So Moneysupermarket: Price comparison site grows profits as chairman steps down
Moneysupermarket’s chairman is set to step down after five years in the hotseat, as the price comparison website grew both profit and revenue in a bumper 2018.
Bruce Carnegie-Brown will also step down from his non-executive director position at the company’s annual general meeting in May after serving as chairman since 2014.
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“It has been a privilege to chair Moneysupermarket Group over the last five years and to have served on the board for nine years,” he said.
Non-executive director Robin Freestone will replace Carnegie-Brown in the role subject to shareholder approval.
“Robin is the ideal person to work with the management team on the next phase of the company's development,” Carnegie-Brown said. “I am confident of the company's continuing success.”
The news comes as Moneysupermarket revealed its annual results, growing both its top and bottom lines.
The figures
Profit after tax increased 11 per cent year on year to £86.6m at the price comparison business, while revenue rose eight per cent to £355.6m.
Net cash fell 15 per cent to £29.8m, though operating cashflow stood at £106.6m.
Basic earnings per share grew 13 per cent to 16.2p while Moneysupermarket hiked its dividend six per cent to 11.05p per share.
Why it’s interesting
Carnegie-Brown is set to depart after a strong set of full-year results and while Moneysupermarket reiterated guidance for 2019, reporting “encouraging” trading for the first six weeks.
Home services performed particularly well for the business, growing 15 per cent to £49.2m, while insurance also drove growth, up three per cent year on year to £183m.
Moneysupermarket also announced a tie-up with ING Bank’s open banking app, Yolt, to allow Yolt users to switch to better energy deals offered by Moneysupermarket through the app.
Read more: Moneysupermarket boosts revenue despite falling insurance premiums
What Moneysupermarket said
Group chief executive Mark Lewis said the firm has made great progress on its strategy to make its website easier to navigate for customers and personalising its price comparison products.
“As well as growing the business we helped save customers a record £2.1bn,” he added.
“Our investment in optimising our sites means we have made saving even easier. In 2019 we are taking price comparison to the next stage by offering people more personalised ways to save and on more of their household bills.”