Interim report
Page 1
Moneysupermarket.com Group PLC interim results for the six months ended 30 June 2021 Strategic execution on track amid tough market conditions 6 months ended 30 June Group revenue Adjusted EBITDA Profit after tax Adjusted basic EPS Basic EPS ● ● Operating cashflow Net cash / ( debt ) Interim dividend * * Outlook * 2021 £ 162.3m £ 51.3m £ 28.0m 6.1p 5.2p £ 35.1m £ 8.8m 3.1p 2020 £ 183.2m £ 62.8m £ 40.6m 22 July 2021 7.9p 7.6p £ 41.7m £ 7.5m 3.1p Growth % ( 11 ) ( 18 ) ( 31 ) ( 23 ) ( 31 ) ( 16 ) 17 Strategy implementation on track with good progress made in attracting customers more efficiently and improving our data infrastructure Revenue fell 11 % due to Covid - 19 market impacts and challenging energy market dynamics Gross margin was up c.3 % pts driven by more efficient customer acquisition and improved conversion in Money Adjusted EBITDA fell 18 % , with operating costs in line with guidance Strong cash conversion : £ 35.1m operating cashflow with net cash £ 8.8m at 30 June 2021 Interim dividend maintained at 3.1p , reflecting robust cash generation and confidence in the business Peter Duffy , CEO of Moneysupermarket Group , said : " I'm delighted that we have again helped millions of UK households save on their bills , while providing valuable financial information and tools through these uncertain times . Strategic improvements to the business are progressing well , delivering good margin gains . Our markets are still on the road to recovery ahead of what should be more normal trading conditions in 2022. Cash generation remains strong , with the dividend reflecting our confidence in the business and opportunities ahead . " Our markets are recovering at different rates . In Insurance our channels , excluding travel , have returned to more normal trading conditions . We anticipate continuing gradual improvement in Money this year . The expected increase in the energy price cap in October should improve customer savings levels , assuming wholesale energy prices decline . On this basis the Board is confident of delivering market expectations for the year . * Notes : Adjusted EBITDA is operating profit before depreciation , amortisation and impairment 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 ordinary share is profit before tax adjusted for acquisition related intangible assets and other non - underlying costs as described on page 9 , divided by the number of weighted average shares . A tax rate of 19 % ( 2020 : 19 % ) has been applied to calculate adjusted EPS . Net cash / ( debt ) is cash and cash equivalents less borrowings and does not include deferred consideration or lease liabilities . Market expectations of adjusted EBITDA for 2021 from the analyst consensus on our investor website are in a range of £ 96.6m to £ 117.6m , with an average of £ 108.1m . 1