PensionBee Group PLC on Thursday said it maintained ‘strong momentum’ during the first half of the year as a growing customer base helped boost its revenue.
The London-based online pension provider said pretax loss in the six months to June 30 narrowed to £9.2 million from £16.9 million the year before due to ‘planned investment’ in marketing and its technology platform to ‘drive rapid and efficient growth’.
Revenue grew by 31% to £10.9 million from £8.3 million a year prior, driven by a 38% increase in assets under administration to £3.70 billion from £2.68 billion, as the number of customers with accounts that hold pension assets in Pensionbee plans grew by 33% to 211,000.
The firm did not declare an interim dividend, unchanged from the first half of 2022.
Looking ahead, Pensionbee said it is confident in the potential for future growth. The company also reaffirmed its guidance of achieving long-term earnings before interest, tax, depreciation and amortisation margins of more than 50%, as well as achieving adjusted Ebitda profitability by the end of 2023.
Chief Executive Officer Romi Savova said: ‘Pensionbee’s strong results and ongoing growth have positioned us well on track to deliver monthly adjusted Ebitda profitability by the end of the year. The scalability of our technology platform drives margin improvement, and we are looking forward to further innovating and evolving with our customers as we champion their voices in the industry.’
Shares in Pensionbee were down 1.6% at 68.32 pence each in London on Thursday morning.
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