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July Trading Update

Friday July 20, 2018

Investor News

The Company had a good start to the year, with trading in line with management’s expectations and ahead of last year’s performance in all three business segments. The core insurance business continued to perform well, while PG Let’s Connect, the Company’s salary sacrifice business, also had an encouraging start to the year. The Company’s SaaS business also performed as expected, with an increase in revenues compared to last year.

PG Let’s Connect benefited from Royal Mail Group’s decision to run its salary sacrifice offer to its employees on a continuous basis from March onwards this year.  PG Let’s Connect was also appointed to the Crown Commercial Services framework, one of the biggest public procurement frameworks in the UK, in February, which significantly expands the potential customer base.

The Company’s SaaS business saw two significant client wins in the first half of the year: Randstad, with 4,300 employees, and St John Ambulance, with 6,000 employees.

The launch of the next product version of the Sage Employee Benefits proposition, extended to Sage's wider client base, continues to gear up and we look forward to progressing our partnership. Indeed, the Company’s commitment to the product has strengthened this year. With immediate access to the significant but fragmented small and medium business market, Sage remains a natural channel partner for the Company.

As planned, the Company launched the next generation of the Hapi app during the period. The updated version has improved accessibility, now being available via the Apple app store, and includes much greater user functionality.

During the first half of the year, considerable progress was made in rationalising the Company’s supply chain. A number of additional products are now provided directly by the Company, including reward and recognition, retail discounts and cinema tickets, which previously relied on services from third parties. This initiative is driving additional commercial benefit, with increased revenues and improved margins across some offers, while also reducing supply chain risk.

Mark Scanlon, Chief Executive of Personal Group, commented:

“Personal Group has performed in line with management’s expectations during the first half of the year, which saw improvements across all parts of the business. This has provided us with a good foundation as we enter the second half of 2018, which has also started well. The Board remains confident in its outlook for the full year.”

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