Comparison site Moneysupermarket has published its latest results covering 2022 and the news is good. Revenues are up substantially to £387m, debt is down and net profits are up slightly at £69m. The Group noted strong growth in 2022 for its Travel offers, which is understandable as Covid restrictions in Europe and some long haul destinations finally eased off for summer.
Demand for car insurance quotes also increased last year.
Peter Duffy, CEO of Moneysupermarket Group, commented:
“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.”
Recent performance and outlook
The first few weeks of 2023 have seen similar trends as in Q4 in Insurance and Money. As previously guided, the ongoing conditions in the energy market mean it is unlikely that switching will return in 2023. On this basis the Board is confident of delivering market expectations for the year.
TECH PROGRESS; FEWER QUESTIONS, QUICKER QUOTES
It’s interesting to note that Moneysupermarket has made some investments in tech which seem to have paid off in 2022. Here’s an extract from the release;
“Data is critical to deepening our relationship with our customers. In 2022 we consolidated our data into Google Cloud Platform (GCP) improving our ability to store and use it. We now have a single source of rich, real-time data. This data is available operationally to drive growth and increase marketing efficiency.
In 2022 we finalised transitioning to Braze, a leading customer engagement platform. Braze is fully integrated with our centralised data and allows us to deliver personalised messages to users across our apps, web and via email. Campaign creation is more efficient, allowing a test and refine approach, which in turn means better user retention and engagement. We also aim to simplify the experience for returning users by using data to shorten question sets thereby reducing the time and effort needed to get to a quote.
The core of this is a re-build of question sets to create a shared user profile that becomes richer as users enquire across more channels. This is now live on MSM car insurance, credit cards and loans. In 2023 we will continue to expand the channels that use the shared profile and how we use data to improve conversion and cross-sell.”
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