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PensionBee: Pivotal Profitability Milestone Achieved
PensionBee Group plc (‘PensionBee’ or the ‘Company’), a leading online pension provider, announces the achievement of Adjusted EBITDA(1) profitability for October 2023, with Assets under Administration(2) of approximately £4 billion.
Based on current market conditions, the Company expects to be Adjusted EBITDA(1) profitable across the fourth quarter of 2023 and for FY2024. The Company continues to maintain a robust cash balance of over £12 million.
This performance has been driven by a combination of a growing customer base, strong net inflows from new and existing customers, the inherent scalability of its technology platform and sustainable cost discipline.
Romi Savova, Chief Executive Officer of PensionBee, said: “We are delighted to have achieved sustainable Adjusted EBITDA profitability, which represents another key milestone in our journey as a public company and delivers on the guidance we gave investors at the time of our listing in April 2021.
We continue to grow our market share of the vast, addressable £1 trillion UK Defined Contribution pension market as we leverage our scalable technology platform and excellent customer service capability to rapidly grow our customer base and their savings with us. With nearly a quarter of a million customers entrusting us with their pension savings, we are continuing to make progress towards our purpose of helping consumers look forward to a happy retirement.”
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