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PensionBee expects revenues to grow to £20m+ in 2022

PensionBee, which listed on the LSE last year, also said that assets under management surged by 91 per cent last year.

a man and woman posing for a picture

Romi Savova (left)/PensionBee.

PensionBee said it expects revenues to grow year on year from £13m to more than £20m in 2022, boosted by an uplift in customer numbers, and that it could hit one measure of profitability by the end of the year.

The digital pensions provider, which listed on the LSE last year, also disclosed that assets under administration surged by 91 per cent last year.

In its trading update, Romi Savova, CEO, cited "another period of strong operational and financial performance".

Revenues between 2020 and 2021 were up from £6m to £13m, as it predicted revenues would grow to more than £20m in 2022.

It also said PensionBee could be profitable, under one measure, by the end of the year.

"Further margin improvement during the year will enable Adjusted EBITDAM (earnings before interest, income taxes, depreciation, amortisation, and management fees) profitability by December 2022, assuming relative market stability", it said.

According to the latest figures for PensionBee Limited, the pension provider made a loss of £13.2m in the year ending 2020.

Assets under administration came in at £2.6bn at the end of 2021, up from £1.4bn a year earlier, bolstered by new and existing customers using Its retirement services.

The update also revealed PensionBee now has 658,000 registered customers and 172,000 active customers.

PensionBee said it would continue to invest in marketing and customer acquisitions through 2022, with the latter weighted towards the first half of the year.

It added: "The average pension pot size has continued to increase as pension savings across the country grow and as the Company continues to attract more mature savers."

Savova added: "Our focus on efficient, data-led marketing has helped us to increase our customer base considerably as we continue to seize the significant opportunities in front of us.

"We are looking forward to further capitalising on these market drivers in the year ahead, responding to our customers' needs in order to help everyone achieve a happy retirement."

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