In line with its stated growth strategy, PensionBee increased its investment in marketing in the period, leading to a substantial increase of new customers. As per previous guidance, the Cost per Invested Customer increased to £268. The Customer Retention Rate remained in excess of 95%, whilst strong customer service levels were reflected in the achievement of an Excellent 4.6★ Trustpilot rating.

PensionBee also continued to invest in the ongoing innovation of its industry-leading technology platform via pension transfer efficiency improvements, internal automation and information security enhancements to support growth, productivity and security.

The Company is today expected to transfer from the High Growth Segment of the Main Market of the London Stock Exchange to the Premium Segment, following its successful first year as a public company. This important next step for the business reflects PensionBee's continued commitment to strong corporate governance and its dedication to realising its future growth ambitions. The move is expected to further enhance the Company's profile and brand awareness, whilst broadening the opportunity to own the Company's shares to a wider group of shareholders.

Re-iteration of Guidance

The business continues to trade in line with expectations. The Board is pleased to reiterate both the Revenue guidance provided in the January trading update for FY 2022 of at least £20m, and the medium-term guidance provided at the time of the IPO. The Board expects further margin improvement through the year leading to Adjusted EBITDAM profitability by December 2022. Marketing spend will be weighted toward the first half of the year, leading to a reduction in CPIC in the second half of the year. For the full year, CPIC is expected to be firmly within the guidance threshold of £250.

Outlook

The Board remains very confident and excited about the prospects for PensionBee, given its leading market position, powerful customer proposition and the sheer scale of the opportunity in the UK Defined Contribution Pensions Market. The business continues to make effective and targeted investments both in marketing and its technology platform to ensure that it continues to capitalise on the very significant opportunity for growth.

There will be a presentation for analysts and investors this morning at 10 am via webcast. Please contact pensionbee@tulchangroup.com if you would like to attend.

Romi Savova, CEO of PensionBee, commented:

"We are very pleased to have delivered this performance in the first quarter of the year, particularly considering the macroeconomic and geopolitical uncertainty and volatility. PensionBee remains on track with its growth strategy and we are really excited about the opportunities ahead.

An important next step in our growth plan is the transition to the Premium Segment of the London Stock Exchange. This move will help to progress us further on our mission to make pensions simple for everyone."