PensionBee Group plc 3Q 2021 Results Announcement (7342P)
21 Octubre 2021 - 01:00AM
UK Regulatory
TIDMPBEE
RNS Number : 7342P
PensionBee Group plc
21 October 2021
PensionBee Group plc
Incorporated in England and Wales
Registration Number: 13172844
LEI: 2138008663P5FHPGZV74
ISIN: GB00BNDRLN84
21 October 2021
PensionBee Group plc
Trading Update for the nine months ending 30 September 2021
Customer Centric Proposition Drives Further Growth
PensionBee Group plc ("PensionBee" or "the Company"), a leading online pension provider, today
announces a trading update for the nine months ending 30 September 2021.
Highlights
-- Continued to deliver strong growth across its core KPIs during the quarter, in line with guidance
and expectations
-- Strong value proposition continued to resonate with new and existing customers across the
UK, with a Registered Customer base in excess of 600,000
-- Invested Customers increased by 75% year on year to 104,000 (Sep 2020: 59,000)
-- Assets under Administration (AUA) increased by 108% year on year to GBP2,247m (Sep 2020: GBP1,082m)
-- Annual Run Rate Revenue increased by 107% to GBP13.9m (Sep 2020: GBP6.7m)
The Company made further targeted investment in customer acquisition and brand awareness,
with a specific focus on Out of Home advertising, while ensuring that Cost per Invested Customer
remained within the desired range previously communicated, with the objective of maximising
return on investment. It continued to invest in product innovation in order to enhance the
customer experience and further its strategic goals, including delivering additional functionality
through its new "easy bank transfer" feature via an open banking Plaid integration. PensionBee
also continued to invest in its industry-leading technology platform, building out its data
platform capability and data team.
PensionBee prides itself on its excellent customer service, maintaining a Customer Retention
Rate in excess of 95% and achieving an Excellent Trustpilot rating. It continuously engages
with customers and has simplified its investment offering with two of its less core plans
(Match Plan and Future World Plan) being merged into other plans.
Outlook
The strong performance achieved during the period and the continuation of the growth trajectory
during the year to date, combined with the scale of the opportunity in the UK Defined Contribution
pensions market and PensionBee's broad appeal to customers across the UK, underpins the Board's
confidence in the future growth opportunity for the Company. As such, the Company re-iterates
the guidance given at the time of the IPO and now expects revenue growth for 2021 to be at
the top end of the range.
Continued growth in customer numbers provides increasing visibility over longer term performance
and the Company anticipates providing more detailed financial guidance for FY22 at the time
of our trading update for the year to 31 December 2021 in January 2022.
It remains PensionBee's intention to transition to the Premium Segment of the London Stock
Exchange's Main Market during the first half of 2022.
There will be a presentation for analysts and investors this morning at 8:30am via webcast.
Please contact pensionbee@tulchangroup.com if you would like to attend.
Romi Savova, CEO of PensionBee, commented:
"We are pleased with our strong financial and operational performance over the period, demonstrating
the strength of our customer focused proposition and the extent to which our offering continues
to resonate with the UK population. Our investment in technology and brand awareness will
allow us to make further progress against our growth strategy, bringing us one step closer
towards achieving our goal of making pensions simple for all while continuing to make positive
changes in the pensions industry."
Financial summary
As at Period End
Sep-2020 Dec-2020 Sep-2021 YoY change
--------- --------- --------- -----------------
AUA (GBPm)(1) 1,082 1,358 2,247 108%
AUA Retention Rate (% of AUA) (2) >95% >95% >95% Stable
Registered Customers (thousands) (3) 353 403 602 71%
Active Customers (thousands) (4) 104 119 155 49%
Invested Customers (thousands) (5) 59 69 104 75%
Customer Retention Rate (% of IC) (6) >95% >95% >95% Stable
Cost per Invested Customer (GBP) (7) 229 232 250 Within Threshold
Same Year RC: IC Conversion (% of RC) (8) 17% 17% 17% Stable
Contractual Revenue Margin (% of AUA) (9) 0.69% 0.69% 0.70% +1bp
For the Period Ending
Sep-2020 Dec-2020 Sep-2021 YoY change
--------- --------- --------- -----------
Revenue (GBPm)(10) 4.2 6.3 8.9 110%
Annual Run Rate Revenue (GBPm) (11) 6.7 8.8 13.9 107%
Adjusted EBITDA (GBPm) (12) (7.2) (10.4) (11.9) 66%
Adjusted EBITDA Margin (% of Revenue) (13) (169%) (166)% (133%) +36ppt
For the Period Ending
Q3-2020 FY 2020 Q3-2021 YoY change
-------- -------- -------- -----------
Opening AUA (GBPm)(1) 745 745 1,358 82%
Gross Inflows (GBPm) 393 593 824 109%
Gross Outflows (GBPm) (49) (70) (104) 114%
Net Inflows (GBPm) 345 523 720 109%
Market Growth and Other (GBPm) (8) 90 169
Closing AUA (GBPm)(1) 1,082 1,358 2,247 108%
1 Assets under Administration (AUA) is the total invested value
of pension assets within PensionBee Invested Customers' pensions.
It measures the new inflows less the outflows and records
a change in the market value of the assets. AUA is a measurement
of the growth of the business and is the primary driver of
Revenue.
2 AUA Retention measures the percentage of retained PensionBee
AUA from Transfer Outs over the average of the trailing twelve
months. High AUA retention provides more certainty of future
Revenue. This measure can also be used to monitor customer
satisfaction.
3 Registered Customers (RC) measures customers who have started
the sign-up process and have submitted at least a name and
an email address and includes those customers who are classified
as Active Customers.
4 Active Customers (AC) means all customers who have requested
to become an Invested Customer by accepting PensionBee's
terms of business but for whom the transfer or contribution
process is not yet completed and all customers who are classified
as Invested Customers.
5 Invested Customers (IC) means those customers who have transferred
pension assets or made contributions into one of PensionBee's
investment plans.
6 Customer Retention Rate measures the percentage of retained
PensionBee Invested Customers over the average of the trailing
twelve months. High customer retention provides more certainty
of future Revenue. This measure can also be used to monitor
customer satisfaction.
7 Cost per Invested Customer (CPIC) means the cumulative advertising
and marketing costs incurred since PensionBee commenced trading
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.
8 Same Year RC:IC Conversion percentage is calculated by dividing
the number of Invested Customers as at the end of the period
by the number of Registered Customers at the end of the period.
This measure monitors PensionBee's ability to convert customers
through the acquisition funnel.
9 Contractual Revenue Margin means the weighted average contractual
fee rate across PensionBee's investment plans (before applying
any size discount) calculated by reference to the amount
of AUA held in each plan across the period.
10 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.
11 Annual Run Rate (ARR) Revenue is calculated using the Recurring
Revenue for the relevant month multiplied by 12.
12 Adjusted EBITDA is the profit or loss for the period before
taxation, finance costs, depreciation, share based compensation
and transaction costs.
13 Adjusted EBITDA Margin means Adjusted EBITDA as a percentage
of Revenue for the relevant period.
Enquiries:
PensionBee via Tulchan
Tulchan Communications pensionbee@tulchangroup.com
James Macey White +44 (0)20 7353 4200
Victoria Boxall
Laura Marshall
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 GBP2.25 billion in Assets under Administration
as at 30 September 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 an Excellent Trustpilot rating.
PensionBee is admitted to trading on the High Growth Segment of the London Stock Exchange's
Main Market (LON:PBEE).
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