PensionBee Group Reports Strong Growth in Revenue for Nine Months

PensionBee Group, a London-listed online pension company, has announced a significant increase in revenue for the nine months ending on September 30. The company attributes this growth to strong net inflows from both new and existing customers. It has also confirmed its guidance for the full year.

Financial Highlights

During the specified period, PensionBee Group's revenue rose to £17 million ($20.6 million) from £13 million in the same period last year. Net inflows increased from £688 million to £692 million year-on-year.

The company's adjusted loss before interest, tax, depreciation, and amortization (EBITDA) for the year-to-date was £9 million, compared to a loss of £18 million in the previous year. PensionBee Group attributes this improvement to robust revenue growth and cost efficiencies across the business.

Additionally, the company reported a 40% increase in assets under administration as of September 30, totaling £3.90 billion.

Future Targets

Despite the challenges posed by the economic climate, PensionBee Group remains optimistic about its future prospects. The company aims to achieve adjusted EBITDA profitability on a monthly basis by the end of 2023 and in total for the full year of 2024. Moreover, it plans to secure a market share of approximately 2% over the next five to ten years, which would result in an annual revenue target of around £150 million.

Market Performance

Following the announcement, shares of PensionBee Group rose by 0.80 pence or 1.2% at 0739 GMT, reaching 65.40 pence.