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LEI: 2549008KZ7HM27V4O637
19 March 2026
InvestAcc Group Limited
Full Year Results to 31 December 2025
Excellent strategic progress with 43% revenue growth, driven by a combination of organic growth, the successful acquisition and integration of the AJ Bell Platinum businesses, and the delivery of key operational projects.
InvestAcc Group Limited ("InvestAcc", the "Company" or, together with its subsidiaries, the "Group"), a leading UK specialist pension administrator, is pleased to present the report and audited financial statements (the "Financial Statements") for the year to 31 December 2025 ("FY25"). The Financial Statements are available to view and download from the Company's website: www.investaccgroup.com/investors/results
Group revenues increased by 43% to £15.0m (FY24: £10.5m(1)), primarily driven by organic growth of 28%, reflecting sustained demand for core administrative services, and complemented by £1.5m in revenue from the successful acquisition and integration of AJ Bell's Platinum SIPP and SSAS business (the "Platinum Acquisition"). The Platinum Acquisition added 3,412 schemes, contributing to a 47% increase in total active pension schemes, which reached 18,329 as of December 2025. Trading EBITDA increased to £6.9m, reflecting the Group's continued commitment to operational excellence. Group EBITDA improved to £4.3m, with Group EBITDA margin progressing in line with our long-term expectations.
This growth was supported by significant progress on key strategic initiatives, including the completion of a comprehensive fee review, an upgrade of the SIPP administration platform, and targeted enhancements to the Treasury Function implemented during the year.
Mark Hodges, Executive Chairman of InvestAcc Group, commented:
"2025 has been a year of excellent strategic progress, with the Group strengthening its market position and operational capabilities. Building on the transformative acquisition of InvestAcc Holdings Ltd in October 2024, we have accelerated growth through a combination of organic expansion and the successful acquisition and integration of the Platinum Acquisition. The Platinum Acquisition has reinforced our standing as a leading specialist pension administrator.
"We continue to invest in the capability and capacity across the organisation, to support our future growth. A number of key appointments to the operational team strengthens our ability to deliver on our strategic priorities.
"Our focus remains on delivering long‑term value through high‑quality customer service and disciplined consolidation. Supported by favourable market conditions, the Group is well positioned to drive sustained growth."
FY25 Financial Highlights
£'m
FY24 Pro Forma(1)
FY25
% change
Pension administration
5.4
7.6
41.8%
Treasury
1.8
3.6
106.2%
Financial Advice
2.4
2.8
15.1%
Appointed Representative
0.9
0.9
1.9%
Total revenue
10.5
15.0
42.9%
Operating costs
(6.2)
(8.1)
29.8%
Trading EBITDA
4.2
6.9
62.2%
Group costs
(1.4)
(2.6)
90.3%
Group EBITDA
2.8
4.3
51.7%
KPIs
Trading EBITDA margin
40.5%
45.9%
5.4pp
Group EBITDA margin
27.1%
28.7%
1.6pp
Client retention *
96.5%
95.6%
(0.9pp)
Service quality **
98.5%
94.2%
(4.3pp)
No. of SIPPs and SSASs (period end)
12,467
18,329
47.0%
*InvestAcc SIPP for last 12 months.
** InvestAcc SIPP and SSAS for last 12 months.
[1] Given the change in year-end date and the mid period completion of InvestAcc Holdings Ltd in October 2024, we produced an unaudited pro forma trading summary for FY24 to provide clarity and year on year comparable business performance trends
· Revenue increased 43% to £15.0m (FY24: £10.5m(1)), primarily driven by 28% organic growth in core pension administrative activities, which continue to experience strong demand, as well as revenue from the Platinum Acquisition. This was reflected in a 47% rise in the number of SIPPs and SSASs year-on-year to 18,329 and relationships with over 340 IFAs that generated new business
· Trading EBITDA growth of 62.2% to £6.9m (FY24: £4.2m(1))
· Strong and improving trading EBITDA and Group EBITDA margins, progressing in line with long-term expectations of 30%+ Group EBITDA margins
· The Group's pension scheme assets under administration grew by 81.6%, reaching a total of £9.8bn (FY24: £5.4bn)
· Operating costs increased by £1.9m and Group costs increased by £1.2m compared to FY24(1), reflecting ongoing investment in capability to support growth, along with additional costs related to the Platinum Acquisition
· Net debt of £12.7m as at 31 December 2025 is equivalent to 3.0x Group EBITDA. Annualised net debt position, including full year impact of Platinum Acquisition, in line with guidance of 1.5x to 2.5x net debt to Group EBITDA
FY25 Corporate Activity Highlights
· Successful completion on 3 November 2025 of the Platinum Acquisition for up to £25.0m, adding over 3.4k accounts and £3.3bn of assets under administration
· The Group established a strategic partnership with Kartesia to finance the Platinum Acquisition and support future M&A alongside equity funding
· Delivery of key projects:
· Completed the first phase of developing a high-quality Treasury Function in August 2025, followed by the second phase integrating Platinum's treasury operations in November 2025. The final phase, scheduled for 2026, will align solutions across the Group and increase automation, with full financial benefits expected by the end of 2026
· Successful upgrade to the Delta Platinum Pro platform, migrating all SIPP customers along with over 9.5m data points, resulting in all SIPP customers now operating on a single, unified platform
· Completed a fee review in H1 2025, increasing base administration fees for core SIPP products while maintaining their position as value-for-money and highly competitive; full financial impact expected by H2 2026
· Strengthened internal support capabilities through key appointments, including an experienced COO to oversee Group-wide operations and an HR Director, alongside expanded central team resources to reduce reliance on external expertise and support ongoing acquisition and integration activities
· Recognised for excellence in service delivery with multiple awards, including Five Star Service Provider at the Financial Adviser Service Awards, Best SIPP Provider at the Money Marketing Awards for the sixth time, and Best Pension Service Provider for the sixth consecutive year; additionally, AKG(2) financial strength was upgraded from Satisfactory to Strong
· Customer service quality levels of 94.2% evidencing a continued focus on customer outcomes
(2) AKG is a ratings agency for the financial services sector
Outlook
The pensions administration industry is increasingly vital in supporting financial independence amid shifting demographics and growing family reliance. The acquisition of InvestAcc Holdings Ltd in October 2024 has strengthened the Company's platform, enabling the continued execution of its 'buy and build' strategy, highlighted by the Platinum Acquisition in 2025 and scalable organic growth. With strategic operational appointments and a robust pipeline of acquisition opportunities, the Group is well positioned for accelerated progress.
