Curtis Banks earnings ahead as it integrates Suffolk Life

SIPP provider Curtis Banks Group announced its final results for the 12 months to 31 December on Thursday, with operating revenue rising to £29.7m from £17m in 2015.

The AIM-traded firm said its profit before tax, amortisation and non-recurring costs was up to £7.1m from £6m, although its profit margin was down at 24% against 35%.

Basic earnings per share were 7.23p, compared to 7.12p, while basic earnings per share on profit before tax, amortisation and non-recurring costs, less an effective tax rate, was up to 11.38p from 11.24p.

In 2016, Curtis Banks administered 72,983 SIPPs, up from 39,236 in 2015, and it had £18.8bn o assets under administration, up from £9bn.

Total organic new full SIPPs during the year totalled 3,398, improving from 2015’s count of 2,386.

“2016 has been a transformational year for Curtis Banks with the acquisition of Suffolk Life,” said CEO Rupert Curtis.

“Seven years after founding the business we now administer over 72,000 SIPPs with approaching £20bn of assets.”

Curtis said the board saw “great opportunity” to consolidate the businesses of Curtis Banks and Suffolk Life and enhance the group’s performance as a unified business, building on what it has achieved so far.

“With the support of our great team of 600 people, we're tremendously excited about 2017 and the future ahead of us.”