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Moneysupermarket.com announces a 10% increase in group revenue

Press Release   •   Jul 31, 2013 10:48 BST

Moneysupermarket.com announced today a ten percent increase in group revenue to £112.3m.

The online price comparison site also saw its adjusted pre-tax profits increase by almost a third (29 percent) to £39.9m, following a six month period that included the roll-out of its money vertical too.

Profit after tax increased to £15.1m from £8.8m. On a per share basis, earnings grew to 2.8 pence from 1.7 pence last year.

Earlier in July, the company admitted that website visits had been impacted by changes to Google's search algorithm but was beginning to settle.

Revenues in insurance, travel and home services were ahead of the previous period, however, conditions in the money sector are still challenging.

The company revealed that July revenue was flat year-on-year against a strong July last year when the new advertising campaign was launched. This year's new campaign launches in August.

Chief executive Peter Plumb said: "We've had a good first half of 2013. The benefits of our increasingly diversified business are evident.

"MoneySavingExpert.com has proved a powerful addition to the MoneySupermarket team. It continues to prosper with the launch of the innovative Cheap Energy Club which has proved a hit because it helps consumers monitor and reduce their energy bills," he added.

In a separate announcement today, Paul Doughty is to step down as chief financial officer no later than June 2014 and a search for a successor is underway.

Chairman Gerald Corbett said: "Paul's contribution to MoneySupermarket's success should not be underrated. The financial management and control he instituted have been a vital factor in the Company's rapid growth."

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