(Sharecast News) – Price comparison giant Moneysupermarket reported a solid first-half financial performance on Monday, driven by strong brands and technology platforms.
The FTSE 250 company said revenue for the period stood at £213.8m, marking an 11% increase year-on-year.
Adjusted EBITDA was up 20% to £67.7m, while profit after tax grew by 22% to reach £41m.
The firm’s adjusted basic earnings per share increased 19% to 8.3p, and basic earnings per share saw growth of 25% to 7.6p.
Amid challenging market conditions, Moneysupermarket said the insurance sector, particularly car insurance, played a pivotal role in driving its overall growth, with revenues there up 23%.
It put that growth down to a rebound in the market following the FCA’s General Insurance Pricing regulations.
The travel sector meanwhile also showed signs of strong recovery in insurance and the Ice Travel Group brand.
However, the firm said it faced headwinds in the form of interest rates affecting loans and mortgage conversion, while the cost-of-living crisis impacted broadband.
The company said it was optimistic about the return of energy switching – an area where it had historically been a market leader.
While no significant return was expected in 2023, Moneysupermarket said it remained confident in its strategic progress and measures to drive growth.
The company said its commitment to cost discipline in the face of inflation yielded positive results, as operating costs rose just 3% during the period.
Additionally, Moneysupermarket demonstrated strong cash conversion, with £41.1m of operating cash flow generated during the first half of the year, although that was down 10% year-on-year.
In light of its robust performance, the company confirmed a return to dividend growth, with an interim dividend of 3.2p, up 3% on the same point last year.
Looking ahead, the company said it was optimistic, adding that it expected the positive trends seen in the insurance and money sectors to continue.
“Our purpose is to help everyone save money on their household bills, and this has never been more vital as cost-of-living pressures bite,” said chief executive officer Peter Duffy.
“But it has got to be easy to use our site – and that’s where we’ve made good progress.”
Duffy said the technology behind the company’s brands had been modernised, and “made increasingly common” across the group.
“The more scalable it is, the more efficient our business is and the more we can invest in new tools and personalised features that help people save on more of their bills.”
At 0829 BST, shares in Moneysupermarket.com Group were up 0.22% at 276.6p.
Reporting by Josh White for Sharecast.com.
