Moneysupermarket.com reports strong 2023 performance

Moneysupermarket.com Group (LSE: MONY) revealed robust performance in 2023, reporting an 11% YoY increase in annual revenue, reaching £432.1 million compared to £387.6 million in the previous year.

The growth was primarily fuelled by exceptional trading in the insurance sector, contributing to a 28% surge in full-year insurance revenue, totalling £220 million.

Pretax profit showed a notable 8.1% rise, climbing to £92.1 million from £85.2 million. The company slightly raised its final dividend to 8.9 pence per share, up from 8.6p the previous year, resulting in a total payout of 12.1p compared to 11.7p.

Moneysupermarket.com Group anticipates no growth in energy switching revenue for 2024. It acknowledges the upcoming challenges in the insurance sector, particularly in the second half of the year.

Despite this, the company expresses confidence in its trading performance and strategic execution, aligning with the market consensus range for group earnings before interest, tax, depreciation, and amortisation (EBITDA) of £133.8 million to £146.2 million. This projection signals an increase from the 2023 figure of £131.9 million.

Read More News:
Gold holds above $2,000 but remains rangebound on hawkish Fed views

CEO Peter Duffy highlighted the positive impact on consumers, stating, “We helped customers save a record £2.7 billion in 2023.” He emphasized that the company’s role in assisting households in challenging times has contributed to the group’s growth.

The share price dipped 2% on Monday morning, year-to-date the stock is down 9.8%.