BW reveals 10% revenue rise reflecting sustained growth

Barnett Waddingham (BW) has announced a 10% rise in revenue for 2023/24, reporting £160million in a year dominated by strategic investment across services, people and culture. 

The figure has increased from £146million in 2022/2023, reflecting a sustained trajectory of organic growth averaging 12% p.a. over the past three years, 10% p.a. over five years, and 11% p.a. over the past decade.  

Refining our new purpose – “to empower people to secure better futures” – has been a key focus over the past fiscal year. It follows our reaffirmed commitment to make every decision with the wellbeing of people, clients and communities in mind, as we foster a human-centred approach. 

"Every decision at BW is made with the wellbeing of people, clients and communities in mind and has helped cement our strong organic growth."

Key highlights include 8% growth across pensions-related businesses – Actuarial Consulting, Investment Consulting, and Pension Administration. Notably, the Pension Administration business recorded a 15% increase in revenue.  

The pensions market remains incredibly busy for us as schemes consider their journey plan and seek our expertise across ongoing, consolidator, insurance and PPF markets, as well as the defined controbution market.   

Income also grew by 18% across Board Management Services, Risk Analytics, Employee Benefits platform support and consultancy, Insurance Consultancy and Self-Invested Personal Pensions and Small Self-Administered Schemes. This is testament to our commitment to maintaining excellence within the pension schemes market while further strengthening our diverse offering to clients across risk, insurance and investment. 

"FY2023/24 has been a period of both great achievement and detailed preparation, setting the stage for continued success in the years to come."

As part of further future-proofing and bolstering our sphere of wider services, four new Managing Partners; Alex Pocock, David Stoddard, Sam Meldrum and Scott Eason were also appointed earlier this year. This followed the addition of nine new equity partners, 12 principal and 30 associate promotions made in June 2023, across key markets. As part of our continued growth, an additional five new partners, 12 principals and 26 associates have since been appointed in June 2024.

We continued to foster new talent – as well as welcoming 16 apprentices, 2023/24 saw the largest ever graduate cohort of 59 across the year. Our commitment to empowering our people was also fostered with the introduction of initiatives like the finance and HR platform, BW Go. 

"Strategic investment in our people, services and technology has been key to helping us secure this success, as well as an ethos that has fostered a culture where care, commitment and innovation thrive."

We continued to help businesses thrive and support the future objectives of pension schemes through the launch of Clarity from BW – a powerful technology suite that underpins our expert consultancy. Clarity from BW provides sharper insights, addresses complex challenges and allows decision making with greater certainty. 

As part of an ongoing focus on developing proprietary tools and software, our digital employee benefits platform 4Me was unveiled as one of many tools which add value for clients. 

We also contributed £146,000 to a plethora of charitable initiatives and projects during 2023/2024 as part of our commitment to making a difference in the most vulnerable communities. A partnership with the Charlie Waller Trust, which is dedicated to improving mental health awareness and aiding suicide prevention among young people, was a key initiative. 

Commenting on this year’s results, our Senior Partner, Andrew Vaughan said: “Every decision at BW is made with the wellbeing of people, clients and communities in mind and has helped cement our strong organic growth. 

“Our people-focused culture with a client-first mindset that empowers our people to support our clients and contribute to our communities, has remained the driving force behind everything we have achieved.

“Strategic investment in our people, services and technology has been key to helping us secure this success, as well as an ethos that has fostered a culture where care, commitment and innovation thrive.” 

Our Finance Partner, Robert Hawkes added: “FY2023/24 has been a period of both great achievement and detailed preparation, setting the stage for continued success in the years to come. 

“Looking forward, we are excited about the opportunities that lie ahead. With a solid foundation in place and ongoing investments in innovation and talent, we are well-positioned to continue our path of continued organic growth and deliver value to our clients.”