XPS Penisons Group PLC shares on Wednesday were slightly lower despite the firm saying it ‘performed strongly’ in its latest financial year with revenue rising by 20%, and that its full-year results were likely to surpass its previous expectations.

Shares in XPS Pensions were down 0.9% at 170.00 pence in London on Wednesday.

The Reading, England-based pensions consulting and administration firm said overall revenue for the year ended March 31 was £166 million, up 20% from £138.6 million the previous year. XPS Pensions attributed this to the ‘resilience and predictability of [its] business model’.

Revenue in the company’s advisory business increased by 23% year on year, due to ongoing high levels of client activity with higher demand for its services amid volatile markets after the September ‘mini-budget’ and various regulatory changes. Growth in risk transfer services was ‘particularly strong’ as funding positions improved. Pensions administration revenue increased 10%, which XPS said was due to new client acquisitions and strong demand for project work.

Meanwhile revenue for XPS Pensions’ self invested pensions business grew 54% thanks to ‘strong’ underlying sales, an increased bank base rate and the full year impact of its acquisition of Michael J Field Consulting Actuaries for up to £3.8 million in February last year.

XPS said it was ‘pleased’ with the figures so far and predicted that its full year results will be slightly ahead of its previous expectations.

‘We are pleased to confirm a strong financial performance for the year,’ said Co-Chief Executive Officer Paul Cuff.

‘It was a year in which we saw the benefit of many years of investment in the group’s services and our culture pay off, as we were well placed to provide high quality support to our clients across the wide range of challenges they faced against a backdrop of extraordinary change in financial markets.’

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