PensionBee Group plc

Incorporated in England and Wales

Registration Number: 13172844

LEI: 2138008663P5FHPGZV74

ISIN: GB00BNDRLN84

20 October 2022

PensionBee Group plc

Trading Update for the nine months ending 30 September 2022

Successful execution of Growth Strategy

On track to achieve Profitability Objectives

PensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, today announces a trading update for the nine months ending 30 September 2022. 

Highlights

PensionBee continued growing its customer base over the first nine months of the year, demonstrating the strength of its proposition and the vast UK market opportunity. The Company deployed its marketing expenditure effectively, reducing its Cost per Invested Customer to £253, with further decreases planned towards the end of the year.

The Company's Assets under Administration and Revenue have remained resilient despite global market volatility, underpinned by strong net flows from new and existing customers and a Customer Retention Rate of 97%.

Outlook

The opportunity for growth remains significant given the size and scale of the UK Defined Contribution pensions market.

The Board is pleased with the progress PensionBee has made against its core KPIs, demonstrating how the customer-focused proposition is resonating with a broad range of customers.

Revenue remains resilient, with high double digit Revenue growth expected in the short-term. Given that markets are likely to remain subdued, the Board expects that full year Revenue will finish within the guidance range previously provided, around the £17-18m mark, based on marketing spend of approximately £17m for the full year.

Scalability of the overall cost base continues to progress according to expectations. The Company expects to reach pre-marketing profitability by the end of 2022, demonstrating the scalability of its technology operations and paving the way for Adjusted EBITDA profitability by the end of 2023.

Romi Savova, CEO of PensionBee, commented:

"A challenging consumer environment means that careful money management is more important than ever and our customer-focused proposition puts us in a strong position to capitalise on the vast market opportunity ahead.

It is a turbulent and uncertain time for global markets, however PensionBee continues to drive forward, both in customer growth and towards its profitability objectives."

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. 

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 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.