Personal Group Holdings Plc, a leading provider of employee services in the UK, announces its interim results for the six months ended 30 June 2018. The Company has continued to make solid progress, performing in-line with management’s expectations and ahead of last year across all three business segments.
- Group revenue of £21.1m (2017: £19.6m), an increase of 7.3%
- EBITDA* from continuing operations of £4.7m (2017: £3.7m), an increase of 27.0%
- Profit before tax from continuing operations of £3.9m (2017: £3.0m), an increase of 27.7%
- Basic EPS from continuing operations of 10.5p (2017: 8.2p), an increase of 28.0%
- Balance sheet remains strong with cash and deposits of £18.4m and no debt
- Dividends per share paid in the period up 1.3% to 11.50p (2017: 11.35p), maintaining progressive dividend policy
- Strong trading across all three business segments and all market sectors
- Solid performances from both Insurance and PG Let’s Connect (salary sacrifice)
- Strong increase in SaaS revenue to £2.0m (2017: £0.9m)
- Successful launch of the next generation Hapi platform app
- Continued focus on the rollout of the Company’s offer, with further investment in sales planned
- Further expansion into the Public Sector through the Crown Commercial Services Framework
- Company also today announces Mark Scanlon’s (CEO) intention to step down from the board, having led the business through a successful period of growth and diversification (see separate RNS).
* Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based expense payments, corporate acquisition costs, restructuring costs, write back of contingent consideration and release of tax provision. This definition applies to all references to EBITDA within these interim results. A reconciliation from PBT to this adjusted EBITDA has been included in note 3.
Mark Scanlon, Chief Executive of Personal Group, commented:
“It has been an encouraging start to the year, with all three business segments ahead of this time last year. SaaS sales continue to increase as expected; core insurance performance remains robust and growing; PG Let’s Connect is rebounding and we are well positioned to provide our range of employee services to companies of all sizes and within all sectors.
“The momentum we’ve seen in the first half of the year has continued into the second half and the Board remains confident that the Group continues to trade in-line with expectations for the full year.
“Having led the business for almost seven years and taken it through a period of growth and diversification I feel that now is an opportune time to handover to a successor. Personal Group is in great shape, underpinned by the strength and depth of the team, and well positioned for the next phase of growth.”