REG - Mony Group PLC - Interim Results for the six months to 30 June 2025
Mon 07:00
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RNS Number : 7382R Mony Group PLC 21 July 2025
MONY Group plc
Interim results for the six months ended 30 June 2025
Leveraging our strength in breadth - SuperSaveClub reaches 1.5 million members
6 months ended 30 June 2025 2024 Growth
Group Revenue £225.3m £223.5m 1%
Adjusted EBITDA * £75.1m £74.0m 2%
Profit After Tax £45.6m £44.1m 3%
Adjusted Basic EPS ** 9.3p 8.9p 4%
Basic EPS 8.6p 8.3p 4%
Operating Cashflow £43.7m £51.8m (16%)
Net Debt *** £18.4m £25.1m (27%)
Interim Dividend Per Share 3.3p 3.3p 1%
Financial performance
· Resilient financial performance - revenue up 1% against a strong
prior period, with anticipated headwinds in car offset by growth in other
channels, underlining our strength in breadth
· Adjusted EBITDA growth of 2% to £75m, underpinned by our continued
focus on cost control and greater automation
· Operating costs down 6% and Adjusted earnings per share growth of 4%
Strategic highlights
· Helped customers to save an estimated £1.4bn
· Delivered growth across our member-based propositions
o SuperSaveClub surpassed the 1.5 million member milestone, now generating
14% of Group revenue
o Enhanced provider services continue to deliver profitable growth - revenue
up +11%
· Investment in our data and tech platform is providing an
efficient, scalable and competitive springboard to capitalise on unlocking our
AI and new product development opportunities
Shareholder returns
· £96m package of shareholder returns for 2025 including ongoing
c.£30m share buyback and progressive dividend growth - interim dividend per
share +1%
Peter Duffy, CEO of MONY Group, said:
'We've started the year well, hitting strategic milestones and growing revenue
and profits despite the challenges faced in some of our end markets.
Ours is a business that only makes money if customers save money and in the
first half of 2025, we helped customers to save an estimated £1.4bn.
Since February, we have welcomed over half a million new members to the
SuperSaveClub, bringing total membership to just over 1.5 million - we see
plenty of room for further growth.
The investment we've made to date in our data and tech platform means we have
a scalable and competitive springboard to unlock further AI and innovative
product development opportunities.'
Outlook
Our recent trading performance, coupled with momentum in our strategic
execution gives the Board confidence that we will deliver Adjusted EBITDA for
2025 within our current published consensus 1 .
Despite the headwinds faced in some of our end markets, we continue to
leverage our strength in breadth and the agility of our platform to deliver
resilient financial performance whilst maintaining strategic momentum.
We remain well-positioned to deliver sustainable, profitable growth. Our
strategic focus on deepening customer engagement, broadening our product
offerings, and disciplined execution gives us the platform to navigate
whatever market conditions lie ahead. We're confident in the opportunities for
H2 and beyond.
H1 2025 trading performance
Revenue for the 6 months ended 30 June 2025
£m Growth %
Insurance 117.7 (2)
Money 52.8 4
Home Services 21.6 29
Travel 11.4 (2)
Cashback 27.2 (9)
Inter-vertical eliminations* (5.4) (2)
Total 225.3 1
* 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.
In H1 2025, the group delivered resilient financial performance against a
strong comparative, with revenue and Adjusted EBITDA up 1% and 2%,
respectively. Performance within each of our verticals in H1 2025 is as
follows:
· In Insurance revenue was down a modest 2% against a very strong prior
year comparative in which car insurance premiums surged. Car insurance
premiums were down -9% over the half year period, whilst home insurance
premiums remained in growth at +4%. To compensate for the headwinds in car, we
shifted our focus to other insurance categories with home, life and travel
performing well.
· Money delivered good growth of 4% driven by strong activity in
borrowing, underpinned by growth in credit cards and an improving trend in
personal loans. In banking, robust savings performance offset lower current
account switching volumes.
· Home Services grew 29%, albeit from a low base, with both energy and
broadband delivering significant growth over the period, as the energy market
continues to gradually recover.
· Cashback had a tougher period, with revenue c.£3m lower at £27m, 9%
down, reflecting the challenging retail environment along with the knock-on
effect of the weaker car insurance market on Quidco compare.
· Travel was 2% down with continued high competition in car hire
partially offset by solid performance in package holidays. Note that travel
insurance is included within Insurance.
Results presentation
A presentation for investors and analysts will be available from 7at
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://brrmedia.news/MONY_HY25 (https://brrmedia.news/MONY_HY25)
For further information, contact:
Investors:
Niall McBride, Chief Financial Officer
Niall.McBride@monygroup.com 0203 826 4667
Jennifer Cooke, Head of Investor Relations
Jennifer.Cooke@monygroup.com 0203 846 2034
Media:
William Clutterbuck, H/Advisors Maitland
William.Clutterbuck@h-advisors.global
(mailto:illiam.Clutterbuck@h-advisors.global) / 07785 292617
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:
* Adjusted EBITDA is operating profit before depreciation and amortisation and
adjusted for other non-underlying costs as detailed on page 9. 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 10. A tax rate of 25% (2024: 25%) 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
interim financial statements is included in note 5. Adjusted basic earnings
per share for the six months ended 30 June 2024 has been updated from 8.8p to
8.9p to reflect the reclassification of costs to adjusting items noted on page
8.
