REG - Mony Group PLC - Interim Results for the six months ended 30 June
22/07/2024 07:00
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RNS Number : 1774X Mony Group PLC 22 July 2024
22 July 2024
MONY Group plc
Interim results for the six months ended 30 June 2024
Good trading and strategic achievements with the best ever H1 revenue and
EBITDA
6 months ended 30 June 2024 2023 Growth
Group revenue £223.5m £213.8m 5%
EBITDA * £73.0m £67.7m 8%
Profit after tax £44.1m £41.0m 8%
Adjusted basic EPS ** 8.8p 8.3p 6%
Basic EPS 8.3p 7.6p 9%
Operating cashflow £51.8m £41.1m 26%
Net debt *** £25.1m £54.4m (54)%
Interim dividend per share 3.3p 3.2p 3%
Trading performance
· Revenue up 5%, supported by strong performance in Insurance and
Cashback. Gross margin maintained at 68% and EBITDA up 8% to £73m
· Increase in operating costs kept to 2%, as a result of work completed
so far in building out our platform and delivering marketing efficiencies, in
line with our strategy
· Strong cash conversion - £51.8m of operating cashflow during the
period
· Dividend up 3% to 3.3p
Strategic achievements
· Growth across our member-based customer propositions with
positive early indicators
· Milestone 500k members passed in MoneySuperMarket SuperSaveClub
(300k in April 2024)
· MoneySavingExpert App named a top 10 UK news app, with 1.4m
downloads
· Good member growth momentum in Quidco
· Provider offering enhanced with new providers now able to launch
simultaneously across our brands and B2B partners as a result of our single
platform
· 37 B2B partners onboarded across car and home insurance,
broadband, mobile and energy
Peter Duffy, CEO of MONY Group, said:
"We've made good progress in the first half of the year reaching a best ever
H1 revenue and EBITDA. Ours is a business that only makes money if customers
save money and in the first half of 2024, we saved customers £1.7bn. By
offering easier ways to save through SuperSaveClub, the MoneySavingExpert App
and Quidco, customers will increasingly come to us direct and more frequently
too. The work we have done on our tech and data platform makes this possible,
and I am excited about the growth opportunity ahead."
Outlook
The progress of our strategy, as well as the actions we are taking to generate
growth, give the Board confidence that the Group will deliver results in line
with market expectations(1) for the year. As previously stated, we expect
growth in Insurance to return to more normalised levels as we begin to lap the
exceptional growth experienced in 2023 and we do not expect any material
revenue from energy switching this year.
(1)Market expectations for adjusted EBITDA for 2024 from the analyst consensus
on our investor website is £140.5m with a range of £135.8m to £143.7m
Results presentation
A presentation for investors and analysts will be available from 7am at
https://www.monygroup.com/investors/results-reports-and-presentations/
(https://www.monygroup.com/investors/results-reports-and-presentations/)
A Q&A session will be held at 9.30am with Peter Duffy (CEO) and Niall
McBride (CFO). This session can be accessed via:
https://www.lsegissuerservices.com/spark/MoneysupermarketcomGroup/events/77b77e42-a8d4-4d63-8037-c94952482ed1
(https://www.lsegissuerservices.com/spark/MoneysupermarketcomGroup/events/77b77e42-a8d4-4d63-8037-c94952482ed1)
For further information, contact:
Niall McBride, Chief Financial Officer Niall.McBride@monygroup.com
/ 0203 826 4667
Rebecca Jamieson, Investor Relations Rebecca.Jamieson@monygroup.com /
0203 846 2434
William Clutterbuck, H/Advisors Maitland
William.Clutterbuck@h-advisors.global
(mailto:illiam.Clutterbuck@h-advisors.global) / 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.
Cautionary note regarding forward looking statements
This announcement includes statements that are forward looking in nature.
Forward looking statements involve known and unknown risks, assumptions,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward looking statements. Except as required by the Listing Rules,
Disclosure Guidance and Transparency Rules and applicable law, the company
undertakes no obligation to update, revise or change any forward-looking
statements to reflect events or developments occurring on or after the date
such statements are published.
Notes:
* EBITDA is operating profit before depreciation and amortisation. In both the
current and prior period there were no adjusting items within EBITDA. This is
consistent with how business performance is measured internally.
**Adjusted basic earnings per share is profit before tax adjusted for
amortisation of acquisition related intangible assets
divided by the number of weighted average shares. A reconciliation of adjusted
basic earnings per share to the interim financial statements is included in
note 5.
***Net debt is cash and cash equivalents of £24.9m (2023: £20.2m) less
borrowings of £48.0m (2023: £63.0m), deferred
consideration of £nil (2023: £9.8m) and loan notes payable to Podium's
non-controlling interest of £2.0m (2023: £1.8m). It does
not include lease liabilities.
Quarter 2 and H1 2024 trading performance
Revenue for the 3 months ended 30 June 2024 Revenue for the 6 months ended 30 June 2024
£m Growth* £m Growth
Insurance 58.5 6% 119.9 14%
Money 24.9 0% 50.9 (2)%
Home Services 7.9 (13)% 16.7 (10)%
Travel 5.7 (8)% 11.7 1%
Cashback 14.6 4% 29.8 3%
Inter-vertical eliminations* (2.7) 56% (5.5) 86%
Total 108.9 1% 223.5 5%
* 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.
Revenue in Q2 (for the 3 months ended 30 June 2024) grew 1%, driven by strong
trading in Insurance and Cashback.
In H1 2024, the group generated strong overall revenue and profit growth, both
up 5%.
Performance within each of our verticals in Q2 2024 and in H1 2024 is as
follows:
· Insurance:
· We delivered 6% growth in Q2, driven by car and home switching
which remained buoyant due to sustained high premium prices. The strong
performance in car and home was slightly offset by travel insurance which was
impacted by consumers trending towards lower-mid tier cover. This is a return
to more normal policy distribution following the popularity surge of high-tier
policies during covid.
· Over the half, Insurance grew 14%, with home insurance resuming
its position as our second largest channel after car. Car premium inflation
began to slow through the half, with home premium inflation stabilising. Our
quarter-on-quarter growth rate from Q1 to Q2 reflects the shift towards more
normal levels of premium inflation.
· Money:
· In Q2, Money was flat. Good performance in credit card switching
was offset by weakness in loans which remain less affordable for consumers in
the high interest rate environment. We also experienced a weaker performance
in banking (current accounts and savings products) due to fewer attractive
offers in the period.
