Curtis Banks sees 75% increase in Sipp numbers

Curtis Banks sees 75% increase in Sipp numbers

Curtis Banks Group has reported a 69 per cent increase in revenue for the 12 months to 31 December 2015, up to £16.9m from £10m.

This backed a 64 per cent increase in adjusted operating profit, up to £6.1m from £3.7m a year earlier, giving a profit margin of 36 per cent.

By the end of 2015 the firm administered 39,236 self-invested personal pensions, up by 75 per cent from 22,379 in 2014.

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The number of small self-administered schemes rose less sharply, but was still up 16 per cent to 326, from 280 the year before.

Overall assets under administration hit £9bn for the year, up 27 per cent from £7.1bn at the end of 2014.

Chris Banks, executive chairman of Curtis Banks, called the results “very pleasing”, especially as they were delivered while completing the firm’s initial public offering on the Alternative Investment Market, alongside two “significant transactions”.

Contracts were exchanged in January for the acquisition of Suffolk Life from Legal & General, with Curtis Banks set to become the second largest independent Sipp administrator in the UK once the deal completes.

The deal is subject to regulatory approval.

Mr Banks said: “We are in a very strong position to continue its strategy for growth, both organically and through the acquisition of further complementary books of Sipps.”