XPS Pensions Group PLC on Thursday said its half-year profit and revenue increased due to strong client demand, increased project work and inflationary fee increases.

The Reading, England-based pensions consulting and administration services provider said pretax profit more than doubled to £18.2 million from £8.1 million year-on-year in the six months to September 30.

Revenue also grew by 20% to £113.4 million from £94.5 million. The company, which joined the FTSE 250 in June, said increased demand, expansion of services and fee increases drove growth.

An interim dividend of 3.7 pence per share will be paid, up 23% from 3.0 pence in 2023.

The company said the ‘strong’ first half performance ‘underscores the recurring nature of the XPS business model’. The company said it is ‘confident’ of achieving full year results in line with recently upgraded expectations.

Co-chief Executive Officer Paul Cuff said: ‘We are very pleased with the first half performance of the group. We have seen strong, profitable growth alongside further operational leverage as we have responded to high client demand, including in areas that we have invested in over recent years such as our risk transfer advisory capability and in public sector administration.

‘Gaining entry into the FTSE 250 this summer was a big milestone on our journey. We are really excited about the future and are continuing to build on the positive momentum we have,’ he added.

Shares in XPS Pensions Group fell 1.1% to 354.00 pence per share in London on late Thursday morning, after opening higher.

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