PensionBee on course to profitability with AUA and customer increase

Trading update for the nine months to the end of September

clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Companies

Fintel targets future growth as Ken Davy exits chair role

Fintel targets future growth as Ken Davy exits chair role

Fintel names Phil Smith as chair replacing Ken Davy

Jenna Brown
clock 21 March 2023 • 2 min read
Kingswood UK operating profit up 80% to £11m in 2022

Kingswood UK operating profit up 80% to £11m in 2022

Trading statement for the year ended 31 December 2022

Jenna Brown
clock 15 March 2023 • 2 min read
PE-backed Skerritts snaps up Horsham-based planning firm

PE-backed Skerritts snaps up Horsham-based planning firm

Second acquisition of 2023 follows January’s Equinox Wealth deal

Jenna Brown
clock 13 March 2023 • 1 min read