Personal Group confident on outlook as face-to-face insurance sales restart

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Personal Group Holdings PLC (AIM:PGH) posted higher interim revenues and restarted face-to-face insurance sales, which should help to lift earnings going forward.


In the six months ended 30 June, revenue rose 12% to GBP34mln but adjusted underlying earnings (EBITDA) declined 18% to GBP4mln as COVID-19 restrictions hit in-person meetings.


READ: Personal Group revenues rise as workplace benefits “resonate more than ever”


The workforce benefits and services provider declared an interim dividend of 5.3p per share and ended the period with cash and deposits of GBP22mln and no debt.


In the first half, it secured 40 new client wins, including home goods retailer Homebase, University of York and The Royal Mint.


“Demand for our offering has never been stronger, as we have seen more and more people appreciating the risks of living without health and life insurance and wanting peace of mind in these uncertain times,” said chief executive Deborah Frost.


“Additionally, the impact of wage inflation and the competitive market for talent means employers need to consider what their holistic proposition offers to their workforces more carefully than they have previously.”


“As businesses from all sectors increasingly acknowledge their responsibility to support their employees and address their needs, we believe that our unique offering, combining insurance and other employee wellbeing support and benefits, will continue to resonate with the market and our clients’ employees alike. Notwithstanding the ongoing impact of lower insurance sales last year, as in-person meetings were halted in line with pandemic restrictions, I am extremely encouraged by the progress we have made in the first half of 2021 and post-period end.”

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