· In the half, Money was down slightly at -2% reflecting similar
trends of weaker conversion in banking and high interest rates affecting
borrowing, offset by a stronger performance in credit card switching. We are
also lapping a very strong performance in banking in H123.
· Home Services:
· In Q2 we saw continued weakness in broadband and a softening of
mobile switching, driven by lower levels of conversion as providers increased
focus on customer retention.
· In energy, there were a few switching deals available but market
uncertainty remains and energy revenues were immaterial. This resulted in an
overall Home Services revenue decline of -13% in Q2.
· In the half, the same trend of soft demand in broadband and
stronger competition resulted in Home Services revenue being down -10%.
· Travel:
· In Q2, package holiday performance remained solid although the
market was more competitive. Operators increased the number of low-priced
package holiday deals and grew their paid search (PPC) and brand marketing
costs to sell these which inflated our marketing costs. Growth in Travel was
also impacted by a weak car hire market.
· This resulted in Q2 revenue down -8% as we took action to adjust
our marketing spend and protect margins.
· In the half, Travel revenue was up 1%, after a very strong Q1,
driven by good performance in package holidays.
· Note that travel insurance is contained within Insurance.
· Cashback:
· We generated strong growth in Q2 of 4%, driven by Insurance and
the ongoing success of Quidco Compare following its launch in H123.
· Over the half, Cashback performed well with revenue growth of 3%.
This was in part driven by our member growth momentum, as well as a strong
performance in Insurance and tenancy within Cashback.
Strategic review
In the first half, the Group saved households an estimated £1.7bn as we
continued to fulfil our purpose of saving households money.
Our strategy is simple - to grow a two-sided marketplace. In doing so, we will
rely less on paid traffic, and grow revenue per user by improving
cross-purchasing, repeat purchasing and customer loyalty with our already well
trusted brands.
On one side of the marketplace, we have the services we offer to our customers
and on the other, the services we offer to our providers and third-party
brands. We have made great progress in expanding both sides of our business.
Customer strategy:
The customer strategy is built on growing on our member-based offers;
MoneySuperMarket SuperSaveClub, MoneySavingExpert App and Quidco. These
member-based propositions are focused on growing customer loyalty, engagement,
repeat purchasing and retention, as well as driving consumer traffic direct to
our sites. In time, this should result in a reduced reliance on paid-for
marketing.
SuperSaveClub
The SuperSaveClub ('SSC') is MoneySuperMarket's member-based rewards
programme. Typically, in price comparison, products are sold once per year.
This provides a single touchpoint annually to engage with any given consumer,
leading to high third-party advertising spend in order to stay front of mind.
The SSC now has over 500k members and we have grown the number of products
available in the club from 6 at the beginning of the year to 10 at the end of
June, representing more than half of MSM sales channels by volume. In July, we
also launched Cashback in the club which provides further opportunity for more
frequent engagement with our members.
Early data shows that more Club members are coming to us directly, with
members 20% more likely to come direct for their second purchase than
traditional MSM users. This supports our wider strategic goal of reducing our
reliance on paid-for marketing. They are also buying more products from us,
with members 4x more likely to buy a second product than non-members,
supportive of our strategic goal to grow customer lifetime value. This is
driven, in part, by their increased propensity to engage with our CRM activity
and to download the MoneySuperMarket app.
Whilst it is still early in the SSC journey, and we remain cautious about
drawing conclusions from the trends we have seen from our early adopters,
initial results are encouraging, showing that the club is achieving what we
set out to.
MoneySavingExpert
MoneySavingExpert ('MSE') helps millions of consumers with information, tips
and tools to save money. The MoneySavingExpert App is our member-based offer
for MSE and we have again seen good momentum here.
Eighteen months after launch, the MSE App has been named as one of the UK's
top 10 news apps, with 1.4m downloads and average monthly active users
reaching 443k in the half. The 9m+ people who receive Martin Lewis's weekly
tip email, can also now open this directly on the MSE App.
In the half, we launched a new and improved MSE Credit Club, which includes a
unique eligibility rating. This new tool tells consumers not just if they
could get credit but provides an affordability score to show whether they
should take out credit based on their real-world credit power. The existing
1.6m Credit Club users were upgraded to this new version during the half and
it was made available to new users in June. This addition of this tool is a
clear competitive advantage over existing services in the market and a real
step change in the Credit Club offering.
MSE has a dedicated, loyal and growing audience. Ongoing efforts to enhance
and expand the user experience means we continue to see building traffic
volumes, greater customer interaction and increased stickiness to the benefit
of the wider MONY Group. There is further opportunity available to personalise
the MSE App experience through additional tools and tips which will help users
save even more money and improve their financial health, all of which will
drive increased volume growth, engagement and retention, helping us progress
against our wider strategic goals.
Quidco
Quidco, one of the UK's leading cashback sites, is the third of our
member-based offers, helping customers save across travel, online retail and
services such as insurance, broadband and mobile. Using a network of over
5,000 merchants, members can make purchases and save money at the same time.
We saw good momentum in the half as a result of actions we have taken to
improve the user experience and deliver a more personalised, targeted CRM
strategy. This was made possible because of our investment in data and our
platform, as well as our leading-edge CRM which means we can target specific
cohorts of customers with tailored offers and discounts rather than using a
one size fits all approach. Our progress on personalisation is proving
effective in attracting users who are increasingly engaged.
Cashback deals, powered by Quidco capability, were launched in the SSC in
July. Cashback in the Club is a key component of our strategy to drive
regular, repeat engagement beyond annual-renewal products, as it taps into
everyday consumer spending.
Services for providers:
On the other side of our marketplace, we have the services we offer providers.
Investment in our platform and in our data means we now have a more enhanced
provider offering than ever before. By moving everything onto one platform we
can onboard providers more quickly, and across all our brands simultaneously,
making it much more commercially attractive to them.
Tenancy
Using data insights from the platform, we can offer tailored advertising spots
'Tenancy' to our providers to promote their products. These are dedicated
spots, clearly labelled as 'sponsored' above the results grid. In recent
weeks, we have rolled out tenancy slots to MSM's SuperSaveClub, kicking off
with a pilot campaign for broadband. Tenancy spots are now available across
all core product lines.
