Personal Group Holding PLC
(the “Company”, “Personal Group”, “PGH” or “Group”)
Personal Group PLC, a leading provider of employee services in the UK, provides the following trading update.
The Company’s core insurance business continues to perform well, having made an encouraging start to the second half of the year. The SME offer, through the partnership with Sage, is exceeding management’s expectations and other SaaS sales of the Hapi platform remain strongly up on last year, including an additional 14,000 SaaS licences since June this year. The Company’s new financial wellbeing product, including affordable loans, has also made an encouraging start.
The Company’s salary sacrifice business continues to benefit from the recent clarity and greater simplicity of tax treatment as a result of the Finance Bill earlier this year. However, a key salary sacrifice customer has informed the Company that for its own short term operational reasons, it, like a few other customers, will now delay the planned offering to its employees into next year. The salary sacrifice revenue from these customers is expected to be unchanged in the next six months with the delay only affecting the timing and not the value of the proposition.
As a result, Group revenue for the current year is now expected to be lower than reported for full year 2016. Despite this impact to revenue, the ongoing strength of the core insurance business and the recent traction across the Hapi platform, alongside the Group’s focus on cost control, provides continued confidence that the Group will meet its full year EBITDA profit expectations.
Mark Scanlon, Chief Executive of Personal Group, commented:
“Despite this short-term revenue impact, the underlying business is in a strong position, giving us confidence that the Group will meet full year EBITDA profit expectations. The Group offer is better placed than ever as we enter 2018. The core insurance business continues to deliver and we look forward to seeing continued growth from our SaaS offer, both in SME and beyond.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For more information please contact:
|Personal Group Holdings Plc|
|Mark Scanlon / Mike Dugdale||+44 (0)1908 605 000|
|Philip Dennis (Investor Relations)||+44 (0)7947 868 206|
|Cenkos Securities Plc|
|Max Hartley / Callum Davidson (Nomad)||+44 (0)20 7397 8900|
|Russell Kerr (Sales)|
|Nick Lyon / Sophie Lister / Lucy Wollam||+44 (0)20 7796 4133|