XPS Pensions Group (XPS) Trading Update summary

Trading performance and outlook

• Full-year revenues expected between £226m and £229m, reflecting 15%-16% year-on-year growth.

• Strong demand driven by regulatory changes, new clients, and inflation-linked contracts.

• Growth supported by GMP equalisation, McCloud rectification projects, and risk transfer market wins.

• Operational gearing improved due to effective cost management and technology investments.

• Confident outlook for continued strong performance in FY26 and beyond, with further regulatory changes anticipated.

Management commentary and client engagement

• Co-CEO highlights robust financial performance and strong client demand amid market and regulatory shifts.

• Annual client survey results described as extremely positive.

• Emphasis on company culture and employee support for clients and each other.

Business profile and market position

• XPS serves over 1,400 pension schemes and their sponsors, including 83 schemes with assets over £1bn.

• Provides administration for over one million members and advisory services across all scheme sizes.

• Offers support to insurance companies in the life and bulk annuities sector.