The number of Sipps administered by Curtis Banks jumped by 115% in the first half of the year, as the company reported a 67% profit increase today.
The firm administered 26,755 Sipps in this period, up from 12,472 in 2014, while operating profit stood at £2.16m, rising from £1.297m. Revenue went up to £7.525m from £4.54m, an increase of 66%, a report to the London Stock Exchange stated.
The total number of new full Sipps in the period was 1,416, rising from 965, an increase of 47%. The number of SSASs administered was 297, an 11% rise from 268.
Assets under administration climbed to £8.4bn from £4.8bn, a rise of 75%. 965 +47%
The group incurred costs of £99,397 from moving the head office to new premises in Bristol in February 2015, with a rise in employees.
Chris Banks, executive chairman, said: “The last twelve months (including the six months of this report) have been an active period of growth for the group and one in which we have completed three acquisitions, experienced a significant increase in the level of organic growth and listed the shares of Curtis Banks on the AIM market of the London Stock Exchange.”

{desktop}{/desktop}{mobile}{/mobile}

He said: “Our acquisition of the business of Pointon York Sipp Solutions last October provided us with a strong market position in the eSipp sector and we are developing products appropriate for this market place and are already Sipp providers for a number of platforms.”
The acquisition of a client book from Friends Life is not fully reflected in the results, he explained.
He said: “The acquisition completed on 13 March 2015 and hence the operating revenues for the period only include three months of contribution from this source. Inevitably the staffing and infrastructure costs to service this new book of Sipps have been in place for the whole period; hence the full benefit of this acquisition will become more apparent in the second half of the year.
“In addition the benefits of a number of the additional revenue generating sources derived from the acquisitions completed in the past year will be seen in the second half of the year and enhance the earnings for this period.”
He added: “It is an exciting time for Curtis Banks and we look forward to delivering on the group's potential.”