The strategic priorities for FY26, as set out below, remain consistent with previous guidance:
Continue to drive organic growth across core business lines - led by SIPP plan growth:
The SIPP and SSAS market remain attractive, supported by a fragmented landscape and increasing challenges for smaller providers due to legacy IT systems and regulatory pressures. Demographic and economic trends, such as an ageing population, concentrated wealth, and expected inter-generational transfers, are driving demand for flexible pension solutions.
InvestAcc continues to benefit from a flight to quality as customers seek reliable service amid industry challenges. With total SIPP assets growing significantly, the Group remains optimistic about organic growth opportunities. This momentum will be maintained by focusing on retention and providing excellent customer service to support sustainable growth.
Additionally, strengthening relationships with large-scale distribution partners will be key to expanding the Group's reach and deepening market penetration, complementing its existing organic growth efforts. Through targeted M&A and strategic partnerships, InvestAcc is advancing its goal to become the UK's leading specialist pensions administrator, delivering exceptional value and service.
Further enhancements to operations:
SSAS Platform - Building on the successful upgrade of the Delta Platinum Pro platform - which unified all SIPP customers and migrated over 9.5m data points - the Group is now advancing the SSAS administration platform for InvestAcc and Platinum customers. By modernising the SSAS platform, the Group aims to provide greater flexibility, faster processing, and improved service, reinforcing its commitment to scalable growth and leading specialist pension administration.
Treasury Function - The Group has successfully completed the first and second phases of developing a high-quality Treasury Function. This included implementing a more sophisticated cash pooling and maturity management system, establishing a dedicated Treasury and Liquidity Committee, and making several key hires. The integration of AJ Bell's Platinum SIPP and SSAS treasury operations was completed in November 2025, alongside the acquisition. The final phase, scheduled for completion by the end of 2026, will focus on aligning solutions across the Group.
Develop our people and capability:
Following recent key appointments and expanded central resources, the Group will further strengthen internal capabilities to support growth and integration. The Group's priorities include enhancing training and performance management, deepening Risk and Operations expertise, and progressing operational management succession.
Inorganic opportunities:
AJ Bell Platinum - The acquisition of AJ Bell's Platinum businesses marked a key milestone for the Group. The integration is progressing well and in line with expectations. Trading EBITDA margin of c.45% has been delivered since completion, day one efficiencies of £1.5m have been achieved, commercial property services have been reopened, and the reinvigoration of IFA relationships is underway with new branding and literature launched. The majority of one-off integration expenditure has been incurred. The focus for FY26 is on delivering the remaining value creation opportunities, including strengthening distribution relationships, and continuing to grow the Platinum book.
M&A - The Group remains optimistic about the broader M&A pipeline, with multiple ongoing discussions across our three target categories: specialist providers, life companies, and platforms. The market remains highly fragmented, with over 100 providers and growing challenges for smaller and non-core books, creating attractive opportunities for consolidation. Leveraging our expertise, focus, and momentum, the Group is well-positioned as a preferred partner in this environment.
The Company remains committed to delivering accretive acquisitions at valuations that are equivalent to 5-8x EBITDA. Key priorities include reinvigorating IFA relationships and driving organic growth; optimising treasury solutions; implementing target operating models (TOM) and service quality standards; fully integrating administration platforms and technology; and ensuring efficient capital deployment to deliver strong financial returns.
Enquiries:
Company Secretary: + 44 (0) 207 004 2700
Antoinette Vanderpuije
Camarco (PR Adviser): + 44 (0) 203 757 4980
Ed Gascoigne-Pees / Phoebe Pugh
KK Advisory (IR Adviser): + 44 (0) 207 039 1901
Kam Bansil
Panmure Liberum Limited (Corporate Broker): + 44 (0) 203 100 2000
Chris Clarke / Ed Thomas / Freddie Wooding
Zeus Capital Limited (Corporate Broker): + 44 (0) 203 829 5000
Harry Ansell / Katy Mitchell
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