InvestAcc interim results 2026: revenue doubles as Platinum and Treasury lift earnings

InvestAcc Group Limited has reported a substantial improvement in first-half trading, with revenue more than doubling and the specialist pension administrator moving from a statutory loss to profit.

The headline numbers are strong. Revenue rose 130% to £13.8 million, Group EBITDA increased 274% to £4.9 million and profit after tax reached £1.5 million, compared with a £3.0 million loss in the prior-year period.

EBITDA means earnings before interest, tax, depreciation and amortisation. It is commonly used to assess underlying operating profitability, although it is not the same as statutory profit or cash generation.

The key question for investors is how much of this growth came from the underlying business. The answer is that organic performance was strong, but the AJ Bell Platinum acquisition and Treasury income also made significant contributions.

InvestAcc's key first-half figures

Metric	H1 2025	H1 2026	Change
Revenue	£6.0 million	£13.8 million	130%
Trading EBITDA	£2.8 million	£6.8 million	140%
Group EBITDA	£1.3 million	£4.9 million	274%
Group EBITDA margin	21.6%	35.2%	13.6 percentage points
Operating result	£3.1 million loss	£2.1 million profit	Not meaningful
Profit after tax	£3.0 million loss	£1.5 million profit	Not meaningful
Pension schemes	13,940	19,251	38.1%
Assets under administration	£5.8 billion	£10.6 billion	82.8%

Underlying operating cash flow was £5.7 million. Management said this partly reflected the first full-period cash contribution from the Platinum acquisition.

That cash generation is important because InvestAcc has ambitions to participate in further consolidation across the fragmented pension administration market.

What drove the revenue increase?

InvestAcc reported company-defined organic growth of 56%, alongside a £4.4 million revenue contribution from the acquired AJ Bell Platinum business.

Pension administration revenue increased 120% to £6.9 million. Treasury revenue, generated through the management and optimisation of scheme cash, climbed 345% to £5.0 million.

Financial advice revenue rose 11% to £1.4 million, while revenue from the Appointed Representative division increased 11% to £0.6 million.

The scale of the Treasury increase deserves attention. It demonstrates that management's programme to improve interest income and banking arrangements is producing results. However, it also means that a meaningful portion of group revenue now comes from Treasury activities rather than pension administration fees alone.

The precise sensitivity of Treasury income to future interest-rate movements was not disclosed. Investors may therefore want to distinguish between growth from new pension customers and growth generated by the return earned on cash balances.

Scheme growth remains encouraging

The number of Self-Invested Personal Pension and Small Self-Administered Scheme accounts rose 38% to 19,251. These are commonly abbreviated to SIPP and SSAS respectively.

Approximately 3,300 schemes came from Platinum, while organic scheme growth was 14%. That organic rate was below the 22% reported for H1 2025, but it still represents a solid expansion in the underlying customer base.

SIPP Lite generated approximately two-thirds of new business during the period, while the Minerva SIPP also continued to grow. Management said recent changes to Inheritance Tax rules, effective from April 2027, have begun to shift demand away from Bespoke SIPPs and commercial property products towards Simple SIPPs.

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Profitability and cash flow improved

Trading EBITDA margin increased from 46.7% to 48.9%, despite operating costs rising 120% to £7.1 million.

After central costs, Group EBITDA margin improved from 21.6% to 35.2%. Group costs increased 25% to £1.9 million, considerably more slowly than revenue.

This operating leverage is one of the strongest features of the results. InvestAcc absorbed a much larger revenue base without central costs increasing at the same rate.

The business also generated more cash than Group EBITDA during the period, although management noted that the Platinum contribution supported this performance. No dividend was disclosed in the announcement.

Platinum integration reaches an important milestone

InvestAcc has fully settled the remaining consideration for the Platinum acquisition and completed the integration of its SIPP customers onto a single platform.

Attention now turns to moving Platinum's SSAS customers onto InvestAcc's common technology platform. Management expects this to provide greater flexibility, faster processing and improved service.

The company is also continuing to invest in technology, resilience and automation. Headcount increased 13% to 222 employees from 196 at the end of December 2025, including investment in project delivery and operational leadership.

Further recruitment is planned in risk, compliance, sales and distribution. That spending may support future growth, but it will also add to the cost base before all the benefits are visible.

Service measures weakened

Not every operational indicator improved.

Client retention for InvestAcc SIPP remained above 94%, but declined from 96.3% to 94.7%. The service quality measure for InvestAcc SIPP and SSAS fell from 97.3% to 92.7%.

Neither movement appears alarming in isolation, particularly during a period of rapid growth and integration. Even so, they are worth monitoring. Pension administration is a service-led business, and sustained deterioration could make organic growth and customer retention harder to maintain.

The ongoing platform work and increased operational investment therefore need to translate into better service measures over time.

Regulation could create opportunities and costs

InvestAcc is monitoring the Financial Conduct Authority's CP26/20 consultation, which proposes a new Pension Scheme Money & Assets regime and enhanced due diligence requirements for SIPP operators.

Final rules are expected in the first half of 2027, with full compliance required by 2029-30.

Management believes the additional burden will fall disproportionately on smaller providers and accelerate market consolidation. That could create acquisition opportunities for a larger, well-capitalised operator such as InvestAcc.

There is another side to this. Stronger regulation is likely to require continued spending on systems, risk management and compliance. InvestAcc may benefit competitively, but it will not be immune from the associated costs.

Outlook remains confident, but guidance was not upgraded

Management remains confident about the second half of 2026, citing continued SIPP demand, new distribution relationships and a pipeline of potential acquisitions.

The company is holding multiple M&A discussions across specialist providers, life companies and platforms. Its stated objective is to complete earnings-enhancing acquisitions at valuations of five to eight times EBITDA.

That strategy could add scale and create efficiencies, particularly now that Platinum has been integrated and paid for. It also introduces execution and integration risk, especially if several transactions are pursued while technology migration remains ongoing.

No formal upgrade to financial guidance was disclosed, and no share price reaction was provided. The full figures and management commentary can be read in the original company announcement.

What investors should watch next

InvestAcc's first-half performance shows a business gaining scale, improving margins and generating meaningful cash. Organic revenue growth was strong, while Platinum and the Treasury programme accelerated the financial improvement.

The next test is whether the company can maintain organic scheme growth, improve service quality and deliver further platform efficiencies without allowing costs to run ahead of revenue.

Investors should also watch the composition of growth. Pension administration volumes provide evidence of underlying commercial momentum, whereas acquisition revenue and Treasury income may carry different levels of durability.

For now, the stronger balance between growth, profitability and cash generation is encouraging. The weaker service metrics, reliance on several growth drivers and execution demands of further M&A provide the main notes of caution.