Interim Results
Summary by AI BETAClose X
15 September 2026 |
PERSONAL GROUP HOLDINGS PLC
(“Personal Group”, “Company” or “Group”)
Interim Results for the six months ended 30 June 2026
Double digit revenue growth and a 22% increase in adjusted EBITDA*.
Trading in line with market expectations for the full year.
Personal Group Holdings Plc (AIM: PGH), the workforce benefits and insurance provider, is pleased to announce its interim results for the six months ended 30 June 2026 (“H1 2026”).
The first six months has seen continued strong performance across the Business with record insurance sales driving double digit revenue growth and a 22% increase in adjusted EBITDA*. The Group has delivered basic earnings per share of 12.3p, a 28% increase versus H1 2025, while return on tangible equity of 29.6% demonstrates the attractive earnings power of the business model. The Group’s increasing annualised recurring revenue streams provide confidence for the remainer of FY26 and beyond and has enabled the Board to recommend a 10% increase in the 2026 Interim Dividend.
Financial Highlights
Group revenue up 10% to £25.7m (H1 2025: £23.3m), with growth across all business segments and more than 90% derived from recurring revenue sources
Adjusted EBITDA* up 22% to £6.7m (H1 2025: £5.5m)
Profit before tax up 21% to £4.6m (H1 2025: £3.8m)
Basic EPS of 12.3p (H1 2025: 9.6p), an increase of 28%
Return on Tangible Equity of 29.6% (H1 2025: 25.6%), top quartile performance relative to other listed UK financial services peers
£6.4m of cash generated from operating activities (H1 2025: £4.0m), with cash and deposits at 30 June 2026 of £29.4m (31 December 2025: £29.0m), and no debt
Interim dividend increased by 10% to 9.0p (H1 2025: 8.2p), reflecting the Company’s ongoing confidence in the Group’s performance and prospects.
Operational Highlights
Affordable Insurance:
Insurance revenue up 11% to £19.4m (H1 2025: £17.4m), driven by new business sales and higher average premiums
A record period for new insurance sales, with new annualised insurance sales up 9% to £8.1m (H1 2025: £7.4m)
Overall client penetration increased to 14.7% (30 June 2025: 13.7%)
New client wins added a further 9,000 addressable employees in the period
Net promoter scores remain strong at +67
New partnerships with Santé and Simplyhealth launched and embedded, generating qualified leads
Benefits and Reward:
Benefits & Rewards revenue up 9% to £5.7m (H1 2025: £5.2m)
22 new Hapi customers, including two secured through competitive tender
Net revenue retention rose to 97% (FY 2025: 94%)
ARR growth of 3%, reflecting lower than anticipated leads from Sage contract, before acceleration in the second quarter
Pay & Reward continued healthy performance, delivering revenue of £1.3m (H1 2025: £1.2m) and over 16 new business wins, including several household brands
Post-Period Trading and Outlook
Strong new insurance sales have continued at the start of H2 2026, with retention rates remaining robust. Trading in Q3 has remained in line with management’s expectations to date. This, combined with the Group’s growing recurring revenues, underpins the Board’s confidence in achieving market expectations for the full year.
*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation of intangible assets, goodwill impairment, share-based payment expenses, corporate acquisition costs and restructuring costs.
Paula Constant, Chief Executive of Personal Group, commented: “Personal Group has made a strong start to 2026, delivering growth across every part of the business. Record insurance sales helped drive a 10% increase in Group revenue and 22% growth in Adjusted EBITDA*, while our recurring revenue base of over 90% provides resilience and good visibility.
Our focus on operational grip over the past three years is clearly translating into results. We are expanding our addressable customer base, increasing penetration within existing clients and developing new routes to market through partnerships and digital offerings, while continuing to invest in our platform and our people.
Trading since period end has remained in line with our expectations, with insurance sales and retention rates continuing to be robust. We remain confident in delivering results in line with market expectations for the full year.”
Investor Presentation
Personal Group Holdings will host a webinar for investors at 9am on Friday 18 September. If you would like to register for the webinar, please follow this link: https://www.investormeetcompany.com/personal-group-holdings-plc/register-investor
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 |
+44 (0)20 7523 8000 |
|
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Alma Strategic Communications |
+44 (0)20 3405 0205 |
Caroline Forde / Rose Docherty |
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
CEO STATEMENT
Personal Group exists to help businesses positively impact the happiness, health and protection of their employees. In the first half of 2026 we extended that protection to more people than in any comparable period in the Group's history. New annualised insurance sales reached a first-half record, taking annualised premium income to £42.4m. Group revenue grew 10% and Adjusted EBITDA grew 22%, with more than 90% of Group revenue now coming from recurring sources.
