Company Registration No. 07934492 (England and Wales)

Curtis Banks Group PLC

Unaudited interim condensed consolidated financial statements

for the six month period ended 30 June 2021

Curtis Banks Group PLC

Contents

Page

Overview of Curtis Banks Group PLC

1

Operational, Financial highlights and Key Performance Indicators

2

CEO review

3

- 6

Financial review

7

- 10

Independent Review Report to Curtis Banks Group PLC

11 - 12

Interim results and notes

13 - 34

Company information

35

Definitions

36

Overview

Curtis Banks Group PLC ("Curtis Banks" or "the Group") has a clear vision for long-term growth. The Group commenced trading in 2009 and has successfully developed, through a combination of organic growth and acquisitions, into one of the UK's leading providers of self-invested pension products. At 30 June 2021 the Group administered circa £36.0bn (2020: £28.6bn) of pension assets on behalf of over 80,000 (2020: 76,300) active clients.

In May 2015 the shares of Curtis Banks (LON: CBP) were admitted and listed on the London Alternative Investment Market ("AIM").

On 25 May 2016 the Group completed the purchase of Suffolk Life Group Limited, a long established provider of SIPPs operating through Suffolk Life Pensions Limited and Suffolk Life Annuities Limited. During the year ended 31 December 2020, the Group completed the purchase of Dunstan Thomas, a FinTech provider, and Talbot and Muir, a SIPP provider. The Group currently trades under the names Curtis Banks, Suffolk Life, Dunstan Thomas and Talbot and Muir. More than 800 staff are employed across its head office in Bristol and regional offices in Ipswich, Dundee, Portsmouth, Nottingham and Leeds.

Our stated strategic objective of increased diversification saw the acquisition of Dunstan Thomas in August 2020. The acquisition is a further step forward in the Group's evolution from a solely focused SIPP and SSAS administrator to a provider of technology and complementary services for the advised retirement market, including FinTech, legal and property services.

Trading subsidiaries of the Group authorised by the Financial Conduct Authority to provide trust based SIPP products include Curtis Banks Limited, Suffolk Life Pensions Limited, Suffolk Life Annuities Limited and Talbot and Muir Limited. Suffolk Life Annuities Limited is also regulated by the Prudential Regulatory Authority as it provides SIPPs through non-participating individual insurance contracts. As such, it is regarded as an insurance company for the purposes of regulatory and statutory reporting. Due to Suffolk Life Annuities Limited's status as an insurance company, the consolidated results for the whole Group also include Suffolk Life Annuities Limited's insurance policyholder assets, liabilities and returns.

The Executive Directors have proven experience in the retail savings, pensions and wealth markets and have established a business that focuses on a service-driven proposition for the administration of flexible SIPPs. The Group's core pension products are primarily distributed by authorised and regulated financial advisers, targeted towards pension savers who wish to take full advantage of the features and flexibility offered in the UK's modern and changing pension regime. Long standing relationships with key distributors result in high levels of repeat business and demonstrate satisfaction with products and services provided.

The Group is focussed on continuing to deliver value to both customers and shareholders in the years ahead.

1

Operational, Financial Highlights and Key Performance Indicators

Curtis Banks Group PLC, one of the UK's leading SIPP providers, is pleased to announce its interim results for the 6 months ended 30 June 2021.

  • Revenue increased by 29.4% to £31.7m (2020: £24.5m), through acquisitive and organic growth
  • Adjusted profit before tax1 6 remained at £6.3m (2020: £6.3m)
  • Adjusted operating margin2 6 of 21.3% (2020: 26.4%), largely reflecting reduced reliance on interest income
  • Statutory profit before tax increased by 13% to £4.5m (2020: £4.0m)
  • Adjusted diluted EPS6 7.6p (2020: 9.2p5)
  • Statutory diluted EPS 5.5p (2020: 5.3p)
  • Annualised gross organic growth6 in own Mid and Full SIPP numbers of 8.6% (2020: 7.7%)
  • Attrition rate on own Mid and Full SIPPs 6.3% (2020: 5.2%)
  • Total SIPPs, including third party administered, now 80,997 (June 2020: 76,306)
  • Assets under Administration ("AuA") increased by 26% to £36.0bn (June 2020: £28.6bn)
  • Interim dividend of 2.5p per share (2020: 2.5p)

Highlights and key performance indicators for the period include:

Unaudited six month period

Unaudited six month period

Audited year ended 31

ended 30 June 2021

ended 30 June 2020

December 2020

Financial

Revenue

£31.7m

£24.5m

£53.9m

Adjusted profit before tax1 6

£6.3m

£6.3m

£13.4m

Profit before tax

£4.5m

£4.0m

£7.6m4

Adjusted operating margin2 6

21.3%

26.4%

26.0%

Diluted EPS

5.5p

5.3p

9.7p4

Adjusted diluted EPS6

7.6p

9.2p5

17.9p

Operational Highlights

Number of SIPPs Administered

80,997

76,306

82,224

Assets under Administration

£36.0bn

£28.6bn

£32.4bn

Total organic new own SIPPs in period

2,485

2,107

4,113

  1. Profit before tax, amortisation and non-recurring costs
  2. The ratio of operating profit before amortisation and non-recurring costs to revenue
  3. Annualised rates of attrition
  4. As further detailed in note 2.4, results for the year ended 31 December 2020 have been restated to account for measurement period adjustments arising under IFRS 3 Business Combinations. The adjustments have not been subject to audit.
  5. As further detailed in note 2.4, adjusted diluted EPS for the six month period ended 30 June 2020 has been restated due to identification of an error.
  6. In addition to statutory IFRS performance measures, the Group has presented a number of non-statutory alternative performance measures ("APMs"). The Board believes that the APMs used give a more representative view of the underlying performance of the Group and enhance comparability of information between reporting periods. APMs are identified in the definitions at the end of this announcement.

2

Attrition rates (Mid & Full SIPP)

6.3%3

5.2%3

4.6%

Number of properties administered

9,131

6,480

8,905

3

Attachments

  • Original document
  • Permalink

Disclaimer

Curtis Banks Group plc published this content on 09 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2021 16:41:02 UTC.