Moneysupermarket FY profit drops amid weakness in insurance, home services

by | Feb 17, 2022

Online comparison website Moneysupermarket.com posted a decline in full-year profit and revenue on Thursday following a strong performance from its money division but weakness in home services and insurance.
In the year to the end of December, pre-tax profit fell £70.2m from £87.8m, with revenue down 8% to £316.7m. Basic earnings per share were 24% lower at 9.8p. Adjusted earnings before interest, taxes, depreciation and amortisation declined 7% from the prior year to £100.5m.

The group declared a final dividend of 11.71p a share, in line with the previous year.

The money business saw revenues grow 20% to £75.2m. However, revenue from insurance dropped 8% to £158.7m and home services revenue slumped 34% to £68.1m, while travel saw a 32% fall to £4.1m.

The company said car and home insurance revenue fell in a “softer but highly competitive switching market”. This was partly offset by travel insurance, which saw revenue near pre-pandemic levels for much of the final quarter.

In home services, high wholesale energy prices meant there were no switchable energy tariffs available from October. “Wholesale energy prices remain too high to return attractive switching tariffs to the market, despite the increase in the energy price cap,” Moneysupermarket said.

Chief executive officer Peter Duffy said: “In a tough year for some of our markets, we delivered well against our strategy. Our work to attract customers more efficiently led to margin improvements, and our transition to a leading, flexible tech and data platform is on track. We’re building a more dynamic and efficient organisation, with better pace of delivery.

“We’ve added new brands, welcoming colleagues from CYTI, Icelolly.com and Quidco. The addition of cashback aligns well with our purpose of helping households save money and brings new opportunities.”

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