Business
Trading Update & Update on CEO Transition-Amend
Trading Update & Update on CEO Transition-Amend.
About this update from Personal Group Holdings Plc
[{"type":"text","content":"\n\n\n\n\n\n \n\n\n19 July 2023\n\n\n\n\n \nPersonal Group Holdings plc\n(\"the Company\", \"Personal Group\" or \"Group\")\n \nTrading Update and Update on CEO transition\nPositive first half trading resulting in significant YOY EBITDA growth alongside continued growth in recurring revenues\n \nThe following amendment has been made to the \"Trading Update and Update on CEO transition\" announcement on 19 July 2023 at 07:00 under RNS 4368G.\n \n· In the Highlights section the benefits platform ARR has been amended from £5.3m to £5.5m representing an increase of c. 8% rather than c. 6%. \n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \n \nPersonal Group (AIM: PGH), the workforce benefits and services provider, is pleased to provide the following update on trading for the six-month period ending 30 June 2023 (HY23). \n \nHighlights\n \n· Total revenue for the six months to 30 June 2023 increased 34% to £46.4m (HY22: £34.7m), driven primarily by voucher resales through the benefits platform of £24.6m (HY22: £13.8m), demonstrating the value placed on it by our clients and their employees;\n· Adjusted EBITDA increased 75% to £2.7m (HY22: £1.5m);\n· Strong balance sheet and liquidity with a cash position of £22.6m as at 30 June 2023 (31 Dec 2022: £18.7m) and no debt;\n· The Group continues to benefit from an increasing proportion of recurring revenues, providing high levels of visibility for the second half of 2023 and into 2024:\no Insurance Annualised Premium Income (\"API\") increased by c.6% to £29.6m (31 Dec 2022: £28.0m)\no Benefits Platform Annual Recurring Revenue (\"ARR\") increased c.8%. to £5.5m (31 Dec 2022: £5.0m)\no Pay & Reward ARR increased c.4% to £0.57m (31 Dec 2022: £0.54m)\n \nOperational Highlights\n \nGrowth of the Group's client base continued in the first half, with 52 new client wins (HY22: 52) and the award of a place on the Crown Commercial Services framework, alongside high levels of retention of existing clients. Continued progress against the Board's key strategic objectives was also made; in particular, positive momentum across the business' largest division - Affordable Insurance.\n...