The strength of the consultancy sector can been seen in Barnett Waddingham’s annual results which show organic growth of over 20 per cent.
One of the biggest areas of growth was via its investment consulting division, which saw a 42 per cent increase in revenues over the last year. The consultant said this was largely driven by the collaborative work with clients during the liability driven investment (LDI) and gilt crisis.
Overall the company says it has seen year-on-year revenue grow from £120.9m to £146m, which follows a 7 per cent revenue increase the previous year. This translates to an increase in profit from £32.5m 2022 to £37.9m in 2023.
It says the growth is entirely organic, and derived from both new and existing clients. In absolute terms, it is the largest one-year revenue increase in the firm’s 34-year history.
More than £7m of new annual recurring business was generated across the entire range of Barnett Waddingham’s service offerings, including defined benefit, defined contribution and Sipp pensions as well as employer services and risk and insurance consulting.
While revenues have increase Barnett Waddingham said it has also absorbed higher costs, particularly in terms of employee costs. The consultancy firm said it had increased its headcount by almost 300 to meet client demand, as well as investing in training and employee development.
At a senior level, the firm made 30 promotions to associate, 12 to principal, and 9 promotions to partner.
Barnett Waddingham senior partner Andrew Vaugan says: “Our success this year is a testament to our focus on delivering long-term value for our clients and our people, despite unprecedented change and an unstable market during this period.”
He adds this has been “reinforced” to the firms commit to invest in its own employees. “We’re proud to work with important initiatives like the Diversity Project and 10,000 Black Interns, and to work with our clients to build a more sustainable and inclusive future. By investing in our people, we empower them to grasp new opportunities and explore new ideas. We believe this drives fresh thinking and paves the way for rewarding careers.
“As an independent business we can be agile, and we consistently put our clients front and centre as the marketplace continues to adapt.
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