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Profit woes for Moneysupermarket

By This Is Money
Updated: 07:59 EDT, 5 August 2010

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Price comparison website Moneysupermarket.com reported a 3% decline in profits to £18.1m in the first half as revenues rose by 4% to £71.6m.

The company, which said in July that tough travel markets had offset revenue growth in money and insurance products, said it had also increased its investment programme in building new products and the brand.

The company added that trading was in line with expectations.

Visitors to moneysupermarket.com were up 3% and down 4% for travelsupermarket.com.

Peter Plumb, Chief Executive Officer of moneysupermarket.com, said: 'We are developing an investment plan designed to deliver a stronger offer on travelsupermarket.com, which has weathered a tough time in an extremely challenging environment.'

He added: 'Looking ahead, in spite of the on-going economic uncertainties, we believe the business is well placed to continue to make good progress.'

The interim dividend was held steady at 1.3p. Shares lost 0.50p to close at 69.25p.

›› The full Moneysupermarket announcement

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