posts 8% increase in FY revenue as strategy pays off

Writer, Stock Market Wire
Thursday, February 14, 2019 - 07:41

British price comparison website reported an 8% increase in group revenue in 2018 as it made "significant progress" in executing its strategy to boost growth in its core markets and unlock new ones.

For the year ending 31 December 2018, the company said that group revenue climbed 8% to £355.6m while operating profit grew 14% to £108m.

"In 2018 we made great progress on our Reinvent strategy. As well as growing the business we helped save customers a record £2.1bn. Our investment in optimising our sites means we have made saving even easier. In 2019 we are taking price comparison to the next stage by offering people more personalised ways to save and on more of their household bills," said CEO Mark Lewis.

However, while the company says its markets remain dynamic and healthy, it forecast core market growth of 4-5%, below its previous estimate, due to a later-than-expected recovery to motor insurance premium inflation.

Looking forward, the company said it was "confident" of delivering market expectations for the new year with "encouraging" trading in the first six weeks.

The company also announced that Robin Freestone would replace Bruce Carnegie-Brown as Chairman of the Board at the conclusion of the Annual General Meeting on 9 May 2019.

The Board has recommended a final dividend of 8.10p/share for 2018, making the proposed full-year dividend 11.05p/share, a 6% increase on 2017's.

Further, in line with its capital allocation policy, the Board would also undertake enhanced distributions. It said it intended to return an additional £40m to shareholders in 2019 and would be taking soundings from major shareholders on the mechanism in due course.

Related content

Satisfactory start for new Unilever CEO and Moneysupermarket compares very well

“The UK market struggled to find direction ahead of the Easter weekend with the FTSE 100 flat at 7,470. Consumer goods giant Unilever and...

Thu, 18/04/2019 - 10:56 poss 19% rise in Q1 revenue, leaves FY outlook unchanged

Price comparison website reported an increase in first-quarter revenue, boosted by the "exceptional" performance of the Home Services sector.

The company said that revenue...

Thu, 18/04/2019 - 07:49

Broker Forecast - Liberum Capital issues a broker note on Group PLC

Liberum Capital today reaffirms its buy investment rating on Group PLC (LON:MONY) and raised its price target to 520p (from 500p).

Broker Forecasts data...

Tue, 16/04/2019 - 08:00

Broker Forecast - Berenberg issues a broker note on Group PLC

Berenberg today downgrades its investment rating on Group PLC (LON:MONY) to sell (from hold) and raised its price target to 285p (from 275p).


Mon, 08/04/2019 - 08:30

Six ways to get paid in retirement

Generating a steady income from the markets in retirement isn’t as hard as you might think. Doing some basic research and understanding the risks involved...

Thu, 21/03/2019 - 00:00