Market Boost
Market Boost uses our first-party data to show providers how their products
perform across our platform. They can then use these insights to improve their
approach and offer even better or more relevant deals to customers. At the
time of our FY23 results in February, Market Boost was only available on
loans. It is now available on Credit Cards and we will start rolling out into
Insurance channels in the second half of 2024.
B2B
Our white label B2B proposition uses the Group platform to power comparison
services for third-party brands.
We have grown the B2B offer over the last 6 months and now have 37 partners
across car insurance, home insurance, travel insurance, pet insurance,
broadband, mobile, mortgages and energy, including well-known brands like
Rightmove, Auto Trader, ClearScore and the National Union of Students.
The B2B business generates revenue for the Group at limited incremental cost
by leveraging the investment we have made in our technology platform. It
enhances our ability to reach new customers, increasing our market share
which, in turn, makes our proposition more valuable to providers who want to
access a large, relevant audience.
Having launched our B2B car insurance journey in H1 2023, we have already
attracted 10 new B2B car insurance providers. These partnerships are still
new, but we are seeing early momentum.
Our aim is to become a one-stop-shop for digital businesses looking to offer
comparison services. By using our platform to enable comparison journeys for
other brands, we have the opportunity to become the technology platform of
choice to power the entire industry.
ESG
The Group is committed to becoming Operational Net Zero by 2030. We are
pleased to confirm that we have received approval of our Science Based Target,
as well as a commendation from the Science Based Targets initiative (SBTi) for
our ambitious environmental commitments. The SBTi's Target Validation Team has
rigorously assessed and classified our scope 1 and 2 target ambition,
affirming its alignment with a 1.5°C trajectory.
We continue to disclose our environmental impact via the Carbon Disclosure
Project, for which we obtained a "C" rating and maintain a 'Carbon Neutral'
status, with our commitment of offsetting 100% of our carbon emissions.
We have continued our focus on Diversity Equity Inclusion and Belonging, with
programmes in place to support the mental and physical wellbeing of our
colleagues, as well as ensure we continue to attract diverse talent to our
business and promote awareness.
MONY Group's current charity partnership is with Campaign Against Living
Miserably (CALM). The partnership has seen MONY Group donate £168,149 in just
1.5 years, so is on track to exceed the 3-year target of £225,000 which will
fund 18,442 lifesaving calls to CALM's helpline.
Key performance indicators
The Board reviews key performance indicators (KPIs) to assess the performance
of the business against the Group's strategy. The KPIs are largely brand
focused and therefore span multiple segments. We measure 6 key strategic KPIs:
estimated Group customer savings, Group marketing margin, MSM and MSE net
promoter score, MSM & Quidco active users, MSM & Quidco revenue per
active user and MSM cross-channel enquiry.
We will continue to evaluate and broaden the KPIs as needed to ensure they
provide visibility of our strategic progress under a framework that measures
the strength of the Group and our brands.
30 June 30 June
2024 2023
Estimated Group customer savings £1.7bn £1.3bn
Group marketing margin* 60% 58%
MSM & MSE net promoter score 71 71
MSM & Quidco active users** 14.3m 13.2m
MSM & Quidco revenue per active user** £18.24 £17.38
MSM cross-channel enquiry 23.9% 23.3%
Estimated Group customer savings: This is calculated by multiplying sales
volume by the market average price per product
based on external data compared to the cheapest deal in the results table for
core channels. Savings for non-core channels are estimated by applying the
savings for core channels proportionally to non-core revenue. The cashback
earned by Quidco members is included in this KPI.
Group marketing margin: The inverse
relationship between Group revenue and total marketing spend
represented as a percentage. Total marketing spend is the direct cost of sales
plus
distribution expenses.
MSM & MSE net promoter score: The 12 monthly rolling
average NPS (1 July 2023 - 30 June 2024 inclusive) measured
by YouGov Brand Index service Recommend Score weighted by revenue for MSM and
MSE to create a combined NPS.
MSM & Quidco active users:
The number of
unique MSM accounts running enquiries on MSM (car insurance, home
insurance, life insurance, travel insurance, pet insurance, van insurance,
credit cards,
loans and energy channels) in the last 12-month period, plus the number of
unique
Quidco members making a purchase in the last 12-month period.
MSM & Quidco revenue per active user: The revenue for MSM channels (car
insurance, home insurance, life insurance, travel insurance, pet insurance,
van insurance, credit cards, loans and energy channels) plus
Quidco revenue net of member commission divided by the number of MSM and
Quidco
active users for the last 12 months.
MSM cross-channel enquiry:
The proportion of
MSM active users that enquire in more than one channel (car
insurance, home insurance, life insurance, travel insurance, pet insurance,
van insurance, credit cards, loans and energy) within a 12-month period.
*Marketing spend for the period is £90m (2023: £89m).
**At the end of 2023 we extended our definition of active users to reflect the
development of the business by including Quidco
and 3 additional MSM channels where enquiry data is available. Comparatives
for active users and revenue per active user in
the above table have been restated to reflect this change.
KPI definitions reflect the parts of the Group most relevant for assessing its
performance and where data is available: NPS
includes our two biggest consumer brands. Active users is most relevant for
MSM and Quidco where user accounts are
identified as a key part of the transactional journey. Cross-channel enquiry
relates only to MSM as this metric is aligned to our
aim of offering more products to users as part of our retain and grow
strategy.
Estimated customer savings increased to £1.7bn in the half driven by growth
in car insurance switching volumes and savings per sale for car insurance
customers.
The increase in marketing margin reflects movements in gross margin, described
below, and lower marketing spend in the first half of 2024.
Trust and satisfaction in our brands remained strong with NPS unchanged at 71.
Active user numbers rose by 1.1m to 14.3m driven by strong car and home
insurance performance, partly offset by continued decline in energy enquiries
as the energy switching market remained subdued.
Revenue per active user grew by 86p to £18.24 due to a mix away from energy,
improved borrowing conversion, and from higher multichannel activity.
The cross-channel enquiry rate increased 0.6%pts to 23.9%, assisted by the
growth of SuperSaveClub members.
Financial review
Group revenue increased 5% to £223.5m (2023: £213.8m), with profit after tax
increasing 8% to £44.1m (2023: £41.0m). When reviewing performance, the
Board reviews several adjusted measures, including EBITDA which increased 8%
to £73.0m (2023: £67.7m) and basic adjusted EPS which increased 6% to 8.8p
(2023: 8.3p), as shown in the table below.
