AIM-listed workplace benefits and insurance provider Personal Group (LON:PGH) posted strong growth in H1 revenue boosted by new insurance sales. The period marked a record for new sales, driven by new business and higher average premiums as the firm grows its footprint.
Strong growth in insurance sales
Group revenue for H1 rose 10% to £25.7 million, with more than 90% coming from recurring business. Within that, insurance revenue rose 11% to £19.4 million with new annualised sales up 9% to £8.1 million.
Adjusted EBITDA rose 22% to £6.7 million while pre-tax profit rose 21% to £4.6 million. Return on tangible equity jumped to 29.6% against 25.6% previously, putting Personal Group in the top quartile of financial services firms by profitability.
Personal Group H1 results
| H1 2026 | H1 2025 | Change | |
| Revenue (£m) | 25.7 | 23.3 | 10% |
| EBITDA (£m) | 6.7 | 5.5 | 22% |
| Pre-tax profit (£m) | 4.6 | 3.8 | 21% |
| EPS (p) | 12.3 | 9.6 | 28% |
| Interim DPS (p) | 9.0 | 8.2 | 10% |
Source: Company accounts
‘Personal Group has made a strong start to 2026, delivering growth across every part of the business’, said CEO Paula Constant. ‘Record insurance sales helped drive a 10% increase in revenue, while our recurring revenue base of over 90% provides resilience and good visibility.’
In conversation with Sharesify, the CEO reflected on the fact workplace insurance was ‘needed now more than ever’. With penetration rates around 20% on average across customer firms, there is still plenty of scope to increase employee take-up.
Trading since July has been positive with continued strong new insurance sales and retention rates. Combined with the high percentage of recurring revenue, this means the group is confident in meeting FY expectations.
We profiled Personal Group back in April, highlighting the growth story and the potential for margins to rise. These H1 results demonstrate the group’s continued success and underscore our confidence in its prospects.
The group is expanding its addressable customer base, increasing penetration with existing clients and developing new routes to market through partnerships and digital offerings. The deal with Simply Health could open up a considerable addressable market, the CEO told Sharesify.
Importantly, the business is cash generative and growth is self-financed. Therefore it has zero debt and £29 million of cash and deposits, equivalent to 23% of its market cap. It also pays out 100% of annual earnings per share in dividends so the yield is a further attraction.
After a strong run from the March lows, the shares have gone sideways since the beginning of June. Meanwhile, earnings have continued to grow so the stock has de-rated making this a good time to take another look.
