If half-year performance is any indication, then Moneysupermarket Group Plc is on the right path.
Announcing its interim results for the first six months of 2018 this morning, the price comparison business said it has successfully delivered on its plans and is trading in line with expectations. The UK firm – known for its MoneySuperMarket, MoneySavingExpert, and TravelSupermarket brands – posted a 5% increase in profit after tax for the period, to £42.5 million from £40.3 million in 2017.
Revenues for the group saw a 5% rise from last year’s £165.3 million to £173.7 million for the first half of 2018, thanks in part to what the company described as “a solid performance” in insurance. According to the announcement, revenues from insurance grew 4% to £93.3 million.
“Insurance is in growth against the backdrop of a falling premium cycle for motor insurance,” said Moneysupermarket Group in its half-year report. It added that “2018 has started well” amid record levels of switching.
The firm also cited its ‘reinvent’ strategy, which is aimed not only at reaccelerating core growth but also at unlocking new market development.
“Our trading is on track and our reinvent strategy to help people save more money across more household bills, is moving ahead,” commented Moneysupermarket Group chief executive Mark Lewis (pictured). “In particular, our expanding product engineering hub is making it easier for customers to switch.”
Aside from its performance for the first six months, a new offering has also been unveiled.
“We all know finding a better mortgage is complicated,” added Lewis. “We said we would do something about this and today we announce Podium, a new mortgage fintech, to build a comparison tool to bring customers the digitisation of mortgages – an easier and better way to arrange the mortgage that suits them.”
In light of the interim results, Moneysupermarket Group’s board – which is chaired by Lloyd’s of London chairman Bruce Carnegie-Brown – “remains confident of delivering market expectations for the year.”
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