PRELIMINARY RESULTS FY 2017 28 JUNE 2017
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WELCOME & INTRODUCTIONS 3
Welcome and introductions Ben Bramhall Paul Cuff Mike Ainslie Jonathan Bernstein Co-Chief Executive Officer Co-Chief Executive Officer Chief Financial Officer Head of Pensions • • • Primary Responsibility: day to • Primary Responsibility: new Primary Responsibility: finance Responsibility: pensions and day running of business business and strategic M&A and legal administration business Overview and Highlights Financial performance and business metrics Market developments and growth opportunities Wider investment – People & Technology 4
Overview and highlights 5
Xafinity - Overview 33.5% Revenues of Adjusted EBITDA Adj. EBITDA margin £52.0m of £17.5m versus prior year 32.3% Increase of c.1% on FY16 Increase of c. 5% on FY16 520+ 82% 91% Corporate clients Revenues recurring in Cash conversion nature 6
Highlights • Growing number of ‘annuity income’ wins New clients wins • Transformation of pipeline from one year earlier • Completed trivial commutation projects to date increased to 82 (from 45) De-risking • Breakthrough trivial commutation win on FTSE30 pension scheme • Growth in assets under management of 67% (to £235m) National • Number of participating employers increased by 46% to 89 Pensions Trust • Development of proprietary Radar software Technology • Key to client wins; will be rolled out to existing clients to drive de-risking • Strengthened executive and management team through key hires People • Significant investment in people through over 2,500 hours of training • Reduced leverage with permanent capital IPO • Brand profile enhanced; staff incentive plan 7
Financials 8
Segmental business line KPIs 2017 2016 % change Pensions advisory & admin Revenue (£ millions) 43.5 43.2 1% No. of clients 262 268 -2% Av FTEs (fee earners) 288 291 -1% SSAS / SIPP Revenue (£ millions) 5.0 4.9 2% No. of clients 3,447 3,168 9% Av FTEs (fee earners) 56 54 4% HR Trustees Revenue (£ millions) 2.6 2.5 2% No. of clients 101 101 0% Av FTEs (fee earners) 17 15 13% Healthcare Revenue (£ millions) 1.0 1.1 -10% No. of clients 43 42 2% Av FTEs (fee earners) 4 4 0% Notes on No. of clients: 3. Pension clients include those where income > £10k in relevant period. 1. Above figures represent clients serviced during relevant period 4. Independent Trustees & Healthcare include those where income > £1k in relevant period. 2. Where client relationship has more than one billing entity, only one client is counted 5. Figures have been adjusted for PPF clients in each period. 9
Financial highlights YoY Reported Exceptional Adjusted Actual Exceptional Adjusted All figures £ millions Change in 2017 2017 2017 2016 2016 2016 Adjusted Revenue 52.0 52.0 51.8 51.8 +1% Wages and salaries (25.0) (25.0) (25.7) (25.7) -3% Property & general business costs (9.6) (9.6) (9.4) (9.4) +2% Share based payment costs IFRS2 (0.0) (0.0) Share based payment costs EBT related (14.3) (14.3) Exceptional expenses IPO (1.9) (1.9) Exceptional expenses other (1.0) (1.0) (0.5) (0.5) EBITDA 0.2 17.5 16.2 16.7 +5% Depreciation of tangible assets & software (1.0) (1.0) (0.9) (0.9) Amortisation of acquisition intangibles (3.7) (3.7) (4.1) (4.1) Profit from Operating activities (4.5) 16.5 11.2 15.8 +4% Net finance costs (8.6) (2.9) (5.8) (7.9) (2.0) (5.9) -2% Profit before tax (13.2) 10.7 3.3 9.9 +8% Tax 0.4 2.8 (2.4) (0.3) (2.0) (2.3) Profit after tax (12.8) 8.3 3.0 7.6 +9% EPS Basic (pence) (12.5) 8.1 3.1 7.8 EPS Diluted (pence) (12.5) 8.0 3.1 7.8 10
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