The company, which provides pension consultancy, administration and SIPPs and SSAS, reported strong growth in its core divisions in its first half ending 30 September.

The firm said it had seen high levels of client activity, new wins, inflationary fee increases and the benefits of bolt on M&A.

Adjusted EBITDA (a measure of profit) was £22.7m (up 28% YoY) despite inflationary pressures in the firm’s cost base due to investment in people and technology.

XPS said it had seen an eighth consecutive half year of year on year growth in revenues across advisory and administration.

The highest YoY growth was in Pensions Actuarial and Consulting revenues (up 29% YoY).

There was also continued strong growth in investment consulting revenues (up 26% YoY) and pensions administration revenue (up 16% YoY).

Self Investment Pensions revenues increased 23% YoY due to bank base rate increases and growth in underlying sales, XPS said.

The firm has a total of 6,633 active SIPP and SSAS plans (up 138 on the previous half year). It manages 1,684 SSAS plans and 4,949 SIPP plans. Reported revenue from the self invested plan division is £5.415m.

The average XPS SSAS scheme has £1.5m invested and the average SIPP scheme has £590,000 invested.

The interim dividend was 3.0p (2022: 2.7p) per share declared.

The board says it is confident of achieving overall full year results ahead of its previous expectations.