TIDMPGH
RNS Number : 7659Z
Personal Group Holdings PLC
27 January 2022
27 January 2022
Personal Group Holdings plc
("the Company" or "Group")
Trading Update
Trading in line with expectations with encouraging rebound in
insurance sales in H2
Personal Group Holdings Plc (AIM: PGH), the workforce benefits
and services provider, is pleased to provide the following update
for the financial year ending 31 December 2021. The Company expects
to publish its results for FY 2021, together with notification of
its final dividend, on 29 March 2022.
Financial Highlights
-- Overall trading for FY 2021 was in line with market
expectations with revenue of approximately GBP75m (2020: GBP72m)
and adjusted EBITDA of approximately GBP6m (2020: GBP10m).
-- Robust balance sheet with cash position in excess of GBP22m
as at 31 December 2021 (2020: GBP20.2m).
Operational Highlights
-- A strong return to face-to-face insurance sales activity in
H2, with good momentum from the Group's return into Royal Mail
Group in line with the contract signed in the second half of
2020.
-- 86 new client wins secured in the year across the Group and
continued high levels of engagement with existing clients.
-- Significantly progressed our offering with the onboarding of
our first client onto our new product Hapiflex, a multifaceted
version of the Group's core benefits digital platform, designed to
meet the need of enterprise clients.
-- Continued strong performance in H2 from our pay and reward consultancy business, Innecto.
-- Our consumer technology benefits business, Let's Connect,
held up well in challenging circumstances around stock
availability.
-- Sage Employee Benefits platform continued to go from strength
to strength, with the number of SME clients rising from 30 to
c1,500 over the year, delivering an increased gross Annual
Recurring Revenue of GBP1.6m.
Despite a longer than anticipated lockdown in H1 and continued
uncertainty throughout the year the Board believes that the Group's
performance in FY21 is testimony to the resilience and continued
relevance of the business model and growth strategy. Solid progress
has been made in achieving the Group's strategic aim to widen its
footprint to multiple sectors of the UK workforce, alongside
continued investment in digital channels, putting the business on
track for future growth.
Outlook
Our market has never been more relevant. In 2021 employers
increasingly focussed their efforts on supporting their employees,
thanks to an increasingly competitive job market together with a
growing appreciation of an employers' responsibility to look after
staff. This trend is set to continue accelerating into 2022.
This has been demonstrated in the good start we have made to the
current financial year. Despite the disruption of the Omicron
variant in the early part of January, our face-to-face insurance
sales have continued unabated, and we have seen 11 new client wins
across the Group.
With a strong balance sheet, quality customer base and leading
technology platform we are well placed to capitalise on
opportunities that arise as employee health and wellbeing rises
further up the Board agenda and we look to the future with
confidence.
Deborah Frost, Chief Executive of Personal Group, commented:
"I am delighted with what we achieved strategically in 2021 with
each business division demonstrating its ongoing relevance to
employers while continued innovation underpins faster and broader
growth in the future. We have a diverse range of offerings
available with propositions suitable for every type of UK business,
whether that be a large enterprise, a public sector organisation,
or an SME.
Looking forward, our growth ambitions remain front of our minds
and we are pleased to have begun FY22 strongly with further new
client wins and exciting partnerships in play. We have a compelling
offering, a leading software platform and an excellent team in
place and are fully focused on executing our plans to create value
for all our stakeholders."
-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
Susie Hudson / Lily Soares Smith personalgroup@almapr.co.uk
/ Faye Calow
Notes to Editors
Personal Group Holdings Plc (AIM: PGH) is an employee 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.
Clients include: Arsenal FC, Barchester Healthcare, Merseyrail,
Randstad, Royal Mail Group, The Royal Mint, the Sandwell &
Birmingham NHS Trust, Stagecoach Group plc., and The University of
York. c.40% 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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