Results Centre

• Revenue up 11% to £23.3m (H1 2024: £21.0m), with growth across all business segments
• Recurring revenue streams increased 12% to £45.7m as at 30 June 2025 (30 June 2024: £40.8m), providing good visibility for the full year (“FY 2025”) and beyond:
• Insurance Annualised Premium Income (“API”) increased by 12% to £38.0m (H1 2024: £33.8m)
• Benefits Platform Annual Recurring Revenue (“ARR”) increased by 10% to £6.9m (H1 2024: £6.3m)
• Pay & Reward ARR increased by 6% to £0.76m (H1 2024: £0.71m)
• Adjusted EBITDA* up 42% to £5.5m (H1 2024: £3.9m), in line with management expectations for H1 2025
• Profit before tax up 68% to £3.8m (H1 2024: £2.3m)
• Basic EPS of 9.6p (H1 2024: 5.4p), an increase of 78%
• £4.0m of cash generated from operating activities with cash and deposits at 30 June 2025 of £26.9m (31 December 2024: £27.4m), and no debt
• Enhanced dividend payout ratio going forward, interim dividend increased by 26% to 8.2p (H1 2024: 6.5p), reflecting ongoing confidence in the Group’s performance and prospects

Another excellent period for Insurance 

• New annualised insurance sales up 6% to £7.4m (H1 2024: £6.9m), delivering yet another record sales period
• Year on year retention rates remained strong at over 80%
• Expanding addressable employees with new client wins

Partners bringing Benefits offerings into new markets

• Renewed and expanded partnership with Sage Group, as announced in March 2025, with the first new region, Ireland, now live
• New Benefits partner, EB Now, secured, with customers due to go live in H2

Strong new insurance sales have continued at the start of H2 2025, with retention rates remaining robust

Trading in Q3 has remained robust and in line with management's expectations to date. This, combined with the Group's growing recurring revenues, underpins the Board's confidence in achieving market expectations for the full year

*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.

Paula Constant, Chief Executive of Personal Group, commented: “Personal Group continues to make good progress, with the refined strategy put in place at the end of 2024 delivering another strong set of results, with Insurance sales going from strength to strength, growing levels of ARR and healthy cash generation to support a strong balance sheet. New Insurance wins and partnerships in the first half of the year have expanded our addressable customer base and laid the foundations for continued growth.

“Underpinning the Group’s success is the quality and relevance of our offerings. The macroeconomic environment is creating a growing market need, with employers increasingly recognising the importance of insurance cover and for their employees. We see considerable room for growth ahead and have line of sight to achieving our 2030 ambitions of delivering at least £100m revenue, £30m EBTIDA and £20m SaaS ARR.”