***Net debt is cash and cash equivalents of £28.7m (2024: £24.9m) less
borrowings of £45.0m (2024: £48.0m) and loan notes payable to Podium's
non-controlling interest of £2.1m (2024: £2.0m). It does not include lease
liabilities.
Chief Executive Officer's Review
We have had a good start to the year, achieving both financial and strategic
milestones, and helping customers save an estimated £1.4bn during this
half-year period.
We generated resilient financial performance - increasing both Revenue and
Adjusted EBITDA as we leveraged our strength in breadth. Revenue of £225m was
up 1% despite the comparative first half of 2024 being one of exceptional
growth in car insurance switching. Adjusted EBITDA grew 2% to £75m,
underpinned by our continued focus on strong cost control and increasing use
of automation.
We have maintained strategic momentum, continuing to grow both sides of our
marketplace. In SuperSaveClub we welcomed an additional half a million more
members, bringing the current total to more than 1.5 million. We see potential
for further growth here, so we're continuing to invest to drive member
acquisition by offering First Purchase Rewards.
We've also continued to grow and enhance the services we offer to providers
with 11% revenue growth over the period. We now have over 100 providers
benefiting from our Market Boost insight, and 34 partners using our enhanced
B2B comparison services, including household names like Rightmove and
Autotrader.
Our financial and strategic growth has been underpinned by our ability to
leverage our diverse portfolio of products and brands. This is all enabled by
the investment we have already made in building out our leading data and tech
platform, which will help us drive future organic growth.
We are rolling out new AI-assisted customer experiences in insurance, credit
cards and energy, and we've launched multiple products during the half focused
on new, profitable growth opportunities, such as our new life insurance offer
on MoneySuperMarket.
It is our brilliant people who deliver all this and we are hugely grateful for
everything they do - both within the Group, and more broadly. We are
particularly proud of our ongoing charity partnership with CALM (Campaign
Against Living Miserably). We hosted our annual Money Talks event at the
Houses of Parliament in May, which is all about raising the profile of
financial wellbeing as a critical mental health issue and more broadly
supporting the work of this leading suicide prevention charity.
We see a compelling growth story as we look ahead to 2026, with three key
building blocks. First, we see significant headroom in our member-based
propositions, increasing loyalty and customer lifetime value. Second, our
innovative product development pipeline to enhance the customer experience,
boost conversion and access new markets. And lastly, we are confident about
the outlook for growth in our end markets.
Ultimately, all these factors contribute to the creation of an attractive
investment case, characterised by a highly effective and resilient business,
that is well positioned to continue to deliver sustained and consistent
profitable growth.
We increased our adjusted earnings per share by 4%, and including the ordinary
dividend, will be delivering a package of shareholder returns of £96m in
2025, focused on maximising shareholder value.
Our capital allocation policy is clear. We have a clean balance sheet,
maintain an active pipeline of M&A opportunities, and are well placed to
deliver further value for our shareholders.
Strategic review
Our strategy is centered on growing our two-sided marketplace, focused on both
customers and providers.
We are shifting our customer base from transactional to member-based models,
which will over time lower our reliance on paid advertising for customer
acquisition. By providing compelling reasons for members to come to us
directly, time and time again, we will increase transaction volumes and
ultimately grow revenue per customer. By rewarding customer loyalty, we aim
to reduce our cost of sales, helping us to grow sustainably over the longer
term.
For our providers we are helping them to enhance their businesses because when
they do well, we do well. Providers know that we offer an outstanding consumer
experience helping customers get the right product for them. We also help them
appropriately target their products with our tailored tenancy slots and gain a
competitive edge by using our proprietary data insights, both boosting
conversion and improving acquisition cost efficiency.
Loyal, engaged members
SuperSaveClub, MoneySavingExpert app and Quidco make up our member-based
models.
SuperSaveClub
We launched in September 2023 and since then have actively built out the
proposition, adding nearly all of our key products with the club now covering
more than 95% of MoneySuperMarket's products sold by volume.
SuperSaveClub offers customers:
· A cash reward of up to £20 for every purchase with customers
able to earn up to £130 each year
· A best price guarantee
· A simple and easy customer interaction which uses their data to
skip lengthy application forms
In addition, we increasingly store key product and policy data, offer free
credit monitoring services, and specially selected cashback and retailer
discounts which encourages further engagement.
With over 1.5 million SuperSaveClub members, we can see consistency in trends
as we build out the member base. In short, the Club is achieving what we
hoped, because when we compare with a baseline traditional MoneySuperMarket
users, we see:
· 40% more customers are coming to us directly for their second
purchase,
· Members are then buying more from us, with a 3x increase in
renewals, and a 3x increase in second purchases
· And these members are also more engaged with a 2x increase in
their propensity to interact with CRM and a 4x increase in the take up of the
MSM app.
The club has not yet been live for two years, and we're still evolving the
proposition and learning more about the behaviours of members. But it is clear
that the club is growing customer loyalty and retention, which in time we
expect will reduce our reliance on paid-marketing.
