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Interim Results

26 Sep 2017 07:00

RNS Number : 7658R
Personal Group Holdings PLC
26 September 2017
 

 

26 September 2017

 

 

PERSONAL GROUP HOLDINGS PLC

("Personal Group", "Company" or "Group")

Interim Results

 

Six Months ended 30 June 2017

 

 

Personal Group Holdings Plc, a leading provider of employee services in the UK announces its interim results for the six months ended 30 June 2017. The Company has made a solid start to the year, with the Group performing in-line with management's expectations.

 

Highlights

 

Financial

 

· Group revenue of £19.6m (2016: £19.8m)

· EBITDA* from continuing operations of £3.7m (2016: £4.1m)

· Profit before tax from continuing operations of £3.0m (2016: £3.1m)

· Basic EPS from continuing operations of 8.2p (2016: 8.9p)

· Balance sheet remains strong with cash and deposits of £16.5m and no debt

· Dividends per share paid in the period up 3.2% to 11.35p (2016: 11.0p), maintaining progressive dividend policy

 

 

Operational

 

· Encouraging start to rollout of Sage Employee Benefits under a refined offer

· Core insurance income remained strong

· Hapi platform revenue increased to £0.9m (2016: £0.7m)

· Clarity of technology salary sacrifice offer post Finance Bill ratification

 

 

* EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, 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.

 

Commenting, Mark Scanlon, Chief Executive of Personal Group, said:

 

"We have seen a solid start to the year with the Company performing in-line with management's expectations. We now have greater clarity regarding the outlook of the salary sacrifice market, which has enabled us to clarify our customer offering to deliver a better client experience. The insurance business performed well and delivered solid new sales KPIs and core insurance revenue remained strong and slightly ahead of the first half last year. We are seeing an encouraging start to the roll out of our SME offer, under the refined strategy with Sage, with in excess of 1,200 additional corporate customers having access to our platform."

 

- ENDS -

 

 

 

For more information please contact:

 

Personal Group Holdings Plc

 

Mark Scanlon / Mike Dugdale

+44 (0)1908 605 000

Philip Dennis (Investor Relations)

+44 (0)7947 868 206

Cenkos Securities Plc

 

Max Hartley / Callum Davidson (Nomad)

+44 (0)20 7397 8900

Russell Kerr (Sales)

 

Hudson Sandler

 

Nick Lyon / Sophie Lister / Lucy Wollam

+44 (0)20 7796 4133

 

Notes to editors:

 

Personal Group Holdings Plc (AIM: PGH) is a technology enabled employee services business, working with employers to drive productivity though better employee engagement and a more motivated workforce. With over 30 years' experience, the Company provides employee benefits and services to over 2 million employees across the UK.

Personal Group's offer comprises 8,000 in-house and third party products and services, from c.60 supply lines. In-house services include employee insurance products (hospital, convalescence plans and death benefit) and the provision of home technology via salary sacrifice (iPads, computers, laptops, smart phones and smart TVs). Third party services include retail discounts, e-payslips, employee assistance programmes, wellbeing programmes and salary sacrifice cars and bikes.

The offer is provided via the Company's proprietary technology platform, Hapi. The platform is intuitive, designed primarily for app deployment and also accessible via web and tablet, driving better engagement, communication and value recognition. Hapi is flexible and can quickly integrate additional services, such as existing employee services and partner platforms. Hapi is a SaaS product.

Through technology and select acquisitions, the Company has grown its addressable market from 6m to over 30m UK employees; including 15.6m SME employees targeted via its partnership with Sage, the UK's largest software company.

Personal Group's innovative approach to using technology to deliver its programmes, combined with its face-to-face method of communicating with employees, makes its offer compelling to blue chip clients across the UK as a way of attracting, retaining and motivating employees.

Personal Group has a strong client base across a range of sectors including passenger transport, healthcare, logistics and food manufacturing. Clients include: Stagecoach, Four Seasons Health Care, Priory Group, Spire Healthcare, Bibby, 2 Sisters Food Group and Young's Seafood.

For further information, please see www.personalgroup.com.

 

 

 

 

 

Interim Results Statement

 

Introduction

The first six months of 2017 have been as we forecast, with the business performing in-line with management's expectations. The Group's core insurance income continued to perform well, complemented by a solid performance from PG Let's Connect and an encouraging start to the SME offer under the Group's extended strategy.

 

Through recent investments, particularly in the Hapi technology platform, the Company remains well placed to extend its products into a much wider market. With our combined market proposition, including SME, public sector and large corporate, we believe that our serviceable market has expanded from 6 million to 30 million employees in the U.K. alone.

 

The Hapi platform not only simplifies Personal Group's product offering through a single portal, making it easier to use for the customer, it has also enabled us to evolve into a technologically enabled employee services provider. This offering is underpinned by a long-standing, solid insurance business, with a delivery system and a flexibility that allows us to continue to meet ever-changing market demands.

 

Business Review

The insurance business performed well, delivering solid new sales KPIs, despite a lower number of sales executives in the field. The core insurance revenue remained strong and slightly ahead of the first half last year. The number of sales executives was increased as we entered the second half of the year.

 

PG Let's Connect product proposition experienced uncertainty last year as a consequence of HMRC's consultation regarding the salary sacrifice market. During this period of uncertainty, the Group focused on minimising the potential adverse impact to the PG Let's Connect business. With the ratification of the Finance Bill in April, there is now clarity around the HMRC's tax treatment for salary sacrifice technology. The treatment is also now far simpler, which supports a better client experience and understanding. PG Let's Connect has quickly adjusted its systems and product offer to reflect the changes resulting from the Finance Bill and is now fully certified with a clearer offering to customers.

