TIDMPGH
RNS Number : 6831T
Personal Group Holdings PLC
26 July 2022
26 July 2022
Personal Group Holdings plc
("the Company", "Personal Group" or "Group")
Trading Update and Notice of Results
Trading in line with managements' expectations for first half
and continued confidence in full year outlook
Personal Group Holdings Plc (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 2022 (HY22).
The Company expects to publish its interim results for HY 22 on
27 September 2022.
Trading
The Group has enjoyed positive trading for the first half of
2022, delivering both revenue and adjusted EBITDA in line with
management's expectations for the period and achieving continued
progress against the Board's key strategic objectives.
In particular, good momentum was seen across the business' two
largest divisions - Affordable Insurance and Benefits Platform.
The ability to carry out face-to-face sales continued to benefit
the Group's insurance division, with June 2022 recording the
highest amount of new business signed in a single month since
November 2018, helping to drive the Annualised Premium Income value
up to GBP26.2m (December 2021: GBP24.4m). The level of claims in Q1
was higher than anticipated albeit this has subsequently started to
return towards projected levels. Encouragingly, retention levels
remain above the Group's historical average demonstrating the
continued relevance of the Group's insurance products in these
challenging economic times.
The relationship with Sage continues to strengthen with
Annualised Recurring Revenue increasing to GBP2.1m at the end of
the period (December 21: GBP1.6m) providing a large contribution
towards the growth in the Benefits Platform division's ARR to
GBP3.8m (December 21: GBP3.2m).
Meanwhile Pay & Reward and Other Owned Benefits (Let's
Connect) were in line with management expectations, although, due
to normal seasonality, significant contribution from the latter
will be delivered in the second half of the year, subject to
continued supply chain availability.
The Board was delighted to complete the acquisition of Quintige
Consulting Group Limited at the end of the period, adding not only
scale to the Group's Pay & Reward division, but helping to
consolidate the Group's position as a leading provider of employee
services in the UK.
Outlook
Notwithstanding the backdrop of the changing and challenging
macro environment, the strength of trading in H1, strong retention
levels and the Group's growing Annual Premium Income and Annual
Recurring Revenue provide the Board with assurance in achieving
market expectations for the full year. The Board continues to look
to the future with confidence.
Deborah Frost, Chief Executive of Personal Group, commented:
"Personal Group is, I believe, well positioned within a growing
market with an increasingly relevant offering. We are now putting
the impact of previous pandemic lockdowns firmly behind us and with
the current momentum and increasing scale of the business, we are
on course to deliver revenue and EBITDA growth for the full year,
in line with expectations.
As a Board, we remain continually mindful of the external
pressures that we are all facing and know that no one is exempt
from the uncertainty that prevails. However, past experience shows
in challenging times our products continue to strongly resonate
with our customers, as demonstrated by our insurance retention
rates remaining above our historical average.
I believe we are now building on foundations laid to enable
healthy progress in the future. Our focus is on accelerating our
growth trajectory in line with our stated strategy to become 'a
winning team creating a brighter future for the UK workforce.'"
-ENDS-
For more information please contact:
Personal Group Holdings Plc
Deborah Frost (CEO) / Sarah Mace Via Alma PR
(CFO)
Cenkos Securities Plc
Camilla Hume / Callum Davidson
(Nomad) +44 (0)20 7397 8900
Russell Kerr (Sales)
Alma PR +44 (0)20 3405 0205
Caroline Forde / Lily Soares Smith personalgroup@almapr.co.uk
Notes to Editors
Personal Group Holdings Plc (AIM: PGH) is a workforce benefits
and services provider. The Group enables employers across the UK to
improve employee engagement and support their people's physical,
mental, social and financial wellbeing. Its vision is to create a
brighter future for the UK workforce.
Personal Group provides health insurance services and a broad
range of employee benefits, engagement, and wellbeing products. Its
offerings can also be delivered through its proprietary app, Hapi,
and the recently developed extension to the platform, Hapiflex.
The Group's growth strategy is centred around widening the
footprint of the business into the SME, talent-led & Public
Sectors, thereby expanding the addressable customer base. In
addition, it aims to grow in its existing industrial heartlands, to
re-invigorate growth in insurance policyholders and to drive the
use of its SaaS offerings.
Group Clients include: Airbus, Barchester Healthcare, British
Transport Police, Merseyrail, Randstad, Royal Mail Group, The Royal
Mint, the Sandwell & Birmingham NHS Trust, Stagecoach Group
plc, and The University of York. 34% of clients are served by two
or more group companies.
For further information on the Group please see
www.personalgroup.com
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END
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