After reporting record revenue in the year to March 2023, the question for pension consulting and actuarial firm XPS Group (XPS) was ‘how do we follow that?’, as co-chief executive Paul Cuff put it.

The answer was go one better, as the results for the year to March 2024 showed: another year of 20% revenue growth and a second consecutive year of improved operational gearing, with earnings now growing at a faster rate than the top line.

This step-change has been achieved through strong pricing, robust end-markets, driven by increased client demand and regulation, and the benefit of investments made in previous years in technology and resources.

Capping it all, the firm won a significant new mandate from the John Lewis Partnership and the shares, which are up 20% year-to-date and 62% over the past 12 months, have been newly-promoted to the FTSE 250 mid-cap benchmark only seven years after the firm floated. 

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