Business
Preliminary Results - year ended 31 December 2017
Preliminary Results - year ended 31 December 2017.
About this update from Personal Group Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3631I Personal Group Holdings PLC 21 March 2018 \n\n\n\n\n\n \n\n\n \n\n\n\n\n \nPERSONAL GROUP HOLDINGS PLC\n(\"Personal Group\", \"Company\" or \"Group\")\n \nPreliminary Results\n \nFor the year ended 31 December 2017\n \nPersonal Group Holdings Plc, a leading provider of employee services in the UK, is pleased to announce its Preliminary Results for the year ended 31 December 2017.\n \nHighlights\n \nFinancial\n \n· Group revenue of £45.2m (continuing operations) (2016: £53.6m), impacted by delayed roll out of salary sacrifice offering to Royal Mail Group and other key customers\n· EBITDA* of £10.8m (continuing operations) (2016: £11.4m)\n· Dividend increased by 3.2% to 22.7p\n· Balance sheet remains strong with total cash of £16.2m (2016: £12.6m) and no debt (2016: nil)\n \nOperational\n \n· Fifth successive year of record new insurance sales\n· Positioned PG Let's Connect for growth post the impact of the HMRC Salary Sacrifice review\n· 77% growth in SaaS revenue to £2.7m (2016: £1.5m)\n· 1,400 SMEs with access to Hapi platform through the Sage partnership\n \nPost period end\n \n· Royal Mail Group launched PG Let's Connect offer in March 2018 as expected\n· In February 2018, PG Let's Connect was appointed to the Crown Commercial Service Framework, the biggest public procurement framework in the UK\n· Further record new insurance sales for the first 2 months of 2018\n \n*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based expense payments, corporate acquisition costs, restructuring costs, write back of contingent consideration and release of tax provision.\nA reconciliation from PBT to this adjusted EBITDA can be seen in note 1.\n \nCommenting, Mark Scanlon, Chief Executive of Personal Group, said:\n \n\"2017 was a strong year across much of the Group's operations, which is reflected in the EBITDA of £10.8m which was marginally ahead of current market expectations. This pe...