TIDMPBEE

RNS Number : 8746K

PensionBee Group plc

31 August 2023

 
 PensionBee Group plc 
 Incorporated in England and Wales 
 Registration Number: 13172844 
 LEI: 2138008663P5FHPGZV74 
 ISIN: GB00BNDRLN84 
 Interim Results 
  For the six months ended 30 June 2023 
 PensionBee Group plc ('PensionBee' or the 'Company'), a leading 
  online pension provider, today announces interim results for 
  the six month period ended 30 June 2023 (1H 2023). 
 The Company is pleased to announce that it has delivered strong 
  financial and operational performance during the first half of 
  the year, with high levels of growth achieved across key metrics, 
  in line with the trading update released on 20 July 2023. 
 Performance Overview 
 
 *    Revenue increased by 32% to GBP10.9m (1H 2022:      GBP8.3m) 
 
 
 
  *    Profit/(Loss) before Tax was GBP(9.2)m (1H 2022: 
       GBP(16.9)m) 
 *    Adjusted EBITDA was GBP(7.9)m (1H 2022: GBP(14.9)m) 
 
 
   *    Basic Earnings per Share was (4.06)p (1H 2022: 
        (7.54)p) 
 
 
   *    Assets under Administration ('AUA') increased by 38% 
        year on year to GBP3,704m (1H 2022: GBP2,676m) 
 
   *    Invested Customers ('IC') increased by 33% to 211,000 
        (1H 2022: 159,000) 
 
   *    Customer Retention Rate and AUA Retention Rate were 
        both stable at >95% (1H 2022: >95%) 
 *    Excellent Trustpilot score of 4.6 (1H 2022: 4.6 ) 
 
 
   *    Cash position of GBP14m (1H 2022: GBP29m) 
 
 
  Romi Savova, Chief Executive Officer of PensionBee, commented: 
 
  "We are proud to have helped an increasing number of customers 
  take control of their retirement planning and prepare for a happy 
  future. PensionBee's strong results and ongoing growth have positioned 
  us well on track to deliver monthly Adjusted EBITDA profitability 
  by the end of the year. The scalability of our technology platform 
  drives margin improvement, and we are looking forward to further 
  innovating and evolving with our customers as we champion their 
  voices in the industry. 
 
  We are confident that our focus on serving and delighting customers 
  will allow us to continue to grow and capture market share." 
 
 
 Financial Highlights* 
 
 
                                     For the 6-month Period Ending 
                                     Jun-2023     Jun-2022       YoY 
                                  ===========  ===========  ======== 
 Revenue (GBPm)                          10.9          8.3       32% 
                                  ===========  ===========  ======== 
 Profit/(Loss) before Tax               (9.2)       (16.9)       46% 
                                  ===========  ===========  ======== 
 Adjusted EBITDA (GBPm)**               (7.9)       (14.9)       47% 
                                  ===========  ===========  ======== 
 Adjusted EBITDA Margin (% of 
  Revenue)**                            (73)%       (181)%    108ppt 
                                  ===========  ===========  ======== 
 Basic and Diluted Earnings per 
  Share                               (4.06)p      (7.54)p       86% 
                                  ===========  ===========  ======== 
 
 
 Non-Financial Highlights * 
 
 
                                                As at Period End 
                                          Jun-2023   Jun-2022       YoY 
                                         =========  =========  ======== 
 AUA (GBPm)                                  3,704      2,676       38% 
                                         =========  =========  ======== 
 AUA Retention Rate (% of AUA)                >95%       >95%    stable 
                                         =========  =========  ======== 
 Invested Customers ('IC') (thousands)         211        159       33% 
                                         =========  =========  ======== 
 Customer Retention Rate (% of                >95%       >95%    stable 
  IC) 
                                         =========  =========  ======== 
 Cost per Invested Customer (GBP)              247        260      (5)% 
                                         =========  =========  ======== 
 Realised Revenue Margin                     0.65%      0.63%   +1.4bps 
                                         =========  =========  ======== 
 
 
 *     See Definitions section. 
 **    PensionBee's KPIs include alternative performance measures 
        ('APM's), which are indicated with a double asterisk. APMs 
        are not defined by International Financial Reporting Standards 
        ('IFRS') and should be considered together with the Group's 
        IFRS measurements of performance. PensionBee believes APMs 
        assist in providing greater insight into the underlying 
        performance of PensionBee and enhance comparability of information 
        between reporting periods. 
      -------------------------------------------------------------------- 
 ***   As highlighted in the Annual Report and Financial Statements 
        2022 the Company outlined from 2023 it would retire from 
        its regular reporting framework the following Financial 
        Performance Measures: Annual Run Rate ('ARR') Revenue to 
        primarily focus on the Revenue metric as the Company reaches 
        profitability. Non-Financial Performance Measures: Registered 
        Customers ('RC'), Same Year RC:IC Conversion and Active 
        Customers ('AC') These metrics were retired to focus on 
        the Invested Customers that generate AUA. Additionally, 
        Contractual Revenue Margin (% of AUA) was retired and Realised 
        Revenue Margin introduced. 
      -------------------------------------------------------------------- 
 
 
 Contacts 
 PensionBee         press@pensionbee.com 
  Rachael Oku 
  Laura Dunn-Sims 
                   --------------------- 
 
 
 Forward-Looking Statements 
 
  Statements that are not historical facts, including statements 
  about PensionBee's or management's beliefs and expectations, 
  are forward-looking statements. The interim results contain forward-looking 
  statements, which by their nature involve substantial risks and 
  uncertainties as they relate to events and depend on circumstances 
  which will occur in the future and actual results and developments 
  may differ materially from those expressly stated or otherwise 
  implied by these statements. 
 
  These forward-looking statements are statements regarding PensionBee's 
  intentions, beliefs or current expectations concerning, among 
  other things, its results of operations, financial condition, 
  prospects, growth, strategies and the industry and markets within 
  which it operates. 
 
  These forward-looking statements relate to the date of these 
  interim results and PensionBee does not undertake any obligation 
  to publicly release any revisions to these forward-looking statements 
  to reflect events or circumstances after the date of the interim 
  results. 
 
  CEO's Report 
 
  We exist to make pensions simple so that everyone can look forward 
  to a happy retirement. Our aspiration is to build a lifetime 
  relationship with our customers, generating predictable and scalable 
  revenue for our company and for our investors. 
 
  We are very pleased to have delivered strong financial and operational 
  performance for the first half of 2023, driven by continued momentum 
  in the growth rates of our Invested Customer base, Assets under 
  Administration ('AUA') and Revenue. Our business has continued 
  to demonstrate resilience, strength and substantial growth, set 
  against a backdrop of continued challenging global capital markets, 
  heightened geopolitical risk and an extensive cost of living 
  crisis that has continued to impact everyone across the UK. All 
  this of course, means that the need for retirement planning and 
  pension ownership has never been greater. 
 The first half of 2023 started strongly and we demonstrated our 
  continued ability to grow, adding GBP469m of Net Flows (1H 2022: 
  GBP481m) from new and existing customers reaching GBP3.7bn of 
  AUA by the end of June (H1 2022: GBP2.7bn). 
 
  We achieved strong momentum in customer growth, with efficient 
  new customer acquisition having added 28,000 Invested Customers 
  (H1 2022: 41,000), representing GBP365m of Net Flows for the 
  first half of the year (H1 2022: GBP353m). Existing customers 
  also continued to accumulate pension savings with us, representing 
  GBP104m of AUA over the period (H1 2022: GBP128m). Our customers' 
  pension assets also benefited from market appreciation in the 
  first half, accounting for the balance of asset growth. 
 
  We delivered this high customer growth whilst maintaining excellent 
  customer satisfaction, recording a sustained Customer Retention 
  Rate of 97% over the period (H1 2022: 97%). We have also sought 
  to balance our growth ambition with our expectations of achieving 
  monthly Adjusted EBITDA profitability by the end of 2023. 
 
  Our results are supported by our ability to execute and advance 
  our strategic goals. Our customer-centric proposition, led by 
  product and technological innovation, excellent customer service 
  as evidenced by our Excellent Trustpilot score of 4.6 out of 
  5 (based on 9,128 reviews), and transparent and straightforward 
  fees, has continued to resonate well in the enormous UK market 
  of pension savers. Our ability to efficiently spend on marketing 
  has seen us maintain our household brand name status and has 
  supported new customer growth with a declining customer acquisition 
  cost. 
 
