Barnett Waddingham posts strong FY2024/25 performance

Barnett Waddingham (BW) has announced a 12.8% rise in revenue for FY2024/25, reporting £181 million in a year of standout commercial success and post-acquisition integration.

The figure has increased from £160 million in FY2023/24, continuing an ongoing path of strong organic growth, and follows our successful acquisition by Howden in April 2025, the global insurance and employee benefits intermediary group. 

"The results speak for themselves, robust growth, excellent client feedback and a business well positioned for the future as part of the Howden Group."

Key fiscal highlights include 12% growth across the retirement areas of Actuarial Consulting, Investment Consulting and Pension Administration; our Actuarial Consulting business area achieved a major milestone, generating over £50 million in income for the first time, while Pension Administration exceeded £57 million. 

Meanwhile, Investment Consulting also demonstrated an outstanding year, with assets on the streamlined investment platform standing at £3 billion, delivering £2 million in annual fee savings to clients. 

The ongoing consolidator, insurance and PPF markets, as well as defined contribution also saw strong activity this year as schemes sought our expertise to navigate their journey plans. Our Risk Transfer team completed 30 transactions – comprising over 10% of all deals in the market. 

Our Public Sector Team secured high-profile wins with the Hertfordshire Pension Fund and the Wiltshire Pension Fund, and was reappointed to the Kent Pension Fund, extending a 14-year relationship.

Our other business areas grew by 15%, with every business area contributing to the increase. Insurance and Longevity delivered a standout performance with income up by 42%. 
 

"FY2024/25 has been a transformational year that positions us perfectly for sustained growth. Our strong performance reflects the benefits of strategic investment in our people, services and technology."

Important senior appointments were also made to bolster our SIPP and Risk business areas, with Harshil Shah named as Head of Risk and Resilience Services (and later made a Partner in BW’s 2025 partner promotions), and the key hire of Nick Cooper as Head of Propositions for SIPP, who has subsequently been appointed CEO of BW SIPP LLP. 

As part of our continued ambitious growth strategy and commitment to strengthening leadership capability, we made 40 senior promotions at Partner, Principal and Associate levels during FY2024/25.  

We continued our ongoing focus on developing proprietary tools and software, with the introduction of BW CORE, a comprehensive pension scheme governance tool, risk management platform Celestia Risk, capital validation tool validateR, and further development of our flexible rewards and benefits platform. 

Senior Partner Andrew Vaughan said: "The results speak for themselves, robust growth, excellent client feedback and a business well positioned for the future as part of the Howden Group.  

“Our 12% revenue growth is a testament to the strength of our strategy and the dedication of our people. 

"The successful integration with Howden has created exciting new opportunities while preserving the culture and independence that our clients value. We've maintained our people-focused approach with a client-first mindset, and this has remained the driving force behind everything we have achieved." 

Finance Partner Robert Hawkes, added: "FY2024/25 has been a transformational year that positions us perfectly for sustained growth. Our strong performance reflects the benefits of strategic investment in our people, services and technology. 

"Looking forward, our continued focus on innovation and client service ensures we remain well-positioned to deliver exceptional value and continue our journey of empowering people to secure better futures."
 

Positive impact on clients, colleagues and communities

Over the year, we also donated £135,000 to charitable initiatives, and completed 1,520 volunteering hours delivered, with a 48% increase year on year. We supported over 400 young people and partnered with over 40 organisations including the Charlie Waller Trust and Crisis. 

We achieved carbon neutrality for operational emissions, offset 1,050 tonnes of CO2e, planted over 7,000 trees, and recorded 100% waste diversion from landfill across all offices. 

• Explore the progress we've made over the past year, from reducing our environmental footprint to strengthening commnunities, supporting colleagues and advancing inclusive governance in our 2024/25 Impact Report.