Results centre

Financial Highlights

• Revenue from Continuing Operations* of approximately £43.8m (2023: £38.6m), with c.90% deriving from recurring revenue sources
• Adjusted EBITDA** from Continuing Operations* of approximately £9.9m (2023: £7.8m), ahead of market expectations 
• Insurance Annualised Premium Income ("API") increased by c.14% to £36.0m (2023: £31.6m)
• Benefits Platform Annual Recurring Revenue ("ARR") increased c.10% to £6.7m (2023: £6.1m)
   Record new insurance sales of £13.9m API, up 18% on previous year (2023: £11.8m)
   Strong balance sheet and liquidity with a cash position of approximately £27.4m as at 31 December 2024 (30 June 2024: £23.1m) and no debt

*Continuing Operations excludes the results of Let's Connect, which was disposed of on 9 July 2024
**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; this definition remains unchanged from previous periods

Operational Highlights

During FY 2024, the Group continued to make strategic progress with further growth across both the Affordable Insurance and Benefits & Reward divisions, driven by our clear strategy, in a climate where it is more important now than ever for businesses to support their employees to help get them back to work.
The business is now more streamlined and better positioned to capture the significant opportunity in our large, growing and underpenetrated market.

• Annualised Premium Income increased 14% to £36.0m as of 31 December 2024 (31 December 2023: £31.6m), supported by strong retention levels of over 80% year-on-year. Claims levels in the second half of the year fell slightly, as anticipated. 
• Benefits & Reward increased uptake of our benefits platform, Hapi and Sage Employee Benefits, our SME-focused offering in partnership with Sage, resulting in ARR of £6.7m as of 31 December 2024 (31 December 2023: £6.1m). We have materially completed the migration of our customers onto the next generation platform, Hapi 2.0, which has received positive feedback from customers on the improved employee and employer user experience.
• The Group's Pay & Reward division continued its positive first half performance, benefitting from the significant contract signed with a global airline earlier in the year, with ARR increasing to £0.71m as of 31 December 2024 (31 December 2023: £0.67m). 

Post-Period Trading and Outlook

Personal Group has entered 2025 a stronger, more focused business, with a simplified structure and strengthened senior management team. We continue to see the benefits of a strong balance sheet and high levels of recurring revenues, providing visibility through 2025 and beyond.