Strategy
Our strategy is to optimise and grow through three routes: (1) Expanding our customer base, enhanced through partnerships (2) Driving adoption through focused operational execution and (3) Innovating with new products and services.
Our focus this year is on converting that strategy into specific operational disciplines: tighter sales processes, improved utilisation of field time, outlining detailed KPIs with existing and new partners, and continued investment in our platform. These actions will provide a pathway to a considerably larger and more profitable business, in line with our 2030 aspirations.
The market backdrop remains supportive. Cost-of-living pressures continue to prompt individuals to seek greater financial security, while employers contend with rising sick leave increasingly recognise the part that insurance and benefits adoption play in retention, absenteeism and productivity. As the cost of private medical insurance rises, demand for both employee- and employer paid cash plans continues to grow. Our proposition – affordable insurance, a market-leading SaaS benefits platform and pay and reward consultancy – is a holistic answer to that need, and it can be delivered at low incremental cost to the employer. Our face to-face model remains our significant differentiator: it reaches the deskless and lower-income workers who are typically least well served, protecting the unprotected and connecting the unconnected.
Performance
Group revenue increased 10% to £25.7m (H1 2025: £23.3m), with growth in every part of the business. Adjusted EBITDA rose 22% to £6.7m (H1 2025: £5.5m), reflecting that revenue growth together with the operating leverage that is emerging as we scale. Profit before tax was £4.6m (H1 2025: £3.8m) and basic earnings per share grew 29% to 12.3p (H1 2025: 9.6p). Return on tangible equity of 29.6% (H1 2025: 25.6%) remains above industry standards. Retention remained high across the Group, and we ended the period with cash of £29.4m and no debt (31 December 2025: £29.0m), having returned £4.7m in the period in dividends.
Operational review
Affordable Insurance
Revenue increased 11% to £19.4m (H1 2025: £17.4m), driven by new business sales and higher average premiums. New annualised insurance sales grew 9% to a first-half record of £8.1m (H1 2025: £7.4m), taking annualised premium income ("API") to £42.4m, up 12% year on year, with average premium per payor increasing. Growth came from both new client wins and upsell into the existing base and was evident across all sectors. Claims levels in the first half were broadly consistent versus historic averages, as anticipated. These combined factors resulted in a 22% increase in adjusted EBITDA contribution to £8.0m (H1 2025: £6.6m).
This performance reflects the operational grip we have prioritised over the past 18 months. Field sales days were higher than in the comparable period as a result of improved site visit efficiency. Customer service levels improved across the full range of SLAs despite record sales volumes – recognised externally with an award for SME customer service at the 2026 Institute of Customer Service Awards. Penetration of our total sites increased to 14.7% (30 June 2025: 13.7%), which we regard as a considerable expansion opportunity rather than a task completed, and new customer wins added a further 9,000 addressable employees in the period.
Growth in the addressable employee base and deeper penetration of existing clients remain the largest near-term drivers of insurance growth. We increased the Insurance sales team headcount by 21% in the period and expect further recruitment in the second half in line with our budget. The strength of new sales gives us the confidence to make that investment, supporting revenue growth in future periods.
During the period, we launched and began embedding strategic distribution partnerships with Santé and Simplyhealth, representing the first stage of expanding our broker and intermediary channel. These partnerships create reciprocal opportunities to distribute complementary insurance and wellbeing products, extending our reach into new customer segments and increasing our addressable market. Early results are encouraging, with qualified opportunities being generated through both partnerships.
In parallel, we have enhanced our direct go-to-market strategy, moving beyond account-based marketing to a broader sector-led demand generation model. Focusing on food manufacturing and packing, care, and logistics and distribution, we are building market presence and authority through targeted multi-channel campaigns, sector-specific propositions, thought leadership and digital engagement. Together, these initiatives are intended to strengthen pipeline quality, diversify lead sources and support future growth.
The Group’s Digital Insurance offer provides an additional growth channel over the medium to long term, extending our portfolio, increasing routes to market and adding to recurring revenue.
Benefits & Rewards
Revenue from Benefits and Reward, comprising our Hapi platform, SEB and our Pay & Reward consultancy, increased 9% to £5.7m (H1 2025: £5.2m), with a resulting growth in EBITDA of 8% to £3.1m (H1 2025: £2.8m). ARR growth of 3% to £7.9m in the period (30 June 2025: £7.7m) was relatively muted, following lower than anticipated leads from the Sage partnership in the first quarter, before acceleration in Q2 and into Q3.
While enterprise sales cycles remain protracted, we added 22 new Hapi customers during the period, including two secured through competitive tender. Net revenue retention improved to 97% (FY 2025: 94%), reflecting continued progress against our strategic objectives.