Extract from the Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2024 and 30 June 2023
2024 2023 Growth
£m £m
Revenue 223.5 213.8 5%
Cost of sales (71.3) (68.4) 4%
Gross profit 152.2 145.4 5%
Operating costs (91.8) (89.7) 2%
Operating profit 60.4 55.7 8%
Amortisation and depreciation 12.6 12.0 5%
EBITDA* 73.0 67.7 8%
Adjusted earnings per share**:
- basic (p) 8.8 8.3 6%
- diluted (p) 8.8 8.2 6%
*In the current and prior periods there were no adjusting items within EBITDA
**A reconciliation of adjusted EPS is included within note 5.
Alternative performance measures
We use a number of alternative (non-Generally Accepted Accounting Practice
("non-GAAP")) financial measures which are not defined within IFRS. The Board
reviews EBITDA and adjusted EPS alongside GAAP measures when reviewing the
performance of the Group. Executive management bonus targets include an EBITDA
measure and the long-term incentive plans include an adjusted basic EPS
measure.
The adjustments are separately disclosed and are usually items that are
non-underlying to trading activities and that are significant in size.
Alternative performance measures used within these statements are accompanied
with a reference to the relevant GAAP measure and the adjustments made. These
measures should be considered alongside the IFRS measures.
Revenue
for the six months ended 30 June 2024 and 30 June 2023
2024 2023 Growth
£m £m
Insurance 119.9 105.6 14%
Money 50.9 51.9 (2)%
Home Services 16.7 18.7 (10)%
Travel 11.7 11.6 1%
Cashback 29.8 29.0 3%
Inter-vertical eliminations (5.5) (3.0) 86%
Total 223.5 213.8 5%
Operating costs
for the six months ended 30 June 2024 and 30 June 2023
2024 2023 Growth
£m £m
Distribution expenses 18.9 20.6 (8)%
Administrative expenses 72.9 69.1 5%
Operating costs 91.8 89.7 2%
Within administration expenses:
Amortisation of technology related intangible assets 4.9 4.4 13%
Amortisation of acquisition related intangible assets 5.4 5.5 (3)%
Depreciation 2.3 2.1 7%
Amortisation and depreciation 12.6 12.0 5%
Operating costs were 2% up on last year as expected. The work we have
completed so far in building our tech platform and driving marketing
efficiencies has enabled us to operate more cost effectively.
Distribution costs were down 8% reflecting lower marketing spend in the first
half of 2024 due, in part, to efficiency gains within our brand advertising,
as well as production costs for some FY24 advertising falling into the prior
year.
Administrative expenses increased 5%. We implemented further automation in the
half delivering efficiencies which enabled us to hold the growth of people
costs to +2%.
Adjusting items*
for the six months ended 30 June 2024 and 30 June 2023
2024 2023 Growth
£m £m
Amortisation of acquisition related intangible assets 5.4 5.5 (3)%
Adjusting items included in operating profit 5.4 5.5 (3)%
* Amortisation of acquisition related intangible assets is not included in
EBITDA and therefore is only included as an adjusting item in the adjusted EPS
calculation.
Amortisation of acquisition related intangible assets relates to technology,
brands and member relationships arising on the acquisitions of CYTI, Quidco
and Podium as well as the combination of TravelSupermarket and Icelolly, in
prior years. These assets are being amortised over periods of three to five
years.
Dividends
The Board has recommended a return to dividend growth with a 3% increase to
the interim dividend to 3.3 pence per share (H1 2023: 3.2p). This reflects the
ongoing good cash conversion of the business, strong balance sheet and the
Board's confidence in the future prospects of the Group.
The interim dividend will be paid on 9 September 2024 to shareholders on the
register at the close of business on 2 August 2024.
Tax
The effective tax rate of 24.0% is below the UK standard rate of 25.0%
primarily due to the impact of temporary timing differences. Last year, the
effective tax rate of 23.1% was below the UK standard rate of 25.0%. This was
driven by the change in tax rate in April 2023, which resulted in a blended
rate for the year of 23.5%. The effective tax rate was lower than this blended
rate due to an adjustment in respect of the prior period which reduced the tax
charge.
Earnings per share
Basic earnings per share for the six months ended 30 June 2024 was 8.3p (2023:
7.6p). The increase from last year is driven by the increase in EBITDA.
Adjusted earnings per share is based on profit before tax before the adjusting
items detailed above. A tax rate of 25% (2023: 23.5%) is applied to calculate
adjusted profit after tax which is different to the effective rate used to
calculate basic earnings per share. The tax rate last year reflected the
change in rate from 19% to 25% in April 2023. Adjusted basic earnings per
ordinary share increased by 6% to 8.8p per share (2023: 8.3p) which is driven
by the increase in EBITDA partially offset by the increase in rate of
corporation tax.
Cashflow and balance sheet
Operating cashflows increased by 26% to £51.8m (2023: £41.1m) with a working
capital outflow of £6.0m (2023: £13.1m) again driven by higher receivables
from the uplift in trade since the year end. The timing of some significant
customer receipts in December 2022 also contributed to the higher working
capital outflow at the last half year.
Cash outflows on investing activities include £5.1m (2023: £6.0m) of capital
spend and cash outflows on financing activities include a £15m repayment on
the term loan taken out for the acquisition of Quidco leaving £15m to be
repaid in the second half of the year.
Net debt was £25.1m (31 December 2023: £19.8m) and includes £48.0m (31
December 2023: £34.5m) of borrowings and £2.0m (31 December 2023: £1.9m) of
loan notes.
Capital expenditure
Technology additions on the balance sheet were £5.4m (30 June 2023: £5.6m).
For the year, we expect technology capex to be in the region of £11-13m.
We expect the technology amortisation charge for the year to be in the region
of £10m, excluding acquired intangibles.