The growth rate of SuperSaveClub members has increased in line with
expectations, with the club currently accounting for 14% of our revenue.
Crucially, going forwards we continue to see significant headroom for
continued member growth, which is why we're investing in First Purchase
Rewards. When we launched, customers were initially invited to join the Club
after their first purchase and they began to earn rewards from their second
purchase onwards. To bring members into our ecosystem earlier, First Purchase
Reward offers an incentive to members on their first purchase.
This investment does come with an immediate cost, creating a drag on gross
margin, however, we believe this is a beneficial investment in order to create
a stronger customer base over the longer term.
MoneySavingExpert App (MSE app)
MoneySavingExpert is the UK's leading consumer finance platform and the fourth
most recommended brand in the UK 2 . It plays an important strategic role in
broadening our reach and deepening customer relationships.
MSE has a highly engaged, loyal, and growing user base, with over 9.5 million
subscribers receiving Martin Lewis' money saving email on a weekly basis.
To deepen the way in which we interact with our user base, we developed and
launched the MSE app just over two years ago, and have now reached 2.2 million
downloads, with more than half a million monthly active users.
Over the past year, we've continued to enhance the MSE app by expanding
personalisation features and introducing new tools, including re-launching
Cheap Energy Club, MSE Compare+ for Home as well as for Car, and most recently
we began trialing MSE savings hub. Our growth plans for MSE are focused on
optimising our comprehensive suite of financial tools to further expand MSE
app functionality, reach and engagement.
Quidco
We acquired Quidco in 2021, a strategic move that provided us with valuable
insights into a member-based model and access to a new audience. Since then,
it has been successfully integrated into the Group, achieving the targeted
synergies, realising operational and cost efficiencies, and despite a
challenging retail backdrop, including a reduction in UK retail marketing
spend, expanding profitability.
We're further improving the Quidco offering, introducing greater
personalisation and 'faster cashback' with key retailers which is showing
encouraging early results. We've also expanded cashback to SuperSaveClub,
providing an opportunity to increase customer touchpoints and engagement.
Best provider proposition
The second element of our strategy relates to how we help our providers become
better businesses. We have delivered good growth in this half year period, and
see opportunities for further growth.
B2B
Our B2B proposition uses our scalable tech platform to provide switching
services for third-party brands who want to offer a comparison service. This
extends our reach and attracts new audiences, at limited incremental cost to
the Group.
We now provide B2B services across car, home, broadband, mobile and energy. We
delivered strong revenue growth in the half as we scaled our 34 existing
partnerships.
Market Boost
We launched Market Boost in 2023 and have subsequently rolled it out across
all channels. This is a product that uses our aggregated proprietary data to
help currently over 100 providers better understand how well their products
are performing versus their competition, and then ultimately offer better
products to their customers. Market Boost is now available across all our key
channels (car, home, travel and pet insurance, cards and loans).
Tenancy
Tenancy is our targeted advertising slots that enable partners to promote
their products to specific cohorts of customers. It is an area we've
substantially developed over the last three years, and is now available across
the Group, including SuperSaveClub.
Data and technology
Underpinning our growth strategy is our leading data and tech platform. Our
investment to date now enables us to continuously focus on delivering
innovative experiences and products for customers and providers that enhance
customer journeys, boost conversion, and tap into new markets.
Our increasing product launch cadence is another aspect of the growing value
we're unlocking from our data and technology. During this half year this
included rolling out a common and much simplified renewal journey across all
our main product categories, that uses data to truncate applications, so
customers only have to complete questions when they are doing something
genuinely new. We believe this is industry leading, truly enhancing the
customer experience.
During the first half of the year, we also launched our new life insurance
product on MoneySuperMarket, and scaled our Compare+ product into home
insurance on MoneySavingExpert which is delivering good results. The
optimisations to our broadband journey along with the re-launch of
MoneySavingExpert's Cheap Energy Club, have contributed to the strong growth
we've seen in Home Services. And, our MSE savings hub, which is unlocking
further opportunities to increase our depth in this channel is now live.
Our platform also enables us to deliver on our comprehensive AI agenda. Our
agentic mesh - system architecture that allows multiple AI agents to
collaborate - is central to this and advancing rapidly. It brings together
different data sets and enhances user experiences, and at the same time
further improves the efficiency of our core operations.
We see three key areas of near-term opportunity on our AI roadmap:
· Improved customer experience - including smarter personalisation
and faster, dynamic and more intuitive journeys. An example of this is the
roll-out of our 'Agent I' capability across the Group which is now working for
money, insurance and energy. This functionality uses internal and external
data sources to provide more tailored personalised recommendations and helps
us move to a more holistic approach to solving customer problems. An example
would be providing a customer with a better understanding of why their car
insurance premium has changed, or specifically tailoring a credit card offer
to a customer and explaining how this could work for them. We are rolling out
this functionality more broadly across the site which, we believe, will start
to fundamentally enhance the user experience.
· Operational efficiency - streamlining internal processes and
reducing manual effort, freeing up resources to focus on the areas that really
contribute to our strategic growth. We have multiple use cases of automation
going live which are changing internal processes and improving efficiency, the
results of which can be seen in our reducing cost base. Within our contact
centre for example, AI is now responding to over 60% of customer contacts and
we see opportunities to embed AI further into day-to-day activities, reducing
manual effort and eliminating unnecessary activities.
