REG - PensionBee Group plc - Pivotal Profitability Milestone Achieved

PensionbeeAnnouncement

10/11/2023 15:30

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RNS Number : 1379T  PensionBee Group plc  10 November 2023

PensionBee Group plc

Incorporated in England and Wales

Registration Number: 13172844

LEI: 2138008663P5FHPGZV74

ISIN: GB00BNDRLN84

 

10 November 2023

 

PensionBee Group plc

Pivotal Profitability Milestone Achieved

 

PensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension
provider, announces the achievement of Adjusted EBITDA((1)) profitability for
October 2023, with Assets under Administration((2)) of approximately £4
billion.

 

Based on current market conditions, the Company expects to be Adjusted
EBITDA((1)) profitable across the fourth quarter of 2023 and for FY2024. The
Company continues to maintain a robust cash balance of over £12 million.

 

This performance has been driven by a combination of a growing customer base,
strong net inflows from new and existing customers, the inherent scalability
of its technology platform and sustainable cost discipline.

 

Romi Savova, Chief Executive Officer of PensionBee, said:

 

"We are delighted to have achieved sustainable Adjusted EBITDA profitability,
which represents another key milestone in our journey as a public company and
delivers on the guidance we gave investors at the time of our listing in April
2021.

 

We continue to grow our market share of the vast, addressable £1 trillion UK
Defined Contribution pension market as we leverage our scalable technology
platform and excellent customer service capability to rapidly grow our
customer base and their savings with us. With nearly a quarter of a million
customers entrusting us with their pension savings, we are continuing to make
progress towards our purpose of helping consumers look forward to a happy
retirement."

 

Notes:

(1) Adjusted EBITDA is the profit or loss for the period before taxation,
finance costs, depreciation, share based compensation and transaction costs.

(2) Assets under Administration is the total invested value of pension assets
within PensionBee Invested Customers' pensions.

(3) Invested Customers means those customers who have transferred pension
assets or made contributions into one of PensionBee's investment plans.

 

Enquiries:

 

PensionBee
 

Rachael Oku

Laura Dunn-Sims

press@pensionbee.com (mailto:press@pensionbee.com)

 

About PensionBee

 

PensionBee is a leading online pension provider, making pension management
easy for its customers while they save for a happy retirement.

 

PensionBee helps its customers combine their old pension pots, make flexible
contributions, invest in line with their goals and values and make withdrawals
from the age of 55 (increasing to 57 in 2028.) PensionBee offers a range of
investment plans, including fossil fuel free and impact investing options,
from some of the world's largest asset managers.

 

Operating in the £1 trillion market of Defined Contribution pension assets,
PensionBee has grown rapidly through its direct-to-consumer marketing
activities, creating a household brand name for the mass market.

 

The Company has c.£3.9bn in Assets Under Administration and 226,000 Invested
Customers as at 31 October 2023. PensionBee has consistently maintained a
Customer Retention Rate in excess of 95% and an Excellent Trustpilot rating,
reflecting its commitment to outstanding customer service.

 

PensionBee is admitted to trading on the Premium Segment of the London Stock
Exchange's Main Market (LON:PBEE).

 

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