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2023 highlights


The Group has successfully delivered growth across its KPIs, increasing total client numbers and reporting double digit growth in key areas of recurring revenue. The strength of trading in the second half of the year underpins the Board’s confidence that Personal Group is firmly back on a growth trajectory and set to benefit from the investments that have been made in the offering and team.

Financial Highlights

  • Revenue grew across all areas outside of Let’s Connect:
    • Group revenue* stable at £49.7m (2022 restated: £49.8m)
    • Revenue, excluding Let’s Connect, increased 17% to £38.6m (2022: £33.0m)
    • Recurring revenue streams increased 14% to £38.3m (£2022: £33.5m)
  • Adjusted EBITDA** increased 35% to £8.1m, in line with market expectations (2022: £6.0m)
  • Adjusted profit before tax of £5.3m (2022 adjusted***: £3.8m profit excluding goodwill impairment)
  • Adjusted Basic EPS of 13.8p (2022 adjusted***: 10.6p, statutory loss of 23.2p)
  • Strong balance sheet and liquidity, with cash and deposits at year end of £20.1m (2022: £18.7m) and no debt
  • Final dividend for 2023 of 5.85p per share, making a full year dividend for 2023 of 11.7p (2022: 10.6p) payable on 8 May 2024.

*   Revenue restated in prior year as a result of the Group’s transition to IFRS 17 and to present voucher income as agency rather than principal. 
** 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.
*** Excluding goodwill impairment of Let’s Connect of £10.6m.


Operational Highlights

  • First phase of the strategy review and market mapping complete
    • The strategy review provided a clear sense of positioning, vision and areas to focus to maximise shareholder value.
    • Applicability and resonance of the Group’s insurance products and its sizable addressable market have been validated and industries with the biggest opportunities confirmed.
    • Restructuring of senior leadership team has been undertaken to optimise processes and drive performance.
  • A record year for insurance sales

    • Record new annualised insurance sales of £11.8m for the year (2022: £9.5m)
    • Annualised premium income (API) increased 13% to £31.6m (31 Dec 2022: £28.0m) supported by strong retention levels.
    • Claims ratios remained stable at 27.0% (2022: 27.7%), as the NHS continues to address long waiting lists.
  • Benefits platform providing increased contribution to the Group.

    • Continued growth across both enterprise clients on Hapi and SMEs utilising Sage Employee Benefits, ending the year with Annual Recurring Revenue (“ARR”) of £2.5m and £3.7m respectively (31 Dec 2022: £2.0m and £3.0m).
    • 31 new Benefits clients won in 2023 (2022: 22).

Confident Outlook

  • Confidence across the Group is high for 2024 and the Group is well-placed to deliver further growth with an increasing proportion of recurring revenue and a strong balance sheet.
  • Trading has continued positively into the first quarter, reinforced by the renewal of the contract with Royal Mail Group, securing the provision of insurance cash plans via face-to-face road show visits, and the signing of a significant contract for the Pay & Reward division with a global airline.
  • Initial results of an external review into the Group’s product and markets have emphasised the ongoing relevance of our insurance products in a sizeable addressable market and highlights clear options for strategic growth available.

Our latest documents

Investor Presentation 2023

View and download the Investor Presentation 2023

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