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Moneysupermarket.com Group PLC on Monday celebrated a strong first half performance, boosted by the strength of its Insurance segment. For the six months ended June 30, the Chester, England-based company reported pretax profit of £53.3 million, up from £42.1 million year-on-year. Adjusted earnings before interest, tax, depreciation and amortisation rose 20% to £67.7 million from £56.6 million. Basic earnings per share rose 25% to 7.6 pence from 6.1p a year earlier. Revenue also increased, up 11% to £213.8 million from £193.2 million a year prior. Of the segments driving this uptick, Moneysupermarket.com noted double digit growth in both Insurance and Travel, which helped to offset headwinds in other verticals. Insurance revenue rose 23% to £105.6 million from £85.9 million, while Travel revenue surged 42% to £11.6 million from £8.2 million year-on-year. Meanwhile, Money revenue fell 2% to £51.9 million from £53.0 million. Of detriment were rising interest rates, which the company said had impacted conversion in loans and mortgages. Looking ahead, Moneysupermarket.com said it expects the trends seen in both the Money and Insurance segments to continue. Based on growth measures, the board anticipates a performance towards the upper end of market expectations for the year. ‘Our purpose is to help everyone save money on their household bills, and this has never been more vital as cost-of-living pressures bite. But it has got to be easy to use our site. And that’s where we’ve made good progress. The tech behind our trusted brands has been modernised and made increasingly common across the group. The more scalable it is, the more efficient our business is and the more we can invest in new tools and personalised features that help people save on more of their bills,’ said Chief Executive Officer Peter Duffy. The firm declared an interim dividend of 3.2p, up 3% from 3.1p the previous year. Moneysupermarket.com shares were trading 1.5% higher at 280.20 pence each. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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