Profits fall to eight-year low at tech giant

Profits at Moneysupermarket have fallen to their lowest level in eight years after a challenging period for the online comparison group.

However the Ewloe-headquartered business believes it is “well placed for further recovery” as it continues its strategy of repositioning the business.

Moneysupermarket’s chief executive Peter Duffy acknowledged it has been a “tough year for some of our markets” but was happy with the group’s strategic progress.

He said: “Our work to attract customers more efficiently led to margin improvements, and our transition to a leading, flexible tech and data platform is on track. We’re building a more dynamic and efficient organisation, with better pace of delivery.”

Profits in 2021 were down 25% to £52.1m, its lowest level since 2013 and significantly below the £94.9m achieved in 2019.

Moneysupermarket’s share price has reflected the drop-off in its performance. It has endured a steady decline since 2019, losing 55% of its value in under 30 months, and is now trading around at a seven-year low. Last night’s closing price of 188p valued the group at £1bn.

Moneysupermarket has added CYTI, Icelolly.com and Quidco, and it is upbeat about the addition of cashback which it says “aligns well with our purpose of helping households save money and brings new opportunities”.

It is also looking at product innovations, and will be launching a car insurance ‘multi-comparison’ proposition on MoneySavingExpert later this year.

Duffy added: “We are well placed for further recovery in our end markets and future growth.”