Profits at online firm pass the £100m mark

Mark Lewis

Operating profits at Chester firm rose by 14% to £108m.

The increase came on the back of an eight per cent rise in revenues to £355.6m at the price comparison firm.

The firm released its preliminary results and said there was significant progress in executing its strategy to accelerate core growth and unlock new market growth

The firm delivered record levels of switching and helped customers save an estimated £2.1bn

As a result adjusted EBITDA is £129.4m and is in line with expectations.

Group chief executive Mark Lewis said: “In 2018 we made great progress on our Reinvent strategy. As well as growing the business we helped save customers a record £2.1bn. Our investment in optimising our sites means we have made saving even easier.

“In 2019 we are taking price comparison to the next stage by offering people more personalised ways to save and on more of their household bills.”

The board said is confident of delivering market expectations for the year and trading in the first six weeks is encouraging.

The positive momentum in credit products was supported by the recent investment in customer experience, partly offset by lower growth in current accounts which did not have the same level of promotional products as the prior year

Other revenue includes £6.1m from subsidiary Decision Tech during the fourth quarter.

Robin Freestone, who has been a non-executive director of the company since 2015, will be appointed chairman at the annual general meeting in May.

Bruce Carnegie-Brown will stand down as chairman and as a non-executive director at the AGM. Bruce joined the Company in April 2010 as an independent non-executive director and was appointed chairman in April 2014.

Sally James, senior independent director, led the search for Bruce’s successor.

She said: “Robin has a wealth of experience of online and digital businesses, and is well equipped to be an excellent chairman for Moneysupermarket Group.

“We are very grateful to Bruce for his wisdom and guidance over the last nine years, during which time Moneysupermarket Group has achieved so much.”

Robin Freestone added: “I look forward to leading the board and working with Mark Lewis and his strong management team during the next phase of Moneysupermarket’s growth, as we save more households more money.”

Bruce Carnegie-Brown said “It has been a privilege to chair Moneysupermarket Group over the last five years and to have served on the board for nine years.

“Robin is the ideal person to work with the management team on the next phase of the company’s development.”