  We look forward to further advancing our strategy, growing our 
  market share and fulfilling our ambition to help everyone look 
  forward to a happy retirement. 
 Overview 
 
   We maintained our strong growth momentum in the first half of 
   2023. AUA increased by 38% to GBP3,704m (1H 2022: GBP2,676m), 
   led by an increase in Invested Customers of 33% to 211,000 (1H 
   2022: 159,000). This resulted in an increase in Revenue of 32% 
   to GBP10.9m (1H 2022: GBP8.3m) across the same period. 
 Profit/(Loss) before Tax narrowed to GBP(9.2)m (1H 2022: GBP(16.9)m) 
  reflecting planned investment in marketing, in the technology 
  platform and in our people, to drive rapid and efficient growth. 
  Accordingly, Adjusted EBITDA narrowed to GBP(7.9)m (1H 2022: 
  GBP(14.9)m) and the Adjusted EBITDA Margin narrowed to (73)% 
  (1H 2022: (181)%), demonstrating the operating leverage achieved. 
 Advancing our Strategic Goals 
 
   Our mission is to make pensions simple so that everyone can look 
   forward to a happy retirement. We have continued to successfully 
   execute our five-point strategy, which supports our mission, 
   and which drives our rapid and sustainable growth: 
 Efficient investment in customer acquisition and brand awareness 
 During the first half of the year, we spent GBP6.8m on marketing 
  (1H 2022: GBP12.4m), taking our cumulative marketing expenditure 
  to more than GBP50m, supporting brand building and customer acquisition. 
  We expect to continue investing in brand awareness and the maintenance 
  of ongoing household brand name status through the renewal of 
  our partnership with Brentford Football Club, becoming the left 
  sleeve sponsor of the Men's first team and the 'front of shirt' 
  sponsor for the B team, Academy and Women's team. 
 
  We have continued to apply our data-driven, multi-channel approach 
  to successfully reach new customers, bringing educational initiatives 
  to customers in ways which increase appeal, for example, through 
  roadshows, podcasts and new channels such as TikTok. 
 
  The Cost per Invested Customer ('CPIC') has continued to demonstrate 
  a downward trajectory, in line with expectations, given the depth 
  of our marketing capability in efficient customer acquisition 
  and the substantial brand investment made to date. 
 As we consider marketing initiatives for the rest of the year, 
  we will actively focus on further reducing our CPIC, together 
  with nurturing the conversion of our customer funnel to grow 
  our Invested Customers. 
 Leadership in product innovation 
 
  During the first half of the year, we continued to develop our 
  product offering for the benefit of our customers, incrementally 
  rolling out new features to enable greater customer engagement. 
  Our data shows that engaged customers are more likely to grow 
  their pensions with us and are therefore more likely to enjoy 
  the type of retirement they deserve. 
 
  New features included improvements to enable customers to access 
  and find our helpful content (searchable FAQs and enhanced help 
  functionality) and a new online tax relief calculator designed 
  to encourage customers to make the most of their pension contributions 
  ahead of the tax year-end. While customers can now read our content 
  in the app, they will soon be served personalised content features 
  based on our predictions of their interests, to help them make 
  more of their money including by educating them on helpful complements 
  to their pension, such as life insurance. 
 
  We recently launched a partnership with LifeSearch to help our 
  customers obtain a range of insurance products including life 
  and critical illness cover, enabling them to continue to save 
  for a happy retirement even if the worst happens. So far initial 
  customer demand has been positive and we look forward to seeing 
  this progress. 
 Investment in and development of an industry leading technology 
  platform 
 We have continued to invest in our technology capability over 
  the first half of the year in support of our growth ambitions. 
 
  We have invested in the scalability of our technology through 
  a focus on internal automation, efficiency, security and pension 
  transfer improvements to support productivity, as demonstrated 
  by a 12% improvement in the Invested Customers per Staff Member 
  productivity metric across the first half of the year (1H 2022: 
  35%). 
 
  We have continued to explore and adopt artificial intelligence 
  tooling within our departments, using it for initial content 
  generation, project research and coding problem resolution. We 
  are increasingly integrating our data platform within our daily 
  product management operations, linking core KPIs to projects 
  to ensure our multidisciplinary development teams remain productive 
  and impactful. 
 
  Finally, we continued to implement cyber security tools and best 
  practices to keep our customers' data safe. We have reinforced 
  a culture of security awareness through increasing standardisation, 
  monitoring and automation in information security operations 
  and compliance. 
 Focus on excellent customer service 
 We have continued our relentless focus on the provision of excellent 
  customer service to create the best pension experience possible 
  for our customers, leaving them delighted. 
 
  We are proud to have delivered excellent customer support, as 
  demonstrated by rapid response times, with live chat and phone 
  waiting times of 16 and 22 seconds respectively. Consequently, 
  we have continued to enjoy high ratings from our customers, giving 
  our team great purpose and inspiration. We pay close attention 
  to our Trustpilot and app store ratings, which serve as an indicator 
  of customer satisfaction. We are pleased to have maintained our 
  Excellent ratings across both, with a 4.6 Trustpilot rating having 
  been achieved from 9,128 customer reviews (1H 2022: 4.6 ). 
 Ensuring excellent levels of customer satisfaction is central 
  to our ambition of retaining and serving our customers throughout 
  their lifetimes. We demonstrated the continued strength of our 
  customer value proposition by maintaining a Customer Retention 
  Rate of 97% for the first half of the year. It is the high levels 
  of recurring revenues that are generated as a result of these 
  high customer retention levels, combined with the scalability 
  of our technology platform, that underpin the generation of operating 
  leverage over time. 
 Focus on investment solutions designed for customers 
 
   We have continued to remain focused on our investment range, 
   keeping abreast of new industry developments, ensuring that we 
   deliver value for money and innovating and adapting our products 
   to suit the evolving needs of our customers. 
 
   Our ongoing programme of engagement with our asset management 
   partners helps to determine the optimal product range. We are 
   proud to work with the largest money managers in the world, who 
   help us give our customers peace of mind. 
 
   Over the first half of the year, we successfully launched our 
   Impact Plan, 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 respond 
   to customer needs. With the addition of the Impact Plan, we are 
   confident we have the right investment range to serve the mass 
   market of consumers. 
 
 Regulatory Developments 
 We are active in the industry as a supporter of consumer rights 
  and we continue to advocate for greater levels of transparency, 
  easier switching and fairer charging across all pension products. 
 During the first half of the year, we implemented the Financial 
  Conduct Authority's ('FCA') Consumer Duty. 
 
  PensionBee's vision is customer focused and customers have been 
  at the heart of everything PensionBee does since its inception. 
  This culture is woven into the fabric of our approach across 
  all departments. Our five company values - Honesty, Innovation, 
  Love, Quality and Simplicity - provide a framework that guides 
  our decision-making, with particular regard given to how our 
  values shape the way we interact with our customers. The FCA's 
  new Consumer Duty sets higher and clearer consumer protection 
  standards across financial services through an overarching principle 
  that requires firms to act to deliver good outcomes for retail 
  customers. 
 
  The FCA's Consumer Principle is supported by three cross-cutting 
  rules, requiring that firms must act in good faith towards customers, 
  avoid foreseeable harm to customers and enable and support customers 
  to pursue their financial objectives. Consumer Duty outcomes 
  relate to crucial elements of the firm-consumer relationship: 
  consumers should receive communications they can understand, 
  products and services should meet their needs and offer fair 
  value, and consumers should get the support they need when they 
  need it. 
 
