Profits leap at Moneysupermarket
PROFITS have surged at Moneysupermarket, as consumers continue to shop around for the best insurance, energy and credit card deals.
The company based at Ewloe, near Chester, said profits rose 44% to £30.2m in the six months to the end of June as revenues climbed 18% to £143.9m.
The group, which raised its interim dividend 10% to 2.55p per share, said it had continued to invest heavily in its technology platform. As part of a three year programme £8m was pumped into its infrastructure in the period.
Chief executive Peter Plumb said: “‘We helped 3 million families save on their household bills in the first six months of 2015.
“Revenues grew 18% while we put more into tech investment to make MoneySuperMarket and TravelSupermarket the easiest way for families to make their money go further.”
Moneysupermarket, which operates in a fiercly competitive sector with rivals such as Go Compare and Compare The Market, said its insurance revenues had risen 8% with car insurance premiums starting to show a marginal increase.
Revenues in the money category rose 20% due to strong credit card and current account offerings. In home services revenues rocketed 93% driven by energy collective switches.
Assessing its prospects for the full year, the company said: “Taking into account the good first half trading, the tougher comparative sales in the second half, and the phasing of some marketing costs into the second half, the board sees prospects for the full year to be modestly ahead of its previous expectations.”
