Price comparison giant Moneysupermarket Group Plc, whose ‘Reinvent’ strategy has made headway in terms of execution, has released its preliminary results for the year ended December 31, 2018.
From £78.1 million in 2017, the UK enterprise – parent firm of brands MoneySuperMarket, MoneySavingExpert, and TravelSupermarket – posted an 11% increase in profit after tax to £86.6 million. Last year saw positive adjustments in group revenue (8%) and operating profit (14%) to £355.6 million and £108 million, respectively.
Full-year revenue from insurance grew 4% to £183 million; money, 3% to £88.1 million; and home services, 15% to £49.2 million.
“We made significant progress executing the first year of our Reinvent strategy,” reported Moneysupermarket Group. “After choosing to invest in our product engineering teams, growth accelerated.
“We acquired and integrated Decision Tech to add B2B capability to the group, and we launched several new market growth initiatives.”
Describing 2018 as a year of transformation, the company pointed to its strong financial performance and said it delivered “record levels of switching” to save customers £2.1 billion.
“Our investment in optimising our sites means we have made saving even easier,” commented chief executive Mark Lewis. “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.”