· Marketing optimisation - while only a small percentage of
customer journeys currently start using AI, we already have strong visibility
in LLMs and AI overviews, having established ourselves in this evolving
channel. Our platform investment positions us well to capitalise on this
opportunity to deeper integrate our brands in this field.
Building blocks for growth
We see a compelling growth story as we look ahead to 2026, with three key
building blocks. First, we see significant headroom in our member-based
propositions, increasing loyalty and customer lifetime value. Second, our
innovative product development pipeline is focused on delivering products that
enhance the customer experience, boost conversion and access new markets. And
finally, we are confident about the outlook for growth in our end markets.
Ultimately, all these factors contribute to a highly effective and resilient
business, underpinned by a clear capital allocation policy. We remain focused
on maximising shareholder value, delivering a package of shareholder returns
over 2025 of £96m, incorporating the ongoing share buyback and our
progressive dividend. We have a clean balance sheet, maintain an active
pipeline of M&A opportunities, and remain well positioned to execute to
deliver further value and sustainable, profitable growth for our shareholders.
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 six 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. The anticipated headwinds in
the car insurance market have negatively impacted three of our Group KPIs
(customer savings, active users and cross-channel enquiries). Revenue per
active user and net promoter score have both improved year on year.
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
2025 2024
Estimated Group customer savings £1.4bn £1.7bn
Group marketing margin* 57% 60%
MSM & MSE net promoter score 72 71
MSM & Quidco active users 13.0m 14.3m
MSM & Quidco revenue per active user £19.83 £18.24
MSM cross-channel enquiry 22% 24%
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 2024 - 30 June 2025 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 £96.2m (2024: £90m).
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 strategy.
Estimated customer savings has reduced by £0.3bn to £1.4bn due to the
softening in the car insurance market, with lower switching volumes and
savings per sale for customers in car. This was partially offset by higher
customer savings generated from energy due to increased levels of energy
switching.
The decrease in marketing margin reflects movements in gross margin with
higher cost of sales, described below, with lower distribution marketing spend
in the first half of 2025.
Trust and satisfaction in our brands remained strong, NPS has increased from
71 to 72.
Active user numbers have reduced by 1.3m to 13.0m, driven by the expected mix
out of car insurance enquiries with market contraction, as well as a reduction
in energy enquiries as conditions stabilise following a period with very high
levels of media coverage on energy costs where limited deals were available
and we had high volumes of users coming to our site to look for a deal in the
prior period comparator.
Revenue per active user has grown by £1.59 to £19.83 due to higher volumes
of energy switching, with the mix out of car offset by higher revenues in
other channels such as life, improved borrowing conversion and higher
multichannel activity.
The cross-channel enquiry rate reduced 2% year on year, with volume mix out of
car insurance from anticipated market contraction, with some offset from
growth in cross-enquiry from SuperSaveClub members.
Chief Financial Officer's Review
Group revenue increased 1% to £225.3m (2024: £223.5m), with profit after tax
increasing 3% to £45.6m (2024: £44.1m). When reviewing performance, the
Board reviews several adjusted measures, including Adjusted EBITDA which
increased 2% to £75.1m (2024: £74.0m) and Adjusted Basic EPS which increased
4% to 9.3p (2024: 8.9p), as shown in the table below.
Adjusting items include a provision made for VAT and related costs of £2.2m
(explained on page 11). This is due to ongoing discussions with HMRC regarding
the method we use to recover VAT, a Partial Exemption Special Method (PESM).
For comparability and consistency, adjusting items for the six months ended 30
June 2024 have been updated to include £1.0m of provision that was recognised
within EBITDA but not presented as adjusting items as it was not material.
Last year's Adjusted Basic EPS has also been updated accordingly. More
information on the nature of these costs is included in the Adjusting items
section below.
Extract from the Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2025 and 30 June 2024
2025 2024 Growth
£m £m %
Revenue 225.3 223.5 1
Cost of sales (77.6) (71.3) 9
Gross profit 147.7 152.2 (3)
Operating costs (86.5) (91.8) (6)
Operating profit 61.2 60.4 1
Amortisation and depreciation 11.7 12.6 (7)
EBITDA 72.9 73.0 (0)
Reconciliation to Adjusted EBITDA:
EBITDA 72.9 73.0 (0)
Irrecoverable VAT provision and related costs 2.2 1.0 125
Adjusted EBITDA** 75.1 74.0 2
Adjusted earnings per share*:
- basic (p) 9.3 8.9 4
- diluted (p) 9.2 8.9 4
* A reconciliation to adjusted EPS is included within note 5.
** As explained above the table the comparative adjusted EBITDA has been
updated to reflect irrecoverable VAT and associated costs of £1.0m as
adjusting items.
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 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 six months ended 30 June 2025 and 30 June 2024
2025 2024 Growth
£m £m %
Insurance 117.7 119.9 (2)
Money 52.8 50.9 4
Home Services 21.6 16.7 29
Travel 11.4 11.7 (2)
Cashback 27.2 29.8 (9)
Inter-vertical eliminations (5.4) (5.5) 2
Total 225.3 223.5 1
Gross profit
Gross profit was down 3% to £147.7m, while gross margin decreased to 66%
(2024: 68%). Both measures were impacted by the expected contraction in the
car market following strong performance last year. The margin also saw impact
from the growth of B2B which has structurally lower margins, as well as higher
PPC costs and the launch of first purchase rewards within SuperSaveClub.
