Strong financial results for Moneysupermarket.com

ms-logoMoneysupermarket.com has produced a strong set of financial results for the year ended 31 December 2012. Adjusted revenue for the year increased by 15% to £204.8m (2011: £178.5m), generating adjusted EBITDA which was 26% higher at £66.5m (2011: £52.5m). This included external revenues of £1.8m and EBITDA of £2.8m respectively, resulting from the acquisition of MoneySavingExpert.com which was acquired on 21 September 2012.

During 2012 the Group has continued to see good growth. Trading during the second half of the year improved relative to the comparable first half performance in the Insurance, Home Services and Travel verticals. Revenues in the Money vertical however were broadly flat in the second half of the year as savings revenues declined as a result of the introduction of the Bank of England’s ‘Funding for Lending’ scheme, which enables financial institutions to seek low cost funding centrally rather than through retail deposits from the consumer markets.

The Group acquired MoneySavingExpert.com on 21 September 2012 for a total consideration of up to £92.5m including deferred consideration of up to £27.0m. Trading since acquisition has been strong.

Financial highlights

  • Adjusted revenue increased by 15% to £204.8m (2011: £178.5m);
  • Adjusted EBITDA increased by 26% to £66.5m (2011: £52.5m);
  • Adjusted EBITDA margins increased by 3% to 32%;
  • Adjusted gross margin increased to 74.1% (2011: 71.9%);
  • 97% of EBITDA converted to cash;
  • Cash balance of £18.7m (2011: £35.0m) at the year-end reflecting the acquisition of MoneySavingExpert.com; the Group is debt free;
  • Dividend increased by 27% to 5.74p;
    • Final dividend increased 30% to 3.94p per share (2011: 3.03p);
  • £10.6m (2011: £nil) net credit in statutory profit following agreement of new VAT recovery method with HMRC;
    • Credits of £4.5m and £1.9m recognised for 2012 and 2011 respectively, in lower irrecoverable VAT charge.

Full details of year end results

UK, Wales, Ewloe

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