During the period, we continued to invest in the platform, delivering enhancements to security, accessibility and user experience, while strengthening the underlying technology through a significant programme of technical debt reduction, platform optimisation and licensing rationalisation. These improvements have enhanced scalability, reduced complexity and increased our ability to deliver future innovation and monetisation opportunities.
We also continued to broaden our wellbeing proposition through the integration of Simply On-Demand, which launches as a standard Hapi module in September. Through our partnership with Simplyhealth, the service provides employees with access to a network of clinically approved on-demand healthcare services, including discounted and self-pay options. Hapi is uniquely positioned to offer this capability as an integrated component of its platform at no additional cost, further strengthening our market differentiation.
Our expanded partnership with Sage continues to open up additional products, segments and regions, and while leads were slow to build in the first part of the year, this represents a considerable opportunity and further partnership discussions are ongoing. Much of our focus this year in the UK has been on further improving retention, which, whilst always a strong performance metric, has further benefited from a refocus of customer service engagement and onboarding interventions, including a review of the commercial save proposition and a redesign of the automated onboarding journey.
Personal Group's Pay & Reward division continued to perform well, delivering revenue of £1.3m (H1 2025: £1.2m) and EBITDA of £0.42m (H1 2025: £0.41m), supported by strong consultancy performance and growing contribution from digital solutions. We continue to enhance our digital pay and reward proposition, including the expansion of RoleSense with integrated market pay intelligence. Pathfinder, our SaaS platform for career architecture and workforce planning, secured further customer wins during the period and continues to build a healthy sales pipeline alongside active partnership discussions. Overall, the division recorded more than 16 new client wins, including Deliveroo, Newcastle United, Rugby Football Union, Vertis and Secure Trust Bank. Looking ahead, we are increasing investment in market engagement through an expanded events programme, targeted lead generation activity and new industry research initiatives, designed to strengthen our market profile, support pipeline growth and create new opportunities across both consultancy and digital services.
Our people
Underpinning all of this progress is our people. During the period our already impressive internal engagement score increased from 80% at the end of the year to 85%, and we were proud to be named in the Sunday Times Best Places to Work Awards, reflecting our industry-leading people policies. We have continued to elevate our DEIB journey, achieving accreditation from a leading UK provider, and have implemented a suite of recruitment tools to elevate the calibre of new hires, an important part of our future success. Post period end, we were pleased to achieve the Real Living Wage Employer accreditation.
Interim Dividend
In accordance with the Group’s dividend policy of paying dividends equivalent to approximately one times basic EPS, the Board is pleased to announce an interim dividend for 2026 of 9.0p (2025: 8.2p), representing a 10% increase on the previous year. The interim dividend represents approximately 35-40% of the expected annual distribution, in line with a prudent approach to capital management and providing flexibility to reflect full-year earnings and capital outcomes in the final dividend. The interim dividend is to be paid on 30 October 2026 to members on the register as at 15 September 2026. Shares will be marked ex-dividend on 25 September 2026.
Current trading and outlook
Trading since the period end has continued in line with the Board's expectations, with new insurance sales and retention rates remaining robust. Our recurring revenue base, representing more than 90% of Group revenue, together with the API and ARR secured in the first half, provides good visibility for the remainder of FY 2026. On this basis the Board remains confident of delivering full-year results in line with market expectations.
In the second half, we will continue to advance partnership leads, implement our improved direct sales and marketing lead generation plans, embed and improve the skills of our newer workforce entrants, and continue the thorough testing of our new products and services, as we continue to progress our strategic ambitions.
Personal Group is a strong, profitable business with differentiated propositions and routes to market. The accelerated growth in the first half of 2026 further substantiates this position. Through our considered strategy, we are putting the building blocks in place for sustainable long-term growth and increased shareholder value.
My thanks go to our teams across the business, whose pace and focus are evident in these results, and to our customers and shareholders for their continued support.
