15th Jan 2016 07:40
LONDON (Alliance News) - Moneysupermarket.com Group PLC on Friday said that full-year operating profit adjusted for costs relating to amortisation and acquisitions, should grow by around 13% and end up slightly ahead of market expectations.
However, there was a decline in revenue at the price comparison website's insurance activities in the final quarter of the year, as rivals stepped up the competition.
Moneysupermarket said it expects to report adjusted operating profit of about GBP99.0 million for 2015, versus company-provided market expectations of GBP98.3 million.
Revenue grew by 14% to GBP281.8 million year on year, Moneysupermarket said, driven by double digit growth at MoneySavingExpert.com, its Money and Home Services divisions.
Fourth-quarter revenue was up 5% to GBP61.7 million, lifted by the same areas of the business, which more than offset the decline in its insurance activities.
"Insurance contracted slightly more than expected in the quarter. At a time when we were finishing the migration to our new technology platform, we experienced stronger competitor marketing activity than anticipated and chose to maintain our margins. Initiatives are underway to bring momentum back to our insurance business through the course of 2016," Moneysupermarket.com.
By Samuel Agini; [email protected]; @samuelagini
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