Curtis Banks boosts profits in 'transformational' year

Curtis Banks boosts profits in 'transformational' year

Curtis Banks boosted profits during 2016 as it continued to incorporate fellow personal pension provider Suffolk Life into its business after it bought the company last year.

Profits before tax were up from £4m in 2015 to £7.1m last year, while assets under management reached £18.8bn from 72,000 self-invested personal pensions (Sipps) after the company completed its acquisitions of Suffolk Life and European Pensions Management Limited (EPML) last year.

Curtis Banks chief executive Rupert Curtis called 2016 a “transformational” year for the company and said there is further scope to merge its business with that of Suffolk Life going forward.

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He added ongoing consolidation with Suffolk Life and EPML means that the full financial benefits from the acquisitions will not be fully realised until later this year.

Mr Curtis indicated the company could consider further acquisitions as its strong capital position would allow it to do so without hampering its existing business.

“Our capital position remains strong. We’re comfortably capitalised above the regulator’s new requirements, and remain able to consider acquisitions of good quality Sipp books should the opportunity present.

"Our continued strong organic growth demonstrates our ability to do so without impact to our normal service levels,” Mr Curtis said.

Will Self, deputy chief executive of Curtis Banks and chief executive of Suffolk Life, said by combining the two businesses Suffolk Life has the resources to provide better service to advisers and other Sipp clients.

“The combined group has the financial strength and experience to offer advisers flexibility and certainty in a Sipp market that has experienced significant change and instability in recent years,” Mr Self said.

Curtis Banks will pay an interim dividend of 3p per share to shareholders at the close of business on 28 April.