21st Oct 2026 19:43
(Alliance News) - PensionBee Group PLC on Wednesday reported record assets under administration, although adjusted earnings declined as it continued to invest to attract new customers.
The London-based online pension provider said adjusted earnings before interest, tax and depreciation fell to GBP1.1 million in the third quarter ended September 30 from GBP1.3 million the year prior.
Revenue increased 31% to GBP14.8 million from GBP11.3 million, with last-twelve-months sales up 36% to GBP53.6 million from GBP39.4 million at the same stage a year ago.
PensionBee said it invested GBP4.4 million in UK marketing during the quarter, up from GBP2.6 million last year, taking year-to-date expenditure to GBP13.8 million, up 36% from GBP10.1 million.
Assets under administration grew 29% year-on-year to a record GBP9.0 billion from GBP7.0 billion, underpinned by gross inflows of GBP426 million for the quarter, up 21%, net flows of GBP220 million, up 9%, and supportive markets. The value retention rate, which nets inflows from existing customers against their outflows, remained at around 100%.
The invested customer base rose 13% year-on-year to 337,000 from 297,000 a year ago, with 32,000 new customers on-boarded year-to-date.
The cash position was GBP30.6 million as at September 30 versus GBP33.3 million a year ago.
Chief Executive Romi Savova said: "Over the quarter, we made clear progress in both markets. In the UK, we launched our 'Born to Retire' campaign, bringing PensionBee to new audiences and further increasing brand visibility, while in the US our business-to-business channel converted its pipeline into new agreements, bringing us closer to our initial goal of USD1 billion in US AUA."
Looking ahead, PensionBee reiterated its existing guidance framework, including its aims of revenue exceeding GBP100 million by the end of 2029, and exceeding GBP250 million by the end of 2034.
Shares in Pensionbee closed down 6.3% at 120.00 pence each in London on Wednesday.
By Jeremy Cutler, Alliance News reporter
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