Moneysupermarket FY profit rises, dividend lifted
By Michele Maatouk
Date: Thursday 20 Feb 2020
(Sharecast News) - Price comparison website Moneysupermarket.com reported a rise in full-year profit on Thursday as solid performances from the home services and insurance businesses offset a weaker showing in the money segment.
In its preliminary results for the year to the end of December, the company said pre-tax profit rose to ?116m from ?106.9m in 2018, with revenue up 9% at ?388.4m.
Basic earnings per share ticked up 9% to 17.7p and the dividend was lifted 6% to 11.71p a share.
Revenue in the insurance segment was up 3% to ?188.4m, while home services saw a 39% jump to ?68.6m However, the money division fared less well, with revenue down 2% to ?86m. The group said money had underperformed due to the continuing challenges in product availability in its banking business and slowing growth in market demand for consumer credit.
Outgoing chief executive officer Mark Lewis said: "It's good to report the group returned to profit growth and once again helped UK households save over ?2bn on their bills.
"Innovation will continue in 2020 as MoneySavingExpert, the most trusted brand for finding energy deals, launches a new energy autoswitching service."
Moneysupermarket said overall trading dynamics have improved in the first six weeks of 2020. Home Services has traded in line with the previous year, despite the strong comparative.
"The board is confident of delivering market expectations for the year," it said.
On Wednesday, the company said it was looking for a new chief executive after Lewis announced that he wanted to leave.
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