TBC Bank Group PLC

Capital/Financing Update • Jan 16, 2018

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RNS Number : 9351B

Curtis Banks Group PLC

16 January 2018

16 January 2018

Curtis Banks Group plc

("Curtis Banks", the "Company")

Trading Update

Curtis Banks, one of the UK's leading SIPP providers, today issues the following trading update for the year ended 31 December 2017.

Consolidation and integration of the Company since the acquisition of the Suffolk Life Group of companies in May 2016 has advanced during the year and the results for 2017 will be the first to include full year results for Suffolk Life.

The Company is pleased to announce that trading during 2017 has been in line with management expectations. The business is well positioned for further growth in 2018.

Highlights are:

·      New SIPPs during the year amounted to 8,798, and overall SIPP numbers increased to 76,474. Attrition rates on own SIPPs have remained in line with previous years at 5.7%. As at the year end the Company had assets under administration of £24.7 billion (2016 £20.4 billion).

·    Group cash balances at 31 December 2017 amounted to £25.4 million gross (2016: £21.5 million) and £7.7 million net of debt (2016: £0.5 million)

·      A Group Sales Director, Dave Stratton, has been appointed. Dave was previously Head of IFA Distribution at AXA Wealth and joins with substantial industry experience. His role is to align and develop the sales processes across the group companies and further increase organic sales.

·      The Company's credit rating from AKG, which assesses the strength of financial services companies, has increased to Strong, which is an endorsement of the size and strength of the business for our clients and advisers.

Rupert Curtis, CEO, commented:

"2017 has been a year of building on our already strong foundations and aligning the Curtis Banks and Suffolk Life operations, as well as achieving high organic growth. We have made significant progress and are now well-placed to drive the business forward in 2018."

The results for the year ended 31 December 2017 will be announced on Thursday 15 March 2018. 

Investor and Analyst Presentation

There will be a presentation on Thursday 15 March 2018 at 9.30am for institutional investors and analysts at Peel Hunt, Moor House, 120 London Wall, London EC2Y 5ET. Those wishing to attend should contact jane.glover@camarco.co.uk.

For more information: 

Curtis Banks Group plc	www.curtisbanks.co.uk
Rupert Curtis - Chief Executive Officer	+44 (0) 117 9107910
Will Self - Deputy Chief Executive Officer
Paul Tarran - Chief Financial
Peel Hunt LLP (Nominated Adviser & Broker)	+44 (0) 20 7418 8900
Guy Wiehahn
Rishi Shah
Camarco	+44 (0) 20 3757 4984
Ed Gascoigne-Pees
Hazel Stevenson

Notes to Editors: 

Curtis Banks administers over 76,000 Self-Invested Pension Schemes, principally SIPPs and SSASs. The Group commenced trading in 2009 and has successfully developed, through a combination of organic growth and acquisitions, into one of the largest UK providers of these products. The Group employs approximately 570 staff in its head office in Bristol and regional offices in Ipswich, Dundee and Market Harborough.

For more information - www.curtisbanks.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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