Mony Group PLC MONY Group PLC Q3 Trading Update

RNS Number : 3157I

Mony Group PLC

16 October 2024

 

MONY Group PLC

Q3 Trading update

Confidence in full-year outlook given solid performance and strategic progress

 

	Revenue for the 3 months ended 30 September 2024		Revenue for the 9 months ended 30 September 2024
	£m	Growth1	£m	Growth1
Insurance	62.7	1%	182.6	9%
Money	24.2	(4)%	75.1	(3)%
Home Services	9.4	(8)%	26.1	(10)%
Travel	5.2	(15)%	16.9	(5)%
Cashback	14.2	2%	44.0	2%
Inter-vertical eliminations*	(2.8)	26%	(8.3)	60%
Total	112.9	(2)%	336.4	2%

*The inter-vertical eliminations revenue line reflects transactions where revenue in Cashback and Travel has also been recorded as cost of sales in other verticals.

Growth in insurance and cashback was offset by headwinds in Travel and persistent soft market conditions in Home Services, delivering overall revenue 2% lower in the quarter.

·    Insurance grew 1%, as we maintained discipline in a competitive PPC (pay per click) market. As a reminder, Q3 2023 saw car insurance premium growth reaching peak levels, creating a tough prior year comparator.

·    In Money, credit card switching was strong. However, as expected, current account switching remained soft due to the limited availability of attractive offers during the quarter. As a result, Money revenue was 4% lower in Q3.

·    Home Services was 8% lower, primarily due to soft demand from customers in broadband and fewer compelling new handset launches in mobile during the period. 

·    In Travel, performance was predominantly impacted by lower conversion in car hire, which resulted in revenue being 15% lower in the quarter.

·    Cashback grew 2% in the period, driven by continued member growth through the year and strong performance in insurance within Cashback.

 

Strategic Update:

SuperSaveClub, our member-based loyalty and rewards programme within MoneySuperMarket, continues to grow and we are very pleased with the progress. We now have over 750,000 members and have increased the available products to include single-trip travel insurance. Like Cashback earlier this year, the addition of single-trip travel encourages members to engage more regularly with the Club versus our annual renewal products. We now have 11 products live in the Club giving customers even more ways to save.  

 

Outlook

Our solid performance and continuing strategic progress give the Board confidence that the Group will deliver full year 2024 results in line with current market expectations².  As previously stated, we continue to expect no material energy revenue in FY24.

 

Peter Duffy, CEO of MONY Group, said:

'We delivered a solid financial performance in the quarter, in line with our expectations, while lapping the very strong performance last year. I am also pleased with our continued strategic progress, especially in the SuperSaveClub which continues to grow with momentum, now reaching over 750,000 members'.

 

¹ Growth vs the comparative period in FY23

² Market expectations of Adjusted EBITDA for 2024 from the analyst consensus on our website are in a range of £135.8m to £142.1m, with an average of £140.0m

 

 

For further information, contact:         

Niall McBride, Chief Financial Officer       [e-mail] / 0203 826 4667

Rebecca Jamieson, Investor Relations     [e-mail] / 0203 846 2434

William Clutterbuck, H/Advisors Maitland   [e-mail] / 07785 292617

 

About MONY Group

At MONY Group our purpose is to help households save money. Our comparison sites MoneySuperMarket, TravelSuperMarket and Icelolly make it easy to find great deals and save money on household bills and financial products, from car, pet, travel and home insurance to credit cards, loans, savings, pensions, mortgages, bank accounts, holidays, car hire, broadband and TV packages. We show our providers' products to millions of customers in a cost-effective and flexible way. MoneySavingExpert is packed full of money saving tips and tools and information to help people take control of their finances. We speak up for consumers, and our national campaigns help households across the UK. And with Quidco, our customers earn free cashback from over 5,000 online retailers. Our scalable, proprietary price comparison technology platform powers a growing number of brands including Auto Trader, Rightmove and the NUS.

 

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