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Share Name Share Symbol Market Type Share ISIN Share Description
Pensionbee Group Plc LSE:PBEE London Ordinary Share GB00BNDRLN84 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 172.20 169.60 174.80 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial - - - - 381

PensionBee Group plc 1H 2021 Results Announcement

22/07/2021 7:00am

UK Regulatory (RNS & others)


TIDMPBEE

RNS Number : 0529G

PensionBee Group plc

22 July 2021

 
 PensionBee Group plc 
 Incorporated in England and Wales 
 Registration Number: 13172844 
 LEI: 2138008663P5FHPGZV74 
 ISIN: GB00BNDRLN84 
 
  22 July 2021 
 
                                         PensionBee Group plc 
 
                            Trading Update for the period ended 30 June 2021 
 
                  Further Growth sees Assets under Administration reach GBP2 billion 
 
 PensionBee Group plc ("PensionBee" or "the Company"), a leading online pension provider, today 
  announces a trading update for the six month period ended 30 June 2021 (1H 2021). 
 
 PensionBee has continued to implement its customer-focused strategy, achieving strong year-on-year 
  growth in the first half of 2021. Invested Customers increased by 81% to 92,000 (1H 2020: 
  51,000) while Assets under Administration (AUA) increased by 117% to GBP1,987m (1H 2020: GBP915m) 
  driven by strong net flows from new and existing customers. Annual Run Rate Revenue increased 
  by 114% to GBP12.3m (1H 2020: GBP5.7m). 
 
 The Company continued to scale-up its marketing spend in 1H 2021 and rolled out a new national 
  brand campaign, "Feels so good", across its advertising channels. PensionBee benefitted from 
  the launch of its new data platform, supporting continued marketing spend whilst keeping Cost 
  per Invested Customer within its desired range. 
 
 PensionBee demonstrated the continued strength of its customer value proposition by maintaining 
  a Customer Retention Rate in excess of 95% and achieving a 4.7 Excellent Trustpilot rating. 
  The high levels of recurring revenues generated as a result of this high customer retention, 
  combined with the scalability of its technology platform continue to support PensionBee's 
  financial model of improving operating leverage over time. 
 
 PensionBee's customer-focused offering received further industry recognition during the period. 
  PensionBee was named as a 'Best Buy' in five categories at the Boring Money 2021 Awards, which 
  commended the quality of the customer service and communications, commitment to sustainability, 
  website and ease of use. 
 
 The Company raised GBP55m of capital in its successful IPO on the High Growth Segment of the 
  London Stock Exchange, enabling further innovation and growth and supporting a path to profitability 
  by the end of 2023. PensionBee expects to transition to the Premium Segment of the London 
  Stock Exchange's Main Market in 2022. 
 
 PensionBee expects performance to be in line with market guidance provided at the time of 
  the IPO, driven by ongoing rapid growth of its investment in marketing, continued product 
  innovation to maintain customer satisfaction and further investment in people and technology. 
 
 PensionBee expects its growth to be supported by continued demand for online pension consolidation 
  and positive contribution behaviour, set against the backdrop of an enormous opportunity in 
  the UK Defined Contribution pensions market. 
 
 There will be a presentation for analysts this morning at 8:30am via webcast. Please contact 
  pensionbee@tulchangroup.com if you would like to attend. 
 
 Romi Savova, CEO of PensionBee, commented: 
 
 
 "I am pleased to report another period of continued strong financial and operational performance 
  following our successful IPO. We have continued to drive growth by prioritising our customers 
  and giving them control of their financial future. We are excited about the vast growth opportunity 
  ahead and look forward to continuing to work towards our mission of making pensions simple 
  so everyone can look forward to a happy retirement." 
 
 Highlights: 
 
 
                                                         As at Period End 
                                              Jun-2020   Jun-2021                YoY 
                                             ---------  ---------  ----------------- 
 
 AUA (GBPm)(1)                                     915      1,987               117% 
                                             ---------  ---------  ----------------- 
 AUA Retention Rate (% of AUA) (2)                >95%       >95%             stable 
                                             ---------  ---------  ----------------- 
 Registered Customers (thousands) (3)              297        538                81% 
                                             ---------  ---------  ----------------- 
 Active Customers (thousands) (4)                   87        155                78% 
                                             ---------  ---------  ----------------- 
 Invested Customers (thousands) (5)                 51         92                81% 
                                             ---------  ---------  ----------------- 
 Customer Retention Rate (% of IC) (6)            >95%       >95%             stable 
                                             ---------  ---------  ----------------- 
 Cost per Invested Customer (GBP) (7)              209        240   within threshold 
                                             ---------  ---------  ----------------- 
 Same Year RC: IC Conversion (% of RC) (8)         17%        17%             stable 
                                             ---------  ---------  ----------------- 
 Contractual Revenue Margin (% of AUA) (9)       0.68%      0.69%               +1bp 
                                             ---------  ---------  ----------------- 
 
 
                                                 For the 6-month Period Ending 
                                                 Jun-2020     Jun-2021       YoY 
                                              -----------  -----------  -------- 
 
 Revenue (GBPm)(10)                                   2.6          5.4      109% 
                                              -----------  -----------  -------- 
 Annual Run Rate Revenue (GBPm) (11)                  5.7         12.3      114% 
                                              -----------  -----------  -------- 
 Adjusted EBITDA (GBPm) (12)                        (4.0)        (7.6)       89% 
                                              -----------  -----------  -------- 
 Adjusted EBITDA Margin (% of Revenue) (13)        (155%)       (141%)    +14ppt 
                                              -----------  -----------  -------- 
 