  While the Consumer Duty is well embedded in our general approach 
  to business and to our customers, we invested ample time in enhancing 
  our documentation, training our team and creating automated metric 
  reporting to monitor good consumer outcomes and avoid foreseeable 
  harm, in line with the duty. 
 We remain supportive of the initiatives of the FCA, the Department 
  for Work and Pensions and the Pensions Regulator, leading to 
  improvements in the pension landscape for consumers. We believe 
  the overall direction of reforms supports our approach to putting 
  customers at the heart of what we do, our business model, our 
  mission and our vision. 
 Dividend 
 
   In line with our stated dividend policy, the Company does not 
   intend to pay any dividends as we continue to invest in growth 
   and execute our strategy. Whilst the Company has not paid dividends 
   since incorporation, it intends to revisit its dividend policy 
   in future years and may revise its dividend policy from time 
   to time. 
 Outlook 
 
 We remain confident in our potential for continued growth and 
  profitability, due to our ability to attract new customers that 
  generate growth in recurring revenue through our scalable technology 
  platform. 
 
  We are pleased to reiterate the guidance previously provided 
  at the time of the 2022 full year results. Our cash balance of 
  GBP14m leaves us well-placed to pursue a c.2% market share target 
  of the substantial GBP700bn UK transferable pensions market over 
  the next 5-10 years. 
 
  We remain on track to further reduce Cost per Invested Customer, 
  expecting to achieve monthly Adjusted EBITDA profitability by 
  the end of 2023 and ongoing Adjusted EBITDA profitability for 
  the full year 2024. We expect to achieve long-term EBITDA margins 
  in excess of 50%, driven by the scalability of our technology 
  platform. This is supported by the continued positive momentum 
  in our trading performance and growth in key metrics such as 
  customer growth and AUA. 
 
  We will continue to support the pursuit of healthy long-term 
  returns for our customers' pensions and the health of our environment, 
  by promoting good corporate behaviour. We will also continue 
  to use our corporate voice to amplify the voices of our customers 
  across the UK, standing up for their consumer rights, and enabling 
  them to have better, more transparent pension products. 
 
  We will continue to work tirelessly towards our mission to make 
  pensions simple so that everyone can look forward to a happy 
  retirement. 
 
 
 
   Romi Savova 
   Chief Executive Officer 
 30 August 2023 
 
 
 Financial Review 
 
   We had a strong start to 2023 as we balanced our growth ambition 
   with our firm profitability target. 
 
   Our strong growth delivery over the first half of 2023 was underpinned 
   by a combination of new customer acquisition, asset growth from 
   existing customers(1) and recovering global equity markets. Over 
   the first half of the year, Invested Customers grew by 33% to 
   211,000 (1H 2022: 159,000), Assets under Administration ('AUA') 
   increased by 38% to GBP3,704m (1H 2022: GBP2,676m) and Revenue 
   increased by 32% to GBP10.9m (1H 2022: GBP8.3m). 
 
   In addition to driving strong growth, we have remained firmly 
   committed to achieving our Adjusted EBITDA profitability target 
   by the end of 2023. As a result, we focused on delivering 32% 
   Revenue growth over 1H 2023 while reducing our cost base by 19% 
   to GBP18.8m (1H 2022: GBP23.2m). 
 Summary Financial Highlights* 
 
 
                                                        For the 6-month Period Ending 
                                                 Jun-2023  Jun-2022                     YoY 
                                                 ========  ========  ====================== 
Revenue (GBPm)                                       10.9       8.3                     32% 
                                                 ========  ========  ====================== 
         Money Manager Costs (GBPm)                 (1.6)     (1.4)                     13% 
                                                 ========  ========  ====================== 
         Technology Platform Costs & 
          Other Operating Expenses (GBPm)(2,3)     (10.3)     (9.4)                     10% 
                                                 ========  ========  ====================== 
         Marketing Costs (GBPm)                     (6.8)    (12.4)                   (45)% 
                                                 ========  ========  ====================== 
    Operating Costs                                (18.8)    (23.2)                   (19)% 
                                                 ========  ========  ====================== 
Adjusted EBITDA (GBPm)**                            (7.9)    (14.9)                     47% 
                                                 ========  ========  ====================== 
    Adjusted EBITDA Margin (% of 
     Revenue)**                                     (73)%    (181)%                 108 ppt 
                                                 ========  ========  ====================== 
 
 
 *     See Definitions section. 
 **    PensionBee's KPIs include alternative performance measures 
        ('APMs'), which are indicated with a double asterisk. APMs 
        are not defined by International Financial Reporting Standards 
        ('IFRS') and should be considered together with the Group's 
        IFRS measurements of performance. PensionBee believes APMs 
        assist in providing greater insight into the underlying performance 
        of PensionBee and enhance comparability of information between 
        reporting periods. 
      --------------------------------------------------------------------- 
 (1)   Existing customers are defined as customers acquired from 
        2016 to 2022. 
      --------------------------------------------------------------------- 
 (2)   Other Operating Expenses comprise Administrative Costs and 
        auditor's remuneration. 
      --------------------------------------------------------------------- 
 (3)   Technology Platform & Other Costs comprise Employee Benefits 
        Expense (excluding Share-based Payment), technology and operations 
        costs and Other Operating Expenses. 
      --------------------------------------------------------------------- 
 
 
 Business Performance 
 
  Customers 
 
 
                                                As at Period End 
                                          Jun-2023   Jun-2022      YoY 
                                         =========  =========  ======= 
 Invested Customers ('IC') (thousands)         211        159      33% 
                                         =========  =========  ======= 
 Customer Retention Rate (%                   >95%       >95%   stable 
  of IC) 
                                         =========  =========  ======= 
 
 
 We continued to invest in our growth over the first half of 2023 
  while focusing on marketing efficiency. Over the first six months 
  of the year, we spent GBP6.8m in marketing (1H 2022: GBP12.4m) 
  to acquire 28,000 (1H 2022: 41,000) new Invested Customers at 
  a reduced Cost per Invested Customer. Invested Customers increased 
  to 211,000 (1H 2022: 159,000), representing an increase of 33%. 
 The Customer Retention Rate remained above 95% (1H 2022: >95%), 
  consistent with our historical performance levels, reflecting 
  trends in general consumer behaviour around long-term saving 
  products and importantly underscoring our customers' continued 
  satisfaction with the PensionBee product and customer service 
  proposition. 
 Assets under Administration 
 
 
                                                       As at Period End/ 
                                                  For the 6-month Period Ending 
                                                  Jun-2023     Jun-2022       YoY 
                                              ============  ===========  ======== 
 Opening AUA (GBPm)                                  3,025        2,587       17% 
                                              ============  ===========  ======== 
          Net Flows from New Customers 
           (GBPm)                                      365          353        3% 
                                              ============  ===========  ======== 
          Net Flows from Existing Customers 
           (GBPm)                                      104          128     (19)% 
                                              ============  ===========  ======== 
     Net Flows (GBPm)                                  469          481      (3)% 
                                              ============  ===========  ======== 
 Pre-Market Impact AUA (GBPm)                        3,494        3,069       14% 
                                              ============  ===========  ======== 
     Market Movement and Other (GBPm)                  210        (392)       n/a 
                                              ============  ===========  ======== 
 Closing AUA (GBPm)                                  3,704        2,676       38% 
                                              ============  ===========  ======== 
 AUA Retention Rate (% of AUA)                        >95%         >95%    stable 
                                              ============  ===========  ======== 
 
 
 During the first half of 2023, PensionBee continued to demonstrate 
  strong growth momentum. As at the end of June we recorded GBP3.7bn 
  of AUA (1H 2022: GBP2.7bn), an increase of 38% year-on-year. 
  GBP678m of AUA was generated over the first half of the year, 
  surpassing last year's equivalent of GBP89m over the same period. 
  The key growth drivers were Net Flows from New Customers, Net 
  Flows from Existing Customers and Market Movement and Other. 
 Net Flows from New Customers represented the majority of AUA 
  growth and accounted for GBP365m of Net Flows (1H 2022: GBP353m). 
  This strong growth was achieved with a 45% reduction in marketing 
  investment to GBP6.8m (1H 2022: GBP12.4m) underscoring our household 
  brand name status and the strength of our data-led new customer 
  acquisition capabilities. 
 
