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(Sharecast News) - XPS Pensions said on Thursday that full-year results were set to be slightly ahead of its expectations following strong revenue growth in the first half.
In an update for the six months to the end of September, it also highlighted continued disciplined cost management and the delivery of operating efficiencies.
XPS said group revenue grew 12% during the period, with Advisory revenues up 14% year-on-year and Administration revenues 10% higher. SIP revenues grew 7%.
XPS said it has seen strong demand due to ongoing regulatory change, including from pension schemes seeking advice about running-on for surplus extraction. It has also seen high activity in Risk Transfer, where it has provided support to both pension schemes and insurance companies, along with growing demand for services from its insurance consulting division more widely.
"All of this, combined with new client wins, has continued to drive strong group revenue growth," it said.
The company said Austin Professional Resourcing (APR) - which it bought in July - is integrating well and performing in line with expectations.
Chief executive Paul Cuff said: "The pensions industry continues to be very busy, and our clients have a wide range of opportunities in front of them, particularly with the new surplus release regulations coming in April next year. We are really well placed to help them whether running on is on their agenda, or if they want to access one of the many options emerging in the risk transfer market.
"We have been particularly pleased with the continued development of our insurance consulting practice, where we are seeing growing demand for our services. The acquisition of APR means we now have a business of real scale with wide ranging capabilities. We have been delighted to welcome new colleagues to the group and it has been great to see the very positive reaction to this transaction from our clients and prospects."
XPS is a consulting and administration business specialising in the pensions sector.
At 1122 BST, the shares were up 6% at 328.50p.
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