PensionBee Group plc 1Q 2023 Results Announcement (8250W)
2023年4月20日 - 3:00PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMPBEE
RNS Number : 8250W
PensionBee Group plc
20 April 2023
PensionBee Group plc
Incorporated in England and Wales
Registration Number: 13172844
LEI: 2138008663P5FHPGZV74
ISIN: GB00BNDRLN84
20 April 2023
PensionBee Group plc
Trading Update for the quarter ended 31 March 2023
Continued Growth across all Key Metrics
Ongoing Adjusted EBITDA Profitability by end of 2023
PensionBee Group plc ('PensionBee' or the 'Company'), a leading online pension provider, today
announces a trading update for the quarter ended 31 March 2023.
Highlights
-- Continued strong customer growth, with Invested Customers having increased by 44% year on
year to 198,000 (March 2022: 138,000).
-- Assets under Administration increased by 23% year on year to GBP3,379m (March 2022: GBP2,747m),
demonstrating PensionBee's resilience to global market volatility.
-- Successfully launched the Impact Plan.
-- Commitment to continuous product innovation and outstanding customer service resulted in a
high Customer Retention Rate of c.97%.
-- LTM Revenue increased by 30% to GBP19m (March 2022: GBP14m) and for the quarter Revenue increased
by 28% to GBP5m (March 2022: GBP4m).
-- Adjusted EBITDA increased by 48% to GBP(5)m and Adjusted EBITDA Margin increased by 141ppt
to (98)%, reflecting the Company's focus on both growth and operating leverage.
PensionBee delivered strong growth across all its key performance indicators in the first
quarter of the year, with Assets under Administration ('AUA') increasing by 23% to GBP3,379m.
The Company has seen excellent momentum in the growth of the customer base, adding c.14,000
new Invested Customers in the first quarter, taking the overall Invested Customer base to
198,000. This demonstrates the continued success of its data-led, multi-channel customer acquisition
approach and the clear demand for its customer-focused proposition. Revenue for the quarter
also grew by 28% year on year to GBP5m as a result of strong Net Inflows from new and existing
customers, with LTM Revenue reaching GBP19m. The Company's high Customer Retention Rate and
AUA Retention Rate, both c.97%, have continued to drive recurring revenue.
As previously reported, the Company achieved prompted brand awareness of c.50%, allowing for
further reduction of the Cost per Invested Customer. Its scalable, secure technology platform
has continued to generate operating leverage and margin improvement.
PensionBee continuously innovates and adapts its products to suit the evolving needs of its
customers. This was reflected in the successful launch of its Impact Plan early this year,
which invests exclusively in companies that seek to solve the world's great social and environmental
problems, aligning with PensionBee's focus on using its influence to build a better world.
Over the quarter, it also rolled out enhanced help functionality for customers, an online
tax relief calculator to enable customers to make the most of their pension contributions
ahead of the tax year-end, and additional automation projects to reduce manual processing.
The Company's focus on outstanding customer service, evidenced through the maintenance of
an Excellent Trustpilot rating, was delivered through rapid response times on the phone and
on live chat.
Outlook
The Board remains confident in PensionBee's potential for continued growth and profitability,
due to its ability to attract new customers that generate growth in recurring revenue through
its scalable technology platform.
The Company is pleased to reiterate the guidance previously provided at the time of the 2022
full year results. Its strong cash balance of GBP17m leaves it well-placed to pursue a c.2%
market share target of the substantial GBP700bn UK transferable pensions market over the next
5-10 years.
The Company remains on track to further reduce the Cost per Invested Customer, expecting to
achieve ongoing Adjusted EBITDA profitability by the end of 2023 and profitability for the
full year 2024.
Analyst and Investor Presentation
There will be a presentation for analysts and investors this morning at 8:30am via webcast.
Please contact pensionbee@teneo.com if you would like to attend.
Romi Savova, CEO of PensionBee, commented:
"We are delighted to report a strong start to the year, with significant increases in Revenue
and Assets Under Administration driven by substantial growth in our Invested Customer base.
We have continued to invest in our technology platform, making pensions simple for more and
more people across the country.
The market opportunity for PensionBee is vast and our strong cash balance leaves us well-positioned
to capture market share. Our focus is on supporting our customers and colleagues during these
uncertain times, while we work towards our mission of making pensions simple so that everyone
can look forward to a happy retirement."