   Net Flows from Existing Customers further drove AUA growth as 
   customers continued to grow their pension savings with PensionBee. 
   Net Flows from Existing Customers reached GBP104m in the first 
   six months of the year (1H 2022: GBP128m). Over the first half 
   of the year, we saw slightly lower Net Flows from Existing Customers 
   compared to the same period last year which can be attributed 
   to younger customer acquisition in the prior year as well as 
   normalising outflow figures this year which reached levels we 
   observed in 2021. PensionBee's commitment to continuous product 
   development drives engagement with our customer which is reflected 
   in our Retention Rate of >95% (1H 2022: >95%). Our in-app content 
   and tools such as the state pension calculator deliver useful 
   insights to our customers. 
 
   As is customary in the industry, pensions are invested in capital 
   markets and therefore, the performance of the market is a driver 
   of movements in AUA. As markets regained some stability after 
   a volatile period last year, we saw market growth account for 
   GBP210m of the overall AUA growth in the first half of the year 
   (1H 2022: GBP(392)m). 
 Financial Performance 
 
   Revenue 
 
 
                                    As at Period End/ 
                               For the 6-month Period Ending 
                              Jun-2023     Jun-2022        YoY 
                           ===========  ===========  ========= 
 Realised Revenue Margin         0.65%        0.63%    +1.4bps 
                           ===========  ===========  ========= 
 Revenue (GBPm)                   10.9          8.3        32% 
                           ===========  ===========  ========= 
 
 
 The Realised Revenue Margin improved to 0.65% (1H 2022: 0.63%) 
  which was due to a mix effect thanks to our recent launch of 
  the Impact Plan priced at 0.95%. 
 
   Profitability Metrics 
 
 
                                       For the 6-month Period Ending 
                                       Jun-2023     Jun-2022       YoY 
                                    ===========  ===========  ======== 
 Profit/(Loss) before Tax (GBPm)          (9.2)       (16.9)       46% 
                                    ===========  ===========  ======== 
 Adjusted EBITDA (GBPm)                   (7.9)       (14.9)       47% 
                                    ===========  ===========  ======== 
     Adjusted EBITDA Margin (% of 
      Revenue)                            (73)%       (181)%    108ppt 
                                    ===========  ===========  ======== 
 
 
 Our primary profitability metric is Adjusted EBITDA, which captures 
  Advertising and Marketing Expenses, but excludes Share-based 
  Payments and Transaction Costs. 
 
  We have a firm commitment to reach our monthly Adjusted EBITDA 
  profitability target by the end of 2023. As a result of strict 
  cost discipline and strong Revenue growth figures, we delivered 
  an improvement of 108 percentage points of our Adjusted EBITDA 
  Margin to (73)% (1H 2022: (181)%). This places us in a strong 
  position to achieve our year end 2023 monthly Adjusted EBITDA 
  profitability target. 
 
 
                                               For the 6-month Period Ending 
                                                Jun-2023     Jun-2022      YoY 
                                            ============  ===========  ======= 
 Money Manager Costs (GBPm)                        (1.6)        (1.4)      13% 
                                            ============  ===========  ======= 
     Employee Benefits Expense (excluding 
      Share-based Payment) (GBPm)                  (6.1)        (4.5)      34% 
                                            ============  ===========  ======= 
     Other Operating Expenses (GBPm)               (4.3)        (4.8)    (12)% 
                                            ============  ===========  ======= 
 Technology Platform Costs and 
  Other Operating Expenses (GBPm)                 (10.3)        (9.4)      10% 
                                            ============  ===========  ======= 
 
 
 Money Manager Costs increased to GBP1.6m (1H 2022: GBP1.4m) 
  at a lower rate than Revenue growth, reflecting realised cost 
  reductions. 
 Employee Benefits Expense increased to GBP6.1m (1H 2022: GBP4.5m), 
  primarily driven by a run-rate impact of the headcount increase 
  in the second half of 2022. Headcount figures over the first 
  half of 2023 remained relatively unchanged. Overall, our total 
  workforce increased to 209 as at 30 June 2023 from 208 at the 
  end of 2022.(6) 
 Other Operating Expenses narrowed to GBP4.3m (1H 2022: GBP4.8m), 
  reflecting the scalability of our technology platform due to 
  prior investments in capabilities. We have continued to invest 
  in enhancing our scalability with an emphasis on improving our 
  internal automation to support productivity, including the streamlining 
  of our provider processes. This is evidenced by an improvement 
  in the Invested Customers per Staff Member metric from 919 in 
  the first half of 2022 to 1,026 within the same period this year, 
  demonstrating a 12% increase in productivity (1H 2022: 35%).(7) 
 
  (6) Total workforce of 209 as of 30 June 2023, includes 205 UK 
  employees and four non-UK contractors. Total workforce as of 
  31 December 2022 includes 204 UK employees and four non-UK contractors. 
 
  (7) Invested Customers per Staff Member calculated using LTM 
  average for total workforce. Management information as at 30 
  June 2023. 
 

Marketing Costs

 
                                       As at Period End/ 
                                  For the 6-month Period Ending 
                                  Jun-2023      Jun-2022      YoY 
                              ============  ============  ======= 
 Cost per Invested Customer 
  (CPIC) (GBP)                         247           260     (5)% 
                              ============  ============  ======= 
 Marketing Costs (GBPm)              (6.8)        (12.4)    (45)% 
                              ============  ============  ======= 
 
 
 Thanks to our household brand name and data-led new customer 
  acquisition capabilities, we were able to deliver strong growth 
  metrics with a marketing budget that was reduced by 45% year-on-year 
  to GBP6.8m (1H 2022: GBP12.4m). Cost per Invested Customer numbers 
  therefore improved to GBP247 per Invested Customer for June 2023 
  compared to GBP260 per Invested Customer June 2022. 
 

Other Costs

 
                                 For the 6-month Period Ending 
                                 Jun-2023     Jun-2022       YoY 
                              ===========  ===========  ======== 
 Share-based Payment (GBPm)         (1.1)        (1.1)      (1)% 
                              ===========  ===========  ======== 
 Transaction Costs (GBPm)               -        (0.7)    (100)% 
                              ===========  ===========  ======== 
 Taxation (GBPm)                      0.1          0.2     (21)% 
                              ===========  ===========  ======== 
 
 
 Share-based Payment costs remained stable during the period 
  GBP(1.1)m (1H 2022: GBP(1.1)m). 
 Transaction Costs There were no exceptional costs incurred in 
  1H 2023 nil (1H 2022: GBP(0.7)m). The costs outlined in the prior 
  period are in relation to the Company's transition to the Premium 
  Segment of the Main Market of the London Stock Exchange and primarily 
  consisted of fees and expenses. 
 Finance Costs included fees associated with the capitalisation 
  of lease obligations in accordance with IFRS 16. There were no 
  significant Finance costs recorded nil (1H 2022: nil). 
 Taxation was enhanced tax credits in relation to routine Research 
  and Development refunds GBP0.1m (1H 2022: GBP0.2m). No deferred 
  tax asset was recognised for the carried forward losses. 
 Basic Earnings per Share 
 
   Basic (and Diluted) Earnings per Share was (4.06)p for 1H 2023 
   (1H 2022: (7.54)p). This decreased in line with the increase 
   in Loss after Tax. 
 Regulatory Capital and Financial Position 
 
  PensionBee Limited, a subsidiary of the Company, is authorised 
  and regulated by the Financial Conduct Authority and therefore 
  adheres to capital requirement set by the regulator. As of June 
  2023, the capital resources stood at GBP12.8m as compared to 
  a capital resource requirement of GBP1.4m, resulting in a coverage 
  of 9x. 
 
  As of June 2023, the cash and cash equivalents balance was GBP14m 
  (1H 2022: GBP29m). 
 
