Personal Group Holdings PLC (LON:PGH) said it is on course to meet full year expectations, demonstrating its diverse streams of recurring revenues amid continuing Coronavirus (COVID-19) restrictions and that its workforce benefits and services offering resonates more than ever.
The AIM-listed company reported revenues of roughly £34mln for the six months to 30 June, up from £30.4mln a year ago. The rise was driven primarily by over 50% more pass-through transactional spend on the Hapi platform on products such as e-vouchers and reloadable cards, demonstrating high usage by registered employees.
Underlying profits (EBITDA) were around £4mln compared to £5mln, which Personal Group said was due to a change in revenue mix.
It boasted a strong balance sheet at the half-way stage, with a cash position of roughly £22mln, up from £20.2mln at the end of December, and no debt.
As restrictions ease and face-to-face insurance sales resume, the company said new client wins achieved last year will give it a 40% increase in employees to connect with. It added it remains confident in medium-term prospects and trading for the full financial year remains in line with market expectations.
“In 2021 employers increasingly focused on supporting their employees as they once again contend with a drastic overhaul of working life, with government restrictions beginning to lift and many employees returning to the workplace for the first time in 18 months”, it said, with the group’s three divisions “well placed to help employers deliver on this goal”.
Chief executive Deborah Frost hailed the progress made across all divisions in the first half, with a number of key clients wins.
“As workplaces start preparing to open up further, we have been delighted to see strong demand for our in-person site visits from corporate clients and potential policyholders alike.
“We now have a strong pipeline of visits in place across H2 as our product offering resonates now, more than ever before.”