Financial Summary
For the 3 or 12 month Period Ending
Mar-2022 Dec-2022 Mar-2023 YoY change
AUA (GBPm)(1) 2,747 3,025 3,379 23%
AUA Retention Rate (% of AUA)(2) >95% >95% >95% Stable
Invested Customers (thousands)(3) 138 183 198 44%
Customer Retention Rate (% of IC)(4) >95% >95% >95% Stable
Cost per Invested Customer (GBP)(5) 268 248 252 As guided
Realised Revenue Margin (% of AUA)(6) 0.64% 0.63% 0.64% Stable
For the 3 or 12 month Period Ending
Mar-2022 Dec-2022 Mar-2023 YoY change
Revenue (GBPm)(7) 4 18 5 28%
LTM Revenue 14 18 19 30%
Adjusted EBITDA (GBPm)(8) (10) (20) (5) 48%
Adjusted EBITDA Margin (% of Revenue)(9) (238)% (110)% (98)% 141ppt
LTM Adjusted EBITDA (22) (24) (15) (32)%
LTM Adjusted EBITDA Margin (151)% (110)% (79)% 72 ppt
For the 3 or 12 month Period Ending
Mar-2022 Dec-2022 Mar-2023 YoY change
Opening AUA (GBPm)(1) 2,587 2,587 3,025 17%
Gross Inflows (GBPm) 284 1,060 297 4%
Gross Outflows (GBPm) (47) (197) (64) 36%
Net Inflows (GBPm) 237 863 233 -2%
Market Growth and Other (GBPm) (78) (424) 121 n/a
Closing AUA (GBPm)(1) 2,747 3,025 3,379 23%
1 Assets under Administration ('AUA') is the total invested value of pension assets within PensionBee
Invested Customers' pensions. It measures the new inflows less the outflows and records a
change in the market value of the assets. AUA is a measurement of the growth of the business
and is the primary driver of Revenue.
2 AUA Retention measures the percentage of retained PensionBee AUA from Transfer Outs over the
average of the trailing twelve months. High AUA retention provides more certainty of future
Revenue. This measure can also be used to monitor customer satisfaction.
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3 Invested Customers ('IC') means those customers who have transferred pension assets or made
contributions into one of PensionBee's investment plans.
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4 Customer Retention Rate measures the percentage of retained PensionBee Invested Customers
over the average of the trailing twelve months. High customer retention provides more certainty
of future Revenue. This measure can also be used to monitor customer satisfaction.
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5 Cost per Invested Customer ('CPIC') means the cumulative advertising and marketing costs incurred
since PensionBee commenced trading up until the relevant point in time divided by the cumulative
number of Invested Customers at that point in time. This measure monitors cost discipline
of customer acquisition. PensionBee's desired CPIC threshold is GBP200-GBP250.
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6 Realised Revenue Margin is calculated by using the last twelve months of Recurring Revenue
over the average quarterly AUA held in PensionBee's investment plans over the period.
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7 Revenue means the income generated from the asset base of PensionBee's customers, essentially
annual management fees charged on the AUA, together with a minor revenue contribution from
other services.
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8 Adjusted EBITDA is the profit or loss for the period before taxation, finance costs, depreciation,
share based compensation and transaction costs.
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9 Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for the relevant period.
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Contacts
Teneo pensionbee@teneo.com
James Macey White +44 (0)20 7353 4200
Laura Marshall
PensionBee press@pensionbee.com
Rachael Oku
Laura Dunn-Sims
About PensionBee
PensionBee is a leading online pension provider, making pension management easy for its customers
while they save for a happy retirement.
PensionBee helps its customers combine their old pension pots, make flexible contributions,
invest in line with their goals and values and make withdrawals from the age of 55 (increasing
to 57 in 2028). PensionBee offers a range of investment plans, including fossil fuel free
options, from some of the world's largest asset managers.
Operating in the GBP1 trillion market of Defined Contribution pension assets, PensionBee has
grown rapidly through its direct-to-consumer marketing activities, creating a household brand
name for the mass market.
The Company has GBP3,379m in Assets Under Administration and 198,000 Invested Customers as
at 31 March 2023. PensionBee has consistently maintained a Customer Retention Rate in excess
of 95% and an Excellent Trustpilot rating, reflecting its commitment to outstanding customer
service.
.
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END
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