REG - Mony Group PLC - Preliminary Results for year ended 31 Dec 2025
Today 07:00
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RNS Number : 9140T Mony Group PLC 23 February 2026
23 February 2026
MONY Group PLC
Preliminary results for the year ended 31 December 2025
Another year of progress: membership momentum, strong shareholder returns,
confident outlook
Year ended 31 December 2025 2024 Growth %
Group Revenue £446.3m £439.2m 2
Adjusted EBITDA * £145.1m £141.8m 2
Profit After Tax £80.7m £80.2m 1
Adjusted Basic EPS ** 17.9p 17.1p 5
Basic EPS 15.3p 15.0p 2
Operating Cashflow £107.7m £115.6m (7)
Net Cash *** £4.1m £8.4m (51)
Dividend Per Share 12.63p 12.50p 1
Financial
highlights
· Resilient financial performance despite significant headwinds in
car insurance
· Record revenue of £446.3m, up 2%, fuelled by strong performance
in Money and Home Services
· Highest ever Adjusted EBITDA, up 2% to £145.1m, with Adjusted
EBITDA margin increased to 33%
· Operating costs down 4% demonstrating continued robust cost
management
· Adjusted Basic Earnings Per Share of 17.9p, up 5%
· Strong balance sheet position with Net Cash of £4.1m
Shareholder returns
· The Board has proposed a final dividend per share of 9.30p,
bringing the total dividend for 2025 to 12.63p, up 1%
· £30 million share buyback executed over 2025 now complete,
reflecting MONY Group's strong cash generation and robust financial position
· Shareholder returns for 2025 totalling £96m, plus a 5% growth in
Adjusted EPS, reinforces the Board's commitment to maximising shareholder
value alongside allowing the Group to further rebuild dividend cover
· Further £25m share buyback announced, underlining our confidence
as we head into 2026
Strategic highlights
· Helped households save an estimated £2.8bn
o Contributing to a total of almost £12 billion saved for customers over
the last five years
· Maintained strong momentum across our member-based propositions;
o SuperSaveClub now has over 2.1 million members generating 16% of Group
revenue and contributing to increased customer lifetime value expectations
o Provider services continue to deliver profitable growth with revenue up
13%
· Our data and tech platform has enabled us to extend our two-sided
marketplace strategy, transforming the Group into a progressive, AI-enabled
company
o Enterprise agreement with OpenAI signed in 2025
o MoneySuperMarket (MSM) ChatGPT app launched - unlocking a new route to
market
o New products launched including Savings by MoneySuperMarket and Price
Optimiser.
Peter Duffy, CEO of MONY Group, commented:
"2025 was another year of great progress for the Group and we're delighted to
have helped households save an estimated £2.8bn. We delivered record revenue
and adjusted EBITDA demonstrating the resilience of our strategy.
Our flagship member-based proposition SuperSaveClub has grown to over 2.1
million members and shows no signs of slowing, and this loyal, engaged member
base is driving meaningful increases in customer lifetime value.
Our leading data and tech architecture, combined with the power of our brands
has positioned us exceptionally well to harness the opportunity of AI, and is
powering our momentum as we head into 2026. We've launched new AI-enabled
products including Price Optimiser and Savings by MoneySuperMarket, and
unlocked a new route to market with the launch of the MoneySuperMarket ChatGPT
app.
This is a business with energy, resilience and momentum that is well placed
for continued growth."
Outlook
Our recent trading performance coupled with momentum in our strategic
execution gives the Board confidence that we will deliver Adjusted EBITDA for
2026 in line with our current published consensus range.
Market expectations for Adjusted EBITDA for 2026 from the analyst consensus on
our investor website is £146m with a range of £142m to £153m.
*Notes:
* Adjusted EBITDA is operating profit before depreciation and amortisation and
adjusted for other non-underlying costs as detailed on page 14. 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 and other non-underlying
costs as described on page 14. A tax rate of 25.0% (2024: 25.0%) is applied to
calculate adjusted Profit After Tax. This is divided by the number of weighted
average shares. A reconciliation of adjusted basic earnings per share to the
financial statements is included in note 4.
***Net cash is cash and cash equivalents of £20.3m (2024: £22.4m) less
borrowings of £14.0m (2024: £12.0m) and loan notes payable to Podium's
non-controlling interest of £2.2m (2024: £2.0m). It does not include lease
liabilities.
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.
H2 trading performance
Revenue for the Revenue for the
six months ended year ended
31 December 2025 31 December 2025
£m Growth % £m Growth %
Insurance 114.8 (1) 232.5 (1)
Money 52.9 13 105.7 8
Home Services 26.6 37 48.2 33
Travel* 6.2 (22) 17.6 (10)
Cashback 25.5 (18) 52.7 (13)
Inter-vertical eliminations** (5.0) (5) (10.4) (3)
Total 221.0 2 446.3 2
* Represents 11 months of trading to 1 December 2025.
** 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. From 1 December 2025 Travel was no longer included in these
figures.
Revenue in H2 was up 2% with strong performance in Money and Home Services
offset by softer trading elsewhere.
· In Insurance revenue was down 1%, with challenging market
conditions in car and home offset by strong performance in other channels such
as Life.
· Money grew 13% with good product availability in banking and
improved credit card switching volumes.
· Home Services grew 37% with a significant increase in energy
switching assisted by our first collective switch in five years attracting
exceptional provider and consumer engagement.
· Revenue from Travel fell 22% during the half with performance
slowing in a competitive market. These results reflect 11 months of trading to
1 December 2025 - the point at which the Group moved to a minority
shareholding in Ice Travel Group (ITG).
· Cashback revenue fell 18% with consumer confidence remaining
subdued impacting both retail spending and merchant marketing budgets as they
focused on profitability.
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 live webcast of the Q&A with Peter Duffy (CEO) and Niall McBride (CFO)
will be held today at 9:30am GMT for investors and analysts and will be
available via our website at
www.monygroup.com/investors/results-reports-and-presentations
(http://www.monygroup.com/investors/results-reports-and-presentations) or
https://brrmedia.news/MONY_FY25_Q&A
(https://brrmedia.news/MONY_FY25_Q&A) . This will be available for
playback after the event.
For further information, contact:
Investors:
Niall McBride, Chief Financial Officer
niall.mcbride@monygroup.com / 0203 826 4688
Jennifer Cooke, Head of Investor Relations
jennifer.cooke@monygroup.com / 0203 846 2034
Media:
William Clutterbuck, H/Advisors Maitland
wclutterbuck@h-advisors.global / 07785 292617
Business review
2025 was another year of strategic and financial progress for the Group. We
generated our highest ever Revenue and Adjusted EBITDA with Revenue of £446m,
up 2%, and Adjusted EBITDA of £145m, up 2%, despite headwinds in Insurance.
Operating costs reduced by 4% as we continued to re‑engineer the cost base
and capture efficiencies from our single platform and increasing use of
AI. In turn this helped to expand our Adjusted EBITDA margin, which
rose to 33%.
This performance has furthered our company purpose of saving households money.
We saved households an estimated £2.8bn in 2025, broadly in line with savings
of £2.9bn in 2024, and contributing to the almost £12bn saved for customers
over the last five years at a time when consumer finances have been under
significant pressure.
Revenue growth was driven by good performance in Money, fuelled by banking and
borrowing activity, alongside a return to growth in energy revenue, as
customers took advantage of several compelling deals. In Insurance, we saw an
easing of the headwinds in car insurance during second half of the year and
strong performance in life insurance, supported by enhancements to the
customer journey. Cashback and Travel continued to face challenges from weak
consumer confidence.
Our portfolio of trusted, market‑leading brands continues to set the
standard for clarity, confidence and value, earning the loyalty of millions
and reinforcing our position as one of the UK's most relied‑upon consumer
finance platforms. MoneySuperMarket and MoneySavingExpert (MSE) saw their
combined net promoter score increase to 73 in 2025.
