PensionBee Group PLC on Wednesday said its loss narrowed during 2024 in a ‘transformative’ year for the firm, as it delivered its targeted swing to positive earnings.

The London-based online pension provider said its pretax loss narrowed to £3.1 million during 2024, from £10.7 million in 2023, as revenue grew 39% to £33.2 million from £23.8 million,

Assets under administration at December 31 were £5.8 billion, up 32% on-year from £4.4 billion.

PensionBee swung to positive adjusted earnings before interest, tax, depreciation and amortisation for the year, at £400,000 from a loss of £8.2 million the year before.

‘In this transformative year, we were pleased to achieve significant revenue growth, ending the year with annual run rate revenue of £38m. We fulfilled our long-standing ambition of achieving adjusted Ebitda profitability in the UK, and also achieved adjusted Ebitda breakeven for the group in conjunction with making a significant investment in our US business,’ said Chief Executive Officer Romi Savova.

‘In the UK, we continued to execute on our growth strategy, optimising our marketing expenditure while growing our brand awareness, continuing to innovate our product offering, delivering exceptional customer service, and investing in automation to drive operational scalability, including through the introduction of [artificial intelligence].

‘In the US, we laid the foundations for our long-term growth through our partnership with State Street. We established our diversified multi-medium marketing strategy, laid the foundations for rapid product iteration backed by our UK technology stack and our deep expertise, and launched our native mobile app in December. Our £20 million capital raise will enable us to accelerate the growth of our US business in the coming years.

Shares in PensionBee closed flat at 150.00 pence in London on Wednesday. The stock has risen 52% over the past year.

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