Barnett Waddingham grows revenues by 10% to £160 million

UK professional services firm Barnett Waddingham has announced a double-digit rise in revenue for its latest financial year. According to the firm’s latest report, it brought in £160 million in the 2023/2024 year, during which time it invested heavily in its services and capacity. 

Barnett Waddingham Senior Partner Andrew Vaughan commented, “Every decision at Barnett Waddingham is made with the wellbeing of people, clients, and communities in mind and has helped cement our strong organic growth. 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.”

Barnett Waddingham has around 150 qualified actuaries, appointed to over 330 pension schemes. The firm provides the full range of actuarial services to trustees of defined benefit (DB) pension schemes, ranging from strategic to operational, with fund sizes ranging from £1 million to over £5 billion. This year, the firm also moved into a new office in Leeds amid growing demand there.

At the same time, the firm has worked to refine its purpose, now branded as “to empower people to secure better futures”, which has been a key focus over the last fiscal year. That has seen the consultancy work to make every decision with the wellbeing of its staff, clients, and communities in mind, as it “fosters a human-centred approach”. Amid this, the firm’s headcount has surpassed 1,750 workers in total, and as Barnett Waddingham prepares for 2025 and beyond, the firm’s report asserted it is now “well-equipped to meet evolving client needs”.

The results of these changes include 8% growth across pensions-related businesses, including actuarial consulting, investment consulting, and pension administration. Notably, the pension administration business recorded a 15% increase in revenue. Meanwhile 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 helped lead to a total 10% growth in revenues to hit £160 million – up from £146 million in the 2022/2023 financial year. As the pensions market remains busy, with schemes considering their journey plan and seeking expertise across ongoing, consolidator, insurance and PPF markets, Barnett Waddingham is also encouraged for next year.

As part of further future-proofing the consultancy and bolstering its sphere of wider services, four new managing partners; Alex Pocock, David Stoddard, Sam Meldrum and Scott Eason were appointed earlier this year. As part of its continued growth, an additional five new partners, 12 principals and 26 associates have since been appointed in June 2024.

Finance Partner Robert Hawkes added, “The 2023/24 financial year 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.”