Moneysupermarket posts preliminary results for 2023

CEO touts billions in savings for customers in the past year

Moneysupermarket posts preliminary results for 2023

Insurance News

By Kenneth Araullo Group has disclosed its preliminary financial outcomes for the year concluded on December 31, 2023, reporting a notable increase in revenue and strategic advancements.

The group's revenue surged to £432.1 million, marking an 11% growth from the previous year's £387.6 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a rise, reaching £131.9 million, up 14% from £115.5 million in 2022. Profit after tax increased modestly by 4%, standing at £72.3 million.

The adjusted basic earnings per share (EPS) saw a 12% increase, while the operating cashflow before tax rose by 7%. The group announced a 3% increase in its full-year dividend to 12.1p per share, amounting to a £65 million distribution to shareholders.

The report also detailed the quarterly performance, with insurance revenue up by 27% due to high premium inflation and increased search traffic. The money segment grew by 4%, and travel revenues increased by 9%, although home services saw a decrease. The company observed a 1% increase in cashback revenue, attributed to strong promotional activities.

The company highlighted several strategic achievements throughout the year, including aiding households to save an estimated £2.7 billion. Firstly, has completed its data transformation, with its proprietary dialogue data platform now handling 76% of user enquiries across core product lines.

The group has also expanded its services, introducing membership-based propositions and incremental provider offerings, which include business-to-business, tenancy, and “market boost” data services. The company also touted that it achieved top rankings in gender diversity and inclusion to reflect its commitment to workplace equality.

“We helped customers save a record £2.7bn in 2023,” CEO Peter Duffy said. “The more we can help households save, the more the Group grows. We’re proud that in tough times for consumers, MoneySuperMarket, MoneySavingExpert and Quidco have been able to make a real difference for so many.”

Looking ahead, the initial weeks of 2024 have shown trends similar to the end of 2023, with expectations for the insurance sector facing tougher comparatives in the latter half of the year. Despite this, the company's trading performance and strategic execution provide the board with confidence in achieving EBITDA within the current market consensus range, maintaining a cautious yet optimistic outlook for the year ahead.

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