Moneysupermarket shares up 13% on strong H1

Shares of Chester-based price comparison website rose as much as 13% on Thursday after it reported that its revenue rose 19% to £193.2 million and profit before tax rose 14% to £42.1 million in the six months ended June 30, 2022.

Interim dividend was maintained at 3.1p, reflecting the firm’s “confidence in growth prospects and continued good cash generation.”

In its outlook, Moneysupermarket said: “Our first half performance was ahead of expectations, with a stronger return to growth in travel insurance and Travel than expected and exceptional trading in Q2 in Money, driven by attractive banking products.

“Trading dynamics for the rest of the year will be influenced by macro developments in travel and the ongoing transition to a steady state in the car and home insurance markets following the introduction of the FCA General Insurance Pricing regulations.

“We continue to expect the energy switching market to remain closed this year.

“On this basis the board is confident of delivering adjusted EBITDA around the upper end of market expectations for the year.”

Moneysupermarket Group CEO Peter Duffy said: “As the cost-of-living crisis bites, we’re doing all we can to help the British consumer.

“We’ve performed well with strong profit growth despite some mixed end markets.

“At the same time we’re making strategic progress towards becoming a flexible tech-led savings platform, with all our core data now in Google Cloud Platform.”