Business
Q2 2024 Results
Q2 2024 Results.
About this update from Pensionbee Group Plc
[{"type":"text","content":"\n\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\n24 July 2024\n\n\n\n\n \n\n\n\n\nPensionBee Group plc\n\n\n\n\n\nQ2 2024 Results\n\n\n\n\n \n\n\n\n\nSuccessful Strategy drives Strong Performance\n\n\n\n\nPositive Adjusted EBITDA achieved in Q2\n\n\n\n\n \n\n\n\n\nPensionBee Group plc ('PensionBee' and together with its subsidiary companies the 'Group'), a leading online pension provider, today announces a trading update (unaudited) for the quarter ended 30 June 2024.\n\n\n\n\n \n\n\n\n\nGroup Financial Highlights\n\n\n\n\n \n\n\n\n\n● \n\n\nAssets under Administration increased by 40% year on year to £5.2bn (June 2023: £3.7bn), underpinned by strong Net Flows from new and existing customers and supportive markets.\n\n\n\n\n\n\n\n\n\n\n\n\n● \n\n\nRevenue for the quarter increased by 40% to £8m (Q2 2023: £6m), with Annual Run Rate Revenue having increased by 39% to £32m (June 2023: £23m).1\n\n\n\n\n\n\n\n\n\n\n\n\n● \n\n\nInvested Customers increased by 19% year on year to 252,000 (June 2023: 211,000), demonstrating strong continued growth. Customer Retention Rate was 96%, driven by continued strong customer satisfaction (4.7★ Trustpilot score) and ongoing product innovation.\n\n\n\n\n\n\n\n\n\n\n\n\n● \n\n\nPositive Adjusted EBITDA achieved for the Group for the quarter (Q2 2024: £0.1m vs. Q2 2023: £(2.9)m), with the UK business remaining on track to achieve Adjusted EBITDA profitability for FY 2024.\n\n\n\n\n\n\n\n\n\n\n\n\n● \n\n\nStrong cash balance of c.£10.9m as of June 2024.\n\n\n\n\n \n\n\n\n\nUnited Kingdom\n\n\n\n\n \n\n\n\n\nContinued Advancement of Strategic Goals\n\n\n\n\n \n\n\n\n\n● \n\n\nEfficient Investment in Customer Acquisition and Growing Brand Awareness: PensionBee's UK business continued to grow its brand and acquire customers efficiently, investing £2.3m in diversified marketing activities across the quarter, bringing the cumulative marketing investment since inception to £61m. Each £1 of marketing expenditure generated £82 of Net Flows in H1 2024 an increase of 20% year on year (H...