We delivered on our strategy to grow both sides of our marketplace, generating
momentum across our major member-based propositions; MoneySuperMarket's
SuperSaveClub (SSC) and MoneySavingExpert, alongside strengthening the Quidco
proposition. We have maintained the momentum of membership growth in SSC since
its launch and are delighted to have now welcomed over 2.1 million members, up
from 1 million at our FY24 results.
Our provider services including B2B, Market Boost and Tenancy also performed
well, with revenue up 13% year on year. In B2B, we added more brands to our
platform including Which? as well as maintaining key partnerships with
household names including Rightmove and Autotrader.
Our two-sided marketplace strategy is underpinned by our leading data and tech
platform. In 2025 we signed an enterprise agreement with OpenAI, giving the
Group access to cutting‑edge models as we continue to innovate. We have also
launched the MoneySuperMarket ChatGPT app, which gives us a new route to
market, positioning us early in an LLM‑driven ecosystem.
AI is doing more and more. It now supports personalised decision‑making, CRM
optimisation, secure identity and onboarding, risk and compliance, engineering
productivity and marketing efficiency, helping us run a leaner, faster and
more innovative organisation.
The great progress we've delivered across the Group would not be possible
without our hard-working teams. We're proud to have been accredited as a Real
Living Hours employer, alongside our Real Living Wage certification. We
continue to be recognised in the FTSE Women Leaders Review, marking our fifth
consecutive year in 2025 and securing a #2 position in the Technology sector.
We continue to stand together with Campaign Against Living Miserably (CALM),
united against suicide as our charity partner for a second year, and we remain
on track to reach Operational Net Zero by 2030.
The strength in our breadth continues to provide us with resilience, as
different markets move through their cycles. All of this translates to a
highly effective, resilient and profitable business, with strong operating
cashflow and efficient capital allocation, that is well positioned to deliver
sustained and consistent growth.
In line with our capital allocation policy, we returned £96m to shareholders
in 2025 through a balanced package of returns comprising 1% growth in the
ordinary dividend and a £30m share buyback, which concluded in December 2025,
taking 15 million shares out of circulation. This, alongside the 5% growth in
Adjusted EPS already delivered, reinforces our commitment to sustainable
shareholder value.
Today, we also announced a share buyback of up to £25m which will be
implemented over 2026 and funded by our expected excess cash generation. This
underscores our confidence in the strength and performance of the Group in
2026.
Strategic review
Our purpose - helping households save money - is more vital than ever. In 2025
we helped customers save an estimated £2.8bn.
Our strategy is centered on growing our two-sided marketplace, which is
focused on both customers and providers, and underpinned by our best-in-class,
centralised data and tech platform.
On the customer side, we are growing our loyal, engaged member base. Our
member-based propositions are transforming our customer base from
transactional users into long-term members who come to us directly, again and
again. Our strategy is focused on delivering:
· Increased transaction volumes, growing revenue per user
· Increasing loyalty by offering compelling reasons for members to
come back to us
· Greater opportunity for cross-sell and renewal
· Lower acquisition costs through greater direct traffic
The other side of our marketplace aims to give providers even more reasons to
use us. We do this by enabling;
· The best consumer experience, with quick and easy customer
journeys
· Using our proprietary data to offer a competitive edge to
providers
· Increased conversion, enabling providers to acquire new customers
more cost effectively
· Targeted ways to promote their products with our tailored
advertising tenancy slots
Underpinning our two-sided marketplace strategy is our leading data and tech.
Over recent years we've extensively rebuilt our entire tech architecture
moving to a modern, cloud‑native stack, partnering with Google Cloud
Platform and AWS. We now operate on one of the leading data and tech platforms
in our industry. It gives scale, flexibility and a data foundation enabling us
to exploit the opportunities AI presents.
In 2025, we signed an enterprise agreement with OpenAI, giving the Group
access to cutting‑edge models as we continue to innovate. This, along with
the benefits provided by our platform, enabled us to develop the
MoneySuperMarket app for the ChatGPT app store, submitting the app for
approval days after the Chat GPT app store was launched in late December
2025. The launch provides a new route to market, positioning us early in an
LLM‑driven ecosystem.
Leading brands underpinning our membership propositions
Some of the UK's strongest and most trusted financial brands in the UK sit
under the MONY umbrella - including MoneySuperMarket and MoneySavingExpert.
The strength and trust embedded within our brands matter even more in an
AI‑led world.
MoneySuperMarket
MoneySuperMarket is the UK's most recommended price comparison website. Over
the last five years it has been transformed into a broader, smarter savings
platform operating on a completely re-platformed tech stack now offering more
products and intelligence, greater personalisation, and simpler customer
journeys than ever before.
SuperSaveClub (SSC), our flagship membership proposition, now sits at its
heart, and has grown rapidly and consistently since we launched in late 2023,
creating a loyal, engaged base of more than 2.1 million members. SSC's
financial contribution is already material, accounting for approximately 16%
of total Group sales, with significant headroom for growth.
Across every major engagement indicator, SSC members outperform non‑members.
Members transact more often and generate higher value, with an average revenue
per user (ARPU) of £35, compared with £20 observed more widely in the group.
Cross‑enquiry rates also remain significantly higher at 45%, more than
double observed outside the club.
Importantly, margin performance remains strong. SSC incremental margin is 75%,
compared with 62% for non‑club customers, reflecting the quality and depth
of member engagement and the increasingly diversified contribution of our
loyal member base.
The cost of Pay-Per-Click (PPC) marketing continues to rise, increasing 21%
this year, on top of the 21% 1 (#_ftn1) increase that we saw at the end of
2024. SSC will play a growing strategic role in reducing our exposure to these
volatile and rising costs in the longer term. Since we launched First Purchase
Rewards a year ago, we have made changes to the underlying framework of SSC,
including moving reward redemption to app-only. We continue to monitor the
performance of first purchase rewards closely, but early results are
encouraging with a 44% improvement in app downloads since the launch of first
purchase rewards.
Over the past year, we have seen a c.70% increase in customers who are
completely new to the Group, and of our 2.1 million SuperSaveClub members
approximately 80% are existing users and 20% are new‑to‑book customers.
These trends reinforce our confidence that SSC is generating meaningful value
for the Group. As more membership cohorts mature, customer lifetime value
(CLTV) continues to increase. We are now in year three of SSC and cohorts are
still maturing, however, we can see that at year three SSC members customer
lifetime value is double that of non-members.
Throughout 2026, we're redesigning the MoneySuperMarket app experience,
rolling out enhancements and shifting the app towards being a money-saving
companion, rather than an incentive-led comparison tool.
We recently marked a major step with the launch of 'Savings by
MoneySuperMarket'. This proposition leverages our platform and brand strength
to access an addressable market worth £2 trillion. Savings by
MoneySuperMarket offers customers a simple, secure and intuitive way to find,
open and manage a wide range of savings accounts directly with us, from easy
access accounts to fixed‑term products. Customers can compare rates,
understand key features, and complete onboarding quickly with pre‑populated
profile information and secure authentication.
Once set up, they can view balances, track deposits, top up through a holding
account, and switch into new products in just a few clicks. This is unlike
anything we've been able to offer on the platform before. Built in the SSC
ecosystem, members also benefit from rewards, personalised prompts, and
educational content, helping them maximise returns and build financial
confidence.
Savings also provides a natural gateway into Investments, and a seamless path
from short‑term savings to longer‑term financial growth which we will be
launching later in the year.
MoneySavingExpert
MoneySavingExpert (MSE) is the UK's most recommended consumer finance brand
and is the third most popular news app in the UK. It remains uniquely
positioned and continues to be one of the UK's most trusted sources for
financial clarity, reassurance and practical support. App downloads have now
reached more than 3 million and over 9 million people receive the MSE weekly
tip email.
Over the past five years MSE has evolved from a predominantly editorial
offering into a much wider proposition. After receiving the information and
support of MSE's editorial content, users can increasingly fulfil many of
their financial journeys within that environment, powered by our Group
platform. This includes an expanding suite of tools and app functionality to
help users act on the guidance we provide.
