Return to profit for Ewloe based Moneysupermarket after helping UK households save over £2bn on bills
Ewloe based Moneysupermarket.com group has reported a rise in full-year profit this morning.
The group saw a 9 per cent increase in revenue to £388.4m in its preliminary results, profit after tax grew by 10 per cent to £97.9m.
Moneysupermarket.com said the number of active users of the groups services has “increased slightly” to 13.1 million and has saved customers an estimated £2bn in 2019.
In a statement the company said: “After a year of investment, we have returned to profit growth and are proud to have helped households save over £2 billion on their household bills.
Our diverse portfolio of comparison services balanced some mixed market conditions.
Exceptional rates of energy switching, the full year benefits of the Decision Tech acquisition and our ongoing work to optimise the customer experience all drove good performance.
In Money, performance was weaker than expected due to challenges in product availability in our savings and current accounts business.”
The company said “2019 was a standout year for MoneySavingExpert (MSE), whose brand and campaigning work attracted record visitors.
Once more, MSE is shown to be the voice of authority for those seeking help navigating their finances and in areas such as energy and travel.”
Outgoing Chief Executive Officer Mark Lewis said:
“It’s good to report the Group returned to profit growth and once again helped UK households save over £2bn on their bills.
Innovation will continue in 2020 as MoneySavingExpert, the most trusted brand for finding energy deals, launches a new energy autoswitching service.”
Mr Lewis is set to to step down as Chief Executive to “pursue his career in a new direction.”
The Board has begun a search process for his replacement which includes internal and external candidates.
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