Directors' responsibility statement in respect of the half-yearly financial
report
Each of the directors, whose names and functions are listed below, confirms
that, to the best of his or her knowledge:
· the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK;
· the interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the Group during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
Name Function
Robin Freestone Chair
Peter Duffy Chief Executive Officer
Niall McBride Chief Financial Officer
Caroline Britton Senior Independent Non-Executive Director
Sarah Warby Independent Non-Executive Director
Lesley Jones Independent Non-Executive Director
Rakesh Sharma Independent Non-Executive Director
Mary Beth Christie Independent Non-Executive Director
Consolidated statement of comprehensive income
for the six months ended 30 June 2024 and 30 June 2023
Note 2024 2023
£m £m
Revenue 2 223.5 213.8
Cost of sales (71.3) (68.4)
Gross profit 152.2 145.4
Distribution expenses (18.9) (20.6)
Administrative expenses (72.9) (69.1)
Operating profit 60.4 55.7
Net finance expense 3 (2.3) (2.4)
Profit before taxation 58.1 53.3
Taxation 4 (14.0) (12.3)
Profit for the period 44.1 41.0
Other comprehensive income 0.2 -
Total comprehensive income for the period 44.3 41.0
Profit/(Loss) attributable to:
Owners of the Company 44.2 40.7
Non-controlling interest 11 (0.1) 0.3
Profit for the period 44.1 41.0
Total comprehensive income attributable to:
Owners of the company 44.4 40.7
Non-controlling interest 11 (0.1) 0.3
Total comprehensive income for the period 44.3 41.0
Earnings per share:
Basic earnings per ordinary share (pence) 5 8.3 7.6
Diluted earnings per ordinary share (pence) 5 8.2 7.6
Consolidated statement of financial position
as at 30 June 2024, 31 December 2023 and 30 June 2023
Note 30 June 31 December 30 June
2024 2023 2023
£m £m £m
Assets
Non-current assets
Property, plant and equipment 29.5 32.1 33.7
Intangible assets and goodwill 7 255.4 260.3 275.6
Other investments 5.6 5.4 5.5
Total non-current assets 290.5 297.8 314.8
Current assets
Trade and other receivables 82.7 79.3 82.2
Prepayments 11.9 10.1 9.7
Current tax assets 2.8 1.3 0.4
Cash and cash equivalents 24.9 16.6 20.2
Total current assets 122.3 107.3 112.5
Total assets 412.8 405.1 427.3
Liabilities
Non-current liabilities
Other payables 23.7 25.4 26.4
Borrowings 8 - - 15.0
Provisions 9 1.9 - -
Deferred tax liabilities 14.5 15.8 21.0
Total non-current liabilities 40.1 41.2 62.4
Current liabilities
Trade and other payables 101.0 103.3 106.4
Borrowings 8 48.0 34.5 48.0
Total current liabilities 149.0 137.8 154.4
Total liabilities 189.1 179.0 216.8
Equity
Share capital 0.1 0.1 0.1
Share premium 205.5 205.5 205.4
Reserve for own shares (1.9) (2.4) (2.7)
Retained earnings (49.3) (46.3) (62.3)
Other reserves 63.8 63.6 63.7
Equity attributable to the owners of the Company 218.2 220.5 204.2
Non-controlling interest 11 5.5 5.6 6.3
Total equity 223.7 226.1 210.5
Total equity and liabilities 412.8 405.1 427.3
Consolidated statement of changes in equity
for the period ended 30 June 2024, 31 December 2023 and 30 June 2023
Reserve for own shares Equity attributable to the owners of the Company Non-controlling interest Total Equity
Share Share premium Retained earnings Other reserves
capital
£m £m £m £m £m £m £m £m
At 1 January 2023 0.1 205.4 (2.4) (58.1) 63.7 208.7 6.0 214.7
Profit for the period - - - 40.7 - 40.7 0.3 41.0
Other comprehensive income - - - - - - - -
Total comprehensive income - - - 40.7 - 40.7 0.3 41.0
Purchase of shares by employee trusts - - (0.5) - - (0.5) - (0.5)
Exercise of LTIP awards - - 0.2 (0.2) - - - -
Equity dividends - - - (46.2) - (46.2) - (46.2)
Share-based payments - - - 1.5 - 1.5 - 1.5
At 30 June 2023 0.1 205.4 (2.7) (62.3) 63.7 204.2 6.3 210.5
At 1 July 2023 0.1 205.4 (2.7) (62.3) 63.7 204.2 6.3 210.5
Profit for the period - - - 32.0 - 32.0 (0.7) 31.3
Other comprehensive income - - - - (0.1) (0.1) - (0.1)
Total comprehensive income - - - 32.0 (0.1) 31.9 (0.7) 31.2
New shares issued - 0.1 - - - 0.1 - 0.1
Purchase of shares by employee trusts - - - - - - - -
Exercise of LTIP awards - - 0.3 (0.3) - - - -
Equity dividends - - - (17.2) - (17.2) - (17.2)
Share-based payments - - - 1.5 - 1.5 - 1.5
At 31 December 2023 0.1 205.5 (2.4) (46.3) 63.6 220.5 5.6 226.1
At 1 January 2024 0.1 205.5 (2.4) (46.3) 63.6 220.5 5.6 226.1
Profit for the period - - - 44.2 - 44.2 (0.1) 44.1
Other comprehensive income - - - - 0.2 0.2 - 0.2
Total comprehensive income - - - 44.2 0.2 44.4 (0.1) 44.3
New shares issued - - - - - - - -
Purchase of shares by employee trusts - - (0.4) - - (0.4) - (0.4)
Exercise of LTIP awards - - 0.9 (0.9) - - - -
Equity dividends - - - (47.8) - (47.8) - (47.8)
Share-based payments - - - 1.5 - 1.5 - 1.5
At 30 June 2024 0.1 205.5 (1.9) (49.3) 63.8 218.2 5.5 223.7
Consolidated statement of cash flows
for the six months ended 30 June 2024 and 30 June 2023
Note 2024 2023
£m £
m
Operating activities
Profit for the period 44.1 41.0
Adjustments to reconcile Group profit to net cash flow from operating
activities:
Amortisation of intangible assets 10.3 9.9
Depreciation of property, plant and equipment 2.3 2.1
Net finance expense 2.3 2.4
Equity settled share-based payment transactions 1.5 1.5
Taxation expense 14.0 12.3
Changes in trade and other receivables (5.2) (20.1)
Changes in trade and other payables (0.8) 7.0
Taxation paid (16.7) (15.0)
Net cash flow from operating activities 51.8 41.1
Investing activities
Interest received 0.1 0.0
Acquisition of property, plant and equipment (0.0) (0.4)
Acquisition of intangible assets (5.1) (5.6)
Net cash used in investing activities (5.0) (6.0)
Financing activities
Dividends paid 6 (47.8) (46.2)
Purchase of shares by employee trusts (0.4) (0.5)
Proceeds from borrowings 47.0 40.0
Repayment of borrowings (33.5) (21.0)
Interest paid (2.4) (2.4)
Repayment of lease liabilities (1.4) (1.4)
Net cash used in financing activities (38.5) (31.5)
Net increase in cash and cash equivalents 8.3 3.6
Cash and cash equivalents at 1 January 16.6 16.6
Cash and cash equivalents at 30 June 24.9 20.2
Notes
1. Basis of preparation
MONY Group PLC (the Company) changed its name from Moneysupermarket.com Group
PLC on 20 May 2024. The Company is a public limited company registered and
domiciled in England and Wales and listed on the London Stock Exchange.
