Profits leap at Moneysupermarket.com
PRICE comparison website Moneysupermarket.com saw a sharp rise in sales and earnings last year.
In the 12 months to December 31 sales jumped 9% to £148.9m and pre-tax profits more than trebled, rising from £3.1m to £11m.
The Chester-based business earns money from commission on the sale of mortgages, credits cards, insurance and holidays.
It saw strong growth in its money, home services and insurance divisions but revenue continued to contract in travel, albeit at a slower rate in the second half.
The company put the performance down to investment in its product and brand but it has also advertised heavily on TV, a strategy it will continue with the sponsorship of this year’s series of ITV’s Britain’s Got Talent.
Chief executive Peter Plumb, pictured, said: “Our success is driven by our strategy
of focused investment in brand and product and our strong relationships with providers and customers. These results show that we continue to lead a competitive market at the same time as delivering good revenue growth and increased profit margins.
“Looking ahead 2011 has started well. We have the right strategy and a clear programme of continued investment for our technology and brand.”
The business had £36.6m in cash at the year end and is still debt free. The final dividend increased to 2.53p per share, from 2.2p, taking the full year payment to 3.83p.
