Personal Group Holdings (AIM:PGH), the AIM-listed workforce benefits and insurance provider, reported group revenue up 10% to £25.7m for the six months ended 30 June, against £23.3m a year earlier.
Adjusted EBITDA rose 22% to £6.7m from £5.5m, with more than 90% of revenue recurring.
Insurance revenue increased 11% to £19.4m, driven by strong new business sales and higher average premiums, while Benefits and Reward revenue grew 9% to £5.7m.
The company posted record first-half insurance sales of £8.1m in annualised premium income (API), up from £7.4m, taking total API up 12% to £42.4m, with customer retention above 80%.
Personal Group ended the period with £29.4m in cash and no debt, up from £29m at the end of December.
Chief executive Paula Constant said the period "reflects strong execution across the business" and highlighted "yet another record period for insurance sales, underpinned by a mix of strong retention rates and new business wins".
The benefits platform Hapi, including its SME-focused partnership with Sage, grew annual recurring revenue 2% to £7.1m, with client numbers up 11% year on year, while the Innecto pay and reward consultancy won new contracts including Deliveroo, Newcastle United and the Rugby Football Union.
The board said trading remains in line with market expectations for the full year, which it estimates at revenue of £54.4m and adjusted EBITDA of £14.1m.
News Intelligence what this means for the company
Personal Group lifted H1 adjusted EBITDA 22% to £6.7m on 10% revenue growth to £25.7m, driven by record insurance sales and strong retention above 80%. The company maintains a clean balance sheet with £29.4m cash and no debt, and management guidance for full-year revenue of £54.4m and adjusted EBITDA of £14.1m implies H2 performance in line with H1 momentum.
The 22% EBITDA growth outpacing 10% revenue growth signals margin expansion and operational leverage in a business where 90% of revenue is recurring. With no debt and cash flat year-on-year despite growth, the company is self-funding expansion and has optionality for capital deployment.
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