Operating costs
for the six months ended 30 June 2025 and 30 June 2024
2025 2024 Growth
£m £m %
Distribution expenses 18.6 18.9 (1)
Administrative expenses 67.9 72.9 (7)
Operating costs 86.5 91.8 (6)
Within administration expenses:
Amortisation of technology related intangible assets 5.7 4.9 15
Amortisation of acquisition related intangible assets 4.1 5.4 (24)
Depreciation 1.9 2.3 (18)
Amortisation and depreciation 11.7 12.6 (7)
Operating costs reduced by 6%, achieved by our proactive focus on cost control
and automation during the year.
Distribution (marketing) expenses were 1% lower than last year. We focused on
improving acquisition efficiency, targeting higher-ROI channels. We also
phased more of our brand marketing investment into H2 which we expect will
support continued momentum.
Administrative expenses decreased by 7%, as we delivered further efficiency
gains. At the end of the half, headcount was down 10% on the prior year,
resulting in a 15% reduction in people costs in the half year. These savings
are largely from productivity improvements, for instance leveraging technology
to automate tasks and eliminate duplicative work. Amortisation of technology
related intangible assets increased by 15% reflecting the phasing of projects
going live during the period and last year.
Adjusting items*
for the six months ended 30 June 2025 and 30 June 2024
2025 2024 Growth
£m £m %
Amortisation of acquisition related intangible assets 4.1 5.4 (24)
Irrecoverable VAT provision and related costs* 2.2 1.0 125
Adjusting items included in operating profit** 6.3 6.4 (2)
* For comparability and consistency purposes, adjusting items for the six
months ended 30 June 2024 have been updated to include £1m of irrecoverable
VAT and related costs. This amount was recognised within EBITDA last year but
was not presented as an adjusting item because it was not material.
** Amortisation of acquisition related intangible assets is not included in
EBITDA and therefore is only an adjusting item 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 due to some of the acquired
intangibles becoming 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. 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 an assessment from HMRC following the
completion of the 2024-5 tax year 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 2025.
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.
Dividends
The Group maintains a progressive dividend growth policy and the Board has
declared an interim dividend of 3.3 pence, representing growth of +1%. This
reflects the ongoing good cash conversion of the Group, strong balance sheet
and the Board's confidence in the future prospects of the Group.
The interim dividend will be paid on 8 September 2025 to shareholders on the
register at the close of business on 1 August 2025.
Tax
The effective tax rate of 23.7% (2024: 24.0%) is below the UK standard rate of
25.0% due to the reversal of temporary differences relating to the
amortisation of acquired intangible assets.
Earnings per share
Basic earnings per share for the six months ended 30 June 2025 was 8.6p (2024:
8.3p). The increase from last year is driven by the increase in adjusted
EBITDA and reduction in net finance expense.
Adjusted earnings per share is based on profit before tax before the adjusting
items detailed above. A tax rate of 25% (2024: 25%) is applied to calculate
adjusted profit after tax which is different to the effective rate used to
calculate basic earnings per share. Adjusted basic earnings per share
increased by 4% to 9.3p (2024: 8.9p) which is driven by the increase in
adjusted EBITDA and reduction in net finance expense.
Adjusted earnings per share for last year has been updated to reflect the
reclassification of irrecoverable VAT provisions and related costs to
adjusting items.
Cashflow and balance sheet
Operating cashflows decreased by 16% to £43.7m (2024: £51.8m) with a working
capital outflow of £17.1m (2024: £6.0m) driven by the impact of seasonally
high cash inflows in December, an uplift in trade since the year end and a
change in revenue mix. The higher receivables compared to last half year is
due to the mix into energy and life insurance which have longer click to cash
collection periods. Last half year the revenue growth was primarily in car
insurance which has a shorter cash collection period.
Cash outflows on investing activities include £5.1m (2024: £5.1m) of capital
spend and cash outflows on financing activities include £13.3m (2024: £nil)
in respect of our share buyback.
Net debt of £18.4m (31 December 2024: net cash of £8.4m) comprises cash and
cash equivalents of £28.7m (31 December 2024: £22.4m) less borrowings of
£45.0m (31 December 2024: £12.0m) and loan notes payable to Podium's
non-controlling interest of £2.1m (31 December 2024: £2.0m).
Capital expenditure
Technology additions on the balance sheet were £4.0m (30 June 2024: £5.4m).
We expect the technology amortisation charge for the year to be in the region
of £12m, excluding acquired intangibles.
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.
In line with this policy, we launched our £30m share buyback in February
2025, which continues to progress well with over £15m repurchased to date.
Our robust balance sheet provides us with the capacity to pursue value
accretive opportunities, alongside our ongoing share buyback.
In 2025 we'll deliver a package of shareholder returns equating to £96m
through the share buyback combined with our progressive dividend policy, which
will increase the interim dividend by 1% - building on the 4% Adjusted EPS
growth we have already delivered.