An example of this is our Cheap Energy Club - redesigned and relaunched last
year to be ready for recovery in the energy market. Members now get
real‑time alerts and a seamless, hassle‑free switching experience. We also
ran our first collective switch in five years in late 2025, enabling customers
to lock in market-leading, exclusive deals over a two-week period.
Quidco
Quidco is our cashback offering that allows customers to benefit from new
functionality and an increasingly personalised user experience, which is key
to driving loyalty and enhanced conversion.
The UK retail backdrop remains challenging, with weak consumer confidence
showing the sustained pressure on people's finances. In response, we've
strengthened the proposition by increasing the number of retailers offering
faster cashback, improving personalisation and introducing the option to buy
and earn cashback on gift cards for retailers such as Ikea and John Lewis.
We've also introduced card-linked offers which allows members to earn cashback
automatically when they shop in-store as well as online, simply by linking
their payment card to their Quidco account. Importantly, Quidco is now
embedded within SSC, increasing touchpoints with customers and benefiting from
operating on a single, integrated platform.
This year we launched our bold new 'Did Ya Quidco?' campaign. This
distinctive, comic‑book‑inspired marketing is running across TV, radio,
and a range of other channels to grab attention and remind customers not to
miss out on cashback when they shop.
Best provider propositions
Our provider services - which include B2B, Market Boost & Tenancy
performed well, with revenue increasing 13% year on year.
B2B
Our B2B proposition utilises the MONY Group tech platform to enable switching
services for third-party brands who want to offer a comparison service. This
extends our reach and market share with limited incremental cost.
We welcomed new brands to the platform including Which? whilst maintaining key
partnerships with household names including Rightmove and Autotrader.
Tenancy
Tenancy provides dedicated advertising slots across core product lines in
MoneySuperMarket - including SSC, and Quidco. Providers can choose to promote
to specific customer cohorts in high‑intent moments. As we advance
personalisation, these placements become even more effective for providers.
Market Boost
Market Boost, launched in 2023, uses our aggregated data to help show
providers how their products perform on our platform versus peers. Market
Boost is currently providing over 100 providers with valuable insights to
optimise conversion and growth. When our providers perform better, we perform
better and customers get a better outcome - demonstrating the synergy of
strength in both customer and provider propositions.
Data, Technology and Artificial Intelligence
Over recent years we've rebuilt our entire tech architecture, moving to a
modern, cloud‑native stack, partnering with Google Cloud Platform and Amazon
Web Services. We now operate on one of the leading platforms in our industry.
It gives scale, flexibility and a data foundation enabling us to embed and
benefit from all the opportunities AI presents.
This platform has positioned us well to leverage the benefit of AI through:
· Improving the user experience by removing friction across
journeys, with AI-enabled features and tools like Price Optimiser which
combines different data sets to help customers get cheaper quotes.
· Unlocking new routes to market with the launch of the
MoneySuperMarket Chat GPT app.
· Unlocking complexity to enter areas previously too operationally
demanding, including the launch of Savings by MoneySuperMarket.
· Re-engineering the organisation by reducing manual intervention,
increasing the speed of development, boosting innovation and lowering costs.
ESG
As well as helping households save money, we strive to make a positive
difference to our people, the wider community, and the environment. We want
our colleagues to not only live our purpose but have confidence in us as a
responsible and fair employer. We invest in our employee's wellbeing and the
communities we are based in, whilst building a broader social impact inspired
by our charitable activities.
We are proud to be accredited as a Real Living Hours employer, which now sits
alongside our Real Living Wage certification. We are also proud that we have
maintained our strong diversity metrics this year, with 47% female
representation on our Board and Executive. We continue to be recognised on the
FTSE Women Leaders Review for the fifth consecutive year, securing second
place within the Technology sector this year.
We remain committed to operating responsibly and transparently. MONY Group's
sustainability strategy brings together our environmental, social and
governance priorities, reflecting our commitment to responsible and
transparent business practices. A key focus is reducing our environmental
footprint, with a target of achieving Operational Net Zero by 2030. This
includes a planned 90% reduction in Scope 1 and Scope 2 emissions, supported
by our continued approach of offsetting all residual emissions to remain
carbon neutral.
We are pleased to report an improvement in our Carbon Disclosure Project
rating, rising to a B in Climate Change for 2025, recognising the progress we
have made in managing and reporting our environmental impact. Our Climate
Transition Plan, published on our website, sets out our pathway to Net Zero
and that we remain on track against our stated milestones.
As a signatory to the United Nations Global Compact, we continue to align our
operations with its ten principles across human rights, labour standards,
environmental stewardship and anti‑corruption.
Key Performance Indicators
The Board reviews key performance indicators (KPIs) to assess the performance
of the business against the Group's strategy. We measure six key strategic
KPIs: estimated customer savings, marketing margin, net promoter score, active
users, revenue per active user, and cross-channel enquiry.
31 December 31 December
2025 2024
Estimated Group customer savings £2.8bn £2.9bn
Group marketing margin* 57% 58%
MSM 2 (#_ftn2) and MSE 3 (#_ftn3) net promoter score (NPS) 73 72
MSM and Quidco active users 12.7m 13.8m
MSM and Quidco revenue per active user £20.21 £18.54
MSM cross-channel enquiry 22% 25%
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 other channels are estimated by applying the savings for
core channels proportionally to revenue for other channels. 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 and MSE net promoter score: The 12 monthly rolling
average NPS (1 Jan 2025 - 31 Dec 2025 inclusive) measured by YouGov Brand
Index service Recommend Score weighted by revenue for MSM and MSE to create a
combined NPS.
MSM and 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 and 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 year is £194.0m (2024: £183.0m).
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 has reduced by £0.1bn to £2.8bn, primarily due to
softer car and home insurance market conditions, with reduced switching
volumes and lower savings per sale. This has been partially offset by savings
improvements in energy through better deal availability and increased
switching momentum, as well as higher savings delivered for borrowing
products, savings, and life insurance channels.
The decrease in marketing margin reflects movements in gross margin, described
below, and increased marketing operating expenses in 2025.
Trust and satisfaction in our brands remained strong, NPS has increased from
72 to 73.
Active user numbers have reduced by 1.1m to 12.7m, this is primarily driven by
the expected mix out of car insurance enquiries with market contraction,
partially offset with growth in other channels such as life insurance.
Revenue per active user has grown by £1.67 to £20.21, supported by increased
levels of energy switching, stronger revenue and sales in life insurance, and
increased activity across borrowing channels, helping to offset the continued
mix shift out of car insurance.
The cross-channel enquiry rate has held since half year end at 22%. The 3%
fall year on year reflects volume mix out of car insurance from anticipated
market contraction, with some offset from growth in cross-enquiry from
SuperSaveClub members.
Financial review
Group revenue increased 2% to £446.3m (2024: £439.2m) with Profit After Tax
increasing 1% to £80.7m (2024: £80.2m). When reviewing performance, the
Board reviews several adjusted measures, including Adjusted EBITDA, which
increased 2% to £145.1m (2024: £141.8m), and Adjusted Basic EPS which
increased 5% to 17.9p (2024: 17.1p), as shown in the table below.
Adjusting items included in EBITDA include a provision made for VAT and
related costs of £4.4m (2024: £3.0m (explained on page 14). This is due to
ongoing discussions with HMRC regarding the method we use to recover VAT, a
Partial Exemption Special Method ('PESM').
The adjusted EPS calculation includes a profit on disposal of investments of
£2.5m (2024: £nil), a profit on disposal of property, plant and equipment of
£0.6m (2024: £nil) and a loss on partial disposal of the ITG subsidiary of
£6.7m (2024: £nil) as adjusting items.