 
                                                              For the 6-month Period Ending 
                                                              Jun-2020         Jun-2021       YoY 
                                                       ---------------  ---------------  -------- 
 
 Opening AUA (GBPm)(1)                                             745            1,358       82% 
                                                       ---------------  ---------------  -------- 
 Gross Inflows (GBPm)                                              238              550      131% 
                                                       ---------------  ---------------  -------- 
 Gross Outflows (GBPm)                                            (30)             (69)      129% 
                                                       ---------------  ---------------  -------- 
 Net Inflows (GBPm)                                                208              482      131% 
                                                       ---------------  ---------------  -------- 
 Market Growth and Other (GBPm)                                   (38)              148       n/a 
                                                       ---------------  ---------------  -------- 
 Closing AUA (GBPm)(1)                                             915            1,987      117% 
                                                       ---------------  ---------------  -------- 
 
  1    Assets under Administration (AUA) is the total invested value of pension assets 
        within PensionBee 
        Invested Customers' pensions. It measures the new inflows less the outflows and 
        records a 
        change in the market value of the assets. AUA is a measurement of the growth of 
        the business 
        and is the primary driver of Revenue. 
   2    AUA Retention measures the percentage of retained PensionBee AUA from Transfer 
        Outs over the 
        average of the trailing twelve months. High AUA retention provides more certainty 
        of future 
        Revenue. This measure can also be used to monitor customer satisfaction. 
   3    Registered Customers (RC) measures customers who have started the sign-up process 
        and have 
        submitted at least a name and an email address and includes those customers who 
        are classified 
        as Active Customers. 
   4    Active Customers (AC) means all customers who have requested to become an Invested 
        Customer 
        by accepting PensionBee's terms of business but for whom the transfer or 
        contribution process 
        is not yet completed and all customers who are classified as Invested Customers. 
   5    Invested Customers (IC) means those customers who have transferred pension assets 
        or made 
        contributions into one of PensionBee's investment plans. 
   6    Customer Retention Rate measures the percentage of retained PensionBee Invested 
        Customers 
        over the average of the trailing twelve months. High customer retention provides 
        more certainty 
        of future Revenue. This measure can also be used to monitor customer satisfaction. 
   7    Cost per Invested Customer (CPIC) means the cumulative advertising and marketing 
        costs incurred 
        since PensionBee commenced trading up until the relevant point in time divided by 
        the cumulative 
        number of Invested Customers at that point in time. This measure monitors cost 
        discipline 
        of customer acquisition. PensionBee's desired CPIC threshold is GBP200-GBP250. 
   8    Same Year RC:IC Conversion percentage is calculated by dividing the number of 
        Invested Customers 
        as at the end of the period by the number of Registered Customers at the end of 
        the period. 
        This measure monitors PensionBee's ability to convert customers through the 
        acquisition funnel. 
   9    Contractual Revenue Margin means the weighted average contractual fee rate across 
        PensionBee's 
        investment plans (before applying any size discount) calculated by reference to 
        the amount 
        of AUA held in each plan across the period. 
   10   Revenue means the income generated from the asset base of PensionBee's customers, 
        essentially 
        annual management fees charged on the AUA, together with a minor revenue 
        contribution from 
        other services. 
   11   Annual Run Rate (ARR) Revenue is calculated using the Recurring Revenue for the 
        relevant month 
        multiplied by 12. 
   12   Adjusted EBITDA is the profit or loss for the period before taxation, finance 
        costs, depreciation, 
        share based compensation and transaction costs. 
   13   Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for the 
        relevant period. 
 
 
 Enquiries: 
 PensionBee                                       via Tulchan 
 Tulchan Communications                           pensionbee@tulchangroup.com 
  James Macey White                                +44 (0)20 7353 4200 
  Elizabeth Snow 
  Laura Marshall 
 
 About PensionBee 
 
 PensionBee is a leading online pension provider, enabling customers to interact with their 
  savings through its unique combination of smart technology and dedicated customer service. 
 
 Since it was founded in 2014 by Romi Savova, PensionBee has been a challenger in an industry 
  ripe for disruption. It has grown rapidly by helping consumers to solve the challenges they 
  face when it comes to locating, combining and managing their pension savings. PensionBee counts 
  155,000 Active Customers from 18-80 years of age with GBP2.0 billion in Assets under Administration 
  as at 30 June 2021. Its range of pension plans are tailored to its customers and are managed 
  by some of the world's largest money managers including: BlackRock, HSBC, Legal & General 
  and State Street Global Advisors. 
 
 PensionBee uses its proprietary technology and Open APIs to allow customers to manage their 
  pension easily, view their live balance, and with the help of a smart calculator to plan their 
  savings, make contributions and withdrawals online, all with transparency on fees. It continuously 
  engages with customers through its dedicated customer account managers using jargon-free communication 
  and listens to feedback to develop new tools which help customers to easily plan for their 
  retirement. PensionBee has consistently maintained a Customer Retention Rate and an AUA Retention 
  Rate of >95% and a 4.7 Excellent Trustpilot rating. 
 
 PensionBee is admitted to trading on the High Growth Segment of the London Stock Exchange's 
  Main Market (LON:PBEE). 
 

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END

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