The financial statements are prepared on the historical cost basis.
Comparative figures presented in the financial statements represent the six
months ended 30 June 2023.
The financial statements have been prepared on the same basis as those for the
year ended 31 December 2023.
Statement of compliance
This condensed set of financial statements has been prepared in accordance
with IAS 34 - Interim Financial Reporting as adopted for use in the UK.
The annual financial statements of the Group are prepared in accordance with
UK-adopted international accounting standards. As required by the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority, the
condensed set of financial statements has been prepared applying the
accounting policies and presentation that were applied in the preparation of
the Company's published consolidated financial statements for the year ended
31 December 2023.
These condensed consolidated interim financial statements were approved by the
board of directors on 19 July 2024.
Going concern
The Directors have prepared the condensed set of consolidated interim
financial statements on a going concern basis for the following reasons.
As at 30 June 2024, the Group's external debt comprised an amortising loan
(with a balance outstanding of £15m, repayable by October 2024) and a
revolving credit facility ('RCF'), (of which £33m of the £125m available was
drawn down), which is due for renewal in June 2027.
Since 30 June 2024, no further amounts have been drawn down on the RCF and
repayments of £9m have been made. The Group remains profitable, cash
generative and compliant with the covenants of the bank loan and RCF.
The Directors have prepared cash flow forecasts for the Group, including its
cash position, for a period of at least 12 months from the date of approval of
the condensed set of consolidated interim financial statements. The Directors
note the Group's net current liability position and have also considered the
effect of potential cost-of-living trading headwinds and recession and
competition such as new entrants upon the Group's business, financial
position, and liquidity in severe, but plausible, downside scenarios. The
scenarios modelled take into account the potential downside trading impacts
from recession, sustained cost-of-living increases, competitive pressures and
any one-off cash impacts on top of a base scenario derived from the Group's
latest forecasts. The severe, but plausible, downside scenarios modelled,
under a detailed exercise at a channel level, included minimal recovery of
energy over the period of the cash flow forecasts and in the most severe
scenarios reflected some of the possible cost mitigations that could be taken.
The impact these scenarios have on the financial resources, including the
extent of utilisation of the available debt arrangements and impact on
covenant calculations has been modelled. The possible mitigating circumstances
and actions in the event of such scenarios occurring that were considered by
the Directors included cost mitigations such as a reduction in the ordinary
dividend payment, a reduction in operating expenses or the slowdown of capital
expenditure. A reverse stress test has also been performed, which assumes the
maximum available drawdown of borrowings, whilst maintaining covenant
compliance.
The scenarios modelled and the reverse stress test showed that the Group and
the Parent Company will be able to operate at adequate levels of liquidity for
at least the next 12 months from the date of signing the condensed set of
consolidated interim financial statements. The Directors, therefore, consider
that the Group and Parent Company have adequate resources to continue in
operational existence for at least 12 months from the date of approval of the
condensed set of consolidated interim financial statements and have prepared
them on a going concern basis.
2. Segmental information
Below we report a measure of profitability at segment level that reflects the
way performance is assessed internally. Inter-vertical revenue and
inter-vertical cost of sales are presented within the verticals in order to
give a more accurate view of performance and are deducted in a separate
"inter-vertical eliminations" column to arrive at the consolidated total
values. The Group has a number of teams, capabilities and infrastructure which
are used to support all verticals e.g. data platform and brand marketing.
These are shared costs of the Group rather than "central costs". We have
concluded there is no direct or accurate basis for allocating these costs to
the operating segments and therefore they are disclosed separately, which is
how they are presented to the Chief Operating Decision Maker.
The Group's reportable segments are Insurance, Money, Home Services, Travel
and Cashback. These segments represent individual trading verticals which are
reported separately for revenue and directly attributable expenses. Net
finance expense, tax and net assets are only reviewed by the Chief Operating
Decision Maker at a consolidated level and therefore have not been allocated
between segments. All assets held by the Group are located in the UK.
The following summary describes the products and services in each segment.
Segment Products and services
Insurance Customer completes transaction for insurance policy on any of the following:
provider website, our website or a telephone call.
Money Customer completes transaction for money products such as credit cards, loans
and mortgages on provider website.
Home Services Customer completes transaction for home services products such as energy and
broadband on provider website.
Travel Customer completes transaction for travel products on provider website or our
website.
Cashback Customer completes transaction for retail, telecommunications, services and
travel products with a cashback incentive on merchant website. Customer
receives confirmed cashback incentive on our site.
Segment Insurance Money Home Services Travel Cashback Shared costs Total
£m £m £m £m £m £m Inter-vertical eliminations** £m
£m
Period ended 30 June 2024
Revenue 119.9 50.9 16.7 11.7 29.8 (5.5) 223.5
Directly attributable expenses (49.4) (15.9) (5.9) (9.2) (25.9) (49.7) 5.5 (150.5)
EBITDA contribution 70.5 35.0 10.8 2.5 3.9 (49.7) 73.0
EBITDA contribution margin* 59% 69% 64% 22% 13% 33%
Depreciation and amortisation (12.6)
Net finance expense (2.3)
Profit before tax 58.1
Taxation (14.0)
Profit for the period 44.1
Segment Insurance Money Home Services Travel Cashback Shared costs Total
£m £m £m £m £m £m Inter-vertical eliminations** £m
£m
Period ended 30 June 2023
Revenue 105.6 51.9 18.7 11.6 29.0 - (3.0) 213.8
Directly attributable expenses (45.3) (16.9) (6.2) (8.2) (24.0) (48.5) 3.0 (146.1)
EBITDA contribution 60.3 35.0 12.5 3.4 5.0 (48.5) - 67.7
EBITDA contribution margin* 57% 67% 67% 29% 17% - 32%
Depreciation and amortisation (12.0)
Net finance expense (2.4)
Profit before tax 53.3
Taxation (12.3)
Profit for the period 41.0
* EBITDA contribution margin is calculated by dividing EBITDA contribution by
revenue.
