Personal Group Holdings PLC on Wednesday reported that its revenue was up in its first-half, and announced the resignation of Chief Executive Officer Deborah Frost.

The Milton Keynes-based employee benefits and services provider said in its six months ended June 30 that revenue was up 34% to £46.4 million from £34.7 million, which it said was driven by voucher resales of £24.6 million, from £13.8 million through the company’s benefits platform.

Adjusted earnings before interest, tax, depreciation and amortisation increased 75% to £2.7 million, from £1.5 million.

The company had net cash £22.6 million as of June 30, increased from £18.7m on December 31, and no debt.

Personal Group also said that Paula Constant will become chief executive officer designate with immediate effect, with CEO Deborah Frost to step down from her role and the board on August 1. She will remain with the company until the end of the year for an effective handover.

CEO Frost said: ‘Despite economic headwinds, I am very pleased with the strategic progress made by the Group, and we are on track to meet market expectations of growth for the full year. We look to the future with confidence and excitement for the opportunities that lie ahead

‘While my time at Personal Group is coming to an end, I remain highly confident in the prospects for the business which is well-positioned to continue delivering strong financial results and wish Paula and the whole Personal Group team well for the future.’

The company said it expects to return to a growth trajectory, and had a solid foundation to grow further

‘The group’s continued growth of recurring revenues, and the level of visibility which it provides, enables the board to remain confident that trading for the full financial year remains in line with market expectations,’ said Personal Group.

Shares in Personal Group were up 2.3% at 189.20 pence in London on Wednesday morning.

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