Paula Constant
Group Chief Executive
15 September 2026
Consolidated Income Statement
|
|
6 months ended 30 June 2026 Unaudited
|
6 months ended 30 June 2025 Unaudited
|
|
Note |
£’000 |
£’000 |
|
|
|
|
Insurance revenue |
|
19,381 |
17,391 |
5,701 |
5,241 | ||
44 |
45 | ||
556 |
662 | ||
_____ |
________ | ||
25,682 |
23,339 | ||
________ |
________ | ||
4 |
(9,917) |
(9,345) | |
|
(36) |
(32) | |
|
(4,048) |
(3,829) | |
|
(34) |
(35) | |
|
(6,902) |
(6,130) | |
|
(122) |
(122) | |
|
(75) |
(65) | |
|
|
________ |
________ |
Expenses |
|
(21,134) |
(19,558) |
|
|
________ |
________ |
Operating profit |
|
4,548 |
3,781 |
Finance costs |
|
(30) |
(41) |
Unrealised gains on equity investments |
|
84 |
48 |
|
|
________ |
________ |
Profit before tax |
|
4,602 |
3,788 |
Tax |
5 |
(733) |
(794) |
|
|
________ |
________ |
Total comprehensive income for the period |
|
3,869 |
2,994 |
|
|
________ |
________ |
Earnings per share |
|
Pence |
Pence |
|
|
|
|
Basic earnings (loss) per share |
|
12.3 |
9.6 |
|
|
|
|
Diluted earnings (loss) per share |
|
11.8 |
9.2 |
|
|
|
|
The total comprehensive income for the period is attributable to equity holders of Personal Group Holdings Plc.
Consolidated Balance Sheet
|
|
At 30 June 2026 Unaudited |
At 31 December 2025 Audited | |
|
Note |
£’000 |
£’000 | |
ASSETS |
|
|
| |
Non-current assets |
|
|
| |
Goodwill |
7 |
2,684 |
2,684 | |
Intangible assets |
8 |
5,190 |
5,199 | |
4,604 |
3,959 | |||
_______ |
_______ | |||
12,478 |
11,842 | |||
________ |
________ | |||
|
| |||
4,855 |
5,721 | |||
7,904 |
13,914 | |||
6 |
- | |||
26,413 |
25,011 | |||
1,135 |
870 | |||
________ |
________ | |||
40,313 |
45,516 | |||
________ |
________ | |||
52,791 |
57,358 | |||
________ |
________ | |||
|
|
|
| |
Consolidated Balance Sheet
|
|
At 30 June 2026 Unaudited |
At 31 December 2025 Audited |
|
Note |
£’000 |
£’000 |
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
Equity attributable to equity holders of Personal Group Holdings plc |
|
|
|
Share capital |
|
1,579 |
1,563 |
Share premium |
|
1,134 |
1,134 |
Capital redemption reserve |
|
24 |
24 |
Other reserve |
|
(39) |
(32) |
Share based payment reserve |
|
356 |
704 |
Profit and loss reserve |
|
33,002 |
33,420 |
|
|
________ |
________ |
Total equity |
|
36,056 |
36,813 |
|
|
________ |
________ |
LIABILITIES |
|
|
|
Non-current liabilities |
|
|
|
Deferred tax liabilities |
|
1,047 |
1,056 |
Trade and other payables |
|
430 |
106 |
|
|
________ |
________ |
|
|
1,477 |
1,162 |
|
|
________ |
________ |
|
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
|
14,419 |
18,477 |
Reinsurance contracts held |
|
- |
2 |
Insurance contract liabilities |
|
839 |
904 |
|
|
________ |
________ |
|
|
15,258 |
19,383 |
|
|
________ |
________ |
|
|
|
|
|
|
________ |
________ |
Total liabilities |
|
16,735 |
20,545 |
|
|
________ |
________ |
|
|
|
|
|
|
________ |
________ |
Total equity and liabilities |
|
52,791 |
57,358 |
|
|
________ |
________ |
Consolidated Statement of Changes in Equity for the six months ended 30 June 2026
|
Share capital |
Share Premium |
Capital redemption reserve |
Other reserve |
Share Based Payment Reserve |
Profit & loss reserve |
Total equity |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
|
|
|
|
|
|
Balance as at 1 January 2026 |
1,563 |
1,134 |
24 |
(32) |
704 |
33,420 |
36,813 |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Dividends |
- |
- |
- |
- |
- |
(4,721) |
(4,721) |
Employee share-based compensation |
- |
- |
- |
- |
122 |
- |
122 |
Proceeds of SIP* share sales |
- |
- |
- |
- |
- |
(7) |
(7) |
Cost of SIP shares sold |
- |
- |
- |
13 |
- |
(13) |
- |
Cost of SIP shares purchased |
- |
- |
- |
(20) |
- |
- |
(20) |
Issue of shares |
16 |
- |
- |
- |
(16) |
- |
- |
Clearance of SBP Reserve for Lapsed Options |
- |
- |
- |
- |
(454) |
454 |
- |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Transactions with owners |
16 |
- |
- |
(7) |
(348) |
(4,287) |
(4,626) |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Profit for the period |
- |
- |
- |
- |
- |
3,869 |
3,869 |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Total comprehensive income for the period |
- |
- |
- |
- |
- |
3,869 |
3,869 |
|
________ |
________ |
_______ |
_______ |
_______ |
_______ |
_______ |
Balance as at 30 June 2026 |
