- Self invested pension plan provider Curtis Bank reported a sharp rise in pre-tax profits as increased SIPP sales boosted revenues.

For the year ended 31 December 2018, pre-tax profits surged 72% to £10.1m and operating revenue 6% to $43.6m.

The number of SIPPs administered increased 7.7% to 77,739 from 76,474 a year earlier.

The company proposed a final dividend of 6.00p, up from 4.75p last year, taking the full year dividend to 8.00p, up from 6.25p a year earlier.

'We believe we are setting a high bar with the introduction of our new SIPP proposition. Coupled with our new distribution structure we are now well-placed to increase our organic growth of full and mid SIPPs over the next full reporting period. We are also well positioned to grow the business inorganically and are proactively exploring possible acquisitions,' said Will Self, CEO of Curtis Banks.

'The SIPP market is undergoing an evolution and, as one of the UK's leading providers, we have entered 2019 in an extremely strong position and I am confident about our prospects for growth and our broadening capability to deliver enhanced services for our customers as well as our ability to deliver against our strategic objectives.'

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