H1 2026 Trading Update

Personal Group Holdings PLC

22 July 2026

 

 22 July 2026

PERSONAL GROUP HOLDINGS PLC

("Personal Group", "Company" or "Group")

H1 2026 Trading Update

Strong revenue growth and 22% increase in adjusted EBITDA; trading remains in line with market expectations for the full year 

Personal Group Holdings Plc (AIM: PGH), the workforce benefits and insurance provider, is pleased to provide the following update for the six-month period ended 30 June 2026 ("H1 2026").

Financial Highlights

·	Group revenue up 10% to £25.7m (H1 2025: £23.3m), with >90% from recurring revenue sources
·	Adjusted EBITDA* up 22% to £6.7m (H1 2025: £5.5m)
·	Robust revenue growth across all areas of the business, providing good visibility for the full year ("FY 2026") and beyond:
	o	Insurance revenue up 11% to £19.4m (H1 2025: £17.4m), driven by strong new business sales and higher average premiums
	o	Benefits and Reward revenue up 9% to £5.7m (H1 2025: £5.2m)
·	Record new H1 insurance sales of £8.1m API (H1 2025: £7.4m), with API up 12% on previous year to £42.4m
·	Continued high retention rates across all areas of the business
·	Strong balance sheet and liquidity with a cash position of £29.4m as at 30 June 2026 (31 December 2025: £29.0m) and no debt

* Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, profit or loss on disposal of subsidiaries, corporate acquisition costs and restructuring costs.

** For the purpose of this announcement, the Company believes market expectations for FY 2026 to be Revenue of £54.4m and Adjusted EBITDA of £14.1m.

Operational Highlights  

Affordable Insurance

Insurance sales continue to grow, delivering another record half year, with annualised insurance sales up 9% to £8.1m (2025: £7.4m). Insurance API increased 12% to £42.4m (30 June 2025: £38.0m), underpinned by new business wins and strong customer retention levels of over 80% year-on-year. Claims levels in H1 2026 remained consistent with past periods.

The Group has had a strong performance in insurance sales in the period which has given us the confidence to expand our field team delivering face-to-face sales.  The number of field days delivered has increased as a result, and pleasingly, so has the average premium per customer. Our strategic partnership with Simply Health, signed in the previous quarter, has already begun generating promising leads, providing early validation of the opportunity and supporting our insurance pipeline, and the digital channel continues to show encouraging signs of potential.

Benefits & Rewards

The Group's benefits platform, Hapi and its SME-focused offering in partnership with Sage Group plc: Sage Employee Benefits ("SEB"), has experienced further ARR growth in the period of 2% to £7.1m (30 June 2025: £6.9m).  The number of Hapi clients has grown 11% year on year and while the number of leads generated through our partnership with Sage was lower than expected in Q1, targeted actions have started to deliver increased leads in Q2.

The Pay & Reward division ("Innecto") enjoyed further customer success, securing contracts with Deliveroo, Newcastle United F.C., Rugby Football Union ("RFU"), Vertis and Secure Trust Bank PLC.   Innecto is focused on delivering new digital solutions for customers alongside its consultancy offering to drive new sales.

Outlook

The Group continues to benefit from high levels of recurring revenues, a growing product offering and expanding partner programme, supported by excellent cash generation and a strong balance sheet. These factors, combined with the continued strong Insurance performance in H1 2026, provide the Board with confidence that trading remains in line with market expectations^** for the full year.

Paula Constant, Chief Executive of Personal Group, commented: "H1 2026 performance reflects strong execution across the business and provides further proof points that our strategy is delivering the intended benefits for customers, employees and shareholders. The team has delivered yet another record period for insurance sales, underpinned by a mix of strong retention rates and new business wins.  We were delighted to be recognised as one of the Sunday Times Best Places to Work, underlining our commitment to our workforce. The Group remains highly cash generative and supported by a strong balance sheet, providing us with a strong platform on which to execute our strategy."

For more information please contact:

Personal Group Holdings Plc
Paula Constant (CEO) / Matt Cohen (CFO)	Via Alma
Canaccord Genuity Limited (Nominated Adviser & Broker)
Max Hartley / Harry Rees	[phone]
Alma Strategic Communications	[phone]
Caroline Forde / Rose Docherty	[e-mail]

Notes to Editors

Personal Group Holdings Plc (AIM: PGH) is a workforce benefits and health insurance provider. Its vision is to be the champion of affordable and accessible insurance and benefits, keeping businesses and their employees happy, healthy and protected. The Group is proud to support the health and wellbeing of c. 1.25 million UK employees.

The Group's insurance provides employees with access to affordable, individual policies for hospital, recovery and death benefit plans. The Group's award-winning benefits platform, Hapi, brings together extensive employee benefits, discounts and rewards, in one responsive platform. As well as being sold direct to employers, the Hapi platform supports Sage's Employee Benefits offerings for SMEs.  The Group also offers pay and reward consultancy to UK clients through its Innecto brand.

This comprehensive range of offerings, powerful platform and unique sales model of face-to-face, one-to-one engagement with employees, provides Personal Group with a strong market position from which to grow. 

Head-quartered in Milton Keynes, the Group has built an extensive blue-chip customer list over its 40-year history, including Airtanker, B & Q, Barchester Healthcare, British Transport Police, British Airways, Merseyrail, Office of National Statistics, Randstad, Royal Mail Group, The Royal Mint, Stagecoach Group plc, and The University of York

For further information on the Group please see www.personalgroup.com

 

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