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Price comparison website Moneysupermarket.com Group PLC on Thursday said its revenue climbed, thanks to its insurance, money and travel channels, as energy switching remained on ice. Chester, England-based Moneysupermarket reported revenue of £387.6 million in 2022, up 22% from £316.7 million in 2021. Insurance revenue increased by 8% to £172.0 million, Money revenue by 37% to £103.3 million, and Travel revenue more than tripled to £14.9 million. However, revenue in its Home Services arm, which includes energy price comparison, fell by 42% to £39.8 million. Conditions in the wholesale energy market and the introduction of UK government support measures, including the Energy Price Guarantee, meaning it is unlikely that energy switching will return in 2023, Moneysupermarket said. Pretax profit increased by 21% to £85.2 million from £70.2 million. Moneysupermarket left its full-year dividend unchanged at 11.71 pence. It added that it will keep under review the scope for dividend growth. Once it has ‘significant surplus capital and there are no material short-term organic or acquisitive growth opportunities available’, it will consider returning surplus funds to shareholders through a special dividend. Looking ahead, Moneysupermarket said it is confident of delivering market expectations for 2023. It added that the first few weeks of 2023 have seen similar trends across its Insurance and Money channels as in the fourth quarter of 2022. Revenue in these was up 11% and 10%, respectively, in the fourth quarter. Overall, revenue excluding Cashback rose by 13% in the final quarter of last year, or by 19% to £92.6 million including Cashback. Chief Executive Peter Duffy said: ’’I’m pleased to report a strong return to revenue and profit growth as we build strategic momentum. The progress we’ve made gives us the foundation for more product innovation which, amid a tough macroeconomic climate, will help households find even more ways to save with our portfolio of trusted brands.‘ Shares in Moneysupermarket wee down 2.7% to 229.00 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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