 
   Christoph J. Martin 
   Chief Financial Officer 
   30 August 2023 
 
 
  Responsibility Statement We confirm that to the best of our 
   knowledge: 
 
        *    the condensed set of financial statements, prepared 
             in accordance with IAS 34 'Interim Financial 
             Reporting', give a true and fair view of the assets, 
             liabilities, financial position and profit or loss of 
             the group and the undertakings included in the 
             consolidation taken as a whole as required by DTR 
             4.2.4R; 
 
        *    the interim management reports includes a fair review 
             of the information required by DTR 4.2.7R (indication 
             of important events and their impact during the first 
             six months and description of principal risks and 
             uncertainties for the remaining six months of the 
             year); and 
 
        *    the interim management report includes a fair review 
             of the information required by DTR 4.2.8R (disclosure 
             of related parties' transactions and changes 
             therein). 
 By order of the Board. 
 Independent Review Report to PensionBee Group plc 
  Conclusion 
  We have been engaged by the company to review the condensed set 
  of financial statements in the half-yearly financial report for 
  the six months ended 30 June 2023 which comprises the condensed 
  interim consolidated statement of comprehensive income, the condensed 
  interim consolidated statement of financial position, the condensed 
  interim consolidated statement of changes in equity, the condensed 
  interim consolidated statement of cash flows and related notes 
  1 to 15. 
  Based on our review, nothing has come to our attention that causes 
  us to believe that the condensed set of financial statements 
  in the half-yearly financial report for the six months ended 
  30 June 2023 is not prepared, in all material respects, in accordance 
  with United Kingdom adopted International Accounting Standard 
  34 and the Disclosure Guidance and Transparency Rules of the 
  United Kingdom's Financial Conduct Authority. 
  Basis for Conclusion 
  We conducted our review in accordance with International Standard 
  on Review Engagements (UK) 2410 (Revised) "Review of Interim 
  Financial Information Performed by the Independent Auditor of 
  the Entity" issued by the Financial Reporting Council for use 
  in the United Kingdom (ISRE (UK) 2410 (Revised)). A review of 
  interim financial information consists of making inquiries, primarily 
  of persons responsible for financial and accounting matters, 
  and applying analytical and other review procedures. A review 
  is substantially less in scope than an audit conducted in accordance 
  with International Standards on Auditing (UK) and consequently 
  does not enable us to obtain assurance that we would become aware 
  of all significant matters that might be identified in an audit. 
  Accordingly, we do not express an audit opinion. 
  As disclosed in note 2, the annual financial statements of the 
  group are prepared in accordance with United Kingdom adopted 
  international accounting standards. The condensed set of financial 
  statements included in this half-yearly financial report has 
  been prepared in accordance with United Kingdom adopted International 
  Accounting Standard 34, "Interim Financial Reporting". 
  Conclusion Relating to Going Concern 
  Based on our review procedures, which are less extensive than 
  those performed in an audit as described in the Basis for Conclusion 
  section of this report, nothing has come to our attention to 
  suggest that the directors have inappropriately adopted the going 
  concern basis of accounting or that the directors have identified 
  material uncertainties relating to going concern that are not 
  appropriately disclosed. 
  This Conclusion is based on the review procedures performed in 
  accordance with ISRE (UK) 2410 (Revised); however future events 
  or conditions may cause the entity to cease to continue as a 
  going concern. 
  Responsibilities of the Directors 
  The directors are responsible for preparing the half-yearly financial 
  report in accordance with the Disclosure Guidance and Transparency 
  Rules of the United Kingdom's Financial Conduct Authority. 
  In preparing the half-yearly financial report, the directors 
  are responsible for assessing the group's ability to continue 
  as a going concern, disclosing as applicable, matters related 
  to going concern and using the going concern basis of accounting 
  unless the directors either intend to liquidate the company or 
  to cease operations, or have no realistic alternative but to 
  do so. 
  Auditor's Responsibilities for the Review of the Financial Information 
  In reviewing the half-yearly financial report, we are responsible 
  for expressing to the company a conclusion on the condensed set 
  of financial statements in the half-yearly financial report. 
  Our Conclusion, including our Conclusion Relating to Going Concern, 
  are based on procedures that are less extensive than audit procedures, 
  as described in the Basis for Conclusion paragraph of this report. 
  Use of our Report 
  This report is made solely to the company in accordance with 
  ISRE (UK) 2410 (Revised). Our work has been undertaken so that 
  we might state to the company those matters we are required to 
  state to it in an independent review report and for no other 
  purpose. To the fullest extent permitted by law, we do not accept 
  or assume responsibility to anyone other than the company, for 
  our review work, for this report, or for the conclusions we have 
  formed. 
 
  Deloitte LLP 
  Statutory Auditor 
  Birmingham 
  United Kingdom 
  30 August 2023 
 
  Condensed Consolidated Statement of Comprehensive Income 
  For the Period from 1 January 2023 to 30 June 2023 
------------------------------------------------------------------------------------------------- 
                                                                       Unaudited        Unaudited 
                                                                      six months       six months 
                                                                      to 30 June       to 30 June 
                                                                            2023             2022 
------------------------------------------------------------------  ------------  --------------- 
                                                             Note        GBP 000          GBP 000 
------------------------------------------------------------------  ------------  --------------- 
 
 Revenue 4                                                                10,868            8,258 
------------------------------------------------------------------  ------------  --------------- 
 Employee Benefits Expense 
  (excluding Share-based Payment)                                        (6,090)          (4,534) 
------------------------------------------------------------------  ------------  --------------- 
 Share-based Payment                                                     (1,133)          (1,148) 
------------------------------------------------------------------  ------------  --------------- 
 Depreciation Expense                                                      (143)            (139) 
------------------------------------------------------------------  ------------  --------------- 
 Advertising and Marketing                                               (6,818)         (12,357) 
------------------------------------------------------------------  ------------  --------------- 
 Other Expenses                                                          (5,875)          (6,279) 
------------------------------------------------------------------  ------------  --------------- 
 Listing Costs                                                                 -            (687) 
------------------------------------------------------------------  ------------  --------------- 
 Operating Profit/(Loss)                                                 (9,191)         (16,886) 
------------------------------------------------------------------  ------------  --------------- 
 
 Finance Costs                                                              (19)             (24) 
------------------------------------------------------------------  ------------  --------------- 
 Profit/(Loss) before Tax                                                (9,210)         (16,910) 
------------------------------------------------------------------  ------------  --------------- 
 
 Taxation 6                                                                  137              174 
------------------------------------------------------------------  ------------  --------------- 
 Profit/(Loss) for the Period                                            (9,073)         (16,736) 
------------------------------------------------------------------  ------------  --------------- 
 
 Total Comprehensive Profit/(Loss) 
  for the Period wholly attributable 
  to Equity Holders of the Parent Company                                (9,073)         (16,736) 
------------------------------------------------------------------  ------------  --------------- 
 
 Earnings per Share (pence per Share) 
------------------------------------------------------------------  ------------  --------------- 
 Basic and Diluted                                                        (4.06)           (7.54) 
------------------------------------------------------------------  ------------  --------------- 
 
 The above results were derived from continuing operations. 
 Notes 1 to 15 form an integral part of these Condensed Consolidated 
  Financial Statements. 
 
 
 
 Condensed Consolidated Statement of Financial Position 
 As at 30 June 2023 
---------------------------------------------------------------------------------------------------------------------- 
                                                                                              Unaudited        Audited 
                                                                                                30 June    31 December 
                                                                                                   2023           2022 
-----------------------------------------------------------------------------------------  ------------  ------------- 
                                                                                    Note        GBP 000        GBP 000 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Assets 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Non-current Assets 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Property, Plant and Equipment                                                                      309            358 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Right of Use Assets                                                                                482            553 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Financial Assets (Deposit)                                                                         125              - 
-----------------------------------------------------------------------------------------  ------------  ------------- 
                                                                                                    916            911 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Current Assets 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Trade and Other Receivables 8                                                                    4,562          3,412 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Cash and Cash Equivalents                                                                       14,161         21,321 
-----------------------------------------------------------------------------------------  ------------  ------------- 
                                                                                                 18,723         24,733 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Total Assets                                                                                    19,639         25,644 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Equity and Liabilities 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Equity 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Share Capital 9                                                                                    223            223 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Share Premium                                                                                   53,218         53,218 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Share-based Payment Reserve                                                                     11,348         10,215 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Retained Earnings                                                                             (49,197)       (40,124) 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Total Equity                                                                                    15,592         23,532 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Non-current Liabilities 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Lease Liability                                                                                    317            397 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Provisions                                                                                          48             46 
-----------------------------------------------------------------------------------------  ------------  ------------- 
                                                                                                    365            443 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Current Liabilities 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Lease Liability                                                                                    159            154 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 Trade and Other Payables 10                                                                      3,523          1,515 
-----------------------------------------------------------------------------------------  ------------  ------------- 
                                                                                                  3,682          1,669 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Total Liabilities                                                                                4,047          2,112 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 
 Total Equity and Liabilities                                                                    19,639         25,644 
-----------------------------------------------------------------------------------------  ------------  ------------- 
 

Notes 1 to 15 form an integral part of these Condensed Consolidated Financial Statements.

