Suffolk Life owner Curtis Banks reports growth in annual revenues and profits
PUBLISHED: 14:16 15 March 2018
Self-invested personal pension (SIPP) specialist Curtis Banks, which includes Ipswich-based Suffolk Life, has announced increased annual revenues and profits.
Curtis Banks, which is based in Bristol and has owned Suffolk Life since May 2016, said operating revenue grew by 47% in the year to December 31, 2017, up from £29.7m in 2016 to £43.6m.
Operating profit was 51% higher, at £10.7m against £7.1m, with the operating margin improving from 24% to 25%, and bottom-line pre-tax profit came in 31% ahead, rising from £4.5m to £5.9m.
The board is proposing a final dividend of 4.75p per share, making a full-year payment 6.25pps, compared with 4pps for 2016.
Curtis Banks said that 2017 had been “a year of consolidation”, with Suffolk Life making its first full-year contribution to the group.
Rupert Curtis, chief executive of Curtis Banks, said: “This year has been one of considerable progress for the group with a strong increase in our revenues and operating profit. As a result and in accordance with our progressive dividend policy I am pleased to report a 56% proposed increase in our dividend for the year.
“We have undergone a period of consolidation following the acquisition of Suffolk Life and now have a single identity for the group.
“Our new integrated group management committee has built the foundations for us to operate more efficiently and to provide an even better service for our customers.”
He added: “The market opportunity for SIPP providers remains compelling. The key regulatory and demographic drivers of our organic growth persist and we are well positioned to continue our profitable growth.”