – CBP – Interim Results

Curtis Banks Group PLC – CBP – Interim Results

Curtis Banks Group PLC, one of the UK's leading SIPP providers, is pleased to announce its interim results for the 6 months to 30 June 2020.

 

Highlights

·    Revenue maintained at £24.5m (2019: £24.5m)

·    Adjusted profit before tax1 increased by 0.6% to £6.3m (2019: £6.2m)

·    Adjusted operating margin2 increased to 26.4% (2019: 26.3%)

·    Adjusted diluted EPS maintained at 9.5p (2019: 9.5p)3

·    Assets under administration increased by 4.0% to £28.6bn (2019: £27.5bn)

·    Interim dividend of 2.5p per share (2019: 2.5p)

 

 

 Highlights and key performance indicators for the period include:

 

Unaudited six month period ended 30 June 2020

Unaudited six month period ended 30 June 2019

Audited year ended 31 December

2019

Financial

Revenue

£24.5m

£24.5m

£48.9m

Adjusted Profit before tax1

£6.3m

£6.2m

£13.4m

£4.0m

£5.4m

£10.9m

Adjusted Operating Margin2

26.4%

26.3%

28.1%

Diluted EPS3

5.3p

8.2p

16.2p

Adjusted diluted EPS3

9.5p

9.5p

19.8p

Operational  Highlights

Number of SIPPs Administered

76,306

77,175

76,541

Assets under Administration

£28.6bn

£27.5bn

£29.1bn

Total organic new own SIPPs in period

2,107

2,220

4,567

Number of properties administered

6,480

6,336

6,352

 

 

1 Profit before tax, amortisation and non-recurring costs

2 The ratio of operating profit before amortisation and non-recurring costs to revenue

3 Adjusted to exclude anti-dilutive options, see note 4 to the financial statements for further detail

 

Commenting on the results, Will Self, CEO of Curtis Banks, said:

 "I am pleased to report a solid six months for the Curtis Banks Group. The first six months of the year has seen the business affected by COVID-19; however, our fixed, recurring fee model has insulated the Group from the worst of the effects of the pandemic, to date.

"I am delighted to report that core product growth during the period is up year-on-year, driven in part by organic growth in our new investment product, Your Future SIPP. In addition, the acquisitions of Dunstan Thomas and Talbot and Muir post-period end are very exciting for all of us at Curtis Banks as we look to grow through increasing scale and adding new revenue streams.

I would like to pay thanks to all our employees for their efforts during this testing time. I'm extremely proud of the way they have adapted to remote working during the COVID-19 pandemic and minimised the effect of COVID-19 on the Group."

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