Acquisitions drive growth in annual profits at Suffolk Life owner Curtis Banks
- Credit: Archant
Self-invested pensions specialist Curtis Banks, which in January agreed the £45million acquisition of Ipswich-based Suffolk Life from Legal & General, has reported a 30% increase in annual profits.
In its first full-year results since listing on the London Stock Exchange’s junior AIM market last May, Bristol-based Curtis Banks said revenues grew by 69% in the 12 months to December 31 to £16.999million, with operating profit rising by 30% to £4.198m and pre-tax profit ahead by a similar margin at £4.080m.
The figures included a full-year contribution from two SIPP (self-invested personal pension) businesses acquired towards the end of 2014 and an initial contribution from two further deals completed during 2015 – a book of SIPP products acquired in March from Friends Life (ahead of its subsequent acquisition by Aviva) and a contract to administer SIPPs for Zurich awarded in October.
The number of SIPPs under administration by the company grew by 75% during the year to 39,236 as of December 31, to which the acquisition of Suffolk Life – which was agreed after the year end on January 15 and which, subject to regulatory approval, is due to complete during the second quarter of 2016 – will add around 26,500.
Curtis Banks chief executive Rupert Curtis said: “We believe that Suffolk Life has a strong heritage, culture and client focus which we share at Curtis Banks.
“We will retain Suffolk Life’s headquarters in Ipswich and believe there will be continuity for clients and exciting opportunities for Suffolk Life’s management and employees as part of the enlarged group.”
Executive chairman Chris Banks said that completion of the Suffolk Life deal would make Curtis Banks the UK’s second largest independent SIPP administrator.
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This would put it “in a very strong position to continue its strategy for growth, both organically and through the acquisition of further complementary books of SIPPs,” he added.