Profits leap 30% at MoneySupermarket.com
PRICE comparison website Moneysupermarket.com has notched up another year of strong earnings growth.
In the 12 months to the end of December revenues were up 13% to £204.8m while pre-tax profits jumped 30% to £31.5m.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 26% to £66.5m.
Martin Lewis’ MoneySavingExpert.com, which the group bought for £92.5m last year, contributed £3.9m to annual sales.
The Chester-based business earns money from commission on the sale of mortgages, credits cards, insurance and holidays.
The company has four divisions: Insurance, money, travel and home services. All apart from travel, which was flat, saw an increase in revenues.
Insurance is the largest part of the business, up 17% to £120m, followed by money, up 9% to £57.3m, although the group said this had been affected by the government’s Funding for Lending scheme which is designed to encourage cheaper loans. Travel was flat at £13m and home services pulled in 11.4m, up 25%.
Chief executive Peter Plumb said: “The 15% rise in revenues, 26% increase in profits and 30% higher dividend to shareholders were only possible because of our continuing investment in the MoneySupermarket brand, in digital marketing and technology, and in making sure customers find us the best shop for comparing prices.
“While the Government’s Funding For Lending scheme has affected demand for comparing savings products, we remain in a structurally growing market. We’ll continue to succeed by carrying on giving customers and product providers a better and broader service than others. That way we can save more people more money and continue to build our business.
He added: “January and February have been good months for us and we expect another record year.”
