Business
1H 2023 Results Announcement
1H 2023 Results Announcement.
About this update from Pensionbee Group Plc
[{"type":"text","content":"\n\n\n\n\nPensionBee Group plc\n\n\n\n\nIncorporated in England and Wales\n\n\n\n\nRegistration Number: 13172844\n\n\n\n\nLEI: 2138008663P5FHPGZV74\n\n\n\n\nISIN: GB00BNDRLN84\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n20 July 2023\n\n\n\n \n\n\n\nPensionBee Group plc\n\n\n\n\n\nTrading Update for the six months ended 30 June 2023\n\n\n\n\n \n\n\n\n\nContinued strong growth across all key metrics\n\n\n\n\nOn track to achieve ongoing Adjusted EBITDA profitability by end of 2023\n\n\n\n\n \n\n\n\n\n \n\n\n\n\nPensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, today announces a trading update for the six months ended 30 June 2023. \n\n\n\n\n\n\n\n\n\nHighlights\n\n\n\n \n\n\n\n● \n\n\nStrong continued customer growth, with Invested Customers having increased by 33% year on year to 211,000 (June 2022: 159,000).\n\n\n\n\n● \n\n\nAssets under Administration increased by 38% year on year to £3,704m (June 2022: £2,676m), underpinned by strong Net Inflows from new and existing customers.\n\n\n\n\n● \n\n\nSuccessful launch of LifeSearch partnership with initial positive customer demand.\n\n\n\n\n● \n\n\nCommitment to continuous product innovation and outstanding customer service contributed to a sustained high Customer Retention Rate of c.97%.\n\n\n\n\n● \n\n\nLTM Revenue increased by 30% to £20m (June 2022: £16m) and first half Revenue increased by 32% to £11m (June 2022: £8m).\n\n\n\n\n● \n\n\nAdjusted EBITDA of £(8)m (June 2022: £(15)m), reflecting continued progress towards profitability.\n\n\n\n\n● \n\n\nOn track to achieve ongoing Adjusted EBITDA profitability by the end of 2023 and profitability for the full year 2024.\n\n\n\n \n\n\n\nPensionBee delivered strong growth across all of its key performance indicators in the first half of the year, with Assets under Administration ('AUA') increasing by 38% to £3,704m.\n\n\n\n\n\n\n\n\n\nThe Company has seen excellent momentum in the growth of the customer base, adding approximately 30,000 new Invested Customers in the first half of the year, taking the overall Invested Customer base to 211,000. This demonstrates the continued success of its data-led, multi-ch...