 

The Company's SME product began an additional rollout, through Sage's standard payroll product, in early June. This was based on further development of Hapi and the expansion of the relationship with Sage. We are seeing greater penetration of the Sage Employees Benefits (SEB) product across Sage's extensive payroll client base with in excess of 1,200 additional corporate customers now having SEB in place. This process provides a portion of the Sage client's employees with SEB and with an option to extend it to all. This process of extending the offer to all employees is not due to begin until next year but the initial deployment is well under way.

 

The first half of the year also saw a marked increase in direct SaaS sales of the Hapi platform, up 28% on last year. This result is due to a growing recognition across corporate clients of the value provided by the platform to support productivity and reduce costs across their business, through a happier and better engaged workforce.

 

As part of our drive to keep the wider offer relevant and up to date, we have expanded our wellness offer to include a financial education and well-being product. This includes fairer rate loans, typically with a 3.9% to 9.9% APR. We have begun our first roll out of these products, with more customers in the pipeline.

 

Financial Performance

As expected, revenue was broadly in-line with the first half of last year at £19.6m. This was driven by a solid top line performance across the business, with both the insurance business and PG Let's Connect performing consistent with the first half of 2016, supported by a small but growing contribution from SME and the SaaS subscriptions business units.

 

The Company continues to closely monitor costs, which during the six months were broadly in-line with last year, despite the broadening of the product offer through the launch of the SEB product. With the addition of new recruits joining the business, to support both sales and back office functions, the headcount, as planned, will increase in the second half of the year.

 

EBITDA was in-line with management's expectations at £3.7m. This result was driven by the impact of early losses in the ramp up of the SME product and a lower contribution from Let's Connect.

 

Profit before tax was in line with the same period last year at £3.0m.

 

In-line with its progressive dividend policy, the Company again increased its dividend by 3.2% to 11.35p per share during the first half. The third dividend for the year, of 5.675p, will be paid on the 28th of September 2017.

 

Market

The market need for employee services is continuing to evolve. This is being driven by an increased recognition, particularly amongst corporates, of the value that an employee services programme can bring to their businesses.

 

This evolution is creating demand for well thought through, well managed and appealing programmes that drive direct business benefits, supporting improved productivity and reducing cost through better employee retention and engagement.

 

Reflecting this change, we are seeing a continued fall in 'single offer' providers, in favour of those looking to offer a more comprehensive 'one stop' solution. Furthermore, the Company is also seeing the traditional approach to customer engagement changing, with greater focus on the buyer experience and the flexibility to access the product whilst on the go through the Hapi app. The manifestation of this has been to make the products and offer far easier to understand, compare and access; more akin to a traditional consumer product.

 

We believe that Personal Group is well placed to take advantage of this change. Having invested ahead of the market and getting that investment right in the Hapi technology platform, we are able to offer the 'one-stop' solution to corporates. The platform also provides the flexibility needed to ensure our offer remains up to date and relevant.

 

Outlook

Personal Group's H1 2017 was in-line with management's expectations. The insurance and Let's Connect businesses have performed well and we have had an encouraging start to the SME offer as part of continuing relationship with Sage. The board has confidence that the Group continues to trade in-line with market expectations for the full year.

 

Looking beyond 2017, we expect the market to continue to evolve, which, given the breadth and flexibility built into our offer, places Personal Group in a strong position to make continued solid progress as the leading provider of employee services in the UK.

 

 

 

Mark Winlow

Non-Executive Chairman

Mark Scanlon

Chief Executive

 

26 September 2017

 

 

Consolidated income statement

 

 

 

6 months

ended 30

June 2017

Unaudited

6 months

ended 30

June 2016 Unaudited

12 months

ended 31

December 2016 Audited

 

 Note

£'000

£'000

£'000

Continuing Operations

 

 

 

 

 

 

 

 

 

Gross premiums written

 

15,033

15,654

31,393

Outward reinsurance premiums

 

(146)

(138)

(310)

Change in unearned premiums

 

442

1

160

Change in reinsurers' share of unearned premiums

 

(8)

(19)

(20)

 

 

________

________

________

Earned premiums net of reinsurance

 

15,321

15,498

31,223

Other insurance related income

 

159

264

555

IT salary sacrifice income

 

3,141

3,196

20,069

Platform subscriptions and other income

 

949

749

1,621

SME income

 

14

-

-

Investment property

 

-

30

59

Investment income

 

60

61

93

 

 

________

________

________

Revenue

 

19,644

19,798

53,620

 

 

________

________

________

 

 

 

 

 

Claims incurred

 

(3,738)

(3,739)

(7,318)

Insurance operating expenses

 

(6,471)

(6,428)

(12,689)

Other insurance related expenses

 

(174)

(352)

(712)

IT salary sacrifice expenses

 

(3,908)

(3,616)

(18,281)

Platform subscriptions and other expenses

 

(1,433)

(1,691)

(2,795)

SME operating expenses

 

(341)

-

(741)

Share based payment expenses

 

(156)

(540)

(222)

Charitable donations

 

(50)

(50)

(100)

Amortisation of intangible assets

 

(329)

(253)

(505)

 

 

________

________

________

Expenses

 

(16,600)

(16,669)

(43,363)

 

 

________

________

________

 

 

 

 

 

Operating profit from continuing operations

 

3,044

3,129

10,257

Release of provision

 

-

-

270

Share of profit/(loss) of equity-accounted investee net of tax

 

(17)

(12)

(6)

 

 

________

________

________

Profit before tax from continuing operations

 

3,027

3,117

10,521

Tax

4

(516)

(473)

(1,479)

 

 

________

________

________

Profit for the period from continuing operations

 

2,511

2,644

9,042

 

 

 

 

 

