TIDMPGH
RNS Number : 8601U
Personal Group Holdings PLC
27 October 2017
Press Release
Personal Group Holding PLC
(the "Company", "Personal Group", "PGH" or "Group")
Trading Update
Personal Group PLC, a leading provider of employee services in
the UK, provides the following trading update.
The Company's core insurance business continues to perform well,
having made an encouraging start to the second half of the year.
The SME offer, through the partnership with Sage, is exceeding
management's expectations and other SaaS sales of the Hapi platform
remain strongly up on last year, including an additional 14,000
SaaS licences since June this year. The Company's new financial
wellbeing product, including affordable loans, has also made an
encouraging start.
The Company's salary sacrifice business continues to benefit
from the recent clarity and greater simplicity of tax treatment as
a result of the Finance Bill earlier this year. However, a key
salary sacrifice customer has informed the Company that for its own
short term operational reasons, it, like a few other customers,
will now delay the planned offering to its employees into next
year. The salary sacrifice revenue from these customers is expected
to be unchanged in the next six months with the delay only
affecting the timing and not the value of the proposition.
As a result, Group revenue for the current year is now expected
to be lower than reported for full year 2016. Despite this impact
to revenue, the ongoing strength of the core insurance business and
the recent traction across the Hapi platform, alongside the Group's
focus on cost control, provides continued confidence that the Group
will meet its full year EBITDA profit expectations.
Mark Scanlon, Chief Executive of Personal Group, commented:
"Despite this short-term revenue impact, the underlying business
is in a strong position, giving us confidence that the Group will
meet full year EBITDA profit expectations. The Group offer is
better placed than ever as we enter 2018. The core insurance
business continues to deliver and we look forward to seeing
continued growth from our SaaS offer, both in SME and beyond."
-ENDS-
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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, serving 550 businesses, reaching 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, wellbeing programmes and salary sacrifice cars and
bikes.
The offer is provided via the Company's proprietary technology
platform, Hapi. The platform is intuitive and accessible via web,
tablet and mobile app, 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 27m 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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