1,579 |
1,134 |
24 |
(39) |
356 |
33,002 |
36,056 |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
* PG Share Ownership Plan (SIP)
Consolidated Statement of Changes in Equity for the six months ended 30 June 2025
|
Share capital |
Share Premium |
Capital redemption reserve |
Other reserve |
Share Based Payment Reserve |
Profit & loss reserve |
Total equity |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
|
|
|
|
|
|
Balance as at 1 January 2025 |
1,562 |
1,134 |
24 |
(27) |
495 |
31,652 |
34,840 |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Dividends |
- |
- |
- |
- |
- |
(3,124) |
(3,124) |
Employee share-based compensation |
- |
- |
- |
- |
111 |
11 |
122 |
Proceeds of SIP* share sales |
- |
- |
- |
- |
- |
13 |
13 |
Cost of SIP shares sold |
- |
- |
- |
12 |
- |
(12) |
- |
Cost of SIP shares purchased |
- |
- |
- |
(12) |
- |
- |
(12) |
Clearance of SBP Reserve for Lapsed Options |
1 |
- |
- |
- |
(157) |
156 |
- |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Transactions with owners |
1 |
- |
- |
- |
(46) |
(2,956) |
(3,000) |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Profit for the period |
- |
- |
- |
- |
- |
2,994 |
2,994 |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
Total comprehensive income for the period |
- |
- |
- |
- |
- |
2,994 |
2,994 |
|
________ |
________ |
_______ |
_______ |
_______ |
_______ |
_______ |
Balance as at 30 June 2025 |
1,563 |
1,134 |
24 |
(27) |
449 |
31,690 |
34,833 |
|
________ |
________ |
________ |
________ |
________ |
________ |
________ |
* PG Share Ownership Plan (SIP)
Consolidated Statement of Cash Flows from continuing operations
|
6 months ended 30 June 2026 Unaudited |
6 months ended 30 June 2025 Unaudited |
|
£’000 |
£’000 |
|
|
|
Net cash from operating activities (see opposite) |
6,371 |
3,978 |
|
______ |
______ |
Investing activities |
|
|
(102) |
(240) | |
(1,244) |
(1,372) | |
950 |
4,388 | |
556 |
662 | |
______ |
______ | |
160 |
3,438 | |
______ |
______ | |
|
| |
16 |
1 | |
(60) |
(14) | |
19 |
15 | |
(383) |
(336) | |
(4,721) |
(3,124) | |
______ |
______ | |
(5,129) |
(3,458) | |
______ |
______ | |
1,402 |
3,958 | |
25,011 |
19,060 | |
_______ |
_______ | |
26,413 |
23,018 | |
________ |
________ |
Consolidated Statement of Cash Flows from continuing operations
|
6 months ended 30 June 2026 Unaudited |
6 months ended 30 June 2025 Unaudited |
|
£’000 |
£’000 |
Operating activities |
|
|
3,869 |
2,994 | |
|
| |
533 |
530 | |
1,253 |
977 | |
- |
18 | |
Interest received |
(556) |
(662) |
Realised and unrealised investment gains |
(84) |
(48) |
Interest charge |
30 |
41 |
Share-based payment expenses |
122 |
122 |
733 |
794 | |
|
| |
Changes in working capital: |
|
|
Trade and other receivables |
6,011 |
1,270 |
Trade and other payables |
(4,465) |
(1,289) |
Movement in insurance liabilities |
(65) |
74 |
Inventories |
- |
- |
Taxes paid |
(1,009) |
(843) |
|
________ |
________ |
Net cash from operating activities |
6,371 |
3,978 |
|
________ |
________ |
Notes to the Consolidated Financial Statements
1 General information
The principal activities of Personal Group Holdings Plc (‘the Company’) and subsidiaries (together ‘the Group’) include transacting short-term accident and health insurance and providing employee services in the UK.
The Company is a limited liability company incorporated and domiciled in England. The address of its registered office is John Ormond House, 899 Silbury Boulevard, Milton Keynes, MK9 3XL.
The Company is listed on the Alternative Investment Market of the London Stock Exchange.
The condensed consolidated financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025.
The financial information for the year ended 31 December 2025 set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The statutory financial statements for the year ended 31 December 2025 have been filed with the Registrar of Companies. The auditor’s report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
These interim financial statements are unaudited and have not been reviewed by the auditors under International Standard on Review Engagements (UK and Ireland) 2410.
These consolidated interim financial statements have been approved for issue by the board of directors on 14 September 2026.