Profit/(loss) from discontinued operation

 

23

(1,181)

(1,758)

 

 

________

________

________

Profit for the period after tax

 

2,534

1,463

7,284

 

 

________

________

________

 

 

Consolidated income statement (continued)

 

 

 

6 months

ended 30

June 2017

Unaudited

6 months

ended 30

June 2016 Unaudited

12 months

ended 31

December 2016 Audited

Earnings per share as arising from total operations

 

 Pence

Pence

Pence

Basic

 

8.2

4.8

23.9

Diluted

 

8.1

4.5

23.4

Earnings per share as arising from continuing operations

 

 

 

 

Basic

 

8.2

8.9

29.7

Diluted

 

8.0

8.2

29.0

 

 

 

 

Consolidated statement of comprehensive income

 

 

 

6 months

ended 30

June 2017

Unaudited

6 months

ended 30

June 2016

Unaudited

12 months

ended 31

December 2016

Audited

 

 

 

 

 

 

 

£'000

£'000

£'000

 

 

 

 

 

Profit for the period

 

2,534

1,463

7,284

 

 

 

 

 

Other comprehensive income

 

 

 

 

Available for sale financial assets:

 

 

 

 

 Valuation changes taken to equity

 

56

(81)

 (6)

 Reclassification of (gains)/losses on available for sale financial assets on derecognition

 

(26)

19

24

 

 

 

 

Income tax on unrealised valuationchanges taken to equity

 

(6)

8

(8)

 

 

 

 

 

 

_______

_______

_______

Total comprehensive income for the period

 

2,558

1,409

7,294

 

 

_______

_______

_______

 

 

 

 

 

 

 

 

 

 

Consolidated balance sheet at 30 June 2017

 

 

 

At 30

June 2017

Unaudited

At 30

June 2016

Unaudited

At 31

December 2016

Audited

 

 

 

 

 

 

 

 

Note

£'000

£'000

£'000

 

ASSETS

 

 

 

 

 

Non-current assets

 

 

 

 

 

Goodwill

6

10,575

10,575

10,575

 

Intangible assets

7

1,233

1,321

1,478

 

Property, plant and equipment

8

4,921

5,080

5,096

 

Investment property

1,070

1,070

1,070

 

Equity-accounted investee

11

627

634

639

 

Financial assets

9

6,219

8,139

6,137

 

Deferred tax asset

 

27

550

3

 

 

 

________

________

________

 

 

 

24,672

27,369

24,998

 

 

 

________

________

________

Current assets

 

 

 

 

 

Trade and other receivables

 

6,029

9,711

20,200

 

Reinsurance assets

 

290

307

310

 

Inventories

 

169

1,304

428

 

Cash and cash equivalents

 

11,112

7,608

7,206

 

 

 

________

________

________

 

 

 

17,600

18,930

28,144

 

 

 

________

________

________

 

Total assets

 

42,272

46,299

53,142

 

 

 

________

________

________

 

 

 

 

 

 

      

 

 

 

Consolidated balance sheet at 30 June 2017

 

 

 

At 30

June 2017

Unaudited

At 30

June 2016

Unaudited

At 31

December 2016

Audited

 

 

 

 

 

 

 

£'000

£'000

£'000

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

Equity attributable to equity holders of Personal Group Holdings plc

 

 

 

 

Share capital

 

1,540

1,527

1,540

Capital redemption reserve

 

24

24

24

Amounts recognised directly into equity relating to non-current assets held for sale

 

54

(34)

30

Other reserve

 

(303)

(309)

(330)

Profit and loss reserve

 

30,166

29,070

31,061

 

 

________

________

________

Total equity

 

31,481

30,278

32,325

 

 

________

________

________

 

LIABILITIES

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

Provisions

 

1,905

2,190

1,912

Trade and other payables

 

5,681

10,589

15,426

Insurance contract liabilities

 

2,721

3,143

3,239

Current tax liabilities

 

484

99

240

 

 

________

________

________

 

 

10,791

16,021

20,817

 

 

________

________

________

 

 

 

 

 

 

 

________

________

________

Total liabilities

 

10,791

16,021

20,817

 

 

________

________

________

 

 

 

 

 

 

 

________

________

________

Total equity and liabilities

 

42,272

46,299

53,142

 

 

________

________

________

 

 

 

Consolidated statement of changes in equity for the six months ended 30 June 2017

 

 

 

 

Share capital

Capital

redemption

reserve

Available for sale financial assets

Other reserve

Profit & loss reserve

Total equity

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

Balance as at 1 January 2017

1,540

24

30

(330)

31,061

32,325

 

________

________

________

________

________

________

Dividends

-

-

-

-

(3,490)

(3,490)

Employee share-based compensation

-

-

-

-

85

85

Proceeds of AESOP* share sales

-

-

-

-

28

28

Cost of AESOP shares sold

-

-

-

52

(52)

-

Cost of AESOP shares purchased

-

-

-

(25)

-

(25)

Nominal value of LTIP** shares issued

-

-

-

-

-

-

 

________

________

________

________

________

________

Transactions with owners

-

-

-

27

(3,429)

(3,402)

 

________

________

________

________

________

________

Profit for the period

-

-

-

-

2,534

2,534

Other comprehensive income

 

 

 

 

 

 

Available for sale financial assets:

 

 

 

 

 

 

Change in fair value of assets classified as held for sale

-

-

56

-

-

56

Transfer to income statement

-

-

(26)

-

-

(26)

Current tax on unrealised valuation changes taken toequity

 

-

 

-

 

(6)

 

-

 

-

(6)

 

________

________

________

________

________

________

Total comprehensive income for the period

-

-

 

24

-

2,534

2,558

 

