Moneysupermarket owner rolls out buyback after profit jumps
Moneysupermarket’s parent company has announced a £30m share buyback programme amid a jump in profit.
Mony Group reported a two per cent increase in revenue to £439.2m for the year ended 31 December 2024, driven by the performance of the group’s insurance offering.
Overall, group profit after tax rose 11 per cent to £80.2m from £72.3m recorded for 2023.
However, its money section was down two per cent in the quarter due to “fewer attractive current account deals,” while borrowing continued to grow, driven by improved credit card switching volumes.
The Moneysupermarket owner reported its “highest ever” adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), which were up seven percent to £141.8m.
Its operating cash flow was up 13 per cent to £115.6m.
The board proposed a final dividend per share of 9.2p, bringing the total dividend for the financial year of 2024 to 12.5p, up three per cent.
Mony announced in its results a share buyback programme of up to £30m, reflecting the group’s “strong cash generation and robust financial position”.
Looking at 2025, the group believes its recent trading performance and strategic execution give it confidence that it will deliver adjusted EBITDA for 2025 “broadly within our current published consensus.”
The Moneysupermarket owner stated it remains “well positioned to continue to deliver sustainable, profitable growth.”
Commenting on the results, Peter Duffy, CEO of Mony Group, said: “We are proud to have helped customers save a record £2.9bn – the more customers save, the more the group grows.”
“We’ve done this by delivering strong performance both operationally and financially in 2024 as we continue to execute on our strategy.”
“This sustained momentum has enabled us to grow the dividend by three per cent this year, alongside the announcement of a share buyback programme of up to £30m, which will deliver enhanced returns to shareholders,” he added.