Moneysupermarket.com MONY Interim Management Statement

  Moneysupermarket.com (MONY) - Interim Management Statement

RNS Number : 0477R
Moneysupermarket.com Group PLC
14 November 2012




14 November 2012

MoneySupermarket.com Group PLC - Interim Management Statement



This Interim Management Statement from Moneysupermarket.com Group PLC
("MoneySupermarket.com" or the "Group"), the UK's leading price comparison
site, relates to the period from 1 July 2012 to date; the financial and
operational data below is in respect of the Group's third quarter (1 July 2012
to 30 September 2012) unless otherwise stated.



The Group's financial performance in the third quarter was in line with the
Board's expectations. Including the results from MoneySavingExpert.com from
the date of acquisition on 21 September 2012, Group revenues and EBITDA for
the third quarter were, respectively, 11% and 12% ahead of the same period
last year (*). Excluding the contribution from MoneySavingExpert.com internet
revenues and EBITDA for the third quarter were each 11% ahead of the same
period last year. Visitors to MoneySupermarket.com were 15% ahead of the same
period last year with visitors increasing across each of the Group's four
verticals.



The Group to date has not seen a meaningful impact from Google Advisor in
either its Money or Insurance verticals. Google Advisor launched a suite of
Money products during the second quarter of 2012 and its car insurance product
in September.



The Group has yet to recognise any credit relating to VAT from the agreed
change in methodology that it now uses to calculate the proportion of VAT that
is deemed to be 'irrecoverable'. As previously noted, this will be recognised
once the Group has received written notification that HMRC have approved the
claims. The Group remains confident that HMRC will approve the claims.



Money



Revenues in the Money vertical were 2% ahead of the third quarter 2011 on
visitor volumes that were 9% higher.

Credit card revenues grew in the third quarter having tailed off during the
second quarter of the year. Revenues from other credit products were slightly
softer against the same period last year.

Savings revenues slowed throughout the quarter against a tough comparator.
This was in part driven by lower competition for retail deposits amongst
providers (banks) a number of which sought low cost funds from The Bank of
England's 'Funding for Lending' scheme rather than retail deposits.



Insurance



Insurance revenues were 14% ahead and visitor volumes 17% ahead, of the same
period last year.

The Group saw growth across all of its major Insurance lines including motor,
home, and travel insurance. Motor and home insurance in particular have
continued to perform strongly.



Travel



Revenues in Travel were 2% ahead of the third quarter 2011 on visitor volumes
that increased by 17%. Trading in package holidays and car hire has continued
to improve whilst revenues from flights and hotels have stabilised.



Home Services

Home Services revenues were 35% ahead of the third quarter 2011 with visitor
numbers up by 21%. Utility switching volumes, which account for the greatest
part of Home Services revenues, were stronger than the same period last year
reflecting cost increases in the domestic energy market after a relatively
stable pricing environment in the first half of the year.



Financial position

Cash conversion continues to be strong. At 31 October 2012 the Group had net
debt of £2.5m, reflecting the payment since the half year of the interim
dividend of £9.3m together with the acquisition of MoneySavingExpert.com
(£35m), corporation tax payments on account of £6.6m and capital expenditure
of £4.3m





Outlook

Trading in the first weeks of the fourth quarter has been good. Group revenues
including MoneySavingExpert are approximately 20% ahead of the same period
last year. Revenues excluding MoneySavingExpert are approximately 15% ahead of
the same period last year.

Revenues in October were particularly strong, benefiting from record utility
revenues as price increases were seen in the domestic energy market. In
November to date, revenue growth has been broadly in line with the growth rate
seen in the third quarter of the year.

The Board remains confident in the outlook and overall the Board's
expectations for the year remain unchanged.



Peter Plumb, Chief Executive of Moneysupermarket.com, said:



"MoneySupermarket continues to motor ahead. Our revenues in the third quarter
rose 11% and profits were up 12%, compared to the third quarter of 2011. 15%
more people visited our site. We saw marked increases in home and motor
insurance; and in Home Services where we are helping homeowners save money in
the face of sharp increases in domestic energy bills.

"We're continuing to invest in our digital marketing skills and in technology
to keep us at the forefront of price comparison in the years ahead. And it's
great to have the MoneySavingExpert.com team on board and that we can support
their initiatives to help more people save money.

"Trading continues to be good. Since late September, when
MoneySavingExpert.com joined the group, our revenues are up 20% on the same
period last year."



Notes

v Group revenues include revenues generated from third parties by
MoneySavingExpert.com. Revenues generated by MoneySavingExpert.com from
MoneySupermarket.com are included within the relevant MoneySupermarket.com
vertical commentary above.

- ends -











For further information, please contact:

Moneysupermarket.com Group PLC 020-7379-5151

Paul Doughty, Chief Financial Officer



Maitland Communications 020-7379-5151

William Clutterbuck

· This interim management statement may include 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 Group 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 and
applicable law, the Group undertakes no obligation to update, revise or change
any forward looking statements to reflect events or developments occurring
after the date such statements are published.

· The information in this release is based on management information.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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