________

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

Balance as at 30 June 2017

1,540

24

54

(303)

30,166

31,481

 

________

________

________

________

________

________

 

 

* All Employee Share Option Plan (AESOP)

** Long Term Incentive Plan (LTIP)

 

Consolidated statement of changes in equity for the year ended 31 December 2016

 

 

 

 

 

Share capital

Capital

redemption

reserve

Available for sale financial assets

Other reserve

Profit & loss reserve

Total equity

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

Balance as at 1 January 2016

1,518

24

20

(386)

30,687

31,863

 

________

________

________

________

________

________

Dividends

-

-

-

-

(6,697)

(6,697)

Employee share-based compensation

-

-

-

-

213

213

Proceeds of AESOP* share sales

-

-

-

-

103

103

Cost of AESOP shares sold

-

-

-

95

(95)

-

Cost of AESOP shares purchased

-

-

-

(39)

-

(39)

Nominal value of LTIP** shares issued

22

-

-

-

(22)

-

 

________

________

________

________

________

________

Transactions with owners

22

-

-

56

(6,498)

(6,420)

 

________

________

________

________

________

________

Profit for the year

-

-

-

-

7,284

7,284

Deferred tax reserve movement

-

-

-

-

(412)

(412)

Other comprehensive income

 

 

 

 

 

 

Available for sale financial assets:

 

 

 

 

 

 

Change in fair value of assets classified as held for sale

-

-

(6)

-

-

(6)

Transfer to income statement

-

-

24

-

-

24

Current tax on unrealised

valuation changes taken to equity

 

-

 

-

 

(8)

 

-

 

-

(8)

 

________

________

________

________

________

________

Total comprehensive income for the year

-

-

 

10

-

6,872

6,882

 

________

________

________

________

________

________

 

 

 

 

 

 

 

Balance as at 31 December 2016

1,540

24

30

(330)

31,061

32,325

 

________

________

________

________

________

________

 

 

 

Consolidated statement of changes in equity for the six months ended 30 June 2016

 

 

 

 

Share capital

Capital

redemption

reserve

Available for sale financial assets

Other reserve

Profit & loss reserve

Total equity

 

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

 

 

 

Balance as at 1 January 2016

1,518

24

20

(386)

30,687

31,863

 

________

________

________

________

________

________

Dividends

-

-

-

-

(3,338)

(3,338)

Employee share-based compensation

-

-

-

-

296

296

Proceeds of AESOP* share sales

-

-

-

-

66

66

Cost of AESOP shares sold

-

-

-

95

(95)

-

Cost of AESOP shares purchased

-

-

-

(18)

-

(18)

Nominal value of LTIP** shares issued

9

-

-

-

(9)

-

 

________

________

________

________

________

________

Transactions with owners

9

-

-

77

(3,080)

(2,994)

 

________

________

________

________

________

________

Profit for the period

-

-

-

-

1,463

1,463

Other comprehensive income

 

 

 

 

 

 

Available for sale financial assets:

 

 

 

 

 

 

Change in fair value of assets classified as held for sale

-

-

(81)

-

-

(81)

Transfer to income statement

-

-

19

-

-

19

Current tax on unrealised valuation changes taken toequity

 

-

 

-

 

8

 

-

 

-

8

 

________

________

________

________

________

________

Total comprehensive income for the period

-

-

 

(54)

-

1,463

1,409

 

________

_______

_______

_______

_______

_______

 

 

 

 

 

 

 

Balance as at 30 June 2016

1,527

24

(34)

(309)

29,070

30,278

 

________

________

________

________

________

________

 

 

* All Employee Share Option Plan (AESOP)

** Long Term Incentive Plan (LTIP)

 

 

Consolidated cash flow statement

 

 

 

6 months

ended 30

June 2017

Unaudited

6 months

ended 30

June 2016

Unaudited

12 months

ended 31

December 2016

Audited

 

 

£'000

£'000

£'000

 

 

 

 

 

Net cash from operating activities (see opposite)

 

7,489

4,810

6,395

 

 

______

______

______

Investing activities

 

 

 

 

Additions to property, plant and equipment

 

(70)

(412)

(828)

Additions to intangible assets

 

(85)

(214)

(624)

Proceeds from disposal of property, plant and equipment

17

117

231

Purchase of financial assets

 

(97)

(35)

(139)

Proceeds from disposal of financial assets

 

105

984

3,177

Interest received

 

14

47

53

Dividends received

 

20

10

20

 

 

______

______

______

Net cash from investing activities

(96)

497

1,890

 

 

______

______

______

Financing activities

 

 

 

 

Purchase of own shares by the AESOP

 

(25)

(18)

(39)

Proceeds from disposal of own shares by the AESOP

 

28

66

66

Dividends paid

 

(3,490)

(3,338)

(6,697)

 

 

______

______

______

Net cash used in financing activities

 

(3,487)

(3,290)

(6,670)

 

 

______

______

______

Net change in cash and cash equivalents

 

3,906

2,017

1,615

Cash and cash equivalents, beginning of period

7,206

5,591

5,591

 

 

_______

_______

_______

Cash and cash equivalents, end of period

11,112

7,608

7,206

 

 

 

 

Consolidated cash flow statement

 

 

 

6 months

ended 30

June 2017

Unaudited

6 months

ended 30

June 2016

Unaudited

12 months

ended 31

December 2016

Audited

 

 

£'000

£'000

£'000

Operating activities

 

 

 

 

Profit after tax

 

2,534

1,463

7,284

Adjustment for:

 

 

 

 

Depreciation

 

225

215

448

Amortisation of intangible assets

 

329

253

505

Profit on disposal of property, plant and equipment

2

7

61

Realised and unrealised net investment losses/(profits)

(60)

31

17

Interest received

 

(14)

(47)

(53)

Dividends received

 

(20)

(10)

(20)

Share of (profit) / loss of equity-accounted investee, net of tax

12

12

6

Share-based payments

 

85

296

222

Taxation expense recognised in income statement

516

474

1,479

Changes in working capital:

 

 

 

 

Trade and other receivables

 

14,191

12,264

1,772

Trade and other payables

 

(10,269)

(8,816)

(4,171)

Inventories

 

259

(914)

(38)

Taxes paid

 

(301)

(418)

(1,117)

 

 

______

______

______

Net cash from operating activities

 

7,489

4,810

6,395

 

 

______

______

______

 Notes to the consolidated financial statements

 

 

1 General information

 

The Group is principally engaged in transaction employee services, including insurance products and the provision of salary sacrifice technology products in the UK.

