Personal Group (LSE:PGH) delivered strong trading in the first half of 2026, with group revenue increasing 10% to £25.7 million and adjusted EBITDA rising 22% to £6.7 million. The performance was supported by the company’s recurring revenue model, with more than 90% of income generated from ongoing customer relationships, alongside continued growth across both its insurance and employee benefits businesses.
Insurance revenue increased 11% to £19.4 million, while the benefits and rewards division recorded a 9% rise in revenue to £5.7 million. The group also maintained high customer retention rates and ended the period with no debt and cash reserves of £29.4 million.
Record insurance sales support growth outlook
Personal Group achieved record first-half insurance sales of £8.1 million on an annualised basis, benefiting from an expanded face-to-face sales force, higher average premiums and early opportunities generated through its partnership with Simply Health.
The company’s digital employee benefits platforms, Hapi and Sage Employee Benefits, continued to grow annual recurring revenue, while its pay and reward consultancy business, Innecto, secured new client wins including Deliveroo and the Rugby Football Union (RFU). Management said these developments leave the business on track to meet market expectations for the full year.
Recurring revenue underpins resilient business model
The company’s focus on long-term customer relationships continues to provide predictable earnings and cash generation, while ongoing investment in digital platforms and strategic partnerships is expected to support future growth across its employee wellbeing and insurance businesses.
Its strong financial position also provides flexibility to invest in expansion opportunities while maintaining shareholder returns.
Investment outlook
Personal Group’s investment profile is supported by a debt-free balance sheet, improving profitability and a solid equity base. Technical indicators also remain constructive, reflecting positive market momentum.
The shares are further supported by a reasonable valuation and an attractive dividend yield, although some variability in revenue growth, earnings and cash flow may moderate the pace of future gains.
About Personal Group Holdings
Personal Group Holdings PLC is a UK provider of employee benefits, wellbeing services and health insurance products. Its portfolio includes hospital, recovery and life insurance plans, the Hapi employee benefits platform, Sage Employee Benefits solutions for small and medium-sized businesses, and pay and reward consultancy through the Innecto brand. Together, these services support approximately 1.25 million employees.
Headquartered in Milton Keynes and listed on AIM under the ticker PGH, the company has built a broad customer base over more than four decades, serving major employers including British Airways, Royal Mail Group and B&Q. Its combination of face-to-face sales expertise and digital platforms underpins a business model centred on recurring revenue and long-term client relationships.
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