Approved by the Board on 30 August 2023 and signed on its behalf by:

Christoph J. Martin

Chief Financial Officer

 
 Condensed Consolidated Statement of Changes in Equity 
  For the Period from 1 January 2023 to 30 June 2023 
----------------------------------------------------------------------------------------------------- 
                                          Share      Share   Share-based    Retained            Total 
                                        Capital    Premium       Payment    Earnings 
                                                                 Reserve 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
                                            GBP    GBP 000       GBP 000     GBP 000              GBP 
                                            000                                                   000 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 
 At 1 January 2022                          221     53,218         8,317    (17,976)           43,780 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 Profit/(Loss) for the Period                 -          -             -    (16,736)         (16,736) 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 
 Total Comprehensive Profit/(Loss)            -          -             -    (16,736)         (16,736) 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 Share-based Payment Transactions             -          -         1,148           -            1,148 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 Exercise of Share Options                    1          -             -         (1)                - 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 At 30 June 2022 (unaudited)                222     53,218         9,465    (34,713)           28,192 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 
 At 1 January 2023                          223     53,218        10,215    (40,124)           23,532 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 Profit/(Loss) for the Period                 -          -             -     (9,073)          (9,073) 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 
 Total Comprehensive Profit/(Loss)            -          -             -     (9,073)          (9,073) 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 Share-based Payment Transactions             -          -         1,133           -            1,133 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 At 30 June 2023 (unaudited)                223     53,218        11,348    (49,197)           15,592 
-----------------------------------  ----------  ---------  ------------  ----------  --------------- 
 

Notes 1 to 15 form an integral part of these Condensed Consolidated Financial Statements.

 
Condensed Consolidated Statement of Cash Flows 
 For the Period from 1 January 2023 to 30 June 2023 
---------------------------------------------------------------------------------------------------------------------------- 
                                                                                                     Unaudited     Unaudited 
                                                                                                           six           six 
                                                                                                     months to  months to 30 
                                                                                                            30     June 2022 
                                                                                                     June 2023 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
                                                                                              Note     GBP 000       GBP 000 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Cash Flows used in Operating Activities 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Profit/(Loss) for the Period                                                                           (9,073)      (16,736) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Adjustments to Cash Flows from Non-Cash 
 Items 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Depreciation                                                                                               143           139 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Finance Costs                                                                                               19            24 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Share-based Payment Transactions                                                                         1,133         1,148 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Taxation 6                                                                                               (137)         (174) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Operating Cash Flow before movements 
 in Working Capital                                                                                    (7,915)      (15,600) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Working Capital Adjustments 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Increase in Trade and Other Receivables 
 8                                                                                                     (1,485)          (24) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Increase in Trade and Other Payables 10                                                                  2,008         1,212 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Cash used in Operations                                                                                (7,392)      (14,412) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Taxes Received 6                                                                                           348           194 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Net Cash Flow Used in Operating Activities                                                             (7,044)      (14,218) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Cash Flows used in Investing Activities 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Acquisition of Equipment                                                                                  (23)         (161) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Net Cash Flow used in Investing Activities                                                                (23)         (161) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Cash Flows used in Financing Activities 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Payment of Principal and Interest of Lease 
 Liabilities                                                                                              (93)             - 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
Net Cash Flow Used in Financing Activities                                                                (93)             - 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Net Decrease in Cash and Cash Equivalents                                                              (7,160)      (14,380) 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Cash and Cash Equivalents at 1 January                                                                  21,321        43,518 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
Cash and Cash Equivalents at 30 June                                                                    14,161        29,138 
---------------------------------------------------------------------------------------------------  ---------  ------------ 
 
  Notes 1 to 15 form an integral part of these Condensed Consolidated 
  Financial Statements. 
 
 
 Notes to the Condensed Financial Statements 
  For the Period from 1 January 2023 to 30 June 2023 
  1. Corporate Information 
 
   The Condensed Consolidated Financial Statements of PensionBee 
   Group plc (the 'Company') and its subsidiaries (together the 
   'Group') for the six months ended 30 June 2023 were authorised 
   for issue in accordance with a resolution of the Directors on 
   30 August 2023. 
   PensionBee Group plc is a public limited company, whose shares 
   are traded on the Premium Segment of the Main Market of the London 
   Stock Exchange ('LSE'), incorporated and domiciled in England 
   and Wales. 
   The address of its registered office is: 
   209 Blackfriars Road 
   London 
   SE1 8NL 
   United Kingdom 
 
   Principal Activity 
 
   The principal activity of the Group is that of a direct-to-consumer 
   online pension provider. The Group seeks to make its UK customers 
   'Pension Confident' by giving them complete control and clarity 
   over their retirement savings. The Group helps its customers 
   to combine their pensions into one new online plan where they 
   can contribute, forecast outcomes, invest effectively, and withdraw 
   their pensions (from the age of 55), all from the palm of their 
   hand. 
 
   2. Accounting Policies 
 
   Basis of Preparation 
 
   The Annual Financial Statements of PensionBee Group plc will 
   be prepared in accordance with United Kingdom adopted International 
   Financial Reporting Standards. The condensed set of financial 
   statements included in this half-yearly financial report has 
   been prepared in accordance with United Kingdom adopted International 
   Accounting Standard 34 'Interim Financial Reporting'. The Group 
   has prepared the Condensed Consolidated Financial Statements 
   on the basis that it will continue to operate as a going concern. 
   The Directors consider that there are no material uncertainties 
   that may cast significant doubt over this assumption. The Directors 
   are satisfied that the Group has sufficient resources to continue 
   in operation for the foreseeable future, a period of not less 
   than 12 months from the date of this report. 
 
   The Condensed Consolidated Financial Statements do not include 
   all the information and disclosures required in the Annual Financial 
   Statements, and should be read in conjunction with PensionBee 
   Group's Annual Report and Financial Statements 2022. 
 
   Summary of Significant Accounting Policies 
 
   The principal accounting policies applied in the preparation 
   of these financial statements are set out below. These policies 
   have been consistently applied to all the years presented and 
   the interim period policies consistently comply with International 
   Accounting Standard 34 'Interim Financial Reporting', unless 
   otherwise stated. 
 
   Audit Requirements 
 
   The financial information for the six months ended 30 June 2023 
   has not been audited by Deloitte LLP and accordingly no opinion 
   has been given. The comparative financial information for the 
   year ended 31 December 2022 has been extracted from the Annual 
   Report and Financial Statements 2022. The financial information 
   contained in this Interim Report does not constitute statutory 
   accounts as defined in section 435 of the Companies Act 2006 
   and does not reflect all of the information contained in PensionBee 
   Group plc's Annual Report and Financial Statements 2022. The 
   Annual Financial Statements for the year ended 31 December 2022, 
   which were approved by the Board of Directors on 15 March 2023, 
   received an unqualified audit report, did not contain a statement 
   under section 498 (2) or (3) of the Companies Act 2006 and have 
   been filed with the Registrar of Companies. 
 
   Changes in Accounting Policy 
 
   None of the standards, interpretations and amendments effective 
   for the first time from 1 January 2023 have had a material effect 
   on the Condensed Consolidated Financial Statements. 
 
   3. Critical Accounting Judgements and Key Sources of Estimation 
   Uncertainty 
 
   In the application of the Group's accounting policies, the Directors 
   are required to make judgements, estimates and assumptions about 
   the carrying amount of assets and liabilities that are not readily 
   apparent from other sources. The estimates and associated assumptions 
   are based on historical experience and other factors that are 
   considered to be relevant. Actual results may differ from these 
   estimates. The estimates and underlying assumptions are reviewed 
   on an ongoing basis. Revisions to accounting estimates are recognised 
   in the period in which the estimate is revised where the revision 
   affects only that period, or in the period of the revision and 
   future periods where the revision affects both current and future 
   periods. 
 
   The Group does not have any critical accounting judgements or 
   key estimation uncertainties. 
 