 

The Company is a limited liability company incorporated and domiciled in England. The address of its registered office is John Ormond House, 899 Silbury Boulevard, Milton Keynes MK9 3XL.

 

The Company is listed on the Alternative Investment Market of the London Stock Exchange.

 

The condensed consolidated financial statements do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2016.

 

The financial information for the year ended 31 December 2016 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The statutory financial statements for the year ended 31 December 2016 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.

 

These interim financial statements are unaudited and have not been reviewed by the auditors under International Standard on Review Engagements (UK and Ireland) 2410.

 

These consolidated interim financial statements have been approved for issue by the board of directors on 25 September 2017.

 

2 Accounting policies

 

These June 2017 interim consolidated financial statements of Personal Group Holdings Plc are for the six months ended 30 June 2017. These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended 31 December 2016.

 

 

 

 

 

Notes to the consolidated financial statements

 

 

These financial statements have been prepared in accordance with IFRS standards and IFRIC interpretations as adopted by the EU, issued and effective as at 31 December 2016.

The principal accounting policies have remained unchanged from the year ended 31 December 2016.

 

3 Segment analysis

The Group operates the following four continuing operating segments:

 

1) Core Insurance

Personal Assurance Plc (PA), a subsidiary within the Group, is a PRA regulated general insurance company and is authorised to transact accident and sickness insurance. It was established in 1984 and has been underwriting business since 1985. In 1997 Personal Group Holdings Plc (PGH) was created and became the ultimate parent undertaking of the Group.

 

This operating segment derives the majority of its revenue from the underwriting by PA of insurance policies that have been bought by employees of host companies via bespoke benefit programmes.

 

2) IT Salary Sacrifice

IT salary sacrifice refers to the trade of Lets Connect, a salary sacrifice technology company purchased in 2014.3) SME

SME has been classified as a separate segment as the development and expansion into the SME market is currently managed and maintained as a separate activity to Core Insurance and Other. Revenue in this sector is based on a SaaS model for products that combines insurance and employee benefit platform income or employee benefit platform income only.

 

4) Other

The other operating segment consists exclusively of revenue generated by Personal Management Solutions (PMS) and Berkeley Morgan Group (BMG) and its subsidiary undertakings.

 

PMS is an employee benefit company that offers a variety of employee incentive schemes normally via annual subscriptions and includes income generated from the Hapi platform.

 

BMG was acquired by PGH in January 2005 and generates commission via financial services and private medical insurance. On 9 February 2016 the Group signed an agreement with AXA PPP healthcare to transfer the PMI business over to them in a phased approach between July 2016 and June 2017. The group continued to underwrite policies until each policy's renewal date, from which date AXA PPP healthcare now provides continuous cover.

 

Notes to the consolidated financial statements

 

 

The discontinued segment is:

Mobile

 

Mobile refers to the trade of Personal Group Mobile Limited, a mobile phone salary sacrifice company set up from the trade and assets of shebang Technologies purchased in 2015.

 

The revenue and net result generated by each of the Group's operating segments are summarised as follows,

 

Operating segments

Core Insurance

£'000

 

IT Salary Sacrifice

£'000

 

 

SME

£'000

Other

£'000

Group Continuing Operations

£'000

 

Discontinued - Mobile

£'000

 

 

 

 

 

 

 

6 months to June 2017

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Earned premiums net of reinsurance

15,321

-

-

-

15,321

-

Other insurance related income

(28)

-

-

187

159

-

Non-insurance related income

-

3,141

14

949

4,104

56

Investment property

-

-

-

-

-

-

Investment income

-

-

-

60

60

-

 

 

 

 

 

 

 

 

_________

_________

_________

_________

_________

_________

Total revenue

 

15,293

3,141

14

1,196

19,644

56

_________

_________

_________

_________

_________

_________

Net result for period before tax

3,641

(949)

(340)

675

3,027

23

LC - Amortisation of intangibles

-

165

-

-

165

-

Share based payments

-

-

-

156

156

-

Depreciation

127

14

75

9

225

-

Amortisation (other)

147

17

-

-

164

-

 

 

 

 

 

 

 

EBITDA

3,915

(753)

(265)

840

3,737

23

 

_________

_________

_________

_________

_________

_________

Segment assets

22,748

4,707

-

14,788

42,243

29

 

_________

_________

_________

_________

_________

_________

Segment liabilities

6,190

3,113

-

1,223

10,526

265

 

_________

_________

_________

_________

_________

_________

Depreciation and amortisation

274

196

75

9

554

-

 

_________

_________

_________

_________

_________

_________

 

 

 

 

 

 

 

 

 

 

Notes to the consolidated financial statements

 

 

Operating segments

Core Insurance

£'000

 

IT Salary Sacrifice

£'000

 

 

SME

£'000

Other

£'000

Continuing - Group

£'000

 

Discontinued - Mobile

£'000

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Earned premiums net of reinsurance

