PensionBee on course to profitability with AUA and customer increase

Trading update for the nine months to the end of September

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PensionBee is on track to achieve profitability as it reported a 68% increase in invested customers and a 24% increase to its assets under administration (AUA) in the nine months to the end of September.

The company, which is an online pension provider established in 2014, said it had 956,000 customers registered at the end of September of which 174,000 were invested. This compared to 602,000 customers with 104,000 invested at the end of September 2021. PensionBee's AUA also rose 24% year-on-year to £2.8bn. As a result the company is expected to achieve its profitability goals and the board anticipates double digit revenue growth for the short term. Full year revenue is anticipated to be within previous guidance of £17m-£18m. The company aims to reach pre-marketing profitability by...

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