Growth still strong, adjusted EBITDA turns positive in Q4
In March 22, our initiation note was titled A pensions fintech starting to look like a Rocketship. Since then, market, investor and consumer confidence have been rocked by geopolitical events and deteriorating economic conditions. But despite that, PensionBee has delivered. What’s more, it has moved into profitability on an adjusted EBITDA basis within the timeframe targeted at its Apr 21 IPO.Over FY23 (to 31 Dec 23), 46k net new invested customers (ICs) were added (ICs + 25% to 229k), £1.3bn of AUA were added (AUA +44% to £4.4bn, net inflows +£857m, market movements +£464m), and revenue grew 35% to £23.8m. It was a continuation of an already-impressive growth story.
As scale benefits continue, adj. EBITDA improved from -£19.5m in FY22 to -£8.4m in FY23 and was positive in Q4 (>£0.5m). The business maintains a healthy cash position of £12.2m and does not envisage further equity raises. Our fundamental valuation remains 150p per share.
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