Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • PGH receives Buy rating from Canaccord Genuity, with a price target of AUD 7.57, implying 14.29% upside.

  • H1 2025 revenue rose 11% YoY to £23.3 million, with over 90% from recurring revenue.

  • Adjusted EBITDA increased 41% to £5.5 million, supported by strong growth in insurance and digital benefits platforms.

  • Insurance Annualised Premium Income (API) grew 12% YoY to £38 million, with record new sales.

Canaccord Genuity has maintained a Buy rating on Personal Group Holdings Plc (AIM:PGH), following its half-year results. Analyst Justin G. Bates reaffirmed a target price of AUD 7.57, reflecting a 14.29% premium over the current market price of GBP 368p (converted at a 0.021 exchange rate).

Insurance Division Delivers Record H1 Sales

PGH's insurance business posted record sales in H1 2025, with annualised new business sales growing 7% YoY to £7.4 million. Total Insurance API reached £38 million, up 12%, driven by customer retention rates exceeding 80% and consistent claims trends.

This momentum was bolstered by a revitalised go-to-market strategy, leveraging PGH’s unique face-to-face sales model. Additionally, the company is exploring digital insurance as a growth avenue, currently under proof-of-concept trials, and is preparing to launch a Group cash plan later this year.

Digital Benefits Platform Gains Traction

The Hapi benefits platform and Sage Employee Benefits (SEB) partnership saw ARR increase 10% YoY to £6.9 million. The full migration to a new platform has unlocked new opportunities, including an expanded Sage partnership and the launch of SEB in Ireland in H2 2025.

PGH is also broadening its partner network, with a notable new agreement signed with EB Now, targeting the SME sector and expected to go live in H2.

Diversified Client Wins Boost Pay & Reward Division

The Pay & Reward segment secured high-profile contracts with De Beers Group, Financial Services Compensation Scheme, European Tour, and the British Medical Association.

Outlook: On Track for Full-Year Targets

Backed by H1 growth, high recurring revenue, zero debt, and a cash reserve of £26.9 million, the Board remains confident of meeting FY25 expectations.