Barnett Waddingham has recorded the largest one-year revenue increase in the firm’s 34-year history in its latest accounts for 2022-2023.

The consultancy achieved a growth figure of 20.7 percent after operating profit increased from £32.5m in 2022 to £37.9m in 2023, meaning overall revenue climbed from £120.9m last year to £146m.

The business has claimed £7m of new annual recurring business, driven by an increase in investment consulting following the liability-driven investment (LDI) and gilt crisis of September and October last year, as well as a rise in pensions management and insurance and longevity work.

Barnett Waddingham's risk transfer team also advised on a number of buy-in transactions, including a £850m deal for Arcadia, £900m for Thomas Cook, £440m for P&O and £1bn for Chubb in the last financial year.

The firm recruited 298 people in the last financial year. At a senior level, the firm made 30 promotions to associate, 12 to principal, and nine promotions to partner.

Promotions included Simon Foster as head of SIPP, David Collington as head of benefit consulting, and Craig Turnbull as head of regulatory advisory.

Barnett Waddingham senior partner Andrew Vaughan said the results have come at a time of "unprecedented change" and instability in the pensions market. He praised his colleagues for anticipating client needs and developing "innovative" and "transformative" solutions for them.

Vaughan stated: “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.

“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.

"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.”

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