Extract from the Consolidated Statement of Comprehensive Income
for the year ended 31 December
2025 2024 Growth
£m £m %
Revenue 446.3 439.2 2
Cost of sales (159.1) (148.6) 7
Gross profit 287.2 290.6 (1)
Operating costs (169.8) (177.3) (4)
Operating profit 117.4 113.3 4
Amortisation and depreciation 23.3 25.5 (9)
EBITDA 140.7 138.8 1
Reconciliation to Adjusted EBITDA:
EBITDA 140.7 138.8 1
Irrecoverable VAT provision and related costs 4.4 3.0 47
Adjusted EBITDA 145.1 141.8 2
Adjusted earnings per share*:
- basic (p) 17.9 17.1 5
- diluted (p) 17.8 17.0 5
* A reconciliation to 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 Adjusted EBITDA and Adjusted Basic EPS alongside GAAP measures when
reviewing the performance of the Group. Executive management bonus targets
include an Adjusted 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 year ended 31 December
2025 2024 Growth
£m £m %
Insurance 232.5 235.6 (1)
Money 105.7 97.8 8
Home Services 48.2 36.1 33
Travel 17.6 19.6 (10)
Cashback 52.7 60.8 (13)
Inter-vertical eliminations (10.4) (10.7) (3)
Total 446.3 439.2 2
Revenue grew 2% to £446.3m. Growth was led by strong performance in Money and
Home Services offsetting more challenging trading conditions in other
verticals including market headwinds in car.
Insurance
Insurance revenue fell 1% to £232.5m. As anticipated, market headwinds
impacted performance in car with offset from good growth in other products
such as life, enabled by a streamlined customer journey.
Car insurance premiums saw a substantial decrease, down 9% on average compared
to last year. In the second half we started to see some easing of these
headwinds, particularly in Q4, with December marking the fourth consecutive
month of easing in the previous deflation.
Home insurance premiums continued to decrease into the second half as
expected, with premiums down 2% on average compared to the prior year.
Money
Money revenue grew 8% to £105.7m. Borrowing products drove the majority of
this with robust switching in credit cards, supported by our Credit Club
offering, and an improving trend in mortgages. We secured several strong
exclusive credit card deals in the second half as we continued to capitalise
on consumers actively seeking better value.
In banking, base rate changes stimulated demand and competitive savings deals
which further accelerated growth from the first half which saw strong demand
leading into the ISA season. Current accounts recovered from a weaker first
half, driven by an increase in the number of attractive deals available to
customers.
We made good strategic progress and improved conversion by use of personalised
pre-approval information, eligibility alignment and AI-enabled prompts. These
enhancements, alongside the depth of our partnerships and exclusive deals,
continue to reinforce our competitive position in Money products.
Home Services
Home Services revenue grew 33% to £48.2m. Energy drove the majority of this
growth, albeit from an immaterial base in 2024. During the year, we welcomed
more providers back onto the platform, the price cap announcements acted as a
catalyst, encouraging suppliers to re-enter the market with more compelling
offers for consumers.
Growth accelerated in the second half supported by our first collective energy
switch since the market disruption in 2021. Exclusive, market leading deals,
promoted by MoneySavingExpert, offered savings of up to 15% versus the price
cap.
Elsewhere within Home Services, broadband continued to perform well.
Improvements to our AI-enabled switching journey means customers can switch
providers without leaving the site, which increased conversion. This was
offset by mobiles where switching was subdued as customers increasingly chose
SIM-only deals in light of handset innovation slowing and pressure on
discretionary spend.
Travel
Travel revenue fell 10% to £17.6m. This reflects 11 months of trading in
2025, and the impact of intense competition across the sector resulting in
higher acquisition costs.
Following the Group's movement to a minority position as of 1 December 2025,
the Travel segment will no longer be consolidated within our Group results,
with share of Ice Travel Group (ITG) earnings recognised below EBITDA from
this date.
The move to a minority stake reduced the Group's operational complexity since
ITG sat outside the Group's centralised data and tech platform. This move
enables a greater focus on growth in our core business whilst allowing ITG to
continue with its goals.
Cashback
Cashback revenue fell 13% to £52.7m with consumer confidence remaining
subdued, impacting retail spending. The challenging macro trading conditions
for retail have been compounded by sustained pressure on UK marketing budgets,
with many advertisers reducing promotional intensity.
Travel products did see modest growth as we built out and leveraged
partnerships, delivering attractive offers for members.
Cashback saw good strategic progress in the year, launching a number of new
propositions such as card-linked offers and gift cards to improve quality of
our member proposition and enhance engagement.
Gross profit
Gross profit was down 1% to £287.2m, while gross margin decreased to 64.4%
(2024: 66.2%). The margin was impacted by increased PPC costs caused by
continued competitive markets through the year and search dynamics, as well as
the growth of B2B which has structurally lower margins.
Operating costs
for the year ended 31 December
2025 2024 Growth
£m £m %
Distribution expenses 34.9 34.4 1
Administrative expenses 134.9 142.9 (6)
Operating costs 169.8 177.3 (4)
Within administration expenses
Amortisation of technology related intangible assets 11.5 10.3 10
Amortisation of acquisition related intangible assets 8.1 10.8 (24)
Depreciation 3.7 4.4 (17)
Amortisation and depreciation 23.3 25.5 (9)
Operating costs reduced by 4% year on year, largely due to continued people
cost efficiency gains as well as other administrative cost savings, and a
decrease in amortisation of acquired intangible assets.
Distribution expenses were up a modest 1%, with a new brand marketing campaign
launched for Quidco.
Administrative expenses decreased by 6%. This included a reduction in
amortisation of acquired intangible assets from acquisitions in 2021.
Excluding depreciation, amortisation and adjusting items, underlying
administrative expenses decreased by 6%. This follows continued development of
our platform which enabled further automation and supported by AI, helped to
unlock targeted cost savings. The Group delivered continued efficiency gains
on people costs of 11% 4 (#_ftn4) and further savings on other administration
costs.
Included within operating costs are £4.4m of irrecoverable VAT provisions and
related legal and professional fees which have been presented as adjusting
items.
Adjusting items
for the year ended 31 December
2025 2024 Growth
£m £m %
Amortisation of acquisition related intangible assets 8.1 10.8 (24)
Irrecoverable VAT provision and related costs 4.4 3.0 47
Adjusting items included in operating profit* 12.5 13.8 (9)
Profit on disposal of investments (2.5) - -
Profit on disposal of property, plant and equipment (0.6) - -
Loss on disposal of subsidiary 6.7 - -
Adjusting items included in profit before taxation* 16.1 13.8 17
* Amortisation of acquisition related intangible assets, profit on disposal of
investments, profit on disposal of property, plant and equipment and loss on
disposal of subsidiary are not included in EBITDA and are therefore only
adjusting items in the adjusted EPS calculation. Irrecoverable VAT and related
costs are adjusting items in both the adjusted EBITDA and adjusted EPS
calculations.
Amortisation of acquisition related intangible assets relates to technology,
brands and member relationships arising on the acquisitions of Quidco and
Podium, as well as the combination of TravelSupermarket and icelolly.com, in
prior years. The charge is lower this year as more assets have become fully
amortised.
The Group is in discussions with HMRC regarding its partial exemption special
method ('PESM') which it uses to recover VAT on expenditure. Provisions for
irrecoverable VAT and related legal and professional fees incurred during the
year have been presented as adjusting items in order to enable like-for-like
comparison of the Group's financial performance between reporting periods.
Since 2016 work has been ongoing with HMRC on an update to the PESM which was
originally agreed in 2012. In the prior year HMRC concluded that it no longer
agreed with the principles of the PESM that it approved in 2012 and it
subsequently issued a Special Method Override Notice. Consequently, the Group
no longer has an agreed basis for operation of a PESM with HMRC.
We disagree with HMRC's position and we are progressing multiple paths to
remediation. The Group is expecting assessments from HMRC and in accordance
with accounting standards the Group is obliged to recognise a provision in
respect of this. Although we do not view HMRC's position as appropriate and we
are aiming to reach a resolution promptly, this process is expected to
continue throughout 2026. While dialogue with HMRC is ongoing, the amounts
recognised remain estimates of uncertain timing and amount. Until the outcome
of this matter is determined and while the amounts recognised remain
uncertain, we are presenting the charges as adjusting items.
