Personal Group Holdings Plc reported an 11% year-on-year increase in revenue to £23.3 million for the six months ended June 30, 2025, with more than 90% of the total derived from recurring sources.
Adjusted EBITDA rose 41% to £5.5 million, compared to £3.9 million in the same period last year.
The group highlighted continued growth in recurring revenue streams across its insurance and benefits divisions, supporting its full-year outlook for 2025 and beyond. As of the half-year mark, the company held a cash position of £26.9 million and remained debt-free.
Annualised premium income (API) from insurance increased 12% to £38.0 million, up from £33.8 million in H1 2024. New insurance sales reached a record £7.4 million in API, a 7% increase from the prior year’s £6.9 million. The company attributed this performance to its direct sales strategy and new client acquisitions, which it said had expanded the addressable market.
Retention rates across insurance remained above 80% on a year-on-year basis. Claim levels for the period were stable.
The company previously reported full-year 2023 results showing continued momentum, with insurance API increasing to £31.6 million and the launch of the upgraded Hapi 2.0 platform. That year also saw the board declare a total dividend of 11.7 pence per share.
Personal Group said that development continues on a digital insurance offering, with several clients trialling a proof of concept. Work has also begun on a new group cash plan, with a launch targeted for later in the year.
The group’s digital benefits platform, Hapi, and its small business-focused Sage Employee Benefits (SEB) solution – developed with Sage Group plc – recorded a 10% increase in annual recurring revenue to £6.9 million, up from £6.3 million in H1 2024. Migration to a new platform version has been completed.
An expanded agreement with Sage now enables SEB to be integrated across more products in Sage’s portfolio. The first new market for SEB – Republic of Ireland – was launched at the beginning of H2 2025.
In 2022, the company acquired pay and reward consultancy Quintige Consulting. This acquisition was aimed at broadening Personal Group’s capabilities in the reward services space and enhancing the offering to large organisations. The integration of Quintige has supported subsequent growth in the Pay & Reward division.
In H1 2025, the group also signed a new distribution agreement with EB Now, a provider targeting the SME segment, with go-live planned in H2 2025.
Pay & Reward ARR grew 6% to £0.76 million. New clients secured during the period included De Beers Group, Financial Services Compensation Scheme, the European Tour and the British Medical Association.
The board said trading remains in line with market expectations for the full year. It cited the group’s recurring revenue base, partner expansion and performance in its insurance segment as key contributors to visibility in the second half.
Chief executive Paula Constant (pictured above), who joined the business in May 2023 following the retirement of former CEO Deborah Frost, said the company had delivered another record period for insurance sales and continued to add new customers and partners.
“Personal Group has all the ingredients to accelerate growth, with a strengthened senior leadership team, streamlined operations, and reinvigorated sales approach. We are confident in continuing our progress in the second half, and have line of sight to achieving our aspirations to deliver in excess of £100m revenues, Group EBITDA of £30m and SaaS ARR of £20m, by 2030,” she said.
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