The package of returns we are delivering reflects our ongoing commitment to
sustainable shareholder returns, in addition to investment in organic and
acquisitive growth, as a path to creating long-term, sustainable shareholder
value.
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
Jonathan Bewes 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 2025 and 30 June 2024
Note 2025 2024
£m £m
Revenue 2 225.3 223.5
Cost of sales (77.6) (71.3)
Gross profit 147.7 152.2
Distribution expenses (18.6) (18.9)
Administrative expenses (67.9) (72.9)
Operating profit 61.2 60.4
Net finance expense 3 (1.4) (2.3)
Profit before taxation 59.8 58.1
Taxation 4 (14.2) (14.0)
Profit for the period 45.6 44.1
Other comprehensive income - 0.2
Total comprehensive income for the period 45.6 44.3
Profit/(Loss) attributable to:
Owners of the Company 45.9 44.2
Non-controlling interest 11 (0.3) (0.1)
Profit for the period 45.6 44.1
Total comprehensive income attributable to:
Owners of the company 45.9 44.4
Non-controlling interest 11 (0.3) (0.1)
Total comprehensive income for the period 45.6 44.3
Earnings per share:
Basic earnings per ordinary share (pence) 5 8.6 8.3
Diluted earnings per ordinary share (pence) 5 8.5 8.2
Consolidated statement of financial position
as at 30 June 2025, 31 December 2024 and 30 June 2024
Note 30 June 31 December 30 June
2025 2024 2024
£m £m £m
Restated 3 (#_ftn3) Restated3
Assets
Non-current assets
Property, plant and equipment 26.8 28.3 29.5
Intangible assets and goodwill 7 246.8 252.5 255.4
Other investments 6.8 6.8 5.6
Total non-current assets 280.4 287.6 290.5
Current assets
Trade and other receivables 98.8 82.6 82.7
Prepayments 11.6 9.2 11.9
Current tax assets 0.5 0.5 2.8
Cash and cash equivalents 28.7 22.4 24.9
Total current assets 139.6 114.7 122.3
Total assets 420.0 402.3 412.8
Liabilities
Non-current liabilities
Borrowings 8 45.0 12.0 33.0
Other payables 20.8 22.2 23.7
Provisions 9 7.2 5.5 1.9
Deferred tax liabilities 12.0 13.1 14.5
Total non-current liabilities 85.0 52.8 73.1
Current liabilities
Trade and other payables 105.6 104.6 101.0
Borrowings 8 - - 15.0
Total current liabilities 105.6 104.6 116.0
Total liabilities 190.6 157.4 189.1
Equity
Share capital 0.1 0.1 0.1
Share premium 207.9 205.6 205.5
Reserve for own shares (1.7) (1.7) (1.9)
Retained earnings (46.8) (29.3) (49.3)
Other reserves 65.0 65.0 63.8
Equity attributable to the owners of the Company 224.5 239.7 218.2
Non-controlling interest 11 4.9 5.2 5.5
Total equity 229.4 244.9 223.7
Total equity and liabilities 420.0 402.3 412.8
Consolidated statement of changes in equity
for the period ended 30 June 2025, 31 December 2024 and 30 June 2024
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 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
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
At 1 July 2024 0.1 205.5 (1.9) (49.3) 63.8 218.2 5.5 223.7
Profit for the period - - - 36.4 - 36.4 (0.3) 36.1
Other comprehensive income
- - - - 1.2 1.2 - 1.2
Total comprehensive income - - - 36.4 1.2 37.6 (0.3) 37.3
New shares issued 0.0 0.1 - - - 0.1 - 0.1
Exercise of LTIP awards - - 0.2 (0.2) - - - -
Equity dividends - - - (17.7) - (17.7) - (17.7)
Share-based payments - - - 1.5 - 1.5 - 1.5
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 period - - - 45.9 - 45.9 (0.3) 45.6
Other comprehensive income - - - - - - - -
Total comprehensive income - - - 45.9 - 45.9 (0.3) 45.6
New shares issued - 0.1 - - - 0.1 - 0.1
Purchase of own shares - - - (13.3) - (13.3) - (13.3)
Purchase of shares by employee trusts - - - - - - - -
Exercise of LTIP awards 0.0 2.2 - (2.2) - - - -
Equity dividends - - - (49.3) - (49.3) - (49.3)
Share-based payments - - - 1.4 - 1.4 - 1.4
At 30 June 2025 0.1 207.9 (1.7) (46.8) 65.0 224.5 4.9 229.4
Consolidated statement of cash flows
for the six months ended 30 June 2025 and 30 June 2024
Note 2025 2024
£m £
m
Operating activities
Profit for the period 45.6 44.1
Adjustments to reconcile Group profit to net cash flow from operating
activities:
Amortisation of intangible assets 9.8 10.3
Depreciation of property, plant and equipment 1.9 2.3
Net finance expense 1.4 2.3
Equity settled share-based payment transactions 1.4 1.5
Taxation expense 14.2 14.0
Changes in trade and other receivables (18.9) (5.2)
Changes in trade and other payables 1.8 (0.8)
Changes in provisions 1.7 -
Taxation paid (15.2) (16.7)
Net cash flow from operating activities 43.7 51.8
Investing activities
Interest received 0.2 0.1
Acquisition of property, plant and equipment (0.4) (0.0)
Acquisition of intangible assets (4.7) (5.1)
Net cash used in investing activities (4.9) (5.0)
Financing activities
Dividends paid 6 (49.3) (47.8)
Proceeds from share issue 0.1 -
Purchase of own shares (13.3) -
Purchase of shares by employee trusts - (0.4)
Proceeds from borrowings 52.0 47.0
Repayment of borrowings (19.0) (33.5)
Interest paid (1.6) (2.4)
Repayment of lease liabilities (1.4) (1.4)
Net cash used in financing activities (32.5) (38.5)
Net increase in cash and cash equivalents 6.3 8.3
Cash and cash equivalents at 1 January 22.4 16.6
Cash and cash equivalents at 30 June 28.7 24.9
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 six
months ended 30 June 2024.