31,223

-

-

-

31,223

-

Other insurance related income

(14)

-

-

569

555

-

Non-insurance related income

-

20,069

-

1,621

21,690

2,024

Investment property

-

-

-

59

59

-

Investment income

-

-

-

93

93

-

 

 

 

 

 

 

 

 

_________

_________

_________

_________

_________

_________

Total revenue

 

31,209

20,069

-

2,342

53,620

2,024

_________

_________

_________

_________

_________

_________

Net result for year before tax

8,399

1,712

(741)

1,151

10,521

(1,758)

PG mobile - Reorganisation costs

-

-

-

-

-

571

LC - Tax provision

-

(270)

-

-

(270)

-

LC - Amortisation of intangibles

-

330

-

-

330

-

Share based payments

-

-

-

222

222

-

Depreciation

376

18

4

21

419

30

Amortisation (other)

136

16

22

-

174

-

 

 

 

 

 

 

 

EBITDA

8,911

1,806

(715)

1,394

11,396

(1,157)

 

_________

_________

_________

_________

_________

_________

Segment assets

21,931

16,345

521

14,320

53,117

125

 

_________

_________

_________

_________

_________

_________

Segment liabilities

6,483

13,353

-

899

20,735

139

 

_________

_________

_________

_________

_________

_________

Depreciation and amortisation

512

364

26

21

923

30

 

_________

_________

_________

_________

_________

_________

 

 

 

 

 

Notes to the consolidated financial statements

 

 

 

Operating segments

Core Insurance

£'000

 

IT Salary Sacrifice

£'000

 

 

SME

£'000

Other

£'000

Continuing - Group

£'000

 

Discontinued -

Mobile

£'000

 

 

 

 

 

 

 

6 months to June 2016

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

Earned premiums net of reinsurance

15,498

-

-

-

15,498

-

Other insurance related income

(5)

-

-

269

264

-

Non-insurance related income

-

3,196

-

749

3,945

1,165

Investment property

-

-

-

30

30

-

Investment income

-

-

-

61

61

-

 

 

 

 

 

 

 

 

_________

_________

_________

_________

_________

_________

Total revenue

 

15,493

3,196

-

1,109

19,798

1,165

_________

_________

_________

_________

_________

_________

Net result for period before tax

3,769

(426)

-

(226)

3,117

(1,181)

PG mobile - Reorganisation costs

-

-

-

-

-

260

LC - Amortisation of intangibles

-

165

-

-

165

-

Share based payments

-

-

-

540

540

-

Depreciation

177

9

-

10

196

19

Amortisation (other)

82

6

-

-

88

-

 

 

 

 

 

 

 

EBITDA

4,028

(246)

-

324

4,106

(902)

 

_________

_________

_________

_________

_________

_________

Segment assets

24,371

6,219

-

14,573

45,163

1,136

 

_________

_________

_________

_________

_________

_________

Segment liabilities

7,406

6,069

-

1,809

15,284

705

 

_________

_________

_________

_________

_________

_________

Depreciation and amortisation

259

180

-

10

449

19

 

_________

_________

_________

_________

_________

_________

 

 

 

 

 

 

 

 

 

Income is derived from the UK and Guernsey

 

4 Taxation

 

Tax expense is recognised based on the weighted-average annual income tax rate expected for the full financial year multiplied by management's best estimate of the taxable profit of the interim reporting period.

 

The Group's consolidated effective tax rate in respect of continuing operations for the six months period ended 30 June 2017 was 17.0% (six months period ended 30 June 2016: 15.2%).

 

 

 

Notes to the consolidated financial statements

 

 

5 Earnings per share and dividends

 

The weighted average numbers of outstanding shares used for basic and diluted earnings per share are as follows:

 

 

6 months

ended 30

June 2017

EPS

Pence

6 months

ended 30

June 2016

EPS

Pence

12 months

ended 31

December 2016

EPS

Pence

 

 

 

 

 

 

 

Basic

30,741,056

8.2

30,350,608

4.8

30,442,426

23.9

Diluted

31,397,670

8.1

32,790,147

4.5

31,189,872

23.4

 

 

During the first six months of 2017, Personal Group Holdings Plc paid dividends of £3,490,000 to its equity shareholders (six months to 30 June 2016: £3,338,000, twelve months to 31 December 2016: £6,697,090). This represents a payment of 11.35p per share (six months to 30 June 2016: 11.00p, twelve months to 31 December 2016: 22.00p).

 

In the statement of changes in equity and the cash flow statement dividends are stated net of amounts paid on treasury shares and unallocated shares held by Personal Group Trustees Limited as follows:

 

 

6 months ended 30 June 2017

6 months ended 30 June 2016

12 months ended 31 December 2016

6 months ended 30 June 2017

 

6 months ended 30 June 2016

12 months ended 31 December 2016

 

 

 

 

 

 

 

 

Pence per share

£'000

£'000

£'000

Equity dividends

 

 

 

 

 

 

Ordinary shares paid in period

 

 

 

 

 

 

 

 

 

 

 

 

 

March

5.675

5.500

5.50

1,748

1,670

1,671

June

5.675

5.500

5.50

1,748

1,675

1,674

September

-

-

5.50

-

-

1,683

December

-

-

5.50

-

-

1,683

 

 

 

 

______

______

______

 

 

 

 

3,496

3,345

6,711

Less: amounts paid on own shares

 

 

 

 

 

(6)

 

(7)

 

(14)

 

_____

_____

______

______

______

______

 

11.35

11.00

22.00

3,490

3,338

6,697

_____

_____

______

______

______

______

 

 

 

Notes to the consolidated financial statements

 

 

6 Goodwill

 

For the six months ending 30 June 2017

 

