19th Feb 2024 08:55
(Alliance News) - Moneysupermarket.com Group PLC on Monday said "exceptional trading" in Insurance helped to drive double-digit topline growth in 2023, despite "no material revenue" from energy switching.
The Chester, England-based price comparison website said annual revenue grew 11% year-on-year to GBP432.1 million in 2023 from GBP387.6 million the year before.
The firm said full-year Insurance revenue grew by 28% to GBP220 million.
Pretax profit increased 8.1% to GBP92.1 million from GBP85.2 million.
The firm lifted its final dividend slightly to 8.9 pence per share from 8.6p a year prior, increasing the total payout to 12.1p from 11.7p.
Looking ahead, the firm said it expects no increase in energy switching revenue in 2024, with comparatives in Insurance to become "tougher", especially into the second half.
"However, our trading performance and momentum in our strategic execution, gives the board confidence that group [earnings before interest, tax, depreciation and amortisation] will be within the current market consensus range," the firm said. It cited the consensus range as GBP133.8 million to GBP146.2 million. This would represent an increase from 2023's GBP131.9 million.
Chief Executive Officer Peter Duffy said: "We helped customers save a record GBP2.7 billion in 2023. The more we can help households save, the more the Group grows. We're proud that in tough times for consumers, MoneySuperMarket, MoneySavingExpert and Quidco have been able to make a real difference for so many."
Shares in MoneySuperMarket were down 1.2% to 248.32 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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