Momentum continued into H2, with new business sales records achieved for both the best month and the best annual performance by an individual sales colleague, helping to drive up the API value to £28.0m (December 2021: £24.4m). Continued progress against the Board's key strategic objectives was made with the Affordable Insurance and Benefits Platform divisions in particular, demonstrating strong underlying growth. The Group continued to enjoy positive trading through the second half of the year, resulting in 101 new client wins in the year, whilst maintaining high levels of retention of existing clients. Robust balance sheet with cash position in excess of £18m as at 31 December 2022 (2021: £22.9m) as expected, post the acquisition of Quintige Consulting Group (June 22) and internal technology investment.Industrial action in key clients in H2 resulted in a softening of the expected trading performance of the Let's Connect business in its peak period.Strong retention levels across all areas, with insurance retention levels remaining above pre-pandemic averages.O Benefits Platform Annual Recurring Revenue ("ARR") increased c.56%. O Insurance Annualised Premium Income ("API") increased by c.15% to £28.0m (2021: £24.4m) Group benefiting from increasing proportion of recurring revenues, providing high levels of visibility for 2023:.Considerable growth was delivered in H2, following the investments made into the sales team and offering, resulting in significant half on half EBITDA growth (H2 2022 adjusted EBITDA of approximately £4.5m, H1 2022: £1.5m).
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