NOTE: This content is old - Published: Wednesday, Jul 31st, 2013.
Ewloe based Moneysupermarket.com post strong interim results for the 6 months to 30 June 2013.
Group revenue increased by 10% to £112.3m versus £102.2m in the same period last year. the cash balance for the group dropped, as expected, on the back of the MoneySavingExpert.com acquisition, which reportedly cost the group £87m, it has proved to be a powerful addition, and continues to grow with the launch of the innovative Cheap Energy Club which helps consumers monitor and reduce their energy bills.
Revenue in July is flat year on year against a strong July last year when the new advertising campaign was launched, a new campaign launches in August.
The Board though remain confident in the long term prospects for the Group underpinned by the continued structural growth opportunities in the price comparison marketplace.
Peter Plumb, MoneySupermarket.com Chief Executive Officer, said:
“We’ve had a good first half of 2013. Revenues were 10% and profits 29% ahead of this time last year. The benefits of our increasingly diversified business are evident. We grew our Insurance, Home Services and Travel businesses which more than offset lower demand in our Money business where savings revenues continue to be impacted by the Government’s ‘Funding for Lending’ scheme which is reducing what savers earn on their deposits.
[colored_box color=”yellow”]Financial Highlights
- Group revenue increased by 10% to £112.3m (2012: £102.2m).
- Adjusted EBITDA increased by 29% to £39.9m (2012: £31.0m).
- Gross margin improved to 77.2% (2012: 71.7%), benefitting from the acquisition of MoneySavingExpert.com in September 2012.
- Continued strong cash generation: 110% of EBITDA converted into cash.
- Cash balances of £25.4m (2012: £36.7m) at 30 June, reflecting the acquisition of MoneySavingExpert.com, but before the payment of £70m special dividend referred to below.
- Interim dividend increased by 20% to 2.16p per share.
- Special dividend of 12.92p paid to shareholders on 26 July 2013.