22nd Jul 2021 11:08
(Alliance News) - Personal Group Holdings PLC on Thursday said it is trading in-line with management expectations following strong first half performance.
The workforce benefits and services provider said it has made a positive start to the year across all divisions.
Revenue in the six months to June 30 was approximately GBP34 million, a rise of 12% year-on-year from GBP30.4 million, driven primarily by increased pass-through transactional spend via the Hapi platform demonstrating high employee usage.
The firm's consumer technology benefits business, delivered revenue up almost 20% on the same period last year. The group expects this trend to continue, as customer demand for products increases in line with general spending patterns.
Pass-through transactional spend through the Hapi platform on products such as e-vouchers and reloadable cards was up over 50% on the same period in 2020, reflecting increased usage of the platform by registered card users, the company said.
Personal Group was also pleased to have successfully secured a number of new contract wins in the period, including home goods retailer Homebase.
The board believes that this performance, delivered despite Covid-19 related restrictions continuing for the duration of the period, reflects the strength of the group's business model with its diverse streams of recurring revenues and the demand for the company's offering.
With government restrictions beginning to lift and many employees returning to the workplace for the first time in 18 months, Personal Group's three divisions remain well placed to help employers deliver on this goal, it said.
"Whilst we remain vigilant of the potential impact from an increase in claims, however, none has been noted so far, with rates generally in line with pre-pandemic years. As such, when coupled with the resumption of face-to-face sales, we remain confident in our prospects over the medium-term and that trading for the full financial year remains in line with market expectations," the company said.
Shares in Personal Group were up 4.9% at 267.40 pence each in London on Thursday morning.
By Amrit Sahota; [email protected]
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