Curtis Banks Group PLC – Final Results

Curtis Banks Group PLC – Final Results

Curtis Banks Group plc, one of the UK's leading SIPP providers, is pleased to announce its final results for the 12 months to 31 December 2018.

Highlights

  • Operating Revenue increased by 6% to £46.1m (2017: £43.6m)
  • Adjusted profit before tax increased by 13% to £12.1m (2017: £10.7m)
  • Adjusted operating margin2 increased to 27.1% (2017: 25.8%)
  • Profit before tax increased by 72% to £10.1m
  • Adjusted diluted EPS increased by 13% to 17.32p
  • Gross organic growth in own SIPP numbers of 9% with total administered now 77,739
  • Assets under administration increased by 0.4% to £24.8bn
  • Proposed final dividend of 6.00p (2017: 4.75p) making a full year payment of 8.00p (2017: 6.25p)

Highlights and key performance indicators for the year include:

2018

2017

Financial

Operating Revenue

£46.1m

£43.6m

Adjusted Profit before tax1

£12.1m

£10.7m

Profit before Tax

£10.1m

£5.9m

Adjusted Operating Margin2

27.1%

25.8%

Diluted EPS

14.45p

9.26p

Adjusted diluted EPS

17.32p

15.38p

Operational Highlights

Number of SIPPs Administered

77,739

76,474

Assets under Administration

£24.8bn

£24.7bn

Total organic new own SIPPs in year

5,838

8,719

Number of Properties Administered

6,231

6,031

1 Profit before tax, amortisation and non- recurring costs
2 The ratio of operating profit before net finance costs, amortisation and non-recurring costs to operating revenues

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

"In my first results as Chief Executive of the Group I am delighted to report another year of strong and profitable growth. The past year has seen the Company make significant investment to support further organic growth, building on the consolidation and integration prioritised over the last two years.  

We believe we are setting a high bar with the introduction of our new SIPP proposition. Coupled with our new distribution structure we are now well-placed to increase our organic growth of full and mid SIPPs over the next full reporting period. We are also well positioned to grow the business inorganically and are proactively exploring possible acquisitions.

In January our CFO Paul Tarran announced his decision to stand down from the Board. A process has begun to find his successor and Paul remains in his current role until this process is complete in order to ensure a smooth transition.

The SIPP market is undergoing an evolution and, as one of the UK's leading providers, we have entered 2019 in an extremely strong position and I am confident about our prospects for growth and our broadening capability to deliver enhanced services for our customers as well as our ability to deliver against our strategic objectives."

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