Continued Advancement of Strategic Goals

In line with its data-driven acquisition approach and as stated in its growth strategy, PensionBee has continued to focus on disciplined investment in marketing. This has resulted in exceptional customer growth, with Invested Customers increasing by 72% year on year with the addition of 41,000 new Invested Customers in the first half of the year. PensionBee is pleased with the trajectory of the Cost per Invested Customer, which has decreased to less than £260 and is on track to reduce further by the end of the year as the Company takes advantage of its substantial brand investment.

PensionBee has a relentless focus on customer service and has maintained its Excellent Trustpilot rating, resulting in the achievement of a consistently high customer retention rate for the Company. Robust growth of AUA was achieved despite the prevailing global market volatility, driven by continuous net flows of both new and existing customers which, in turn, will generate attractive lifetime value.

The Company continues to demonstrate leadership in product innovation, with initiatives such as a stronger nudge to guidance deployed for the over 50's, Easy Bank Transfer enabling rapid contributions launched in the web estate and advances made in regular withdrawal functionality. The Company also continues to invest in its industry leading technology platform to drive efficiency improvements around pension transfers, internal automation and to make further advancements in information security.

Continued Commitment to Strong Corporate Governance

The Company reached an important milestone in the first half of the year. Following its successful first year as a public company, it transferred from the High Growth Segment of the Main Market of the London Stock Exchange plc to the Premium Segment. This underscores the Company's commitment to the highest levels of corporate governance, has allowed the Company to further raise its profile in line with its growth ambitions, and the move will enable it to access a wider investor base as it becomes eligible for FTSE index inclusion.

PensionBee's Board of Directors (the "Board") was further strengthened with the appointment of Christoph Johannes Martin, the Company's Chief Financial Officer, as an Executive Director. Christoph was instrumental in the Company's IPO and has been playing a key role in the achievement of its strong financial results.

Outlook

The Board is pleased with the progress PensionBee has made against its core KPIs, demonstrating the strength of its customer-focused proposition and the vast UK market opportunity. Invested Customer growth and the reduction in cost of customer acquisition demonstrate the excellent momentum in the business. 

The priority continues to be the achievement of near-term monthly Adjusted EBITDAM profitability to be reached by the end of 2022 and monthly Adjusted EBITDA profitability by the end of 2023.

The uncertain macro-economic outlook, and the impact that global market volatility has had on assets under administration for all companies in the space, is well understood. Against this backdrop, our revenue remains resilient, with high double digit revenue growth expected in the short-term. Having considered the likelihood that market volatility will continue, the Board expects that full year revenue will fall within the range £17m to £20m against a range of scenarios.

Analyst and Investor Presentation

There will be a presentation for analysts and investors this morning at 8:30am via webcast. Please contact [email protected] if you would like to attend. 

Romi Savova, CEO of PensionBee, commented:

"We are delighted to have again achieved strong results for the period, despite the challenging market conditions. Our robust performance demonstrates just how much people are thinking about their financial futures in these uncertain economic times, making it even more important for all consumers to have access to a simplified approach to saving.  

We are constantly evolving and adapting our product according to our customers' needs, and we look forward to continuing to do so as we grow in size. Now that we have reached the next milestone in our growth plan by moving to the Premium Segment, we are well positioned to capitalise on the significant market opportunity ahead, accelerating our leading position to make pensions simple for all." 

Financial Summary

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 159,000 Invested Customers from 18-80 years of age with £2.7 billion in Assets under Administration as at 30 June 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.