Trends improving at Moneysupermarket.com

1st Mar 2011 07:29

Despite competition from firms using talking meerkats and comedy opera singers to advertise their products, Moneysupermarket.com saw improving trends in 2010 in all four of its main divisions."These results show that we continue to lead a competitive market at the same time as delivering good revenue growth and increased profit margins," claimed chief executive officer, Peter Plumb.Revenue in 2010 grew 9% to £148.9m from £136.9m in 2009, with growth accelerating in the second half of the year.The Insurance price comparison business saw year on year revenue growth of 13% in the second half of the year, up from 10% in the first half, while the financial products (loans, credit cards etc.) business's growth rate quickened to 20% in the second half from 11% in the first half.Second half revenue growth from home services (utilities) enquiries improved to 14% from 10% in the first half.The travel (holidays and hotels) business remained ex-growth in 2010, but the 21% year on year decline in revenue seen in the first half had moderated to a 5% decline in the second, and the business has returned to growth in 2011, albeit against weak comparatives.Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 14% to £41.0m from £36.0m in 2009, while statutory profit before tax more than tripled to £11.0m from £3.2m the year before. Gross margin improved to 71.3% from 68.9% in 2009.The cash balance at the end of 2010 had fallen to £36.6m from £53.8m at the end of 2009.There was no special dividend for 2010, unlike in 2009. Stripping out the effect of 2009's special dividend payment of 9.84p, the full year payment for 2010 improved by 9% to 3.83p from 3.5p in 2009."The group has made a good start to the year, with trading in line with management expectations. Group revenues and EBITDA are ahead of the same period last year where trading was relatively weak. Revenues in Money, Insurance and Home Services are all ahead by around 20% whilst Travel has returned to growth reversing the declines seen over the course of last year," the company said.