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Preliminary Results For the Year Ended 31 December 2018

Tuesday March 26, 2019

Investor News


(“Personal Group”, “Company” or “Group”)

Preliminary Results For the Year Ended 31 December 2018




  • Group revenue increased by 22% to £55.3m (2017: £45.2m)
  • Adjusted EBITDA* increased by 5.8% to £11.4m (2017: £10.8m)
  • Profit before tax increased by 7.4% to £10.2m (2017: £9.5m)
  • Earnings per share of 27.2p (2017: 26.9p)
  • Dividend increased by 1.3% to 23.0p
  • Strong balance sheet and no debt


  • Further year of strong new insurance sales, despite performance being impacted by GDPR
  • PG Let’s Connect revenue increased by 33%, with client numbers increasing by 36%
  • SaaS related revenue increased by 229%, driven by the increase in customer spend through the Hapi platform combined with several new client wins, including some SaaS-only
  • Launched the Sage Employee Benefits (SEB) product to Sage’s wider client base in Q4
  • Invested in sales and marketing to drive additional revenue opportunities
  • Accelerated plans to bring the supply chain in-house

Post period end

  • On 28th February, the Company acquired Innecto People Consulting Limited for a cash consideration of £3.0m
  • In February 2019, the Company received information from HMRC in relation to the PG Let’s Connect tax provision which will result in a further £0.5m being released in 2019

*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based expense payments, corporate acquisition costs, restructuring costs, write back of contingent consideration and release of tax provision.

A reconciliation from PBT to this adjusted EBITDA can be seen in note 1

Deborah Frost, Chief Executive of Personal Group, commented:

“2018 saw a good performance across the Group, with adjusted EBITDA* of £11.4m broadly in line with market expectations, reflecting the strength of the underlying business. We achieved another year of strong new insurance sales whilst PG Let’s Connect showing clear signs of recovery, combined with continued growth in SaaS revenue. This performance reflects investments made by the Group which have strengthened our client offer, supported by our proven team and ability to innovate to meet market needs. As we move into 2019, we continue to be well placed to respond to the opportunities being created.

“I would like to take the opportunity to thank the team at Personal Group, clients and investors for the welcome I’ve received since taking over as CEO a few weeks ago. I am very much encouraged by what I have seen and look forward to building on the tremendous contribution Mark Scanlon has made to the business.”

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