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PensionBee reports double-digit growth for assets under administration

20th Apr 2023 14:22

(Alliance News) - PensionBee Group PLC said on Thursday it delivered "strong growth" across all its key performance indicators in the first quarter of the year as assets under administration increase.

The London-based online pension provider said its AuA increased by 23% to GBP3.38 billion at the end of the first quarter of 2023, from GBP2.75 billion a year before.

PensionBee also reported a quarterly revenue of GBP5 million, up 25% from GBP4 million the year prior, attributed to strong net inflows from new and existing customers, the company said.

Adjusted earnings before interest, taxes, depreciation and amortisation narrowed to a loss of GBP5 million, from a loss of GBP10 million the year before, PensionBee said.

Looking ahead, PensionBee said it remains on track to deliver its ongoing adjusted Ebitda profit by the end of 2023, and for the full year of 2024.

Chief Executive Officer Romi Savova said: "We are delighted to report a strong start to the year, with significant increases in revenue and assets under administration driven by substantial growth in our invested customer base. We have continued to invest in our technology platform, making pensions simple for more and more people across the country.

Shares in PensionBee were up 4.2% at 94.80 pence each in London on Thursday afternoon.

By Sabrina Penty; Alliance News reporter

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