** 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.
Insurance EBITDA contribution margin increased from 57% to 59%, benefitting
from mix into higher margin channels and paid media cost discipline.
Money saw an increase in EBITDA contribution margin from 67% to 69%, mixing
into higher margin brands and maintaining cost discipline.
Home Services EBITDA contribution margin decreased from 67% to 64%, with
growth in our lower margin B2B business offset by tight control of operating
costs.
Travel EBITDA contribution margin declined from 29% to 22%, with a competitive
market driving increased marketing costs.
Margin for Cashback is significantly lower than other verticals as a large
proportion of commission is paid out to members as cashback. EBITDA
contribution margin decreased from 17% to 13% reflecting accelerated
investment in marketing in the half to drive member growth momentum.
Shared costs increased 2% with cost control helping to mitigate the impact of
inflation and one-off costs in the half.
The Group recovers input VAT that it incurs on expenditure using a partial
exemption special method which was agreed with HMRC in 2012. This is currently
being reviewed (as occurs periodically) to ensure that it still reflects the
way in which the Group incurs costs.
3. Net finance expense
2024 2023
£m £m
Finance income
Bank deposits 0.1 0.0
0.1 0.0
Finance expense
Revolving credit facility 1.0 0.5
Bank loan 0.9 1.3
Leases 0.4 0.5
Loan notes 0.1 0.1
2.4 2.4
Net finance expense 2.3 2.4
4. Taxation
The effective tax rate of 24.0% is below the UK standard rate of 25.0%. This
is primarily due to the impact of temporary timing differences. For the six
months ended 30 June 2023, the effective tax rate of 23.1% was below the UK
standard rate of 25.0%. This was driven by the change in tax rate in April
2023, which resulted in a blended rate for the year of 23.5%. The effective
tax rate was lower than this blended rate due to an adjustment in respect of
the prior period which reduced the tax charge.
2024 2023
£m £m
Current tax
Current tax on income for the period 15.3 14.3
Adjustments in respect of prior periods - (0.4)
15.3 13.9
Deferred tax
Origination and reversal of temporary differences (1.3) (1.6)
(1.3) (1.6)
14.0 12.3
5. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the
period attributable to ordinary equity holders of the Company, by the weighted
average number of ordinary shares outstanding during the period. The Company's
own shares held by employee trusts are excluded when calculating the weighted
average number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit or loss for
the period attributable to ordinary equity holders of the Company, by the
weighted average number of ordinary shares outstanding during the period plus
the weighted average number of ordinary shares that would be issued on the
conversion of all dilutive potential ordinary shares into ordinary shares.
Basic and diluted earnings per share have been calculated on the following
basis:
2024 2023
£m £m
Profit after taxation attributable to the owners of the Company 44.2 40.7
Basic weighted average ordinary shares in issue (millions) 536.7 536.4
Dilutive effect of share-based instruments (millions) 3.1 2.4
Diluted weighted average ordinary shares in issue (millions) 539.8 538.8
Basic earnings per ordinary share (pence) 8.3 7.6
Diluted earnings per ordinary share (pence) 8.2 7.6
Adjusted basic and diluted earnings per share are based on profit before tax
after adding back adjusting items. They have been calculated as follows:
2024 2023
£m £m
Profit before tax 58.1 53.3
Adjusted for loss/(profit) before tax attributable to non-controlling interest 0.0 (0.4)
Profit before tax attributable to the owners of the Company 58.1 52.9
Amortisation of acquisition related intangible assets 5.4 5.5
Amortisation of acquisition related intangible assets attributable to (0.4) (0.4)
non-controlling interest
63.1 58.0
Estimated taxation at 25% (2023: 23.5%*) (15.8) (13.6)
Profit for adjusted EPS purposes 47.3 44.4
Adjusted basic earnings per share (pence) 8.8 8.3
Adjusted diluted earnings per share (pence) 8.8 8.2
* For the period ended 30 June 2023, estimated taxation at the blended rate of
23.5% is derived from the standard rate of corporation tax increasing from 19%
to 25% in April 2023.
6. Dividends
2024 2023
£m £m
Equity dividends on ordinary shares:
Final dividend for 2023: 8.90 pence per share (2022: 8.61 pence per share) 47.8 46.2
Proposed for approval (not recognised as a liability as at 30 June):
Interim dividend for 2024: 3.3 pence per share (2023: 3.2 pence per share) 17.7 17.2
7. Intangible assets
Market related Member relationship Technology related Goodwill Total
£m £m £m £m £m
Cost
At 1 January 2023 169.6 21.2 137.1 288.6 616.5
Additions - - 5.6 - 5.6
At 30 June 2023 169.6 21.2 142.7 288.6 622.1
Amortisation
At 1 January 2023 153.3 2.5 106.5 74.3 336.6
Charge for the period 1.0 1.1 7.8 - 9.9
At 30 June 2023 154.3 3.6 114.3 74.3 346.5
Carrying value
At 1 January 2023 16.3 18.7 30.6 214.3 279.9
At 30 June 2023 15.3 17.6 28.4 214.3 275.6
Cost
At 1 January 2024 169.6 21.2 121.3 288.6 600.7
Additions - - 5.4 - 5.4
Disposals - - (36.1) - (36.1)
At 30 June 2024 169.6 21.2 90.6 288.6 570.0
Amortisation
At 1 January 2024 161.5 9.2 95.4 74.3 340.4
Charge for the period 1.4 2.1 6.8 - 10.3
Eliminated on disposal - - (36.1) - (36.1)
At 30 June 2024 162.9 11.3 66.1 74.3 314.6
Carrying value
At 1 January 2024 8.1 12.0 25.9 214.3 260.3
At 30 June 2024 6.7 9.9 24.5 214.3 255.4
Disposals in the period include assets with a combined gross book value of
£36.1m and carrying value of £nil that were no longer in use and were
therefore retired. There was no impact on profit or loss arising from this.
There were no disposals in the comparative period.
Goodwill is allocated to each vertical, or cash generating unit ('CGU'), as
follows:
30 June 31 December 2023 30 June
2024 2023
£m £m £m
Insurance 46.5 46.5 46.5
Money 33.2 33.2 33.2
Home Services 54.8 54.8 54.8
Travel 11.5 11.5 11.5
Cashback 68.3 68.3 68.3
214.3 214.3 214.3
The Group had significant balances relating to goodwill as at 30 June 2024 as
a result of acquisitions of businesses in previous years. Goodwill balances
are tested annually for impairment or if events or changes in circumstances
indicate that the carrying amount of these assets may not be recoverable.
