Moneysupermarket interims boosted by energy switching, acquisition
Price comparison website Moneysupermarket posted a jump in interim profit and revenue on Thursday as it helped more customers to switch energy after the implementation of the price cap.
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In the six months to the end of June, pre-tax profit rose to £60.4m from £51.7m on revenue of £199.4m, up 15% on the same period the year before. Revenue was driven by "exceptional" energy switching, the acquisition of Decision Tech last year and its ongoing "customer experience optimisation".
The company said revenue growth was ahead of the market for the six months.
Meanwhile, operating cash flow pushed up 20% to £51.4m and the interim dividend was lifted by 5% to 3.10p a share.
Chief executive officer Mark Lewis said: "We grew the business strongly in the first half, already helping households save over £1bn this year, particularly after the energy price cap came in and then went up. Millions of people faced rising energy bills and we helped many of them to find a better deal, saving them hundreds of pounds in just a few minutes on our sites."
Moneysupermarket said it was confident of delivering market expectations for the year.