PensionBee’s trading update covering FY22 (to 31 Dec 22) shows continuing strong growth, despite large market falls during the period, and continuing market share gains. Invested customers grew 56% y-o-y to 183k (31 Dec 21: 117k), while AUA grew 17% to £3.03bn (31 Dec 21: £2.59bn) with net inflows of +£863m and market movements of -£424m. Net inflows were particularly impressive, with PensionBee’s net inflow rate far higher than incumbents, and the absolute size of its net inflows not far off the pension inflows of the largest incumbent platforms. Revenue increased 38% y-o-y to c£18m (FY21: £12.8m). Adjusted EBITDA has started to ‘turn the corner’ towards profitability. In FY21 it was -£16.4m, in H1-22 -£14.9m and in H2-22 -£5m (FY22 -£19m). Management have reiterated confidence in achieving +ve adj. EBITDA on a full-year basis in FY24, the target set at the time of PensionBee’s IPO (Apr 21). Further evidence of operating leverage has been reported with the number of invested customers per staff member increasing 31% (970 vs. 743). Our top-line forecasts have been revised downwards in line with FY22 actuals and reduced marketing spend guidance, but this is offset to a degree by reduced cost guidance - our fundamental valuation reduces slightly from 160p to 150p.