Pensionbee Regulatory News (PBEE)

PensionBee Group plc

Incorporated in England and Wales

Registration Number: 13172844

LEI: 2138008663P5FHPGZV74

ISIN: GB00BNDRLN84

PensionBee Group plc

Trading Update for the period ended 30 June 2021

Further Growth sees Assets under Administration reach £2 billion

PensionBee Group plc ("PensionBee" or "the Company"), a leading online pension provider, today announces a trading update for the six month period ended 30 June 2021 (1H 2021).

PensionBee has continued to implement its customer-focused strategy, achieving strong year-on-year growth in the first half of 2021. Invested Customers increased by 81% to 92,000 (1H 2020: 51,000) while Assets under Administration (AUA) increased by 117% to £1,987m (1H 2020: £915m) driven by strong net flows from new and existing customers. Annual Run Rate Revenue increased by 114% to £12.3m (1H 2020: £5.7m).

The Company continued to scale-up its marketing spend in 1H 2021 and rolled out a new national brand campaign, "Feels so good", across its advertising channels. PensionBee benefitted from the launch of its new data platform, supporting continued marketing spend whilst keeping Cost per Invested Customer within its desired range.

PensionBee demonstrated the continued strength of its customer value proposition by maintaining a Customer Retention Rate in excess of 95% and achieving a 4.7★ Excellent Trustpilot rating. The high levels of recurring revenues generated as a result of this high customer retention, combined with the scalability of its technology platform continue to support PensionBee's financial model of improving operating leverage over time.

PensionBee's customer-focused offering received further industry recognition during the period. PensionBee was named as a 'Best Buy' in five categories at the Boring Money 2021 Awards, which commended the quality of the customer service and communications, commitment to sustainability, website and ease of use.

The Company raised £55m of capital in its successful IPO on the High Growth Segment of the London Stock Exchange, enabling further innovation and growth and supporting a path to profitability by the end of 2023. PensionBee expects to transition to the Premium Segment of the London Stock Exchange's Main Market in 2022.

PensionBee expects performance to be in line with market guidance provided at the time of the IPO, driven by ongoing rapid growth of its investment in marketing, continued product innovation to maintain customer satisfaction and further investment in people and technology.

PensionBee expects its growth to be supported by continued demand for online pension consolidation and positive contribution behaviour, set against the backdrop of an enormous opportunity in the UK Defined Contribution pensions market.

There will be a presentation for analysts this morning at 8:30am via webcast. Please contact pensionbee@tulchangroup.com if you would like to attend.

Romi Savova, CEO of PensionBee, commented:

"I am pleased to report another period of continued strong financial and operational performance following our successful IPO. We have continued to drive growth by prioritising our customers and giving them control of their financial future. We are excited about the vast growth opportunity ahead and look forward to continuing to work towards our mission of making pensions simple so everyone can look forward to a happy retirement."

Highlights:

As at Period End

Jun-2020

Jun-2021

YoY

AUA (£m)1

915

1,987

117%

AUA Retention Rate (% of AUA)2

>95%

>95%

stable

Registered Customers (thousands)3

297

538

81%

Active Customers (thousands)4

87

155

78%

Invested Customers (thousands)5

51

92

81%

Customer Retention Rate (% of IC)6

>95%

>95%

stable

Cost per Invested Customer (£)7

209

240

within threshold

Same Year RC: IC Conversion (% of RC)8

17%

17%

stable

Contractual Revenue Margin (% of AUA)9

0.68%

0.69%

+1bp

For the 6-month Period Ending

Jun-2020

Jun-2021

YoY

Revenue (£m)10

2.6

5.4

109%

Annual Run Rate Revenue (£m)11

5.7

12.3

114%

Adjusted EBITDA (£m)12

(4.0)

(7.6)

89%

Adjusted EBITDA Margin (% of Revenue)13

(155%)

(141%)

+14ppt

For the 6-month Period Ending

Jun-2020

Jun-2021

YoY

Opening AUA (£m)1

745

1,358

82%

Gross Inflows (£m)

238

550

131%

Gross Outflows (£m)

(30)

(69)

129%

Net Inflows (£m)

208

482

131%

Market Growth and Other (£m)

(38)

148

n/a

Closing AUA (£m)1

915

1,987

117%

Enquiries:

PensionBee

via Tulchan

Tulchan Communications

James Macey White

Elizabeth Snow

Laura Marshall

pensionbee@tulchangroup.com

+44 (0)20 7353 4200

About PensionBee

PensionBee is a leading online pension provider, enabling customers to interact with their savings through its unique combination of smart technology and dedicated customer service.

Since it was founded in 2014 by Romi Savova, PensionBee has been a challenger in an industry ripe for disruption. It has grown rapidly by helping consumers to solve the challenges they face when it comes to locating, combining and managing their pension savings. PensionBee counts 155,000 Active Customers from 18-80 years of age with £2.0 billion in Assets under Administration as at 30 June 2021. Its range of pension plans are tailored to its customers and are managed by some of the world's largest money managers including: BlackRock, HSBC, Legal & General and State Street Global Advisors.

PensionBee uses its proprietary technology and Open APIs to allow customers to manage their pension easily, view their live balance, and with the help of a smart calculator to plan their savings, make contributions and withdrawals online, all with transparency on fees. It continuously engages with customers through its dedicated customer account managers using jargon-free communication and listens to feedback to develop new tools which help customers to easily plan for their retirement. PensionBee has consistently maintained a Customer Retention Rate and an AUA Retention Rate of >95% and a 4.7★ Excellent Trustpilot rating.

PensionBee is admitted to trading on the High Growth Segment of the London Stock Exchange's Main Market (LON:PBEE).