The financial statements have been prepared on the same basis as those for the
year ended 31 December 2024.
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 2024.
These condensed consolidated interim financial statements were approved by the
board of directors on 18 July 2025.
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 2025, the Group's external debt comprised a revolving credit
facility ('RCF'), (of which £45m of the £125m available was drawn down). The
current RCF is due for renewal in June 2028.
Since 30 June 2025, no further amounts have been drawn down on the RCF and
repayments of £12m have been made. The operations of the business have been
impacted by macroeconomic uncertainty including dampened consumer confidence
and continued high interest rates, as well as restrictions on the energy
switching market. 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 condensed set of consolidated interim financial statements. The Directors
have considered the effect of potential 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, consumer confidence, competitive pressures and any one-off
cash impacts (e.g. a fine) 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 Type of sales transaction Services provided
Insurance, Money, Home Services and 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 Services Travel Cashback Shared costs Total
£m £m £m £m £m £m Inter-vertical eliminations** £m
£m
Period ended 30 June 2025
Revenue 117.7 52.8 21.6 11.4 27.2 - (5.4) 225.3
Directly attributable expenses (51.4) (18.6) (7.1) (9.4) (23.0) (46.1) 5.4 (150.2)
Adjusted EBITDA* contribution 66.3 34.2 14.5 2.0 4.2 (46.1) - 75.1
Adjusted EBITDA contribution margin** 56% 65% 67% 17% 15% 33%
Irrecoverable VAT and related costs (2.2)
Depreciation and amortisation (11.7)
Net finance expense (1.4)
Profit before tax 59.8
Taxation (14.2)
Profit for the period 45.6
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 (48.5) (15.8) (5.9) (9.2) (25.9) (49.7) 5.5 (149.5)
Adjusted EBITDA* contribution 71.4 35.1 10.8 2.5 3.9 (49.7) 74.0
Adjusted EBITDA contribution margin**
60% 69% 64% 22% 13% 33%
Irrecoverable VAT and related costs
(1.0)
Depreciation and amortisation (12.6)
Net finance expense (2.3)
Profit before tax 58.1
Taxation (14.0)
Profit for the period 44.1
* For comparability and consistency, adjusting items for the six months ended
30 June 2024 have been updated to include £1m of costs that were recognised
within EBITDA but were not presented as adjusting items because they were not
material. Adjusted basic EPS has also been updated accordingly.
** EBITDA contribution margin is calculated by dividing adjusted EBITDA
contribution by revenue.
Insurance EBITDA contribution margin decreased from 60% to 56%, reflecting the
expected contraction of higher margin car and the growth of B2B which is
structurally lower margin.
Money also saw a decrease in EBITDA contribution margin from 69% to 65%, with
an increase in PPC costs and mix out of higher margin current account products
with less attractive deals available.
Home Services EBITDA contribution margin increased from 64% to 67%, with
growth in our energy business whilst maintaining tight cost control.
Travel EBITDA contribution margin declined from 22% to 17%, 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. Cashback's EBITDA
contribution margin increased from 13% to 15% reflecting robust cost control
as the segment experienced trading headwinds.
Shared costs decreased 7% with cost savings delivered through increasing
automation and efficiencies.
The Group recovers input VAT that it incurs on expenditure using a partial
exemption special method which was agreed with HMRC in 2012. See note 9 for
details.
3. Net finance expense
2025 2024
£m £m
Finance income
Bank deposits 0.2 0.1
Finance expense
Revolving credit facility (1.1) (1.0)
Bank loan - (0.9)
Leases (0.4) (0.4)
Loan notes (0.1) (0.1)
(1.6) (2.4)
Net finance expense (1.4) (2.3)
4. Taxation
The effective tax rate of 23.7% (2024: 24.0%) is below the UK standard rate of
25.0% due to the reversal of temporary differences relating to the
amortisation of acquired intangible assets.
