BW reports record-breaking organic growth

Today, we're pleased to announce record-breaking growth of 20.7%, with year-on-year revenue climbing from £120.9m to £146m. 

These figures are released as part of our Annual Report and Accounts for 2022-2023.

This entirely organic growth is derived from both new and existing clients. In absolute terms, it is the largest one-year revenue increase in our 34-year history.

Over the last twelve months, more than £7m of new annual recurring business was generated, across the entire range of our service offerings, including defined benefit (DB), defined contribution (DC) and SIPP pensions, employer services, and risk and insurance consulting. 

Highlights include:

• a 42% revenue increase in investment consulting, largely driven by the collaborative work with clients during the Liability Driven Investment (LDI) and gilt crisis;
• our PEMS Team (Pension Executive & Management Services) reporting 32% revenue growth;
• insurance and longevity consulting growing by 31%; and
• our Bulk Annuity Team advising on buy-in transactions of £850m for Arcadia, £900m for Thomas Cook, £440m for P&O and £1bn for Chubb.

Operating profit increased from £32.5m in 2022 to £37.9m in 2023, while total revenue for the year rose from £120.9m in 2022 to £146m in 2023. On the expense side, the driving influence behind higher costs was increased people costs, as our long-term strategy to invest significantly in training and development, and to reward our people, came to fruition. This coincided with a step-up in recruitment to deliver against increased client demand.

This investment in people includes recruiting 298 new employees, including 53 graduates and 13 apprentices in our Early Careers programme. At a senior level, we made 30 promotions to associate, 12 to principal, and nine promotions to partner, including Simon Foster as Head of SIPP and David Collington as Head of Benefit Consulting, together with the recruitment of Craig Turnbull as Head of Regulatory Advisory, all key strategic growth areas for the business.

Andrew Vaughan, Senior Partner says: "Our success this year is a testament to our unrivalled focus on delivering long-term value for our clients and our people, despite unprecedented change and an unstable market during this period. Our dedication to anticipating client needs and the development of innovative, transformative solutions has led to a record-breaking year of financial success for BW."

"This is reinforced by our unwavering dedication to nurturing our people. Our team volunteered more than 500 hours of time for charitable causes this year and raised over £140,000 for a diverse range of charities. We’re proud to work with important initiatives like the Diversity Project and the 10,000 Interns Foundation, and to work with our clients to build a more sustainable and inclusive future." 

“By investing in our people, we actively empower them to grasp new opportunities and explore new ideas. We passionately believe that this freedom drives fresh thinking and paves the way for rewarding careers. As an independent business we can be incredibly agile, and we consistently put our clients front and centre as the marketplace continues to adapt. This year’s performance has put the wind in our sails – the future looks bright, and we are excited to continue our journey as a leading independent, resilient, and evergreen business.”