Profit on disposal of investments relates to the sale of the Group's minority
shareholding in Flagstone Group Limited.
Profit on disposal of property, plant and equipment relates to a lease
modification during the year.
On 1 December 2025, the Group ceded control of Ice Travel Group (ITG)
following a share buyback and cancellation of shares (see note 12) resulting
in a loss on disposal of subsidiary of £6.7m. This reflects a strategic
decision to reduce Group operational complexity whilst retaining influence.
ITG will benefit from greater operational independence, enabling the business
to accelerate its plans while continuing to benefit from MONY's support and
expertise.
Dividends
The Board has recommended a final dividend of 9.30p per share (2024: 9.20p),
making the proposed full year dividend 12.63p per share (2024: 12.50p).
The final dividend will be paid on 8 May 2026 to shareholders on the register
on 27 March 2026, subject to approval by shareholders at the Annual General
Meeting to be held on 30 April 2026.
Tax
The effective tax rate of 27.0% (2024: 26.2%) is higher than the UK standard
rate of 25.0% primarily due to the loss on disposal of subsidiary which is not
deductible for corporation tax. Last year the effective tax rate was higher
due to timing differences in our estimation of share-based payments which
increased the tax charge.
Earnings Per Share
Basic Earnings Per Share has increased by 2% to 15.3p (2024: 15.0p) due to the
reduction in shares from the buyback and higher Profit After Tax. Earnings Per
Share is calculated using the weighted average number of shares in the year
which means that the full impact of the buyback, which took place over the
course of the year, will not be seen until next year.
Adjusted Earnings Per Share is based on Profit Before Tax after adding back
Adjusting Items. A tax rate of 25.0% (2024: 25.0%) is applied to calculate
adjusted Profit After Tax. Adjusted Basic Earnings Per Share increased by 5%
to 17.9p per share (2024: 17.1p), which is higher than the growth in Adjusted
EBITDA due to the reduction in depreciation, amortisation and net finance
expense.
Cashflow and Balance Sheet
Operating Cashflows decreased to £107.7m (2024: £115.6m) driven by working
capital movements arising from revenue growth in channels with longer cash
collection periods, such as energy and life insurance.
Cash outflows on investing activities include £9.6m (2024: £14.1m) of cash
capital expenditure and £2.7m (2024: £nil) net inflows from acquisitions and
disposals.
Having started the year with positive net cash of £8.4m, we generated a
further £93.0m of cash before returns to shareholders. At the year end, after
paying dividends (£66.9m) and repurchasing shares (£30.2m) we remained Net
Cash positive at £4.1m 5 (#_ftn5) . Net Cash is cash and cash equivalents of
£20.3m (2024: £22.4m) less borrowings of £14.0m (2024: £12.0m) and loan
notes payable to Podium's non-controlling interest of £2.2m (2024: £2.0m).
Capital expenditure
Capital expenditure outflows were £9.6m (2024: £14.1m), including technology
investment of £8.6m (2024: £13.3m).
The amortisation charge for technology assets has increased slightly from
£10.3m to £11.5m as a result of the full year impact of higher spend last
year.
Capital allocation
MONY Group has an established and disciplined capital allocation policy,
focused on the creation of long-term sustainable shareholder value, through
organic and inorganic growth and shareholder returns.
As part of our ongoing approach to balancing immediate shareholder
distributions with long‑term financial resilience, we have intentionally
moderated the rate of dividend growth to 1%. This allows us to rebalance the
mix of returns, rebuild dividend cover to a level consistent with our future
growth ambitions, and maintain the flexibility to invest appropriately across
the Group.
Shareholder returns for 2025 totalled £96m. This comprised the ordinary
dividend and £30 million share buyback, alongside the 5% growth in Adjusted
EPS already delivered.
Reflecting the Board's continued commitment to long‑term shareholder value
and our policy to return expected excess free cash flow generated in the year
to shareholders, we are pleased to have announced a £25m share buyback
programme to be executed throughout 2026. This reinforces our focus on
delivering a balanced package of returns, combining earnings per share growth,
ordinary dividends and targeted cash distributions, while preserving our
capacity to pursue value‑accretive, strategically aligned acquisitions.
Consolidated statement of comprehensive income
for the year ended 31 December
Note 2025 2024
£m £m
Revenue 2 446.3 439.2
Cost of sales (159.1) (148.6)
Gross profit 287.2 290.6
Distribution expenses (34.9) (34.4)
Administrative expenses (134.9) (142.9)
Operating profit 117.4 113.3
Profit on disposal of investments 2.5 -
Profit on disposal of property, plant and equipment 0.6 -
Loss on disposal of subsidiary (6.7) -
Share of post-tax profit of equity accounted investees 0.1 -
Net finance expense 3 (3.4) (4.6)
Profit before taxation 110.5 108.7
Taxation 4 (29.8) (28.5)
Profit for the year 80.7 80.2
Other comprehensive income (0.8) 1.4
Total comprehensive income for the year 79.9 81.6
Profit/(Loss) attributable to:
Owners of the Company 81.2 80.6
Non-controlling interest 11 (0.5) (0.4)
Profit for the year 80.7 80.2
Total comprehensive income attributable to:
Owners of the Company 80.4 82.0
Non-controlling interest 11 (0.5) (0.4)
Total comprehensive income for the year 79.9 81.6
Earnings per share:
Basic earnings per ordinary share (pence) 5 15.3 15.0
Diluted earnings per ordinary share (pence) 5 15.2 14.9
Consolidated statement of financial position
as at 31 December
Note 2025 2024
£m £m
Assets Restated 1
Non-current assets
Property, plant and equipment 26.0 28.3
Intangible assets and goodwill 7 228.3 252.5
Equity accounted investments 3.5 -
Other investments 1.4 6.8
Other receivables 1.5 -
Total non-current assets 260.7 287.6
Current assets
Trade and other receivables 87.6 82.6
Prepayments 9.2 9.2
Current tax assets - 0.5
Cash and cash equivalents 20.3 22.4
Total current assets 117.1 114.7
Total assets 377.8 402.3
Liabilities
Non-current liabilities
Other payables 19.6 22.2
Provisions 8 8.1 5.5
Deferred tax liabilities 11.6 13.1
Borrowings 1 9 14.0 12.0
Total non-current liabilities 53.3 52.8
Current liabilities
Trade and other payables 98.1 104.6
Current tax liabilities 1.5 -
Total current liabilities 99.6 104.6
Total liabilities 152.9 157.4
Equity
Share capital 0.1 0.1
Share premium 206.3 205.6
Reserve for own shares (1.7) (1.7)
Retained earnings (38.0) (29.3)
Other reserves 59.8 65.0
Equity attributable to the owners of the Company 226.5 239.7
Non-controlling interest 11 (1.6) 5.2
Total equity 224.9 244.9
Total equity and liabilities 377.8 402.3
1 Borrowings at 31 December 2024 has been reclassified from current
liabilities to non-current liabilities (see note 9).
