Curtis Banks Group PLC – Interim Results

Curtis Banks Group PLC – 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 2019.

Highlights

·    Profit before tax increased by 14.0% to £5.4m (2018: £4.8m)

·    Operating Revenue increased by 6.7% to £24.5m (2018: £23.0m)

·    Adjusted profit before tax increased by 6.9% to £6.2m (2018: £5.8m)

·    Adjusted operating margin 26.3% (2018: 26.2%)

·    Adjusted diluted EPS increased by 10.1% to 9.17p (2018: 8.33p)

·    Assets under administration increased by 9.6% to £27.5bn (2018: £25.1bn)

·    IT strategy to simplify solutions across the Group and drive material cost savings

·    Interim dividend of 2.5p per share (2018: 2.0p)

 Highlights and key performance indicators for the period include:

Unaudited six month period ended 30 June 2019

Unaudited six month period ended 30 June 2018

Audited year ended 31 December 2018

Financial

Operating Revenue

£24.5m

£23.0m

£46.1m

Adjusted Profit before tax1

£6.2m

£5.8m

£12.1m

Profit before Tax

£5.4m

£4.8m

£10.1m

Adjusted Operating Margin2

26.3%

26.2%

27.1%

Diluted EPS

7.90p

7.05p

14.45p

Diluted EPS on Adjusted profit (applying an effective tax rate)

9.17p

8.33p

17.32p

Operational  Highlights

Number of SIPPs Administered

77,175

77,552

77,739

Assets under Administration

£27.5bn

£25.1bn

£24.8bn

Total organic new own SIPPs in period

2,220

3,512

5,838

Number of properties administered

6,336

6,110

6,231

 

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

 "This is a solid set of results for the first six months of 2019 with the period under review showing an increase in our key financial metrics. Once again, the Group has continued to grow profitably and maintains a high proportion of quality recurring earnings which demonstrates the resilience of our business against some current headwinds in the SIPP industry and wider marketplace.

Through initiatives to stimulate both organic and inorganic growth, as well as successfully diversifying revenues by broadening our capability to commercial property clients, we have navigated the first half of 2019 extremely well. I am confident and excited about our prospects for further growth".

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