23 July 2025

PERSONAL GROUP HOLDINGS PLC

("Personal Group", "Company" or "Group")

H1 2025 Trading Update

Strong revenue growth across divisions and trading in line with market expectations for full year

Personal Group Holdings Plc (AIM: PGH), the workforce benefits and insurance provider, is pleased to provide the following update for the six-month period ended 30 June 2025 ("H1 2025").

Financial Highlights

* Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, profit or loss on disposal of subsidiaries, corporate acquisition costs and restructuring costs.

Operational Highlights  

Affordable Insurance

Insurance sales continue to grow, delivering another record month, quarter and half year, with annualised insurance sales up 7% to £7.4m (2024: £6.9m). Insurance API increased 12% to £38.0m (30 June 2024: £36.0m), underpinned by strong customer retention levels of over 80% year-on-year. Claims levels in H1 2025 remained consistent, as expected.

The Group has had a number of new customer wins in the period, resulting from its reinvigorated go to market efforts, unique face-to-face sales model and relevance of offering, increasing the amount of addressable potential employees and providing the opportunity for future revenue growth.

The Group continues to explore opportunities to expand its insurance offering and increase its routes to market. As part of this, digital insurance has been identified as a potential new growth avenue, with the development of the product progressing to plan and a proof of concept currently under trial with several customers. Work has also commenced on a Group cash plan, which is expected to launch later in the year.

Benefits & Rewards

The Group's digital benefits platform, Hapi and its SME-focused offering in partnership with Sage Group plc: Sage Employee Benefits ("SEB"), has experienced further ARR growth in the period of 10% to £6.9m as at 30 June 2025 (30 June 2024: £6.3m).

With the migration to the new Hapi platform now complete, initiatives are well progressed to increase this growth rate, including the previously announced expanded partnership with Sage, which includes the ability to offer SEB across multiple different solutions within Sage's portfolio. The first new territory launch of SEB, into the Republic of Ireland, commenced at the start of H2 2025.

The Group continues to explore further partnerships to target additional market sectors, with the first new partner, EB Now, an employee benefits provider for the SME market, signed in H1 2025 and due to go live during H2 2025.

The Pay & Reward division enjoyed further customer success, securing contracts with De Beers Group, Financial Services Compensation Scheme, the European Tour and the British Medical Association.

Outlook

Personal Group benefits from increasing levels of recurring revenues, a growing product offering and expanding partner programme, supported by a strong balance sheet. These factors, combined with the continued strong Insurance performance in H1 2025, provide the Board with confidence that trading remains in line with market expectations for the full year.

Paula Constant, Chief Executive of Personal Group, commented: "Momentum has continued to build across the business, with another record period for insurance sales, and new customers and partners secured. Our consistent growth speaks to the value provided by our offerings and growing market opportunity, underpinned by our strategic progress. Personal Group has all the ingredients to accelerate growth, with a strengthened senior leadership team, streamlined operations, and reinvigorated sales approach. We are confident in continuing our progress in the second half, and have line of sight to achieving our aspirations to deliver in excess of £100m revenues, Group EBITDA of £30m and SaaS ARR of £20m, by 2030."

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Notes to Editors

Personal Group Holdings Plc (AIM: PGH) is a workforce benefits and health insurance provider. Its vision is to be the champion of affordable and accessible insurance and benefits, keeping businesses and their employees happy, healthy and protected. The Group is proud to support the health and wellbeing of c. 1.25 million UK employees.

The Group's insurance provides employees with access to affordable, individual policies for hospital, recovery and death benefit plans. The Group's award-winning benefits platform, Hapi, brings together extensive employee benefits, discounts and rewards, in one responsive platform. As well as being sold direct to employers, the Hapi platform supports Sage's Employee Benefits offerings for SMEs.

This comprehensive range of offerings, powerful platform and unique sales model of face-to-face, one-to-one engagement with employees, provides Personal Group with a strong market position from which to grow. 

Head-quartered in Milton Keynes, the Group has built an extensive blue-chip customer list over its 40-year history, including Airtanker, B & Q, Barchester Healthcare, British Transport Police, British Airways, Merseyrail, Office of National Statistics, Randstad, Royal Mail Group, The Royal Mint, Stagecoach Group plc, and The University of York

For further information on the Group please see www.personalgroup.com