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Curtis Banks in good shape as new SIPP products do well

Snapshot

Curtis Banks increased its dividend for the year by 12.5% to 9p

Curtis Banks Group PLC - Curtis Banks in good shape as new SIPP products do well

Quick facts: Curtis Banks Group PLC

Price: 254.04 GBX

AIM:CBP
Market: AIM
Market Cap: £137.54 m
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  • 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

An enthusiastic response to its new SIPP product helped the self-administered pension specialist boost revenues and profits in the year just ended.

A key highlight has been the launch of Your Future SIPP, it said.

Revenue, which comes largely from pension fees, rose by 6% to £48.9mln while better margins helped profits increase by 11% on an underlying basis to £13.4mln.

Assets under administration rose 17% to £29.1bn in 2019, with properties administered by the group for its clients rising to 6,352 from 6,231.

The number of SIPPs administered dipped slightly to 76,541 from 77,739.

Curtis Banks (LON:CBP) increased its dividend for the year by 12.5% to 9p,

Profitability is not linked to market performance added the company, which expects a combination of SIPP sales growth and interest income to boost revenues again in 2020 though the year will be affected by the coronavirus (COVID-19) pandemic.

 

What the boss says: Will Self, chief executive

"2020 began well with an improvement in the wider market, but the current COVID-19 outbreak has created uncertainty as to the outlook for the remainder of the financial year," Self said.

“It is clear that there will be a level of impact over the coming months, including operational disruption, but we have contingency plans in place for the business and the health of our employees and clients are our main priority," he added.

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Inflexion points

  • Organic revenues continue to grow
  • Full year’s benefit of sales and management reorganisation
  • Acquisitions of IFA groups and products to expand footprint

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Curtis Banks in good shape to weather the storms ahead says CEO

Will Self, chief executive of pensions specialist Curtis Banks PLC (LON:CBP), says the business is soundly based for uncertain times with a high degree of capital and strong liquidity. Its fixed annual fees also make it well-placed to weather any storm in the months ahead. The business...

on 18/3/20

2 min read