Revenues Up, Dividend Up, at MONY Group

The latest results snapshot from the MONY Group, who trade as MoneySuperMarket;

Trading performance

·     Revenue up 5%, supported by strong performance in Insurance and Cashback. Gross margin maintained at 68% and EBITDA up 8% to £73m

·     Increase in operating costs kept to 2%, as a result of work completed so far in building out our platform and delivering marketing efficiencies, in line with our strategy

·     Strong cash conversion – £51.8m of operating cashflow during the period

·     Dividend up 3% to 3.3p

Strategic achievements

·       Growth across our member-based customer propositions with positive early indicators

·       Milestone 500k members passed in MoneySuperMarket SuperSaveClub (300k in April 2024)

·       MoneySavingExpert App named a top 10 UK news app, with 1.4m downloads

·       Good member growth momentum in Quidco

·       Provider offering enhanced with new providers now able to launch simultaneously across our brands and B2B partners as a result of our single platform

·       37 B2B partners onboarded across car and home insurance, broadband, mobile and energy

Peter Duffy, CEO of MONY Group, said:

“We’ve made good progress in the first half of the year reaching a best ever H1 revenue and EBITDA. Ours is a business that only makes money if customers save money and in the first half of 2024, we saved customers £1.7bn. By offering easier ways to save through SuperSaveClub, the MoneySavingExpert App and Quidco, customers will increasingly come to us direct and more frequently too. The work we have done on our tech and data platform makes this possible, and I am excited about the growth opportunity ahead.”

Outlook

The progress of our strategy, as well as the actions we are taking to generate growth, give the Board confidence that the Group will deliver results in line with market expectations¹ for the year. As previously stated, we expect growth in Insurance to return to more normalised levels as we begin to lap the exceptional growth experienced in 2023 and we do not expect any material revenue from energy switching this year.

Market expectations for adjusted EBITDA for 2024 from the analyst consensus on our investor website is £140.5m with a range of £135.8m to £143.7m