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2023 highlights


The Group has had a positive first half of the year driven by strong growth in Affordable Insurance contribution with new annualised insurance sales in the first six months rising by 34%. The focus of new CEO, Paula Constant, is to continue to leverage all the opportunities around insurance and recurring revenue streams and develop a strategy to accelerate profitable growth. Further, with the launch of the enhanced platform, Hapi 2.0, the rollout of this to both customers and partners over the coming months will cement and increase shareholder value.

Financial Highlights

  • Total revenue for the six months to 30 June 2023 increased 34% to £46.4m (H1 2022: £34.7m). Whilst driven primarily by voucher resales through the benefits platform of £24.6m (H1 2022: £13.8m), growth has also been seen across other key areas
  • Adjusted EBITDA* increased 75% to £2.7m (H1 2022: £1.5m), in line with management expectations for H1, driven primarily by continued growth of the insurance book
  • Profit before tax increased to £1.6m (H1 2022: £0.5m) in line with adjusted EBITDA growth
  • Basic EPS increased to 4.5p (H1 2022: 1.7p)
  • Strong balance sheet and liquidity with cash and deposits at period end of £22.6m (Dec 2022: £18.7m), and debt free
  • Interim dividend increased by 10% to 5.85p (H1 2022: 5.3p), reflecting the Board’s continued confidence in the Group’s prospects

*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, corporate acquisition costs and restructuring costs.

Operational Highlights

  • Strong growth in Affordable Insurance, driven by an increase in new sales and high retention rates. New annualised insurance sales in the first six months rose by 34% to £5.8m (H1 2022: £4.3m)
  • Continued growth in recurring revenue streams providing increased visibility for H2 2023 and 2024:
    • Annualised Premium Income (API) increased by 6% to £29.6m (31 Dec 22: £28.0m)
    • Annualised Recurring Revenue (ARR) from our Benefits platform grew 10%, ending the period with Hapi ARR of £2.2m and Sage Employee Benefits ARR of £3.3m respectively (31 Dec 2022: £2.0m and £3.0m respectively)
    • ARR from Innecto Digital products grew to £0.6m (31 Dec 22: £0.5m)
  • 52 new client wins (HY22: 52) with the award of a place on the Crown Commercial Services framework serving as an endorsement of the Group’s offering
  • Paula Constant assumed the role of Group CEO on 1 August 2023

Post-Period Trading and Outlook

  • Strong new insurance sales have continued at the start of H2 with retention rates remaining robust
  • Next generation Hapi 2.0 successfully launched internally, enabling future roll out to customers and partners
  • Trading remains in line to meet market’s full year expectations
  • The Board is confident in the long-term outlook for the business

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Interim Report 2023

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