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PensionBee FY adjusted underlying losses widen

Thu 16 Mar 2023 07:16

(Sharecast News) - Online pension provider PensionBee said on Thursday that full-year adjusted underlying losses had widened despite seeing revenues surge year-on-year. PensionBee stated adjusted underlying losses had widened from £16.4m to £19.5m, despite posting a 38% increase in revenues to £17.7m, reflecting continued investment in growth. Adjusted underlying earnings margins improved from -129% to -110%.

Pre-tax losses, on the other hand, narrowed from £25.0m to £22.4m and assets under administration increased by 17% year-on-year to £3.0bn, driven predominantly by strong net flows from new and existing customers.

Chief executive Romi Savova said: "We are pleased to report strong full year results for 2022, having exceeded £3.0bn of assets under administration, despite the challenging global capital markets.

"Encouraged by strong year-to-date trading driven by customer growth and healthy net flows from new and existing customers, we are on track to achieve our primary objective of ongoing adjusted EBITDA profitability by the end of 2023 and to become profitable for the full-year 2024."

As of 1130 GMT, PensionBee shares were down 1.23% at 97.78p.

Reporting by Iain Gilbert at Sharecast.com

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