REG - Mony Group PLC - MONY Group PLC Q3 Trading Update

MONYAnnouncement

16/10/2024 07:00

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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                         Growth(1)                  £m                         Growth(1)
 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 expectations(2).  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       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.

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