 
 
   4. Revenue 
 
   The analysis of the Group's Revenue for the period from continuing 
   operations is as follows: 
                               Unaudited     Unaudited 
                              six months    six months 
                                      to            to 
                                 30 June       30 June 
                                    2023          2022 
                                 GBP 000       GBP 000 
 
    Recurring Revenue             10,825         8,187 
    Other Revenue                     43            71 
                                  10,868         8,258 
                            ------------  ------------ 
 
 
 
   5. Segment Information 
 
   Operating segments and reporting segments are reported in a manner 
   consistent with the internal reporting provided to the Chief 
   Operating Decision Maker ('CODM'). The Group considers that the 
   role of CODM is performed by the Board of Directors. The CODM 
   regularly reviews the Group's operating results to assess performance 
   and to allocate resources. All earnings, balance sheet and cash 
   flow information received and reviewed by the Board of Directors 
   is prepared at a company level. The CODM considers that it has 
   a single business unit comprising the provision of direct-to-consumer 
   online pension consolidation. The CODM therefore recognises one 
   operating and reporting segment with all revenue, losses before 
   tax and net assets attributable to this single reportable business 
   segment. 
 
   Further, the Group operates in a single geographical location 
   only, being the United Kingdom. 
 
   6. Tax 
 
   Tax credited in the Condensed Consolidated Statement of Comprehensive 
   Income:                                                   Unaudited     Unaudited 
                                                     six months    six months 
                                                             to            to 
                                                        30 June       30 June 
                                                           2023          2022 
                                                        GBP 000       GBP 000 
 
    Current Taxation 
    UK Corporation Tax                                      137           174 
                                                   ------------  ------------ 
    Tax Credit in the Condensed Consolidated 
     Statement of Comprehensive Income                      137           174 
                                                   ------------  ------------ 
 
 
   The Tax Credit in the Condensed Consolidated Statement of Comprehensive 
   Income relates solely to enhanced tax credits in relation to 
   Research and Development. 
 
   7. Earnings per Share 
 
   Basic Earnings per Share is calculated by dividing the loss attributable 
   to ordinary equity holders of the Parent Company by the weighted 
   average number of ordinary shares in issue during the period. 
   Diluted Earnings per Share is calculated by dividing the Loss 
   Attributable to Ordinary Equity Holders of the Parent Company 
   by the weighted average number of ordinary shares in issue during 
   the period. The weighted average number of ordinary shares in 
   issue during the period has not been adjusted for the effect 
   of the weighted average number of shares that would be issued 
   on the conversion of all the potential ordinary shares under 
   option because the potential ordinary shares are anti-dilutive. 
   At each balance sheet date reported below, the following potential 
   ordinary shares under option are anti-dilutive and are therefore 
   excluded from the weighted average number of ordinary shares 
   for the purpose of Diluted Earnings per Share. 
                                                        Unaudited       Unaudited 
                                                       six months      six months 
                                                       to 30 June              to 
                                                             2023         30 June 
                                                                             2022 
    Number of Potential Ordinary Shares                 6,778,659       5,100,186 
    Loss Attributable to Ordinary Equity Holders 
     of PensionBee Group plc (GBP)                    (9,073,000)    (16,736,000) 
    Weighted Average Number of Shares Outstanding 
     during the Period                                223,203,539     221,859,518 
    Basic and Diluted Earnings/(Loss) per 
     Share (pence per Share)                               (4.06)          (7.54) 
 
 
   8. Trade and Other Receivables                      Unaudited        Audited 
                           30 June    31 December 
                              2023           2022 
                           GBP 000        GBP 000 
 
    Trade Receivables        1,859          1,565 
    Prepayments              2,167            903 
    Other Receivables          536            944 
                             4,562          3,412 
 
 
   9. Share Capital 
 
   Allotted, Called Up and Fully Paid Shares                            Unaudited 30 June 2023       Audited 31 December 
                                                                           2022 
                                 No. 000       GBP 000      No. 000     GBP 000 
     Ordinary of GBP0.001 
      each                       223,852           223      222,862         223 
                                 223,852           223      222,862         223 
 
 
   10. Trade and Other Payables                          Unaudited              Audited 
                          30 June 2023     31 December 2022 
                               GBP 000              GBP 000 
 
    Trade Payables                 363                  132 
    Accrued Expenses             2,856                1,301 
    Other Payables                 304                   83 
                                 3,523                1,515 
 
 
   11. Financial Assets and Financial Liabilities 
   The carrying value of the financial assets and liabilities are 
   not materially different from their fair value. 
 
   12. Share-based Payment 
   PensionBee EMI and Non-EMI Share Option Scheme 
   Scheme Details and Movements 
   Under the PensionBee EMI and Non-EMI Share Option Scheme, share 
   options were granted to eligible employees who have passed their 
   probation period at the Group. The exercise price of all share 
   options is GBP0.001 per share. 
   The share options normally vest on the later of the following 
   tranches, 25% of the shares vest on the first anniversary of 
   the vesting commencement date with the remaining 75% of the shares 
   vesting quarterly in equal instalments over the following three 
   years. 
   The fair value of the share options granted is estimated on the 
   date of grant by reference to the prevailing share price. Before 
   the Company was listed in 2021, the fair value was determined 
   by reference to the price paid by external investors as part 
   of periodic funding rounds. 
   No share options were granted during the six months ended 30 
   June 2023 (30 June 2022: nil). 
   Total number of share options exercised during the six months 
   ended 30 June 2023 is 803,368 (30 June 2022: 878,446) and the 
   weighted average remaining contractual life is one year (30 June 
   2022: two years). 
 
   Deferred Share Bonus Plan 
   Scheme Details and Movements 
   Under the PensionBee Deferred Share Bonus Plan ('DSBP'), awards 
   are granted to eligible employees who are or were an employee 
   (including an Executive Director) of the Group and have been 
   granted a bonus. DSBP awards are granted at the end of the financial 
   year once the annual bonus outturn has been determined. The exercise 
   price of all DSBP awards is GBP0.001 per award. 
   For the two Executive Directors that were in office as at 31 
   December 2021 their 2022 granted DSBP awards cliff vest on the 
   third anniversary of the date of grant. For the rest of the employees 
   and the subsequent grants, DSBP awards vest in three equal tranches 
   over a service period of three years from grant date. DSBP awards 
   vest upon satisfying the service condition. 
   The fair value of the DSBP awards is the share price on grant 
   date. DSBP awards can be exercised to the extent they have vested. 
   626,223 awards were granted during the six months ended 30 June 
   2023 (30 June 2022: 944,508). The weighted average fair value 
   of awards granted during the six months ended 30 June 2023 was 
   GBP0.98 (30 June 2022: GBP1.44). 
   Total number of awards exercised during the six months ended 
   30 June 2023 was 186,806 (30 June 2022: nil) and the weighted 
   average remaining contractual life is one year and five months 
   (30 June 2022: one year and eleven months). 
   Long Term Incentives 
   Scheme Details and Movements 
   Under the PensionBee Long Term Incentives ('LTI'), awards are 
   granted to eligible employees who are, or were, employees (including 
   an Executive Director) of the Group, at mid-level management 
   or higher, and have been granted a bonus. LTI awards are granted 
   in the subsequent year following a bonus grant. The exercise 
   price of all LTI awards is GBP0.001 per award. 
   The awards vest in tranches, a third of the awards vest on the 
   third anniversary, a third on the fourth anniversary and the 
   last third on the fifth anniversary of the vesting commencement 
   date. 
   The fair value of the LTI awards is the share price on grant 
   date discounted for restricted selling period. LTI awards can 
   be exercised to the extent they have vested. 
   2,791,756 awards were granted during the six months ended 30 
   June 2023 (30 June 2022: 1,311,681). The weighted average fair 
   value of awards granted during the six months ended 30 June 2023 
   was GBP0.94 (30 June 2022: GBP1.38). 
   Total number of awards exercised during the six months ended 
   30 June 2022 was nil (30 June 2021: nil) and the weighted average 
   remaining contractual life is three years and five months (30 
   June 2022: three years and nine months). 
 
