Curtis Banks - a leading SIPP provider - said trading during 2017 had been in line with management expectations and the business was well positioned for further growth this year.
It said consolidation and integration of the company since the acquisition of the Suffolk Life Group of companies in May 2016 had advanced during the year and the results for 2017 would be the first to include full year results for Suffolk Life.
- New SIPPs during the year amounted to 8,798, and overall SIPP numbers increased to 76,474. Attrition rates on own SIPPs remained in line with previous years at 5.7%. As at the year end the company had assets under administration of £24.7 billion (2016 £20.4 billion).
- Group cash balances at 31 December 2017 amounted to £25.4 million gross (2016: £21.5 million) and £7.7 million net of debt (2016: £0.5 million)
- A group sales director, Dave Stratton, has been appointed. He was previously head of IFA distribution at AXA Wealth. His role is to align and develop the sales processes across the group companies and further increase organic sales.
- The company's credit rating from AKG, which assesses the strength of financial services companies, has increased to 'strong', which is an endorsement of the size and strength of the business for our clients and advisers.
Chief executive Rupert Curtis said: '2017 has been a year of building on our already strong foundations and aligning the Curtis Banks and Suffolk Life operations, as well as achieving high organic growth. We have made significant progress and are now well-placed to drive the business forward in 2018.'
At 9:12am: (LON:CBP) Curtis Banks Group Plc share price was +1p at 304p