Moneysupermarket’s new Money Super Seven
(Picture: Moneysupermarket)MoneySupermarket is preparing for the increased business that a “tough macroeconomic climate” will bring, after revenue and profit grew in 2022.
The price comparison company’s revenue was up by 22% to £387.6 million thanks to “strong performance in money and travel channels”.
Insurance was MoneySupermarket’s largest source of revenue, thanks to “improving trends in market switching volumes” within car insurance. Travel was the fastest-growing segment, but revenue here was still only around half of pre-pandemic levels.
Within its money segment, “the availability of attractive products” helped revenue rise.
Underlying profit was up by 15% to £115.5m, while profit after tax rose by 33% to £69.3 million.
“I’m pleased to report a strong return to revenue and profit growth as we build strategic momentum,” CEO Peter Duffy said. “The progress we’ve made gives us the foundation for more product innovation which, amid a tough macroeconomic climate, will help households find even more ways to save with our portfolio of trusted brands.”
During 2022, Moneysupermarket also acquired cashback business Quidco, which contributed £57.6 million in revenue.
The business maintained its 11.7p dividend.
Shares were down this morning, dipping by 4.4% to 225.1p in the first hour of trading.
Looking ahead, the business expects to report 2023 results in line with market expectations.
