Fresh Aim listing Curtis Banks (CBP) takes its name from its founders, chief executive Rupert Curtis and executive chairman Christopher Banks. The pair have grown the business into one of the top three UK providers of self-invested personal pensions (Sipps) - products designed for those who want a more bespoke retirement kitty than is available through typical personal plans.
Turnover increased by two-thirds on the back of strong organic growth, coupled with three acquisitions completed since last June. The last of these, a book of Sipps picked up from Friends Life, provided just over £599,000 in revenue in the three or so months since the deal completed in mid-March. Embedding the new customers does cost, though. administrative expenses were up by 62 per cent at £4.9m, while interest income from customer accounts was subdued in the low-rate environment. A greater proportion of lower-fee eSipps also pushed down the average revenue per product.
The board decided against an interim dividend, and will instead declare an interim instead of a final dividend at the end of the year. That's partly because a tougher regulatory environment is set to double Curtis Banks' capital requirements.
Analysts at Peel Hunt expect adjusted EPS of 10.6p for the full financial year, reaching 14.1p in 2016, compared with 7p in 2014.
| CURTIS BANKS (CBP) | ||||
|---|---|---|---|---|
| ORD PRICE: | 237p | MARKET VALUE: | £106m | |
| TOUCH: | 235-238p | 12-MONTH HIGH: | 243p | LOW: 198p |
| DIVIDEND YIELD: | na | PE RATIO: | 31 | |
| NET ASSET VALUE: | 26p | NET CASH: | £3.7m | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2014 | 4.54 | 1.23 | 2.30 | nil |
| 2015 | 7.52 | 2.08 | 3.93 | nil |
| % change | +66 | +69 | +71 | - |
Ex-div: na Payment: na | ||||
