Personal Group sustains momentum through first quarter

(Sharecast News) - Personal Group said in an update on Thursday that it had sustained positive momentum throughout the first quarter of the year, driven by enhancements in leadership and streamlined operational processes. The AIM-traded firm, which was holding its annual general meeting, said the robust performance seen in new insurance sales throughout 2023 had carried into 2024, demonstrating year-on-year growth across key sales metrics.

It added that its benefits division had onboarded new clients, while the migration of Sage customers to the next generation of the Hapi Employee Benefits platform was accomplished.

As disclosed in March, its pay and reward division secured its largest consulting contract to date with a global airline, bolstering recurring revenues and elevating the firm's profile within the sector.

The company said that after an extensive market analysis conducted earlier in the year, we reaffirmed the strength of its insurance offerings and benefits platform, aligning them with its current and target markets.

It said it was currently crafting a strategy to capitalise on the significant opportunities ahead.

"With an increasing level of recurring revenues and strong balance sheet alongside a compelling offering, developing partnerships, and a well-run and expert field sales team, we remain confident in our ability to deliver profitable growth in the current year, in line with market expectations," said chair Martin Bennett.

At 1425 BST, shares in Personal Group Holdings were up 4.68% at 170.1p.

Reporting by Josh White for Sharecast.com.