Research on Personal Group Holdings Plc (PGH:LON) from Capital Access Group
Personal Group's results for the half to June reflect the positive trading statement including group revenue up 10% to £25.7m YoY and adjusted EBITDA up 22% to £6.7m delivered on the back of a strong operating performance. That translated into profit before tax up 21% to £4.6m, demonstrating operational leverage with EPS up 28% to 12.3p benefitting further from a favourable tax charge. The group generated a return on tangible equity of 29.6%, putting it in the top quartile of performance relative to other listed UK financial service peers. The interim dividend was increased by 10% to 9.0p consistent with the group's stated dividend policy of an approximate 100% payout, assuming a c1/3-2/3 interim-final split.
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