PensionBee Group PLC on Thursday reported a stark increase in assets under management as it was confident in delivering an adjusted profit by the end of the year.

The London-based online pension provider said revenue in the nine months to September 30 rose 33% to £17 million from £13 million a year prior. Its adjusted loss before interest, tax, depreciation and amortisation narrowed to £9 million from £18 million.

Assets under management as at September 30 rose 40% to £3.90 billion from £2.79 billion a year prior.

‘The company has seen excellent momentum in the growth of its customer base, adding approximately 40,000 new invested customers in the first nine months of the year, taking the overall invested customer base to 223,000. This demonstrates the continued success of its data-led, multi-channel customer acquisition approach and highlights the clear demand for its customer-focused proposition,’ PensionBee said.

Looking ahead, the company said it is confident in achieving ongoing adjusted Ebitda profitability by the end of 2023. For 2024, it expects to achieve long-term Ebitda margins over 50%.

In 2022, adjusted Ebitda loss was £20 million, widened by 19% from £16 million in 2021.

PensionBee shares were 0.1% higher at 64.66 pence each on Thursday late morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.