Personal Group announces a successful transition to its new digital benefits platform, leading to increased dividends.
- 40% of clients have moved to the Hapi 2.0 platform, with full migration expected by year-end.
- Interim dividend increased by 11% to 6.5p, reflecting strong company performance.
- Revenue increased by 14% to £21m, with recurring platform revenue up by 15%.
- CEO Paula Constant targets further acquisitions and digital capabilities expansion.
Personal Group has announced a successful transition of 40% of its clientele to the new Hapi 2.0 digital benefits platform, aiming for complete migration by the year’s end. This strategic move is expected to foster growth as the offering is expanded to the broader market.
To reflect its robust performance and confidence in future prospects, Personal Group has increased its interim dividend by 11% to 6.5p. The company reported a substantial 14% rise in revenue to £21 million for the first half of the year.
Annual recurring revenue from the benefits platform also saw a rise, climbing by 15%, with pre-tax profits increasing by 14% to £2.3 million. This improvement is attributed to the modular design of the Hapi platform, which allows adaption to specific client needs and easier scalability.
CEO Paula Constant emphasised the importance of the new platform’s capabilities, stating, “We are not a Sellotape and string version of a benefits platform and this new upgrade will help us scale our growth.” Her vision includes exploring acquisitions that would enhance their benefits systems, especially in areas like child support and childcare.
The company’s share price experienced a 3.1% increase, trading at 168p in early London trading. It is noteworthy that the sale of its technology salary sacrifice division, Let’s Connect, was completed following the loss of a key commercial customer.
The migration to Hapi 2.0 signifies a pivotal step in Personal Group’s growth strategy and its commitment to enhancing digital capabilities.
