Final results are in line: £12.1m adj. PBT matching our forecast, with 17.3p adj. EPS (N+1Se 17.2p). Growth in schemes continued (+2.4% net) with particular strength in Mid-SIPPs; attrition was stable. 130bps operating margin accretion was delivered (FY18 27.1%), with 30% being targeted. A proactive drive to deliver high quality service has prompted detailed review, with no material exposure identified. We make only minor (+/-3%) changes to our earnings forecasts. We see upside on account of res ....
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In line results, resilient fixed fee revenue model
- Published:
20 Mar 2019 -
Author:
Andrew Watson -
Pages:
3
Final results are in line: £12.1m adj. PBT matching our forecast, with 17.3p adj. EPS (N+1Se 17.2p). Growth in schemes continued (+2.4% net) with particular strength in Mid-SIPPs; attrition was stable. 130bps operating margin accretion was delivered (FY18 27.1%), with 30% being targeted. A proactive drive to deliver high quality service has prompted detailed review, with no material exposure identified. We make only minor (+/-3%) changes to our earnings forecasts. We see upside on account of res ....