TIDMPGH
RNS Number : 1787L
Personal Group Holdings PLC
17 July 2017
Press Release 17 July 2017
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 post the half-year
end on 30 June 2017.
The performance of the Group during the first half of the year
was in line with management expectations. The core insurance
business continued to deliver solid results, driven by the
performance of the sales team, which saw an increase in its daily
productivity in the period. Let's Connect also had an encouraging
start to the year, partly due to clients taking advantage of
expiring tax exemptions on mobile phone products.
With the ratification of the Finance Bill in April this year,
the HMRC treatment for Salary Sacrifice Technology is now certified
and much simpler. Any uncertainties around tax treatment of the
product offer have also now been clarified. The systems and product
offerings have been adjusted to reflect these changes ahead of
second half trading. Customers have welcomed this new operating
environment, which has given them the comfort they needed to
support the offer to their employees.
The Company's partnership with Sage to deliver Sage Employee
Benefits ("SEB") to their extensive SME customer base continues to
make good progress. The strategy has now been expanded to embed a
version of SEB, which doesn't have the insurance products, into a
standard payroll 'bundled' product. This additional initiative is a
'land and expand' strategy, where every 'bundle' has a portion of
SEB licences included. The approach supports the upsell of
additional licences to cover all employees.
In line with the Company's commitment to improve its overall
client offer, by introducing select third party services into the
product range, Personal Group added a financial wellbeing product
during the period. The product is aimed at helping client employees
manage their day-to-day finances, through affordable loans,
financial education and savings products. Personal Group has
partnered with Neyber and SalaryFinance to provide these
offers.
Mark Scanlon, Chief Executive of Personal Group, commented:
"We're pleased with the progress the Company has made during the
first half, in what has been a solid start to the year. The core
insurance product has continued to underpin our business and we are
seeing our Salary Sacrifice Technology income line regain momentum,
with the uncertainties that division suffered from last year now
behind it. The opportunity to develop our offer into the SME market
through Sage continues to progress, with the SEB product now
embedded into the Sage product. This approach reflects the
strategic importance of SEB to Sage and its continued commitment to
what is an innovative product for them. The Company is well
positioned to continue its growth and we are confident about making
further progress in 2017."
-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 / Stephen Keys (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
TSTGGUQPMUPMGMC
(END) Dow Jones Newswires
July 17, 2017 02:00 ET (06:00 GMT)
Personal (LSE:PGH)
Historical Stock Chart
From Apr 2024 to May 2024
Personal (LSE:PGH)
Historical Stock Chart
From May 2023 to May 2024