Moneysupermarket H1 performance ahead of expectations

21st Jul 2022 10:07

(Sharecast News) - Moneysupermarket.com said on Thursday that its first-half performance was ahead of expectations, with a stronger return to growth in travel insurance and Travel than expected and "exceptional" trading in Money in the second quarter, driven by attractive banking products.

In the six months to 30 June, pre-tax profit rose to £42.1m from £37m, with group revenue up 19% at £193.2m. The company hailed a strong performance in Money and travel channels, partially offset by closure of the energy switching market.

Adjusted earnings before interest, tax, depreciation and amortisation grew 10% to £56.6m, coming in ahead of expectations, and the interim dividend was maintained at 3.1p a share.

"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," the company said.

"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."

At 1005 BST, the shares were up 12% at 215.96p.