2025 2024
£m £m
Current tax
Current tax on income for the period 15.3 15.3
Deferred tax
Origination and reversal of temporary differences (1.1) (1.3)
14.2 14.0
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:
2025 2024
£m £m
Profit after taxation attributable to the owners of the Company 45.9 44.2
Basic weighted average ordinary shares in issue (millions) 534.5 536.7
Dilutive effect of share-based instruments (millions) 2.9 3.1
Diluted weighted average ordinary shares in issue (millions) 537.4 539.8
Basic earnings per ordinary share (pence) 8.6 8.3
Diluted earnings per ordinary share (pence) 8.5 8.2
Adjusted basic and diluted earnings per share are based on profit before tax
after adding back adjusting items. They have been calculated as follows:
2025 2024
£m £m
Profit before tax 59.8 58.1
Adjusted for loss before tax attributable to non-controlling interest 0.3 0.0
Profit before tax attributable to the owners of the Company 60.1 58.1
Amortisation of acquisition related intangible assets 4.1 5.4
Amortisation of acquisition related intangible assets attributable to (0.4) (0.4)
non-controlling interest
Irrecoverable VAT provisions and related costs* 2.2 1.0
66.0 64.1
Estimated taxation at 25% (2024: 25%) (16.5) (16.0)
Profit for adjusted EPS purposes 49.5 48.1
Adjusted basic earnings per share* (pence) 9.3 8.9
Adjusted diluted earnings per share* (pence) 9.2 8.9
* Adjusted earnings per share for the six months ended 30 June 2024 has been
updated to reflect the reclassification of irrecoverable VAT and related costs
to adjusting items.
6. Dividends
2025 2024
£m £m
Equity dividends on ordinary shares:
Final dividend for 2024: 9.2 pence per share (2023: 8.9 pence per share) 49.3 47.8
Proposed for approval (not recognised as a liability as at 30 June):
Interim dividend for 2025: 3.3 pence per share (2024: 3.3 pence per share) 17.7 17.7
7. Intangible assets
Market related Member relationship 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 - - 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
Cost
At 1 January 2025 169.6 21.2 98.5 288.6 577.9
Additions - - 4.0 - 4.0
At 30 June 2025 169.6 21.2 102.5 288.6 581.9
Amortisation
At 1 January 2025 164.4 13.4 73.3 74.3 325.4
Charge for the period 1.4 2.1 6.2 - 9.8
At 30 June 2025 165.8 15.5 79.5 74.3 335.2
Carrying value
At 1 January 2025 5.2 7.8 25.2 214.3 252.5
At 30 June 2025 3.8 5.7 23.0 214.3 246.8
Disposals
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
The Group had significant balances relating to goodwill as at 30 June 2025 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 2025, 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 2024 30 June
2025 2024
£m £m £m
Restated Restated
Non-current
Revolving credit facility 45.0 12.0 33.0
Current
Loan - - 15.0
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 balances in respect of 31 December and 30 June 2024
have been restated accordingly.
9. Provisions
Leasehold dilapidations Irrecoverable VAT Total
£m £m £m
At 1 January 2024 - - -
Reclassifications 1.9 - 1.9
At 30 June 2024 1.9 - 1.9
At 1 July 2024 1.9 - 1.9
Reclassifications - 1.0 1.0
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 - 1.7 1.7
At 30 June 2025 1.9 5.3 7.2
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. During the prior
year they were reclassified from trade and other payables to provisions;
however as the carrying value was not material no prior period restatement was
recognised.
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 an assessment from HMRC following the
completion of the 2024-5 tax year 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 2025.
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.
In the half year ended 30 June 2024, the Group incurred charges of £1.0m
relating to this matter. This amount was recognised within accruals at 30 June
2024 but was reclassified to provisions before the year end. The comparative
balance sheet at 30 June 2024 has not been restated as it is not material.
10. Commitments and contingencies
At 30 June 2025, the Group was committed to incur future capital expenditure
of £0.2m (2024: £0.8m).
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 2025 Podium Solutions Limited Ice Travel Group Total
Non-controlling interest 48% 33%
£m £m £m
Non-current assets* 0.5 13.5 14.0
Current assets 1.4 10.6 12.0
Non-current liabilities (1.7) (3.4) (5.1)
Current liabilities (2.9) (2.0) (4.9)
Net assets (2.7) 18.7 16.1
Net assets attributable to non-controlling interest (1.3) 6.2 4.9
Revenue 0.2 10.9 11.1
(Loss)/Profit (0.7) 0.3 (0.4)
Total comprehensive income (0.7) 0.3 (0.4)
(Loss)/Profit attributable to the non-controlling interest (0.4) 0.1 (0.3)
Total comprehensive income attributable to non-controlling interest (0.4) 0.1 (0.3)
Cash flows from operating activities (0.6) 1.3 0.7
Cash flows from investing activities - (0.3) (0.3)
Cash flows from financing activities 0.4 - 0.4
Net increase in cash and cash equivalents (0.2) 1.1 0.9
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
* 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 (2024:
£0.9m). Included in the profit and total comprehensive income attributable to
the non-controlling interest is £0.4m (2024: £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 2025 or 30 June 2024 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 8 May 2025. The interim dividend will
be paid on 8 September 2025 to shareholders on the register at the close of
business on 1 August 2025.
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 2025 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 2025 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. Acco
dingly, 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 for 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
18 July 2025
1 Market expectations for Adjusted EBITDA for 2025 from the analyst
consensus on our investor website is £143.7m with a range of £137m to
£150m.
2 Source: YouGov BrandIndex - June 1 2024 - May 31 2025.
3 Borrowings at 31 December and 30 June 2024 have been reclassified from
current liabilities to non-current liabilities (see note 8).
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