- Curtis Banks is one of the UK’s main SIPP administrators
- It has more than 76,500 pensions plans on its books
- Company also looks after 6,350 properties
How it’s doing
Curtis Banks said its recurring fee model has protected its business against the worst of the effects of the coronavirus (COVID-19) pandemic.
The self-invested personal pensions (SIPP) plan provider said revenue in the first half of 2020 was unchanged from a year earlier at £24.5mln.
Adjusted profit before tax nudged up by 0.6% to £6.3mln from £6.2mln in the first half of 2019. Reported profit before tax, which includes amortisation and one-off costs, eased to £4.0mln from £5.4mln.
The adjusted operating margin increased to 26.4% from 26.3% a year earlier. Assets under administration increased by 4% to £28.6bn at the end of June from £27.5bn a year earlier.
The interim dividend was maintained at 2.5p.
What the boss says: Will Self, chief executive
“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.
- Organic revenues continue to grow
- Full year’s benefit of sales and management reorganisation
- Acquisitions like Dunstan Thomas to expand footprint and product suite