REG - Personal Group - H1 2025 Trading Update

Personal groupAnnouncement

23/07/2025 07:00

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RNS Number : 1321S  Personal Group Holdings PLC  23 July 2025

 23 July 2025

 

PERSONAL GROUP HOLDINGS PLC

("Personal Group", "Company" or "Group")

 

H1 2025 Trading Update

Strong revenue growth across divisions and trading in line with market
expectations for full year

Personal Group Holdings Plc (AIM: PGH), the workforce benefits and insurance
provider, is pleased to provide the following update for the six-month period
ended 30 June 2025 ("H1 2025").

 

Financial Highlights

 

 ·         Group revenue up 11% to £23.3m (H1 2024: £21.0m), with >90% from
           recurring revenue sources
 ·         Adjusted EBITDA* up 41% to £5.5m (H1 2024: £3.9m)
 ·         Growing levels of recurring revenues, providing good visibility for the full
           year ("FY 2025") and beyond
           o                                        Insurance Annualised Premium Income ("API") increased by 12% to £38.0m (H1
                                                    2024: £33.8m)
           o                                        Benefits Platform Annual Recurring Revenue ("ARR") increased by 10% to £6.9m
                                                    (H1 2024: £6.3m)
           o                                        Pay & Reward ARR increase 6% to £0.76m (H1 2024: £0.71m)
 ·         Record new H1 insurance sales of £7.4m API up 7% on previous year (H1 2024:
           £6.9m)
 ·         Continued high retention rates across all areas of the business
 ·         Strong balance sheet and liquidity with a cash position of £26.9m as at 30
           June 2025 (31 December 2024: £27.4m) and no debt

 

* Adjusted EBITDA is defined as earnings before interest, tax, depreciation,
amortisation of intangible assets, goodwill impairment, share-based payment
expenses, profit or loss on disposal of subsidiaries, corporate acquisition
costs and restructuring costs.

 

Operational Highlights

 

Affordable Insurance

Insurance sales continue to grow, delivering another record month, quarter and
half year, with annualised insurance sales up 7% to £7.4m (2024: £6.9m).
Insurance API increased 12% to £38.0m (30 June 2024: £36.0m), underpinned by
strong customer retention levels of over 80% year-on-year. Claims levels in H1
2025 remained consistent, as expected.

 

The Group has had a number of new customer wins in the period, resulting from
its reinvigorated go to market efforts, unique face-to-face sales model and
relevance of offering, increasing the amount of addressable potential
employees and providing the opportunity for future revenue growth.

 

The Group continues to explore opportunities to expand its insurance offering
and increase its routes to market. As part of this, digital insurance has been
identified as a potential new growth avenue, with the development of the
product progressing to plan and a proof of concept currently under trial with
several customers. Work has also commenced on a Group cash plan, which is
expected to launch later in the year.

 

Benefits & Rewards

The Group's digital benefits platform, Hapi and its SME-focused offering in
partnership with Sage Group plc: Sage Employee Benefits ("SEB"), has
experienced further ARR growth in the period of 10% to £6.9m as at 30 June
2025 (30 June 2024: £6.3m).

 

With the migration to the new Hapi platform now complete, initiatives are well
progressed to increase this growth rate, including the previously announced
expanded partnership with Sage, which includes the ability to offer SEB across
multiple different solutions within Sage's portfolio. The first new territory
launch of SEB, into the Republic of Ireland, commenced at the start of H2
2025.

 

The Group continues to explore further partnerships to target additional
market sectors, with the first new partner, EB Now, an employee benefits
provider for the SME market, signed in H1 2025 and due to go live during H2
2025.

 

The Pay & Reward division enjoyed further customer success, securing
contracts with De Beers Group, Financial Services Compensation Scheme, the
European Tour and the British Medical Association.

 

Outlook

 

Personal Group benefits from increasing levels of recurring revenues, a
growing product offering and expanding partner programme, supported by a
strong balance sheet. These factors, combined with the continued strong
Insurance performance in H1 2025, provide the Board with confidence that
trading remains in line with market expectations for the full year.

 

Paula Constant, Chief Executive of Personal Group, commented: "Momentum has
continued to build across the business, with another record period for
insurance sales, and new customers and partners secured. Our consistent growth
speaks to the value provided by our offerings and growing market opportunity,
underpinned by our strategic progress. Personal Group has all the ingredients
to accelerate growth, with a strengthened senior leadership team, streamlined
operations, and reinvigorated sales approach. We are confident in continuing
our progress in the second half, and have line of sight to achieving our
aspirations to deliver in excess of £100m revenues, Group EBITDA of £30m and
SaaS ARR of £20m, by 2030."

 

For more information please contact:

 

 Personal Group Holdings Plc
 Paula Constant (CEO) / Sarah Mace (CFO)                         Via Alma

 Canaccord Genuity Limited (Nominated Adviser & Broker)
 Max Hartley / Harry Rees                                        +44 (0)20 7523 8000

 Alma Strategic Communications                                   +44 (0)20 3405 0205
 Caroline Forde / Kinvara Verdon / Rose Docherty                 personalgroup@almastrategic.com (mailto:personalgroup@almastrategic.com)

 

Notes to Editors

 

Personal Group Holdings Plc (AIM: PGH) is a workforce benefits and health
insurance provider. Its vision is to be the champion of affordable and
accessible insurance and benefits, keeping businesses and their employees
happy, healthy and protected. The Group is proud to support the health and
wellbeing of c. 1.25 million UK employees.

 

The Group's insurance provides employees with access to affordable, individual
policies for hospital (https://www.hapi.co.uk/insurance/hospital-cash-plan)
, recovery (https://www.hapi.co.uk/insurance/convalescence-plan)  and death
benefit (https://www.hapi.co.uk/insurance/death-benefit-plan)  plans. The
Group's award-winning benefits platform, Hapi, brings together extensive
employee benefits, discounts and rewards, in one responsive platform. As well
as being sold direct to employers, the Hapi platform supports Sage's Employee
Benefits offerings for SMEs.

 

This comprehensive range of offerings, powerful platform and unique sales
model of face-to-face, one-to-one engagement with employees, provides Personal
Group with a strong market position from which to grow.

 

Head-quartered in Milton Keynes, the Group has built an extensive blue-chip
customer list over its 40-year history, including Airtanker, B & Q,
Barchester Healthcare, British Transport Police, British Airways, Merseyrail,
Office of National Statistics, Randstad, Royal Mail Group, The Royal Mint,
Stagecoach Group plc, and The University of York

 

For further information on the Group please see www.personalgroup.com
(http://www.personalgroup.com)

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