StockMarketWire.com - SIPP providers Curtis Banks Group said Thursday first-half profits and revenues grew buoyed by continued organic growth in SIPPs and enhanced interest income.

For the 6 months to 30 June 2018, profit before tax rose 17% to £4.8m and revenue rose 0.6% to £3.46bn.

Assets under administration increased by 9% to £25.1bn as the number of Self Invested Pension Plans (SIPPs) rose to 77,552 for the half year, from 74,900 last year.

The company said Will Self would takeover as Group CEO in January 2019, but added that Rupert Curtis would maintain an active role as Founder and Senior Adviser.

Curtis Banks increased its interim dividend to 2.0p a share, up from 1.5p last year. 'We made good progress during the first half of the year and these results show encouraging growth in profits during a period in which we concentrated on completing our consolidation activities and preparing the launch of our new SIPP proposition,' said Rupert Curtis, CEO of Curtis Banks. 'We have focused on further investment in the business to support continued organic growth and build on our position as the UK's largest dedicated SIPP provider. This has involved developing a new sales team and a new SIPP proposition, both of which will be operating in the second half of this year.'

'We are well positioned to grow the business and are also proactively exploring possible acquisitions. The investments we are making across the business put us in good stead for the future, broadening our penetration of the SIPP market and creating further shareholder value.'



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