2 Accounting policies
These interim consolidated financial statements of Personal Group Holdings Plc are for the six months ended 30 June 2026. These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as endorsed for use in the UK.
They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual consolidated financial statements as at and for the year ended 31 December 2025.
These financial statements have been prepared in accordance with IFRS standards and IFRIC interpretations as adopted by the UK, issued and effective as at 30 June 2026.
Insurance contracts
IFRS 17 sets out the classification, measurement and presentation and disclosure requirements for insurance contracts. It requires insurance contracts to be measured using current estimates and assumptions that reflect the timing of cash flows and recognition of profits as insurance services are delivered. The standard provides two main measurement models which are the General Measurement Model (“GMM”) and the Premium Allocation Approach (“PAA”).
The PAA simplifies the measurement of insurance contracts for remaining coverage in comparison to the GMM. The PAA is very similar to Personal Group’s previous accounting policies under IFRS 4 for calculating revenue, however there are some presentation changes.
The GMM is used for the measurement of the liability for incurred claims.
Notes to the Consolidated Financial Statements
PAA eligibility
Under IFRS 17, Personal Group’s insurance contracts issued and are all eligible to be measured by applying the PAA, due to meeting the following criteria:
- Insurance contracts with coverage period of one year or less are automatically eligible. This covers all hospital, convalescence, and death benefit insurance contracts.
- Modelling of contracts with a coverage period greater than one year (employee default policies) produces a measurement for the group of reinsurance contracts that does not differ materially from that which would be produced applying the GMM.
Level of aggregation
Personal Group manages all insurance contracts as one portfolio within the insurance operating segment as they are subject to similar risks.
Onerous contracts
Under the PAA, it is assumed there are no contracts in the portfolio that are onerous at initial recognition, unless there are facts and circumstances that may indicate otherwise. Given the short-tailed nature of policies issued be Personal Group, management do not consider there to be any material circumstance under which policies in issue would be onerous.
Modification and derecognition
Personal Group derecognises insurance contracts when the rights and obligations relating to the contract are extinguished (meaning discharged, cancelled, or expired) or the contract is modified such that the modification results in a change in the measurement model or the applicable standard for measuring the contract.
Contract boundaries
The measurement of insurance contracts includes all future cash flows expected to arise within the boundary of each contract. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which Personal Group can compel the policyholder to pay premiums or in which it has a substantive obligation to provide the policyholder with services.
Personal Group assesses the contract boundary at initial recognition and at each subsequent reporting date to include the effects of changes in circumstances on the Group’s substantive rights and obligations. The assessment of the contract boundary, which defines the future cash flows that are included in the measurement of the contract, requires judgement and consideration.
Personal Group primarily issues insurance contracts which provide coverage to policyholders in the event of hospitalisation, convalescence, or death. While the contracts are typically weekly or monthly in their term length, the contract boundary is assessed with consideration of the delayed timing around claims of this nature and the timing of expected future claims payments with reference to the covered loss event.
Measurement - Liability for remaining coverage
On initial recognition of insurance contract, the carrying amount of the liability for remaining coverage is measured as the premiums received on initial recognition, if any, minus any reinsurance acquisition expense cash flows allocated to the contracts and any amounts arising from the derecognition of the prepaid reinsurance acquisition expense cash flows asset. Personal Group has chosen not to expense insurance acquisition expense cash flows as incurred on its contracts as they have coverage of less than one year.
Subsequently, at the end of each reporting period, the liability for remaining coverage is increased by any additional premiums received in the period and decreased for the amounts of expected premium cash flows recognised as reinsurance revenue for the services provided in the period.
Personal Group has elected not to adjust the liability for remaining coverage for the time value of money as its insurance contracts do not contain a significant financing component.
Notes to the Consolidated Financial Statements
- Segment analysis
The segments used by management to review the operations of the business are disclosed below.
- Affordable Insurance
Personal Assurance Plc (PA), a subsidiary within the Group, is a PRA regulated general insurance Company and is authorised to transact accident and sickness insurance. It was established in 1984 and has been underwriting business since 1985. In 1997 Personal Group Holdings Plc (PGH) was created and became the ultimate parent undertaking of the Group.
Personal Assurance (Guernsey) Limited (PAGL), a subsidiary within the Group, is regulated by the Guernsey Financial Services Commission and has been underwriting death benefit policies since March 2015.
This operating segment derives the majority of its revenue from the underwriting by PA and PAGL of insurance policies that have been bought by employees of host companies via bespoke benefit programmes. D
- Benefits and Reward
Revenue in this segment relates to the annual subscription income and other related income arising from the licensing of Hapi, the Group’s employee benefit platform. This includes sales to both the large corporate and SME sectors. This segment includes agency revenue generated from the resale of vouchers. Revenue also includes consultancy, surveys and licence income derived from selling digital platform subscriptions.