Consolidated statement of changes in equity
for the year ended 31 December
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 2024 0.1 205.5 (2.4) (46.3) 63.6 220.5 5.6 226.1
Profit for the year - - - 80.6 - 80.6 (0.4) 80.2
Other comprehensive income - - - - 1.4 1.4 - 1.4
Total comprehensive income for the year - - - 80.6 1.4 82.0 (0.4) 81.6
New shares issued - 0.1 - - - 0.1 - 0.1
Purchase of shares by employee trusts - - (0.4) - - (0.4) - (0.4)
Exercise of LTIP awards - - 1.1 (1.1) - - - -
Equity dividends - - - (65.5) - (65.5) - (65.5)
Share-based payments - - - 3.0 - 3.0 - 3.0
At 31 December 2024 0.1 205.6 (1.7) (29.3) 65.0 239.7 5.2 244.9
At 1 January 2025 0.1 205.6 (1.7) (29.3) 65.0 239.7 5.2 244.9
Profit for the year - - - 81.2 - 81.2 (0.5) 80.7
Other comprehensive income - - - (0.8) - (0.8) - (0.8)
Total comprehensive income for the year - - - 80.4 - 80.4 (0.5) 79.9
New shares issued - 0.7 - - - 0.7 - 0.7
Equity dividends - - - (66.9) - (66.9) - (66.9)
Share buyback - - - (30.2) - (30.2) - (30.2)
Share-based payments - - - 2.8 - 2.8 - 2.8
Disposal of subsidiary - - - 2.1 (2.1) - (6.3) (6.3)
Realised fair value gains - - - 3.1 (3.1) - - -
At 31 December 2025 0.1 206.3 (1.7) (38.0) 59.8 226.5 (1.6) 224.9
Consolidated statement of cash flows
for the year ended 31 December
2025 2024
£m £m
Operating activities
Profit for the year 80.7 80.2
Adjustments to reconcile Group profit to net cash flow from operating
activities:
Amortisation of intangible assets 19.6 21.1
Depreciation of property, plant and equipment 3.7 4.4
Share of post-tax profit of equity accounted investees (0.1) -
Profit on disposal of investments (2.5) -
Profit on disposal of property, plant and equipment (0.6) -
Loss on disposal of subsidiary 6.7 -
Net finance expense 3.4 4.6
Equity settled share-based payment transactions 2.8 3.0
Income tax expense 29.8 28.5
Changes in trade and other receivables (4.7) (2.4)
Changes in trade and other payables (3.6) 4.0
Changes in provisions 2.6 2.6
Taxation paid (30.1) (30.4)
Net cash flow from operating activities 107.7 115.6
Investing activities
Interest received 0.3 0.3
Loans advanced to customers (3.0) -
Acquisition of property, plant and equipment (1.0) (0.8)
Acquisition of intangible assets (8.6) (13.3)
Acquisition of equity accounted investments (1.3) -
Disposal of subsidiary (3.9) -
Disposal of investment 7.9 -
Dividends received from equity accounted investments 0.6 -
Net cash used in investing activities (9.0) (13.8)
Financing activities
Dividends paid (66.9) (65.5)
Proceeds from share issue 0.7 0.1
Purchase of shares by employee trusts - (0.4)
Share buyback (30.2) -
Proceeds from borrowings 71.0 63.0
Repayment of borrowings (69.0) (85.5)
Interest paid (3.5) (4.8)
Repayment of lease liabilities (2.9) (2.9)
Net cash used in financing activities (100.8) (96.0)
Net (decrease)/increase in cash and cash equivalents (2.1) 5.8
Cash and cash equivalents at 1 January 22.4 16.6
Cash and cash equivalents at 31 December 20.3 22.4
Notes
1. Basis of preparation
MONY Group PLC (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 year
ended 31 December 2024.
The financial statements have been prepared on the same basis as those for the
year ended 31 December 2024.
Going concern
The Directors have prepared the financial statements on a going concern basis
for the following reasons.
As at 31 December 2025, the Group's external debt comprised a revolving credit
facility ('RCF'), (of which £14m of the £125m available was drawn down). The
RCF is due for renewal in June 2028. Since the year end, this has been repaid
in full and no further amounts have been drawn down. The operations of the
business have been affected by macroeconomic uncertainty and cost of living
impacts as well as the expected contraction in car and home insurance
switching markets. However, the Group remains profitable, cash generative and
compliant with the covenants of its borrowings.
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 financial statements. The Directors have also considered the effect of
potential trading headwinds and recession, competition such as new entrants
upon the Group's business, as well as risks from cyber and data on the Group's
financial position, and liquidity in severe, but plausible, downside
scenarios.
The scenarios modelled take into account the potential downside trading
impacts from recession, consumer confidence, competitive pressures and any
one-off cash impacts on top of a base scenario derived from the Group's latest
forecasts. A detailed assessment has been performed to model the impact of the
severe but plausible downside scenarios and in some of the more severe
scenarios, included the cost saving mitigations that would 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 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 financial statements and have prepared them
on a going concern basis.
Consideration of climate change
In preparing the financial statements, the Directors have considered the
impact of climate change and there has been no material impact identified in
the reporting period on the financial reporting judgements and estimates. The
Directors considered the risks with respect to going concern and viability, as
well as the cashflow forecasts used in the impairment assessment, and noted no
material risks within the planning period. Whilst there is no material
financial impact to the Group expected from climate change within the
reporting and forecast period of the Group, the Directors will assess these
risks regularly against the judgements and estimates used in preparation of
the financial statements.
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.
On 1 December 2025, the Group ceded control of Ice Travel Group ("ITG")
following a share buyback and cancellation of shares. This reflects a
strategic decision to reduce Group operational complexity whilst retaining
influence. ITG will benefit from greater operational independence, enabling
the business to accelerate its plans while continuing to benefit from MONY's
support and expertise. Prior to disposal, ITG represented the Group's Travel
vertical and was reported as a separate operating segment. From the date of
disposal, the Group's remaining interest in ITG is accounted for as an
associate and is no longer included within segmental revenue or adjusted
EBITDA. The Group's share of ITG post-disposal results is presented within
share of post-tax profit of equity accounted investments. Although Travel is a
separate operating segment, ITG is not considered a separate major line of
business, as it is not material in the context of the wider group, or
geographical area and therefore its results have not been presented as
discontinued operations.
The following summary describes the services provided in each segment.
Segment Type of sales transaction Services provided
Insurance, Money, Home Services & Travel Price comparison services Users visit one of our sites or apps and generate quotations from product
providers or view personal finance information with links to product
providers' sites. Users then click away from our site to complete a
transaction on one of those providers' sites. Revenue is generated from
providers by transferring users to their sites.
Cashback Cashback services Quidco members visit our site or app and click away to a merchant's site to
complete a transaction. Revenue is generated from merchants by transferring
members to their sites. Members are rewarded with cashback incentives which
are recognised in cost of sales.
Segment Insurance Money Home Travel Cashback Shared costs Total
Services
£m £m
£m £m £m £m
£m
Inter-vertical eliminations
£m
Year ended 31 December 2025
Revenue 232.5 105.7 48.2 17.6 52.7 - (10.4) 446.3
Directly attributable expenses (107.4) (38.6) (15.3) (15.5) (44.9) (89.9) 10.4 (301.2)
Adjusted EBITDA* contribution 125.1 67.1 32.9 2.1 7.8 (89.9) - 145.1
Adjusted EBITDA contribution margin** 54% 63% 68% 12% 15% - - 33%
Irrecoverable VAT and related costs (4.4)
Depreciation and amortisation (23.3)
Profit on disposal of investments 2.5
Profit on disposal of property, plant and equipment 0.6
Loss on disposal of subsidiary (6.7)
Share of profit of equity accounted investees 0.1
Net finance expense (3.4)
Profit before tax 110.5
Taxation (29.8)
Profit for the year 80.7
Segment Insurance Money Home Travel Cashback Shared costs Total
Services
£m £m
£m £m £m £m
£m
Inter-vertical eliminations
£m
Year ended 31 December 2024
Revenue 235.6 97.8 36.1 19.6 60.8 - (10.7) 439.2
Directly attributable expenses (101.8) (32.0) (11.1) (15.7) (52.4) (95.1) 10.7 (297.4)
Adjusted EBITDA* contribution 133.8 65.8 25.0 3.9 8.4 (95.1) - 141.8
Adjusted EBITDA contribution margin** 57% 67% 69% 20% 14% - - 32%
Irrecoverable VAT and related costs (3.0)
Depreciation and amortisation (25.5)
Net finance expense (4.6)
Profit before tax 108.7
Taxation (28.5)
Profit for the year 80.2
* Adjusted EBITDA contribution margin is calculated by dividing adjusted
EBITDA contribution by revenue.
Insurance EBITDA contribution margin decreased from 57% to 54%, driven by
increased contribution from lower margin B2B, an increase in PPC costs and
impact from SuperSaveClub first purchase rewards.
