Moneysupermarket business Mony Group today reported record annual revenues of £439.2 million, a rise of 2% on a year earlier. The comparison site’s Insurance arm rose 7% to £235.6 million, although the softening of car and home premium inflation slowed the final quarter to 2%. Home Services growth was flat in the quarter, with some improvement in energy switching helping to offset continued challenges in broadband and mobile from provider retention strategies.
The Money segment was down 2% in the quarter due to fewer attractive current account deals. Borrowing continued to grow, driven by improved credit card switching volumes. Revenue from Travel fell 6% in the quarter. Operating profit for the year rose 7% to £141.8 million, with the company confident it is on track to meet 2025 City forecasts. Chief executive Peter Duffy said: “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.”.
A final dividend of 9.2p lifts the total for 2024 by 3% to 12.5p a share, while the group has announced a share buyback programme of up to £30 million. Sterling is at a two-month high of $1.26 as attention turns to this week’s release of jobs market, inflation, retail sales and public sector borrowing figures. The FTSE 100 index closed Friday’s session 0.4% lower at 8732.46, with IG Index futures pointing to a broadly flat start this morning.