- Other
This segment consists exclusively of revenue generated by Berkeley Morgan Group (BMG) and its subsidiary undertakings along with any investment and rental income obtained by the Group.
Notes to the Consolidated Financial Statements
The revenue and net result generated by each of the Group’s operating segments are summarised as follows,
|
6 months ended 30 June 2026 Unaudited |
6 months ended 30 June 2025 Unaudited |
|
£’000 |
£’000 |
|
| |
19,381 |
17,391 | |
5,777 |
5,440 | |
(1,425) |
(1,425) | |
1,349 |
1,126 | |
44 |
45 | |
556 |
662 | |
25,682 |
23,339 | |
|
| |
|
| |
8,004 |
6,589 | |
3,078 |
2,837 | |
648 |
720 | |
(4,967) |
(4,593) | |
(75) |
(65) | |
6,688 |
5,488 | |
(533) |
(530) | |
(1,253) |
(976) | |
(30) |
(41) | |
(122) |
(122) | |
(148) |
(31) | |
4,602 |
3,788 | |
|
|
All income was derived from customers that are based in the UK.
Notes to the Consolidated Financial Statements
4 Insurance service expenses
|
6 months ended 30 June 2026 |
6 months ended 30 June 2025 |
|
£’000 |
£’000 |
Claims incurred |
5,241 |
5,217 |
Insurance operating expenses |
4,676 |
4,128 |
|
________ |
________ |
|
9,917 |
9,345 |
|
________ |
________ |
5. Taxation
The tax expense recognised is based on the weighted average annual tax rate expected for the full financial year multiplied by management’s best estimate of the taxable profit of the interim reporting period.
The Group’s consolidated effective tax rate for the six-month period ended 30 June 2026 was 15.9% (six-month period ended 30 June 2025: 20.9%).
6. Earnings per share and dividends
The weighted average numbers of outstanding shares used for basic and diluted earnings per share are as follows:
|
6 months ended 30 June 2026 |
EPS Pence |
6 months ended 30 June 2025 |
EPS Pence |
|
|
|
|
|
Basic |
31,382,524 |
12.3 |
31,243,994 |
9.6 |
32,802,343 |
11.8 |
32,677,720 |
9.2 |
During the first six months of 2026 Personal Group Holdings Plc paid dividends of £4,721,000 to its equity shareholders (2025: £3,124,000). This represents a payment of 15.1p per share (2025: 10.0p).
|
6 months ended 30 June 2026 |
6 months ended 30 June 2025 |
|
£’000 |
£’000 |
|
|
|
Dividends paid or provided for during the period |
4,721 |
3,124 |
|
_____ |
_____ |
Notes to the Consolidated Financial Statements
7. Goodwill
|
Pay & Reward |
Total |
|
£’000 |
£’000 |
Cost |
|
|
At 1 January 2026 |
2,684 |
2,684 |
Additions in the period |
- |
- |
Disposals in the period |
- |
- |
|
________ |
________ |
At 30 June 2026 |
2,684 |
2,684 |
|
________ _________ |
________ |
Amortisation and impairment |
|
|
At 1 January 2026 |
- |
- |
Impairment charge for period |
- |
- |
Disposals in period |
- |
- |
|
________ |
________ |
At 30 June 2026 |
- |
- |
|
________ |
________ |
Net book value at 30 June 2026 |
2,684 |
2,684 |
|
________ |
________ |
Net book value at 31 December 2025 |
2,684 |
2,684 |
|
________ |
________ |
Notes to the Consolidated Financial Statements
8. Intangible assets
|
Pay & Reward customer book and trade name |
Innecto Technology |
Computer software and development |
|
WIP |
Total |
|
£’000 |
£’000 |
£’000 |
|
£’000 |
£’000 |
Cost |
|
|
|
|
|
|
At 1 January 2026 |
1,064 |
298 |
9,424 |
|
1,048 |
11,834 |
Transfers |
- |
- |
829 |
|
(829) |
- |
Additions |
- |
- |
6 |
|
1,238 |
1,244 |
Disposals |
- |
- |
- |
|
- |
- |
|
________ |
________ |
________ |
|
________ |
________ |
At 30 June 2026 |
1,064 |
298 |
10,259 |
|
1,457 |
13,078 |
|
________ |
________ |
________ |
|
________ |
________ |
Amortisation |
|
|
|
|
|
|
At 1 January 2026 |
963 |
298 |
5,374 |
|
- |
6,635 |
Amortisation charge for the year |
34 |
- |
1,219 |
|
- |
1,253 |
Disposals in the period |
- |
- |
- |
|
- |
- |
|
________ |
________ |
________ |
|
________ |
________ |
At 30 June 2026 |
997 |
298 |
6,593 |
|
- |
7,888 |
|
________ |
________ |
________ |
|
________ |
________ |
Net book amount at 30 June 2026 |
67 |
- |
3,666 |
|
1,457 |
5,190 |
|
________ |
________ |
________ |
|
________ |
________ |
Net book amount at 31 December 2025 |
101 |
- |
4,050 |
|
1,048 |
5,199 |
|
________ |
________ |
________ |
|
________ |
________ |
9. Property, plant and equipment
|
Freehold land and properties |
