Preliminary Results and Final Dividend

Personal Group Holdings Plc (AIM: PGH), the workforce benefits and services provider, is pleased to announce its preliminary results for the year ended 31 December 2023.

The Group has successfully delivered growth across its KPIs, increasing total client numbers and reporting double digit growth in key areas of recurring revenue. The strength of trading in the second half of the year underpins the Board’s confidence that Personal Group is firmly back on a growth trajectory and set to benefit from the investments that have been made in the offering and team.

Financial Highlights

• Revenue grew across all areas outside of Let’s Connect:
  • Group revenue* stable at £49.7m (2022 restated: £49.8m)
  • Revenue, excluding Let’s Connect, increased 17% to £38.6m (2022: £33.0m)
  • Recurring revenue streams increased 14% to £38.3m (£2022: £33.5m)
• Adjusted EBITDA** increased 35% to £8.1m, in line with market expectations (2022: £6.0m)
• Adjusted profit before tax of £5.3m (2022 adjusted***: £3.8m profit excluding goodwill impairment)
• Adjusted Basic EPS of 13.8p (2022 adjusted***: 10.6p, statutory loss of 23.2p)
• Strong balance sheet and liquidity, with cash and deposits at year end of £20.1m (2022: £18.7m) and no debt
• Final dividend for 2023 of 5.85p per share, making a full year dividend for 2023 of 11.7p (2022: 10.6p) payable on 8 May 2024.

Paula Constant, Chief Executive of Personal Group, commented:

“This has been a year of positive change for Personal Group. The financial performance delivered in the year speaks to the quality of both the offerings and the team, whose efforts have driven a record year of insurance sales and increased overall levels of recurring revenue, despite a testing trading environment.

The first phase of the strategy review is now complete. The results of this have confirmed the strong alignment of the Group’s product offering with existing and target markets but importantly outlined the scale of the opportunity for Personal Group. We are now focusing on building the detail of our strategy and product portfolio, in addition to simplifying the business’ processes to deliver more effectively for customers, capitalise on our opportunities and maximise value for shareholders. I look forward to updating the market on our progress in due course.”

* Revenue restated in prior year as a result of the Group’s transition to IFRS 17 and to present voucher income as agency rather than principal.

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

*** Excluding goodwill impairment of Let’s Connect of £10.6m.

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