17th Feb 2025 09:34
(Alliance News) - Mony Group PLC on Monday lifted its dividend, as it reported higher annual profit, helped by record revenue.
The Ewloe, Wales-based price comparison website operator formerly known as moneysupermarket also announced a share buyback programme worth GBP30 million.
Pretax profit increased 18% to GBP108.7 million in 2024 from GBP92.1 million in 2023, as revenue rose 1.6% to GBP439.2 million from GBP432.1 million. It was record revenue, boosted by the Insurance segment, particularly in the first half, Mony said.
Chief Executive Officer Peter Duffy said: "We are proud to have helped customers save a record GBP2.9 billion - the more customers save, the more the group grows. We've done this by delivering strong performance both operationally and financially in 2024 as we continue to execute on our strategy. This includes encouraging customers to join our member-based propositions like the SuperSaveClub which, in turn, reduces our reliance on increasingly expensive pay-per-click marketing."
Mony increased its final dividend by 3.4% to 9.2 pence per share from 8.9p. Its total dividend was 12.5p per share, up 3.3% from 12.1p.
Mony added: "Our recent trading performance, coupled with momentum in our strategic execution gives the board confidence that we will deliver adjusted Ebitda for 2025 broadly within our current published consensus. Despite headwinds in the car insurance switching market, strength in our breadth provides us with resilience and we continue to see other opportunities for growth across the business.
"We anticipate operating cost inflation [excluding depreciation and amortisation] to be largely mitigated through our ongoing focus on cost efficiency. We remain well positioned to continue to deliver sustainable, profitable growth."
Mony puts market expectations for 2025 adjusted earnings before interest, tax, depreciation and amortisation at between GBP143.1 million and GBP151.7 million, at least 0.9% higher than in 2024, when adjusted Ebitda rose 6.7% to GBP141.8 million from GBP132.9 million in 2023.
Mony shares were up 4.4% to 198.30 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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