Money saw a decrease in EBITDA contribution margin from 67% to 63%, due to an
increase in competitive intensity and PPC costs.
Home Services EBITDA contribution margin decreased from 69% to 68%, with mix
into lower margin energy offset by improved broadband performance.
Travel EBITDA contribution margin declined from 20% to 12% with increasing
cost of customer acquisition in a highly competitive market.
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 increased from 14% to 15% reflecting strong control of
operating costs.
Shared costs decreased by 5%, primarily due to lower headcount and other admin
costs in the year delivered through automation and efficiency gains.
3. Net finance expense
2025 2024
£m £m
Finance income
Bank deposits 0.3 0.3
0.3 0.3
Finance expense
Revolving credit facility (2.6) (2.7)
Bank loan - (1.2)
Leases (0.9) (0.9)
Amounts payable to non-controlling interest (0.2) (0.1)
(3.7) (4.9)
Net finance expense (3.4) (4.6)
4. Taxation
The effective tax rate of 27.0% (2024: 26.2%) is higher than the UK standard
rate of 25.0% primarily due to the loss on disposal of subsidiary which is not
deductible for corporation tax. Last year the effective tax rate was higher
due to timing differences in our estimation of share-based payments which
increased the tax charge.
Taxation recognised in profit or loss
2025 2024
£m £m
Current tax
Current tax on income for the year 32.2 30.8
Adjustment in relation to prior period (0.8) 0.4
31.4 31.2
Deferred tax
Origination and reversal of temporary differences (2.4) (2.5)
Adjustment in relation to prior period 0.8 (0.2)
(1.6) (2.7)
Taxation 29.8 28.5
Taxation recognised in other comprehensive income
Other comprehensive income includes current tax of £0.8m (2024: £nil)
relating to historic fair value gains which have been realised on the disposal
of investments.
5. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the
year attributable to ordinary equity holders of the Company, by the weighted
average number of ordinary shares outstanding during the year. 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 year attributable to ordinary equity holders of the Company, by the
weighted average number of ordinary shares outstanding during the year plus
the weighted average number of ordinary shares that would be issued on the
conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings per share
Basic and diluted earnings per share have been calculated on the following
basis:
2025 2024
£m £m
Profit after taxation attributable to the owners of the Company 81.2 80.6
Basic weighted average ordinary shares in issue (millions) 530.2 536.8
Dilutive effect of share based instruments (millions) 2.8 3.1
Diluted weighted average ordinary shares in issue (millions) 533.0 539.9
Basic earnings per ordinary share (pence) 15.3 15.0
Diluted earnings per ordinary share (pence) 15.2 14.9
Adjusted basic and diluted earnings per share have been calculated as follows:
2025 2024
£m £m
Profit before tax 110.5 108.7
Adjusted for loss before tax attributable to non-controlling interest 0.8 0.4
Profit before tax attributable to the owners of the Company 111.3 109.1
Amortisation of acquisition related intangible assets 8.1 10.8
Amortisation of acquisition related intangible assets attributable to (0.6) (0.8)
non-controlling interest (see note 11)
Irrecoverable VAT provisions and related costs 4.4 3.0
Profit on disposal of investments (2.5) -
Profit on disposal of property, plant and equipment (0.6) -
Loss on disposal of subsidiary 6.7 -
126.8 122.1
Estimated taxation at 25.0% (2024: 25.0%) (31.7) (30.5)
Profit for adjusted EPS purposes 95.1 91.6
Adjusted basic earnings per share (pence) 17.9 17.1
Adjusted diluted earnings per share (pence) 17.8 17.0
6. Dividends
2025 2024
£m £m
Equity dividends on ordinary shares:
Final dividend for 2024: 9.20 pence per share 49.3 47.8
(2023: 8.90 pence per share)
Interim dividend for 2025: 3.33 pence per share 17.6 17.7
(2024: 3.30 pence per share)
Equity dividends 66.9 65.5
Proposed for approval (not recognised as a liability as at 31 December):
Final dividend for 2025: 9.30 pence per share 48.7 49.3
(2024: 9.20 pence per share)
7. Intangible assets
Market related Customer relationships Technology related Goodwill Total
£m £m £m £m £m
Cost
At 1 January 2024 169.6 21.2 121.3 288.6 600.7
Additions - - 13.3 - 13.3
Disposals - - (36.1) - (36.1)
At 31 December 2024 169.6 21.2 98.5 288.6 577.9
Amortisation
At 1 January 2024 161.5 9.2 95.4 74.3 340.4
Charge for the year 2.9 4.2 14.0 - 21.1
Eliminated on disposal - - (36.1) - (36.1)
At 31 December 2024 164.4 13.4 73.3 74.3 325.4
Carrying value
At 1 January 2024 8.1 12.0 25.9 214.3 260.3
At 31 December 2024 5.2 7.8 25.2 214.3 252.5
Cost
At 1 January 2025 169.6 21.2 98.5 288.6 577.9
Additions - - 8.0 - 8.0
Disposals (1.8) - (4.1) (11.5) (17.4)
At 31 December 2025 167.8 21.2 102.4 277.1 568.5
Amortisation
At 1 January 2025 164.4 13.4 73.3 74.3 325.4
Charge for the year 2.9 4.2 12.5 - 19.6
Eliminated on disposal (1.6) - (3.2) - (4.8)
At 31 December 2025 165.7 17.6 82.6 74.3 340.2
Carrying value
At 1 January 2025 5.2 7.8 25.2 214.3 252.5
At 31 December 2025 2.1 3.6 19.8 202.8 228.3
Disposals
Disposals include goodwill of £11.5m; technology related intangible assets
with an original cost of £3.9m and a carrying value of £0.9m; and market
related intangible assets with an original cost of £1.8m and a carrying value
of £0.2m relating to the disposal of Ice Travel Group Limited (see note 12).
Disposals in the prior year 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.
Goodwill
At 31 December 2025, the Group had significant balances relating to goodwill
as a result of acquisitions of businesses in the 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.
The Group is required to allocate goodwill between its cash generating units
('CGUs') that represent the lowest level at which goodwill is monitored for
internal management purposes. These CGUs are Insurance, Money, Home Services,
Travel and Cashback, all of which have been tested for impairment.
For all CGUs the present value of expected future cash flows has been
calculated using management's best estimate, which is based on the Group's
long-term plan, approved in December 2025, incorporating cost of sales,
marketing and a click-based allocation of overhead costs.
In accordance with IAS 36 - Impairment of Assets, the Group is required to
test goodwill for impairment annually by comparing the recoverable amount to
the carrying value of the total assets allocated to each CGU. The recoverable
amount is the higher of the CGU's value in use and its fair value less costs
of disposal. Our assessment concluded that there is headroom across all CGUs
and that no impairment of goodwill is required. After considering
sensitivities, there is no reasonably possible change in key assumptions that
could lead to the recoverable amount of any CGU falling below its carrying
amount.
8. Provisions
Leasehold dilapidations Irrecoverable VAT Total
£m £m £m
At 1 January 2024 - - -
Reclassifications 1.9 1.0 2.9
Amounts charged to the income statement - 2.6 2.6
At 31 December 2024 1.9 3.6 5.5
At 1 January 2025 1.9 3.6 5.5
Amounts charged to the income statement - 3.2 3.2
Amounts utilised - (0.6) (0.6)
At 31 December 2025 1.9 6.2 8.1
Leasehold dilapidations 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 year.
The Group recovers input tax on expenditure using a partial exemption special
method ('PESM'). Since 2016 work has been ongoing with HMRC on an update to
the PESM which was originally agreed in 2012. Last year, HMRC concluded that
it no longer agreed with the principles of the PESM that it approved in 2012
and it subsequently issued a Special Method Override Notice. Consequently, the
Group no longer has an agreed basis for operation of a PESM with HMRC. We
disagree with HMRC's position and we are progressing multiple paths to
remediation. The Group is expecting assessments from HMRC and in accordance
with accounting standards the Group is obliged to recognise a provision in
respect of this. Although we do not view HMRC's position as appropriate and we
are aiming to reach a resolution promptly, this process is expected to
continue throughout 2026. While dialogue with HMRC is ongoing, the amounts
recognised remain estimates of uncertain timing and amount. Until the outcome
of this matter is determined and while the amounts recognised remain
uncertain, we are presenting the charges as adjusting items.