Motor vehicles |
Computer equipment |
Furniture fixtures & fittings |
Right of use Assets |
Total |
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
Cost |
|
|
|
|
|
|
At 1 January 2026 |
5,037 |
- |
990 |
2,339 |
1,654 |
10,020 |
- |
- |
84 |
18 |
1,076 |
1,178 | |
Disposals |
- |
- |
- |
- |
- |
- |
______ |
______ |
______ |
______ |
______ |
______ | |
5,037 |
- |
1,074 |
2,357 |
2,730 |
11,198 | |
______ |
______ |
______ |
______ |
______ |
______ | |
|
|
|
|
|
| |
2,174 |
- |
748 |
1,859 |
1,280 |
6,061 | |
Provided in the period |
48 |
- |
78 |
63 |
344 |
533 |
Disposals |
- |
- |
- |
- |
- |
|
|
______ |
______ |
______ |
______ |
______ |
______ |
At 30 June 2026 |
2,222 |
- |
826 |
1,922 |
1,624 |
6,594 |
______ |
______ |
______ |
______ |
______ |
______ | |
2,815 |
- |
248 |
435 |
1,106 |
4,604 | |
______ |
______ |
______ |
______ |
______ |
______ | |
2,863 |
- |
242 |
480 |
374 |
3,959 | |
______ |
______ |
______ |
______ |
______ |
______ |
Notes to the Consolidated Financial Statements
10. Financial Investments
|
At 30 June 2026 Unaudited |
At 31 December 2025 Audited |
|
£’000 |
£’000 |
Bank deposits |
3,002 |
3,952 |
Equity investments |
1,853 |
1,769 |
|
________ |
________ |
|
4,855 |
5,721 |
|
_________ |
_________ |
IFRS 13 Fair Value Measurement establishes a fair value hierarchy that categorises into three levels the inputs to valuation techniques used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs)
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable input).
Bank deposits, held at amortised cost, are due within 6 months and the amortised cost is a reasonable approximation of the fair value. These would be included within Level 2 of the fair value hierarchy.
Equity Investments are held at fair value and are considered Level 1 financial assets.
11. Long Term Incentive Plan (LTIP)
During the period, the Remuneration Committee granted share awards under the existing LTIP Scheme approved on 6 April 2021. Further details of the award can be found in the RNS announcement from 28 May 2026.
Under the scheme share options of Personal Group Holdings Plc are granted to senior executives with an Exercise Price of 5p (nominal value of the shares). The share options have various market and non-market performance conditions which are required to be achieved for the options to vest. The options also contain service conditions that require option holders to remain in employment of the Group. The market and non-market performance conditions are set out below.
Total Shareholder Return (Market condition)
40% of the awards vest under this condition. Subject to Compound Annual Growth Rate (CAGR) of the Total Shareholder Return (TSR) over the Performance Period.
EBITDA Target (Non-market condition)
60% of the awards vest under this condition. Subject to cumulative EBITDA over the Performance Period.
The fair value of the of the share options is estimated at the grant date using a Monte-Carlo binomial option pricing model for the market conditions, and a Black-Scholes pricing model for non-market conditions.
However, the above performance condition is only considered in determining the number of instruments that will ultimately vest.
Notes to the Consolidated Financial Statements
There are no cash settlements alternatives. The Group does not have a past practice of cash settlement for these share options. The Group accounts for the LTIP as an equity-settled plan.
In total, £122,000 of employee share-based compensation has been included in the consolidated income statement to 30 June 2026 (2025: £122,000). The corresponding credit is taken to equity. No liabilities were recognised from share-based transactions. The remaining £11,000 (2025: £11,000) of share-based compensation expense relates to the Company Share Option Plan (CSOP).
12. Financial calendar for the year ending 31 December 2026
The Company announces the following dates in its financial calendar for the year ending 31 December 2026:
- Preliminary results for the year ending 31 December 2026 - March 2027
- Publication of Report and Accounts for 2026 - March 2027
- AGM - April/May 2027
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