PensionBee Group PLC (LSE:PBEE)'s interim losses widened sharply in the first half, but revenue more than doubled on the back of soaring customer numbers.
The online pension provider, which listed on the London Stock Exchange in April, said its performance in the six months to 30 June 2021 was in line with forecasts and that it expects to reach monthly EBITDA breakeven by the end of 2023.
The company’s adjusted EBITDA loss increased to £7.6mln in the first half from a loss of 4mln in the same period last year, while EBITDA margin improved to -141% from -155%.
Pretax losses widened to £12.8mln from £5.2mln, reflecting the increased investment in marketing, technology and people, PensionBee said.
Revenue grew by 109% to £5.4mln and the annual run-rate revenue surged 114% to £12.3mln.
Assets under administration (AUA) rose by 117% year-on-year to £2bn, driven by total net inflows.
Customer numbers soared, with invested customers up 81% to 92,000 and active customers rising by 78% to 155,000.
The company said its customer retention rate and AUA retention rate were both stable at above 95%.
PensionBee had cash of £55mln at the end of June, compared with £6.7mln in December, reflecting the funds raised as part of the company’s IPO.
Commenting on the company's outlook, chief executive Romi Savova said: "For the remainder of 2021, we expect to deliver high double-digit revenue growth in line with the guidance provided at the time of IPO. We will continue our investment in marketing and product innovation, rolling out new features to optimise customer experience, and will continue to invest in our people and our technology platform as we prepare for 2022.
"Our adjusted EBITDA Margin is expected to be in line with market expectations for the year and we remain committed to achieving monthly breakeven by the end of 2023."