 

BMG

Let's Connect

Total

 

£'000

£'000

£'000

Cost

 

 

 

At 1 January 2017

9,433

10,575

20,008

Additions in the year

-

-

-

 

________

________

________

At 30 June 2017

9,433

10,575

20,008

 

________

________

________

Amortisation and impairment

 

 

 

At 1 January 2017

9,433

-

9,433

Impairment charge for year

-

-

-

 ________ ________ ________ 

At 30 June 2017

9,433

-

9,433

 

________

________

________

Net book value at 30 June 2017

-

10,575

10,575

 

________

________

________

Net book value at 31 December 2016

-

10,575

10,575

 

________

________

________

 

7 Intangible assets

 

For the six months ending 30 June 2017

 

LC Customer Value

Computer software and website development

Internally Generated Computer Software

Total

 

£'000

£'000

£'000

£'000

Cost

 

 

 

 

At 1 January 2017

1,648

665

428

2,741

Additions in the year

-

85

-

85

Disposals

-

(89)

-

(89)

 

________

________

________

________

At 30 June 2017

1,648

661

428

2,737

 

________

________

________

________

Amortisation and impairment

 

 

 

 

At 1 January 2017

935

316

12

1,263

Amortisation charge for period

165

93

71

329

Disposals in the Period

-

(88)

-

(88)

 

________

________

________

________

At 30 June 2017

1,100

321

83

1,504

 

________

________

________

________

Net book value at 30 June 2017

548

340

345

1,233

 

________

________

________

________

Net book value at 31 December 2016

713

349

416

1,478

 

________

________

________

________

 

 

Notes to the consolidated financial statements

 

 

8 Property, plant and equipment

 

For the six months ended 30 June 2017

 

Freehold land and properties

£'000

Motor vehicles

£'000

Computer

equipment

£'000

Furniture fixtures & fittings

£'000

Leasehold improve-

ments

 £'000

Total

£'000

Cost

 

 

 

 

 

 

At 1 January 2017

5,478

214

1,090

1,179

31

7,992

Additions

-

-

26

44

-

70

Disposals

-

-

(272)

(12)

-

(284)

 

______

______

______

______

______

______

At 30 June 2017

5,478

214

844

1,211

31

7,778

 

______

______

______

______

______

______

Depreciation

 

 

 

 

 

 

At 1 January 2017

1,505

42

754

580

15

2,896

Provided in the period

47

18

95

63

2

225

Eliminated on disposals

-

-

(255)

(9)

-

(264)

 

______

______

______

______

______

______

At 30 June 2017

1,552

60

594

634

17

2,857

 

______

______

______

______

______

______

 

 

 

 

 

 

 

Net book amount at 30 June 2017

3,926

154

250

577

14

4,921

 

______

______

______

______

______

______

 

 

 

 

 

 

 

Net book amount at 31 December 2016

3,973

172

336

599

16

5,096

 

______

______

______

______

______

______

 

 

 

 

 

Notes to the consolidated financial statements

 

 

9 Financial assets

 

 

At 30 June

2017

Unaudited

At 30 June

2016

Unaudited

At 31 December

2016

Audited

 

£'000

£'000

£'000

 

 

 

 

Bank deposits

5,386

7,449

5,365

Investment Bond

100

100

100

Financial assets:

 

 

 

Available for sale

733

590

672

 

________

________

________

 

6,219

8,139

6,137

 

_________

_________

_________

 

IFRS 13 Fair Value Measurement establishes a fair value hierarchy that categorises into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs)

· Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

· Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)

· Level 3: inputs for the asset or liability that are not based on observable market data (unobservable input).

The available for sale financial assets are stated at their bid market price, these are all based on level 1 inputs.

 

Bank deposits, also held at amortised cost, are due within 6 months.

 

Trade receivables arising out of direct insurance operations and other receivables are also held at amortised cost and the carrying amount is a reasonable approximation of fair value.

 

The investment bond subscribed to during 2014 is held in Criticaleye Investments plc and has a fixed three-year initial term. Interest is paid at 8% gross per annum. The bond was acquired late in 2014 and the carrying value is a reasonable approximation of fair value.

 

 

 

 

Notes to the consolidated financial statements

 

10 Long Term Incentive Plan (LTIP)

 

LTIP 1:

During 2012 the company adopted a discretionary Long Term Incentive Plan (LTIP 1) for the benefit of selected Directors and senior employees of Personal Group.

 

The Plan provided for the grant of awards, entitling participants to the payment of a bonus relating to the percentage increase in the market capitalisation of the company over a specified period. The awards are satisfied in shares or at the discretion of the Remuneration Committee, wholly or partly in cash in accordance with the Plan rules. It is the Remuneration Committee's intention to settle these awards in shares.

 

A participant is entitled to a payment in respect of their award on each of the second, third, fourth and fifth anniversary of their commencement date in the plan or if there is an exit event such as a sale before the fifth anniversary date. Each participant was awarded a specified percentage of the value increase in the market capitalisation. If there is no increase in market capitalisation at the award dates then no payment is made.

 

Where the market capitalisation has increased the level of payment will be 10%, 30%, 60% and 100% cumulatively on the second, third, fourth and fifth anniversary respectively of the relevant % entitlement. The number of shares awarded will be determined by dividing the amount of appropriate payment by the market value (as defined by the Plan rules) of the shares on the relevant anniversary date.

 

As LTIP 1 started to mature at the end of 2016, in July 2015 a further scheme (LTIP 2) was put in place from 30 July 2015 (see below). In conjunction with the introduction of this scheme LTIP 1 was amended to:

- Include a maximum cap on market capitalisation of £183.7m

- Grant options rather than shares at each vesting date such that the PAYE and NI liabilities will only arise at the date of the exercise of the option.

