PensionBee Group Expects Profitability by Year-End

PensionBee Group, a London-listed online pension company, is confident in its path towards profitability by the end of this year and for the full year of 2024. In the first half, the company reported a narrower loss compared to the previous year.

For the six months ending June 30, PensionBee Group recorded an adjusted loss before interest, taxes, depreciation, and amortization of £8 million ($10.4 million), an improvement from the adjusted EBITDA loss of £15 million in the same period last year. The company’s revenue also saw growth, increasing from £8 million to £11 million.

PensionBee Group’s assets under administration reached £3.70 billion at the end of the reporting period, up from £2.68 billion six months prior. This increase was driven by strong net inflows from both new and existing customers.

Chief Executive Romi Savova expressed optimism about achieving ongoing adjusted EBITDA profitability in the second half of the year. She emphasized the company’s dedication to productivity and the scalability of its technology platform. Savova highlighted the vast market opportunities available to PensionBee Group and the advantage of its strong cash balance in capturing further market share.