PensionBee earnings held back by increased spend but revenue jumps 31%

PensionBee Group PLC on Wednesday reported record assets under administration, although adjusted earnings declined as it continued to invest to attract new customers.

The London-based online pension provider said adjusted earnings before interest, tax and depreciation fell to £1.1 million in the third quarter ended September 30 from £1.3 million the year prior.

Revenue increased 31% to £14.8 million from £11.3 million, with last-twelve-months sales up 36% to £53.6 million from £39.4 million at the same stage a year ago.

PensionBee said it invested £4.4 million in UK marketing during the quarter, up from £2.6 million last year, taking year-to-date expenditure to £13.8 million, up 36% from £10.1 million.

Assets under administration grew 29% year-on-year to a record £9.0 billion from £7.0 billion, underpinned by gross inflows of £426 million for the quarter, up 21%, net flows of £220 million, up 9%, and supportive markets. The value retention rate, which nets inflows from existing customers against their outflows, remained at around 100%.

The invested customer base rose 13% year-on-year to 337,000 from 297,000 a year ago, with 32,000 new customers on-boarded year-to-date.

The cash position was £30.6 million as at September 30 versus £33.3 million a year ago.

Chief Executive Romi Savova said: "Over the quarter, we made clear progress in both markets. In the UK, we launched our 'Born to Retire' campaign, bringing PensionBee to new audiences and further increasing brand visibility, while in the US our business-to-business channel converted its pipeline into new agreements, bringing us closer to our initial goal of USD1 billion in US AUA."

Looking ahead, PensionBee reiterated its existing guidance framework, including its aims of revenue exceeding £100 million by the end of 2029, and exceeding £250 million by the end of 2034.

Shares in Pensionbee closed down 6.3% at 120.00 pence each in London on Wednesday.

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