Moneysupermarket has published its preliminary results this morning, with a return to growth across revenue and profits.
The group’s revenue was up 22% to £387.6m, while profit after tax grew 33% to £69.3m.
“I’m pleased to report a strong return to revenue and profit growth as we build strategic momentum,” said Peter Duffy, Group CEO.
“The progress we’ve made gives us the foundation for more product innovation which, amid a tough macro economic climate, will help households find even more ways to save with our portfolio of trusted brands.”
The company stated that it was continuing the transition to a “flexible, tech and data-led” savings platform, with data centralised across Google Cloud, in order to roll out services across all its brands, without having to duplicate work.
In 2021, it migrated to the SA360 PPC bidding platform and last year it stated that it had added more “sophisticated features” including machine learning. This meant it could bid for more search terms and make bids more targeted using its own data.
It explained that this allowed it to reduce cost per clicker and increase its share of clicks.
The MoneySavingExpert brand saw its social media followers quadruple to 1.3m during the year. It also launched its Compare+ car insurance tool in March, followed by an early stage MSE app to provide savings and content from the site.
The company said that its brand awareness and customers perception had improved following the release of its MoneySuperSeven campaign in the first half of the year. The Dame Judi Dench-led campaign was created by New Commercial Arts.
Following its acquisition of icelolly in 2021, it said that it was now using the Manchester company’s proprietary bidding technology for the TravelSupermarket brand. this enables it to bid for more prominent positions on the site. icelolly has itself diversified by adding TravelSupermarket’s travel insurance and car hire.
Looking ahead to 2023, it explained that marketing, commercial and tech would be combined to “build brand awareness, drive further efficiencies and deliver product innovation.”
It added the the acquisitions of CYTI, Ice Travel Group and Quidco were “on track.”
