Moneysupermarket H1 revenue up 11% to £214m

Chester-based price comparison website Group Plc said its revenue increased 11% to £213.8 million in the six months ended June 30, 2023, and profit before tax rose 26% to £53.3 million.

The firm said its insurance business was up 23% led by car as it won market share “in a growing market rebounding from FCA General Insurance Pricing regulations.”

Moneysupermarket said its travel business continued its strong recovery but headwinds from interest rates hit loans and mortgage conversion, while the cost of living crisis impacted broadband.

Interim dividend will rise 3% to 3.2p.

Moneysupermarket Group CEO Peter Duffy said: “Our purpose is to help everyone save money on their household bills, and this has never been more vital as cost-of-living pressures bite.

“But it has got to be easy to use our site. And that’s where we’ve made good progress. The tech behind our trusted brands has been modernised and made increasingly common across the group.

“The more scalable it is, the more efficient our business is and the more we can invest in new tools and personalised features that help people save on more of their bills.”

In its outlook, Moneysupermarket said: “This is a strong first half performance, particularly in Insurance where we have won market share in a growing switching market.

“We expect the trends seen in Insurance and Money in the period to continue.

“As we said before, we do not expect significant revenues from energy switching this year.

“The continued strategic progress and measures we are taking to drive growth, gives the board confidence the Group will be towards the upper end of market expectations for the year.”