Revenue doubles for health insurance provider Personal as Brits look for NHS alternative

Personal Group, a London-listed workforce benefits and health insurance provider, has delivered double digit revenue growth across all areas, as the business credits its strategy.

The group reported its results for the six months ended 30 June 2024, which has seen revenue from its operations jump by 14 per cent to £21m. In the first half of 2023 it was £18.4m.

It had a notable growth in its adjusted earnings before interest, taxes, depreciation, and amortisation,(EBITDA), as it was up 31 per cent to £3.9m (H1 2023: £3m).

Additionally, its profit before tax was also up by 14 per cent to £2.3m, from £2m last year.

Another financial highlight for the group was that it generated £5.2m in cash from its operations, with cash and deposits at 30 June 2024 of £23.1m, up from £20.1m, while also being debt free.

Its interim dividend increased by 11 per cent to 6.5p, from 5.85p.

The results for its operations excludes the financial figures of Let’s Connect, which was disposed of on 9 July 2024.

In its operations, new annualised insurance sales up 21 per cent to £6.9m, while, the group gained 36 new client wins in the period.

Commenting on the results, chief executive Paula Constant said: “The work in my first year as CEO to crystalise the strategy and simplify our products, processes and organisation puts us in a strong position to accelerate growth through both organic and inorganic channels, delivering further value to all our stakeholders.”

“Our aspiration is to be the champion of affordable and accessible benefits, keeping businesses and their employees happy, healthy and protected,” she added.

This comes amid renewed debate about the state of the NHS, with former Chancellor Jeremy Hunt recently calling to abolish NHS England.

Last week a think tank argued the NHS should be replaced by social insurance, as waiting lists continue growing.