   Charge/Credit arising from Share-based Payment 
   The total charge during the six months ended 30 June 2023 for 
   the Share-based Payment was GBP1,133,000 (30 June 2022: GBP1,148,000), 
   all of which related to equity-settled share-based payment transactions. 
 
   13. Principal Risks and Uncertainties 
 
   The Board continually reviews the principal risks and uncertainties 
   facing the Group that could pose a threat to the delivery of 
   the strategic objectives. The Board believes that the nature 
   of the principal risks and uncertainties that may have a material 
   effect on the Group's performance over the remainder of the financial 
   year remain unchanged from those presented within the Annual 
   Report and Financial Statements 2022. 
 
   14. Related Party Transactions 
   Related Party - PensionBee Trustees Limited 
 
   The following related party transactions occurred between PensionBee 
   and PensionBee Trustees Limited: 
 
   (i) Payment of the PensionBee Trustees Limited bank fees on a 
   quarterly basis. During the six months to 30 June 2023, bank 
   fees amounted to GBP73,500 (30 June 2022: GBP44,500). There was 
   no outstanding balance as at 30 June 2023 (30 June 2022: GBPnil). 
   (ii) Payment of the PensionBee Trustees Limited's Data Protection 
   fee on an annual basis. During the six months to 30 June 2023, 
   payments amounted to GBP35 (30 June 2022: GBP35). There was no 
   outstanding balance as at 30 June 2023 (30 June 2022: GBPnil). 
 
   Transactions with Directors 
 
   There were no transactions with Directors during the six months 
   ended 30 June 2023 (30 June 2022: GBPnil). During the year ended 
   31 December 2022, Mark Wood repaid GBP105,279 to the Subsidiary 
   in respect of a payment to HMRC made by the Group on his behalf 
   in 2021. As at 30 June 2023 there was no outstanding balance 
   (30 June 2022: GBP105,279). 
 
   15. Events After the Reporting Period 
 
   There were no events of material impact to the financial statements 
   that occurred after the reporting date. 
 
   16. Alternative Performance Measures 
 
    The Group uses a variety of alternative performance measures 
    ('APM's') which are not defined or specified by IFRS, in particular 
    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation 
    ('EBITDA'). The Directors use a combination of APMs and IFRS 
    measures when reviewing the performance and position of the Group 
    and believe that each of these measures provides useful information 
    with respect to the Group's business and operations. The Directors 
    consider that these APMs illustrate the underlying performance 
    of the business by excluding items considered by management not 
    to be reflective of the underlying trading operations of the 
    Group. 
 
    The APMs used by the Group are defined below and reconciled to 
    the related IFRS financial measures: 
 
    Adjusted EBITDA 
 
    Adjusted EBITDA represents loss for the year before taxation, 
    finance costs, depreciation, share based compensation and listing 
    costs.                              Unaudited     Unaudited 
                                 six months    six months 
                                         to            to 
                                    30 June       30 June 
                                       2023          2022 
                                    GBP 000       GBP 000 
 
     Operating Loss                 (9,191)      (16,886) 
     Depreciation Expense               143           139 
     Share-based Payment (1)          1,133         1,148 
     Listing Costs (2)                    -           687 
                               ------------  ------------ 
     Adjusted EBITDA                (7,915)      (14,912) 
                               ------------  ------------ 
 
 
    (1) Relates to the total annual charge in relation to the Share-based 
    Payment expense as detailed in Note 12 to the Condensed Consolidated 
    Financial Statements. 
    (2) Relates to expenses incurred in relation to preparation for 
    admission to the London Stock Exchange. 
 
 
 
   Definitions 
 
   Financial Performance Measures Revenue           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. 
                     ------------------------------------------------------- 
    Profit/(Loss)     Profit/(Loss) before Tax is a measure that looks 
     before Tax        at PensionBee's profit or losses before it has paid 
     ('PBT')           corporate income tax. 
   ----------------  ------------------------------------------------------- 
    Adjusted          Adjusted EBITDA is the operating profit or loss before 
     EBITDA*           taxation, finance costs, depreciation, share-based 
                       compensation and listing costs. This measure is a 
                       proxy for operating cash flow. 
   ----------------  ------------------------------------------------------- 
    Adjusted          Adjusted EBITDA Margin means Adjusted EBITDA as a 
     EBITDA Margin*    percentage of Revenue for the relevant period. 
   ----------------  ------------------------------------------------------- 
    Basic Earnings    Basic Earnings per Share is calculated by dividing 
     per Share         the profit or loss attributable to ordinary equity 
     ('EPS')           holders of the Group by the weighted average number 
                       of ordinary shares in issue during the period. 
   ----------------  ------------------------------------------------------- 
 
   * PensionBee's Key Performance Indicators include alternative 
   performance measures ('APM's), which are indicated with an asterix. 
   APMs are not defined by International Financial Reporting Standards 
   ('IFRS') and should be considered together with the Group's IFRS 
   measurements of performance. PensionBee believes APMs assist in 
   providing additional insight into the underlying performance of 
   PensionBee and aid comparability of information between reporting 
   periods. A reconciliation to the nearest IFRS number is provided 
   in Note 16 of the Condensed Consolidated Financial Statements 
   'Alternative Performance Measures'. 
 
   Non-Financial Performance Measures Assets under         Assets under Administration is the total invested 
     Administration       value of pension assets within PensionBee's Invested 
     ('AUA')              Customers' pensions. It measures the new inflows 
                          less the outflows and records a change in the market 
                          value of the assets. This KPI has been selected because 
                          AUA is a measurement of the growth of the business 
                          and is the primary driver of Revenue. 
                        ------------------------------------------------------------ 
    AUA Retention        AUA Retention measures the percentage of retained 
     Rate (% of           PensionBee AUA from transfers out over the average 
     AUA)                 of the trailing twelve months. High AUA retention 
                          provides more certainty of future Revenue. This measure 
                          can also be used to monitor customer satisfaction. 
   -------------------  ------------------------------------------------------------ 
    Invested Customers   Invested Customers means those customers who have 
     ('IC')               transferred pension assets or made contributions 
                          into one of PensionBee's investment plans. 
   -------------------  ------------------------------------------------------------ 
    Customer Retention   Customer Retention Rate measures the percentage of 
     Rate                 retained PensionBee Invested Customers over the average 
     (% of IC)            of the trailing twelve months. High customer retention 
                          provides more certainty of future Revenue. This measure 
                          can also be used to monitor customer satisfaction. 
   -------------------  ------------------------------------------------------------ 
    Cost per IC          Cost per Invested Customer means the cumulative advertising 
     ('CPIC')             and marketing costs incurred since PensionBee commenced 
                          operations 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. 
   -------------------  ------------------------------------------------------------ 
    Net Flows            Net Flows measures the cumulative inflow of PensionBee 
                          AUA from consolidation and contribution ('Gross Inflows'), 
                          less the outflows from withdrawals and transfers 
                          out ('Gross Outflows') over the relevant period. 
   -------------------  ------------------------------------------------------------ 
    Realised Revenue     Realised Revenue Margin expresses the Recurring Revenue 
     Margin (% of         over the average quarterly AUA held in PensionBee's 
     AUA)                 investment plans over the period. 
   -------------------  ------------------------------------------------------------ 
-------------------------------------------------------------------------------------------------------------- 
 Company Information 
 PensionBee Executive Directors 
 Romi Savova (Chief Executive Officer) 
 Jonathan Lister Parsons (Chief Technology Officer) 
 Christoph J. Martin (Chief Financial Officer) 
 PensionBee Non-Executive Directors 
 Mark Wood CBE (Non-Executive Chair) 
 Mary Francis CBE (Senior Independent Non-Executive Director) 
 Michelle Cracknell CBE (Independent Non-Executive Director) 
 Lara Oyesanya FRSA (Independent Non-Executive Director) 
 Company Secretary 
 Michael Tavener 
 Registered Number 
 13172844 
 Registered Office 
 209 Blackfriars Road 
 London 
 SE1 8NL 
 United Kingdom 
 Auditor 
 Deloitte LLP 
 4 Brindley Place 
 Birmingham 
 B1 2HZ 
 United Kingdom 
 
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(END) Dow Jones Newswires

August 31, 2023 02:00 ET (06:00 GMT)

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