 

A further amendment to the scheme was made in November 2016 when the duration was extended from 5 years to 6 years for Mark Scanlon and Andy Lothian, who had entered the scheme in November 2011. In addition, during 2017, the end date of the scheme was extended to 30 April 2018 for both Andy Lothian and a further senior employee who entered the scheme in July 2012.

 

An amount of £nil has been charged to the profit and loss account for this scheme in the six months ended 30 June 2017 (six months ended 30 June 2016: £296,000) based on estimating the future share price of the company over the duration of the plan. Estimates of future share prices have been used for the remaining payments to calculate the expense for each individual under their remaining tranches, taking into account the maximum cap on the payout to all individuals in the scheme. The corresponding credit is taken to equity. No liabilities were recognised as this is an equity settled share-based payment.

 

 

 

Notes to the consolidated financial statements

 

Given that the estimate is highly sensitive to share price movement, the following scenarios have been considered:

 

- If the share price were to increase at a quicker rate than assumed the charge for the period would have reduced by £147,000

- If the share price were to increase at a slower rate than assumed the charge for the period would have increased by £nil

 

LTIP 2:

As with LTIP 1, LTIP 2 is designed to reward Directors and certain other senior employees in a way that aligns the interest of the LTIP participants with the interests of shareholders, as well as with the Group's long term strategic plan. As is the case with LTIP 1, LTIP 2 is Market Capitalisation based and becomes reward bearing above a Company Market Capitalisation of £183.7m. It also has a yearly EPS performance criterion through its life which can be adjusted by the Remuneration Committee.

 

Under the LTIP2 incentive arrangements 36,000 employee shareholder status shares in Personal Group Limited were awarded during 2015 (ESS Shares). Participants had immediate PAYE and NIC charges on the associated market value of the ESS Shares. A further 4,000 shares are available for allocation.

 

The ESS Shares are split equally into four classes, namely A,B,C and D shares, each of which carry a put option which allows the participants to exchange their ESS Shares for Personal Group Holdings Plc ordinary shares in tranches on reaching or exceeding the hurdles of market capitalisation and Annual EPS. Awards can be made annually starting in March 2017 (A shares) through to March 2020 (D shares) based on market capitalisation growth of the Company up to a market capitalisation of £350m and upon achieving the Annual EPS growth targets. The awards will be paid out as 20%, 40%, 70% and 100% cumulatively of the eligible share of growth in market capitalisation for A, B, C and D shares respectively.

 

An amount of £76K has been charged to the profit and loss account in the six months ended June 2017 (six months ended June 2016: £90,000) for this scheme based on the fair values determined by using a Log-normal Monte-Carlo stochastic model. Significant inputs to the model include the closing share price at grant date, a risk free rate of return of 1.32%, a dividend yield of 4.49% and a share price volatility of 15.78%. 10,000 iterations of the model were run to accurately represent the log-normal nature of returns to equity investments. The corresponding credit is taken to equity. No liabilities were recognised as this is an equity settled share based payment.

 

In addition to the charges above the related employers national insurance charge has been classified as share based expenses on the face of the profit and loss account.

 

 

Notes to the consolidated financial statements

 

 

11 Equity-accounted investment

 

During 2004 the Company entered into a joint venture agreement with Abbeygate Developments Limited to construct a freehold joint office and residential property development on land adjacent to John Ormond House. A joint venture company called Abbeygate Developments (Marlborough Gate 2) Limited was established to construct the property.

 

This company is owned equally by Personal Group Holdings Plc and Abbeygate Developments Limited.

 

The profit and loss account and balance sheet for this joint venture company are as follows:

 

Profit and loss account

 

6 months ended 30

June 2017

6 months ended 30

June 2016

12 months

ended 31 December 2016

 

 

Unaudited

Unaudited

Audited

 

 

£'000

£'000

£'000

 

 

 

 

 

Rent receivable

 

24

11

38

Administration expenses

 

(58)

(35)

(55)

 

 

________

________

________

Operating loss

 

(34)

(24)

(17)

 

 

________

________

________

Loss on ordinary activities before taxation

 

(34)

(24)

(17)

Tax on profit on ordinary activities

 

-

-

4

 

 

________

________

________

Loss for the financial period retained

 

(34)

(24)

(13)

 

 

________

________

________

Personal Group Holdings share of loss

 

(17)

(12)

(6)

 

 

________

________

________

 

Notes to the consolidated financial statements

 

 

Balance sheet

 

6 months ended 30

June 2017

6 months ended 30

June 2016

12 months

ended 31 December 2016

 

 

Unaudited

Unaudited

Audited

 

 

£'000

£'000

£'000

Current assets

 

 

 

 

Inventories

 

1,082

1,126

1,123

Debtors

 

198

338

183

 

 

________

________

________

 

 

1,280

1,464

1,306

 

 

 

 

 

Creditors: amounts falling due within one year

 

(27)

(197)

(28)

 

 

________

________

________

Net current assets

 

1,253

1,267

1,278

 

 

________

________

________

Capital and reserves

 

 

 

 

Called up share capital

 

-

-

-

Profit and loss account

 

1,253

1,267

1,278

 

 

________

________

________

Shareholders' funds

 

1,253

1,267

1,278

 

 

________

________

________

Personal Group Holdings share of net assets

 

627

634

639

 

 

________

________

________

 

 

 

 

 

12 Financial calendar for the year ending 31 December 2017

 

The company announces the following dates in its financial calendar for the year ending 31 December 2017:

· Preliminary results for the year ending 31 December 2017 - March 2018

· Publication of Report and Accounts for 2017 - March 2018

· AGM - April 2018

 

 

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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