Rowanmoor eyes profitability after trebling SIPP sales

SIPP provider Rowanmoor plans to break even in 2012 after announcing promising final-quarter results for 2011 this week.

Rowanmoor Personal Pensions, the arm of the group that operates the SIPP and SSAS business, posted a net loss of £101,000 in the year ending 30 September 2011, following a loss of £199,000 the previous year, reports filed at Companies House show.

However, after establishing three times as many personal pensions in Q4 2011 compared with the same period in 2010, the board of directors said they expected "a significant increase in the level of business for the foreseeable future".

A total of 413 new SIPPs were sold between October and December, compared to 133 during the same period in the previous year.

Robert Graves [pictured], head of pensions technical service at Rowanmoor, said momentum was building.

"Our SIPP product was only launched in 2009, so we came late into the market. We knew it was going to be a slow burn in terms of the first couple of years."

Advisers were increasingly looking for a "truly bespoke" SIPP provider, he added. "We're not the cheapest in the market... but time is money for IFAs. It's taken us a while to build business, but we've done it in the right way."

Managing director Ian Hammond said Rowanmoor was "incredibly proud" of its Q4 results.

"Not only does this provide hard evidence of the quality of the product, it shows just how committed the team are to making sure it remains one of the best SIPPs available on the market," he said.

Rowanmoor reported an overall increase across its products of 151%. Outstanding SIPP sales were 210% higher than last year. The company administers around 1,200 SIPPs and 600 family pension trusts.