Profitability Milestones Achieved

RNS Number : 2756J

PensionBee Group plc

09 December 2022

 

PensionBee Group plc

Incorporated in England and Wales

Registration Number: 13172844

LEI: 2138008663P5FHPGZV74

ISIN: GB00BNDRLN84

9 December 2022

PensionBee Group plc

Profitability Milestones Achieved

PensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, is pleased

to announce the achievement of monthly Adjusted EBITDAM and Adjusted EBITDA profitability for November 2022. Assets under Administration exceeded £3 billion in the same month.

PensionBee expects to be Adjusted EBITDAM profitable for FY2023 and beyond, and as previously guided, to achieve ongoing Adjusted EBITDA profitability by the end of 2023.

This performance has been driven by a combination of high customer retention, sustainable cost discipline and strong net inflows.

Romi Savova, Chief Executive Officer of PensionBee, said:

"We are delighted to have achieved monthly Adjusted EBITDAM profitability and Adjusted EBITDA profitability, which represent a key milestone in our growth trajectory as a public company. We have continued to execute on our strategy to grow the business, leveraging our scalable technology platform and excellent customer service capability, to deliver on our mission to help as many customers as possible across the UK save for a happy retirement."

Notes:

(1)  Assets under Administration is the total invested value of pension assets within PensionBee Invested Customers' pensions.

(2)  Invested Customers means those customers who have transferred pension assets or made contributions into one of PensionBee's investment plans.

(3)  Adjusted EBITDA is the profit or loss for the period before taxation, finance costs, depreciation, share based compensation and transaction costs.

(4)  Adjusted EBITDAM is the profit or loss for the period before taxation, finance costs, depreciation, share based compensation, transaction costs and before marketing.

Enquirie s

Tulchan Communications (Public Relations Adviser)

James Macey White

Laura Marshall

[phone]

[e-mail]

PensionBee                                                          

Rachael Oku

Laura Dunn-Sims

[e-mail]

About PensionBee

PensionBee is a leading online pension provider, enabling customers to interact with their savings through its unique combination of smart technology and dedicated customer service.

Since it was founded in 2014 by Romi Savova, PensionBee has been a challenger in an industry ripe for disruption. It has grown rapidly by helping consumers to solve the challenges they face when it comes to locating, combining and managing their pension savings. PensionBee counts 174,000 Invested Customers from 18-80 years of age with £2.8 billion in Assets under Administration as at 30 September 2022. Its range of pension plans are tailored to its customers and are managed by some of the world's largest money managers including BlackRock, HSBC, Legal & General and State Street Global Advisors.

PensionBee uses its proprietary technology and Open APIs to allow customers to manage their pension easily, view their live balance, and with the help of a smart calculator to plan their savings, make contributions and withdrawals online, all with transparency on fees. It continuously engages with customers through its dedicated customer account managers using jargon-free communication and listens to feedback to develop new tools which help customers to easily plan for their retirement. PensionBee has consistently maintained a Customer Retention Rate and an AUA Retention Rate of >95% and an Excellent Trustpilot rating.

 

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