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PensionBee Group PLC on Thursday reported a wider half-year loss but higher revenue and assets under administration, as it continued to push its US expansion and invest in marketing in the UK.
The London-based pension investment firm said pretax loss widened to £5.1 million in the six months that ended June 30 from £2.8 million a year before. Revenue rose 23% to £18.9 million from £15.4 million, but its cost base grew by 25% to £21.8 million from £17.4 million.
AuA totalled £6.30 billion on June 30, up from £5.84 billion on December 31 and from £5.20 billion a year before. The first half benefited from £423 million in net flows, down from £482 million in the first half of 2024. Market performance added £31 million, compared to £364 million a year ago.
PensionBee said it had 286,000 invested customers at the end of June, up from 252,000 a year before.
In the UK, PensionBee increased marketing spending by 30% to £7.6 million in the recent half from £5.8 million a year before.
In the US, the company said, the first half of the year ‘marked a foundational phase of investment, laying critical infrastructure’.
This included the introduction of transfer automations, a new self-employed offering, and an interactive retirement planning tool.
Marketing spending in the US also was increased, though the £700,000 in the first half was fully reimbursed by partner State Street Investment Management. PensionBee said it expects its total marketing investment in the US to be $5 million in 2025.
PensionBee declared no dividend in line with its strategy to invest for growth.
Shares were up 0.8% to 168.41 pence on Thursday afternoon in London.
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