9. Borrowings
2025 2024
£m £m
Revolving credit facility 14.0 12.0
The Group expects the amount outstanding on the revolving credit facility at
the balance sheet date to be settled in its normal operating cycle.
The revolving credit facility has been presented as a non-current liability in
accordance with the requirements of IAS 1 - Presentation of Financial
Statements due to the Group having the right to defer settlement for at least
12 months. The comparative balance in respect of 31 December 2024 has been
restated accordingly.
10. Commitments and contingencies
At 31 December 2025, the Group was committed to incur capital expenditure of
£0.2m (2024: £0.7m).
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 potentially 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 owns 52% of Podium Solutions Limited and recognises a
non-controlling interest in respect of the remaining 48%.
On 1 December 2025, the Group ceded control of Ice Travel Group Limited and
its two wholly owned subsidiaries, TravelSupermarket Limited and Icelolly
Marketing Limited ("Ice Travel Group"). Until then the Group owned 67% of Ice
Travel Group and recognised a non-controlling interest in respect of the
remaining 33%. From 1 December 2025, Ice Travel Group has been classified as
an equity-accounted investment (see note 12).
The following table summarises the financial performance and position of these
companies at the year end before any intra-group eliminations.
At December 2025 Podium Solutions Ice Travel Total
Limited Group
Non-controlling interest 48% 0%*
£m £m £m
Non-current assets
Current assets 1.6 - 1.6
Non-current liabilities (2.0) - (2.0)
Current liabilities (3.0) - (3.0)
Net assets (3.4) - (3.4)
Net assets attributable to non-controlling interest (1.6) - (1.6)
Revenue 0.7 16.7 17.4
(Loss)/Profit (1.3) 0.2 (1.1)
Other comprehensive income - - -
Total comprehensive income (1.3) 0.2 (1.1)
(Loss)/Profit attributable to the non-controlling interest (0.6) 0.1 (0.5)
Other comprehensive income attributable to non-controlling interest - - -
Total comprehensive income attributable to non-controlling interest (0.6) 0.1 (0.5)
Cash flows from operating activities (0.5) 1.9 1.4
Cash flows from investing activities - (0.9) (0.9)
Cash flows from financing activities 0.4 - 0.4
Net (decrease)/increase in cash and cash equivalents (0.1) 1.0 0.9
At December 2024 Podium Solutions Ice Travel Total
Limited Group
Non-controlling interest 48% 33%
£m £m £m
Non-current assets** 1.1 13.7 14.8
Current assets 1.4 7.6 9.0
Non-current liabilities (2.1) (2.8) (4.9)
Current liabilities (2.3) - (2.3)
Net assets (1.9) 18.5 16.6
Net assets attributable to non-controlling interest (0.9) 6.1 5.2
Revenue 0.7 18.6 19.3
(Loss)/Profit (1.4) 0.9 (0.5)
Other comprehensive income - - -
Total comprehensive income (1.4) 0.9 (0.5)
(Loss)/Profit attributable to the non-controlling interest (0.7) 0.3 (0.4)
Other comprehensive income attributable to non-controlling interest - - -
Total comprehensive income attributable to non-controlling interest (0.7) 0.3 (0.4)
Cash flows from operating activities (0.4) 3.4 3.0
Cash flows from investing activities - (0.9) (0.9)
Cash flows from financing activities 0.4 (5.5) (5.1)
Net decrease in cash and cash equivalents - (3.0) (3.0)
* On 1 December 2025, the Group transferred control of Ice Travel Group to the
non-controlling interest. The Group retained a 49.9% interest in Ice Travel
Group which is classified as an associate within equity accounted investments.
The carrying value of the Ice Travel Group non-controlling interest on
transfer of control was £6.3m.
** Non-current assets for Ice Travel Group at 31 December 2024 included £7.4m
of goodwill in respect of TravelSupermarket Limited that was recognised on the
Group's balance sheet prior to the acquisition of Ice Travel Group.
Loss and total comprehensive income for the year in respect of Podium
Solutions Limited and Ice Travel Group include amortisation of intangibles
relating to the acquisition of these companies by the Group of £1.4m (2024:
£1.8m). Included in the loss attributable to non-controlling interest and
total comprehensive income attributable to non-controlling interest is £0.6m
(2024: £0.8m) of amortisation of acquired intangibles.
12. Disposal of subsidiary
On 1 December 2025, the Group undertook a part disposal of its interest in Ice
Travel Group Limited and its two subsidiaries, TravelSupermarket Limited and
Icelolly Marketing Limited ("Ice Travel Group"). Following a period of
challenging performance, Ice Travel Group's management have prepared a
transformational business plan. The Directors of the Company believe that the
former non-controlling interest of Ice Travel Group are best placed to deliver
this plan and therefore agreed to a transfer control of Ice Travel Group.
Although Travel is a separate operating segment, Ice Travel Group is not
considered a separate major line of business (as it is not material in the
context of the wider Group) or geographical area and therefore its results
have not been presented as discontinued operations.
Ice Travel Group Limited issued a share buyback from MONY Group Financial
Limited for £3.0m based on an equity value of £8.9m. The equity value was
deemed to be the fair value of Ice Travel Group as this is the valuation
placed on the business by the non-controlling interest seeking to acquire
control on an arm's length basis. This represents Level 2 in the fair value
hierarchy as defined by IFRS 13 - Fair Value Measurement.
The share buyback reduced the Group's shareholding from 67.0% to 49.9%.
Consequently, the Group's investment in Ice Travel Group was reclassified as
an associate on the consolidated statement of financial position, reflecting a
cessation of control with retained significant influence. From 1 December
2025, the Group derecognised Ice Travel Group as a consolidated subsidiary and
applied equity accounting to recognise its share of Ice Travel Group's profit
or loss.
The Group recognised a loss on disposal of subsidiary £6.7m in the
consolidated income statement and accounted for dividends received from Ice
Travel Group of £0.9m as a reduction in the carrying value of the investment
in associate.
The loss on disposal of subsidiary has been calculated as follows:
£m
Consideration received 3.0
Fair value of retained interest 3.0
Carrying value of non-controlling interest 6.3
Carrying value of net assets of ITG (19.0)
Loss on disposal (6.7)
The fair value of retained interest was £3.0m at the point of the share
buyback but subsequently reduced to £2.1m which was its carrying value at the
balance sheet date:
£m
Fair value of retained interest 3.0
Dividend received from Ice Travel Group (0.9)
Carrying value at 31 December 2025 2.1
On acquisition of Ice Travel Group in 2021, a balance of £2.1m was recognised
directly in equity in relation to the initial recognition of non-controlling
interest. As part of the deconsolidation of Ice Travel Group, this amount was
transferred from other reserves to retained earnings.
Appendix
Statutory Information
The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2025 or 31 December 2024 but
is derived from those accounts. Statutory accounts for 2024 have been
delivered to the registrar of companies, and those for 2025 will be delivered
in due course. 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 report and accounts for the year ended 31 December 2025 will be
posted to shareholders in March 2026. The results for the year ended 31
December 2025 were approved by the Board of Directors on 20 February 2026 and
are audited. The Annual General Meeting will take place on 30 April 2026. The
final dividend will be payable on 8 May 2026 to shareholders on the register
at the close of business on 27 March 2026.
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.
1 (#_ftnref1) PPC costs increased by 21% in H2 2024 compared with H1 2024.
2 (#_ftnref2) MoneySuperMarket (MSM)
3 (#_ftnref3) MoneySavingExpert (MSE)
4 (#_ftnref4) 11% reduction in people costs, excluding ITG.
5 (#_ftnref5) Net cash is presented net of amounts owed to non-controlling
interest which increased by £0.2m interest during the year.
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