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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October 21, 2021 02:00 ET (06:00 GMT)

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