Business
Trading Update
Trading Update.
About this update from Personal Group Holdings Plc
[{"type":"text","content":"\n\n\n\n\n\n \n\n\n24 July 2024\n\n\n\n\n \nPersonal Group Holdings plc\n(\"the Company\", \"Personal Group\" or \"Group\")\n \nH1 2024 Trading Update\nContinued record insurance sales driving positive H1 trading performance giving confidence in full year expectations\n \nPersonal Group (AIM: PGH), the workforce benefits and services provider, is pleased to provide the following update for the six-month period ending 30 June 2024.\n \nFinancial Highlights\n\n\n\n\n· \n\n\nTrading in line with management's expectations for the full financial year\n\n\n\n\n· \n\n\nRevenue from Continuing Operations* of approximately £21.0m (2023: £18.4m)\n\n\n\n\n· \n\n\nAdjusted EBITDA** from Continuing Operations* of £3.9m (2023: £3.0m)\n\n\n\n\n· \n\n\nRecurring revenue continues to increase across the Group's divisions, providing high levels of visibility for the second half of FY24 and beyond:\n\n\n\n\n\n\n\no \n\n\nInsurance Annualised Premium Income (\"API\") increased by c.7% to £33.9m (31 Dec 2023: £31.6m)\n\n\n\n\n\n\n\no \n\n\nBenefits Platform Annual Recurring Revenue (\"ARR\") increased c.4%. to £6.3m (31 Dec 2023: £6.1m)\n\n\n\n\n\n\n\no \n\n\nPay & Reward ARR increased c.6% to £0.72m (31 Dec 2023: £0.68m)\n\n\n\n\n· \n\n\nStrong balance sheet and liquidity with a cash position of £23.1m as at 30 June 2024 (31 Dec 2023: £20.1m) and no debt\n\n\n\n\n \n* Continuing operations excludes the results of Let's Connect, which was disposed of on 9 July 24.\n**Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, corporate acquisition costs and restructuring costs.\n \nOperational Highlights\n \nThe Group made strong progress in its key areas of Affordable insurance and Rewards & Benefits, with all divisions reporting growth versus the prior year.\n \nThe Group continues to benefit from a strengthened leadership team and simplified Group structure, with the disposal of Let's Connect, its technology salary sacrifice division, announced on 10 July, now enabling greater focus on the core areas of the business. \n \nAffordable Insurance\nStrong insurance sales continued in the firs...