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Personal Group Holdings has released its report for the calendar year 2020, bannered by full-year revenues of around £70 million, which was broadly in line with the previous year, despite the business disruption caused by the COVID-19 pandemic.
The employee benefits and services provider also expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least £9.5 million, compared to £11 million for 2019. This, according to the firm, highlights the strength of its underlying offering and its diverse business model, despite the impact of COVID-19.
The group’s balance sheet also remains strong with a cash position of approximately £20 million (up from £17 million in 2019) and no debt.
Personal Group Holdings said its claims levels have remained broadly in line with previous years as additional COVID-19 related claims were mitigated by a reduction in claims in other areas of healthcare. This was due to the capacity of the NHS being largely consumed by its pandemic response.
While the company has not been able to sell new policies face-to-face, affecting its new insurance sales figures that are likely to reflect in its 2021 results, it was able to sign major contracts with Royal Mail Group and a large retailer, both of which will be rolled out this year.
“2020 has been a year like no other, and first and foremost I’d like to thank all our teams for their hard work,” said Deborah Frost, Personal Group Holdings CEO. “It is due to their extraordinary efforts that we have been able to deliver on our core mission: to protect the unprotected and connect the unconnected. This is a responsibility employers are increasingly recognising they owe to their staff, and it is great to see it resonating at such scale.
“Despite the challenge to our traditional business model, we’ve delivered robust financial results and made clear strategic progress in the period, with a number of key client wins. In addition, we’ve enhanced our technical and operational capability, setting us up well for rebuilding for the long term.”
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