PensionBee Group PLC on Wednesday reported growth in its quarterly revenue thanks to a rise in customer numbers.

The London-based online pension provider on Wednesday said revenue in the three months to March 31 rose 42% to £7 million from £5 million the year before.

Adjusted earnings before interest, tax, depreciation and amortisation loss in the first quarter narrowed to £2 Million from £5 million the previous year, driven by strong revenue growth and cost efficiencies across the business, Pensionbee explained.

The company also noted that assets under administration in the three-month period soared 44% to £4.9 billion from £3.9 billion a year ago.

Its invested customers also grew by 22% to 240,000 from 198,000 in the first quarter of 2023. It also noted that its customer retention rate remained above 95%.

Looking ahead, Pensionbee said it remains confident in its potential for continued growth and profitability. It expects to achieve adjusted Ebitda profitability in 2024.

Chief Executive Officer Romi Savova said: ‘We are pleased to have grown substantially over the first quarter, with assets under administration reaching approximately £5 billion, now helping 240,000 invested customers across the UK prioritise and engage with their retirements.

‘Looking forward, as we continue to execute on our strategy, we remain confident in the continued growth of the business and the delivery of profitability across the UK business for the full year 2024, as we continue to help more and more consumers become Pension Confident.’

Shares in Pensionbee closed up 1.4% at 129.00 pence each in London on Wednesday.

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