XPS Pensions Group PLC on Tuesday said that it expects to deliver annual results ‘ahead of previous expectations’, after seeing revenue rise in the first half on strong client demand.

For the six months ended September 30, the Reading, England-based pensions consulting and administration firm expects group revenue of £94.5 million, up 23% from £77.0 million a year prior.

Strong demand across all services drove this increase, the firm said, with new clients and inflation-linked contracts contributing to growth.

Advisory revenue grew 28% year-on-year. This was comprised of 29% growth in the company’s Pensions Actuarial & Consulting business, and 26% growth in its Pensions Investment Consulting business.

According to XPS Pensions, client activity continued at ‘high levels’ during the half, driven in part by ‘continued regulatory changes’ and demand for advice ‘in response to volatility’ in financial markets.

Pensions Administration revenue grew 16% year-on-year. The outlook for this segment is ‘strong’, XPS said, and is backed up by ‘significant’ project work with public sector clients.

Meanwhile, SIP - or self-invested pensions - revenue grew 23%.

The firm said that notwithstanding a tougher comparative period in the second half, it was confident of achieving full year results ahead of previous expectations.

It didn’t specify what these expectations were.

‘We are pleased to confirm continued strong performance across all our lines of business, sustaining the momentum we have built in recent years,’ said Co-Chief Executive Officer Paul Cuff.

‘We have been building the breadth and depth of our capability for some time now, and this has enabled us to provide excellent support to our clients in all the varied areas where they need support.’

XPS Pensions’ interim results are expected to be released on November 23.

XPS Pensions shares were trading 7.9% higher at 217.90 pence each in London on Tuesday morning.

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