Personal Group Holdings Plc reported double-digit revenue growth and earnings ahead of market expectations for the year ended December 31, 2025, the workforce benefits and insurance provider said in a preliminary results announcement on Tuesday.
Group revenue rose 11% to £48.4m from £43.8m the prior year, driven by growth across all divisions. Adjusted earnings before interest, tax, depreciation, and amortisation increased 22% to £12.1m, exceeding the company’s stated market consensus of £11.6m. Profit before tax rose 23% to £8.4m, while basic earnings per share from continuing operations increased 32% to 23.3p.
The board recommended a final ordinary dividend of 15.1p per share, bringing the total ordinary dividend for 2025 to 23.3p – up 41% from 16.5p in 2024. The final dividend is payable on 12 May 2026 to shareholders on the register as of 7 April 2026.
Cash and bank deposits stood at £29.0m at year-end, up from £27.4m in 2024, with no debt on the balance sheet.
The Affordable Insurance division reported revenue of £36.2m, up 13% from £32.2m. Annualised new insurance sales rose 11% to £15.4m, while Annualised Premium Income increased 12% to £40.5m, supported by a customer retention rate of 81.7%. Adjusted EBITDA contribution rose to £14.6m from £12.4m.
New client wins – including Avery, Securitas, and Harbour Healthcare – added more than 50,000 employees to the group’s addressable customer base. The claims ratio improved to 27.1% from 29.1%, while more than 98% of claims were processed within 48 hours in the fourth quarter.
Penetration of the group’s top 100 sites reached 20%, with overall penetration rising to 14.5% from 13.0% at the end of 2024.
The Benefits & Reward segment reported revenue of £10.9m, up from £10.3m, with adjusted EBITDA contribution increasing to £6.1m from £5.2m.
Benefit platform annualised recurring revenue rose to £7.3m from £6.7m, supported by 30 new clients, including the University of St Andrews, Rehability UK, and Hampshire Trust Bank. The group expanded its partnership with Sage, entering Ireland in the second quarter of 2025 – its first new territory. A new partner, EB Now, was also secured, with 15 clients live by year-end.
The Pay & Reward division recorded new wins, including De Beers, the Financial Services Compensation Scheme, and B&Q. The group also launched Pathfinder, a digital career-mapping platform developed by its Innecto subsidiary, with initial sales secured in the fourth quarter.
Chief financial officer Sarah Mace will step down from the board at the Annual General Meeting in May 2026 after 12 years. Matthew Cohen has been appointed as her successor and is expected to join by the end of the first half of 2026.
Non-executive chair Martin Bennett said Mace had left the business “on a strong financial footing.” Rachel Webb joined the board as non-executive director and chair of the Audit and Risk Committees, while Ciaran Astin became remuneration chair and Maria Darby Walker senior independent director.
The group said it entered 2026 with strong momentum and reiterated its 2030 targets of £100m in revenue, £30m in EBITDA and £20m in SaaS annualised recurring revenue.
Chief executive Paula Constant said the group’s offerings were “more relevant than ever” amid cost-of-living pressures and hiring challenges.
“We have entered 2026 with momentum and a laser focus on further delivering across our strategic pillars of adoption, expansion, innovation and partnering, supported by a strong balance sheet and growing levels of recurring revenues,” Constant said.