In accordance with IAS 36 - Impairment of Assets, the Group has considered
whether there have been any indicators of impairment during the six months
ended 30 June 2024, which would require an impairment review to be performed.
No indicators have been identified and therefore no impairment testing has
been performed.
8. Borrowings
30 June 31 December 2023 30 June
2024 2023
£m £m £m
Non-current
Loan - - 15.0
Current
Revolving credit facility 33.0 4.5 28.0
Loan 15.0 30.0 20.0
48.0 34.5 48.0
9. Provisions
Provisions relate to the estimated cost of restoring leased properties to
their pre-lease condition at the end of the lease term. On initial
recognition, estimated dilapidation costs are included in the cost of the
right-of-use asset within property, plant and equipment and are subsequently
depreciated over the lease term. There has been no change in the carrying
value of dilapidations provisions during the period. At 31 December 2023 and
30 June 2023, dilapidations liabilities of £1.9m were presented within trade
and other payables. During the period they have been reclassified as
provisions; however as the carrying value is not material no prior period
restatement has been recognised.
10. Commitments and contingencies
At 30 June 2024, the Group was committed to incur future capital expenditure
of £0.8m (2023: £1.2m).
Comparable with most companies of our size, the Group is a defendant in a
small number of disputes incidental to its operations and from time to time is
under regulatory scrutiny.
As a leading website operator, the Group occasionally experiences operational
issues as a result of technological oversights that in some instances can lead
to customer detriment, dispute and potential cash outflows. The Group has a
professional indemnity insurance policy in order to mitigate liabilities
arising out of events such as this. The contingencies outlined above are not
expected to have a material adverse effect on the Group.
11. Non-controlling interest
The Group recognises two non-controlling interests, one in respect of Ice
Travel Group Limited and its two wholly owned subsidiaries Travelsupermarket
Limited and Icelolly Marketing Limited (together "Ice Travel Group"), and
secondly in respect of Podium Solutions Limited.
The following table summarises the financial performance and position of these
companies at the period end before any intra-group eliminations.
At 30 June 2024 Podium Solutions Limited Ice Travel Group Total
Non-controlling interest 48% 33%
£m £m £m
Non-current assets* 1.6 13.9 15.5
Current assets 1.1 13.1 14.2
Non-current liabilities (2.0) (7.7) (9.7)
Current liabilities (1.9) (1.1) (3.0)
Net assets (1.2) 18.2 17.0
Net assets attributable to non-controlling interest (0.6) 6.0 5.4
Revenue 0.5 11.1 11.6
(Loss)/Profit (0.6) 0.5 (0.1)
Total comprehensive income (0.6) 0.5 (0.1)
(Loss)/Profit attributable to the non-controlling interest (0.3) 0.2 (0.1)
Total comprehensive income attributable to non-controlling interest (0.3) 0.2 (0.1)
Cash flows from operating activities (0.1) 1.3 1.2
Cash flows from investing activities - (0.4) (0.4)
Net increase in cash and cash equivalents (0.1) 0.9 0.8
At 30 June 2023 Podium Solutions Limited Ice Travel Group Total
Non-controlling interest 48% 33%
£m £m £m
Non-current assets* 2.7 14.4 17.1
Current assets 0.3 10.9 11.2
Non-current liabilities (1.9) (5.3) (7.2)
Current liabilities (0.3) (2.2) (2.5)
Net assets 0.8 17.8 18.6
Net assets attributable to non-controlling interest 0.4 5.9 6.3
Revenue 0.2 11.4 11.6
(Loss)/Profit (0.8) 2.0 1.2
Total comprehensive income (0.8) 2.0 1.2
(Loss)/Profit attributable to the non-controlling interest (0.4) 0.7 0.3
Total comprehensive income attributable to non-controlling interest (0.4) 0.7 0.3
Cash flows from operating activities 0.0 0.6 0.6
Cash flows from investing activities (0.0) (0.4) (0.4)
Net increase in cash and cash equivalents 0.0 0.2 0.2
* Non-current assets for Travelsupermarket Limited include £7.4m of goodwill
that was recognised on the Group's balance sheet prior to the acquisition of
ITG.
Profit and total comprehensive income for the period in respect of Podium
Solutions Limited and Ice Travel Group includes amortisation of intangibles
relating to the acquisition of these companies by the Group of £0.9m (2023:
£0.8m). Included in the profit and total comprehensive income attributable to
the non-controlling interest is £0.4m (2023: £0.4m) of amortisation of
acquired intangibles.
Appendix
Statutory Information
The financial information set out above does not constitute the Company's
statutory accounts for the six months ended 30 June 2024 or 30 June 2023 but
is derived from those accounts. The auditor has reported on those accounts;
their reports were (i) unqualified, (ii) did not include a reference to any
matters to which the auditor drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under section
498 (2) or (3) of the Companies Act 2006.
The Annual General Meeting took place on 2 May 2024. The interim dividend will
be paid on 9 September 2024 to shareholders on the register at the close of
business on 2 August 2024.
Presentation of figures
Certain figures contained in this announcement, including financial
information, have been subject to rounding adjustments. Accordingly, in
certain instances, the sum or percentage change of the numbers contained in
this announcement may not conform exactly with the total figure given.
Independent Review Report to MONY Group plc
Conclusion
We have been engaged by MONY Group plc ("the company") to review the condensed
set of financial statements in the half-yearly financial report for the six
months ended 30 June 2024 which comprises the consolidated statement of
comprehensive income, consolidated statement of financial position,
consolidated statement of changes in equity, consolidated statement of cash
flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2024 is not prepared, in all
material respects, in accordance with IAS 34 Interim Financial Reporting as
adopted for use in the UK and the Disclosure Guidance and Transparency Rules
("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK.
A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other information
contained in the half-yearly financial report and consider whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
The annual financial statements of the Group are prepared in accordance with
UK-adopted international accounting standards.
The directors are responsible for preparing the condensed set of financial
statements included in the half-yearly financial report in accordance with IAS
34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the directors are
responsible for assessing the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as
described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities.
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Jatin Patel
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London
E14 5GL
19 July 2024
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