Moneysupermarket.com (LSE:MONY) Group PLC reported a 22% rise in full-year revenue to £387.6mln and a jump in profits driven by a strong performance in money and travel channels.
Pre-tax profits for the year to 31 December 2022 leapt to £85.2mln from £70.2mln and the dividend was left unchanged at 111.71p.
Gross margins fell around 3 percentage points driven by the expected impact of Quidco consolidation.
In Insurance, car revenue returned to growth for the first time in 2022, with improving trends in market switching volumes, while travel insurance grew strongly, with revenue almost 50% higher than 2019.
In Money there was continued strong growth in banking due to the availability of attractive products, while borrowing was broadly flat year on year although conversion in loans softened amid higher credit pricing.
In Home Services, attractive provider offers drove good growth in home comms, while travel saw robust demand and continued to recover with revenue around half of pre-pandemic levels.
Looking ahead, the online finance comparison provider said: “The first few weeks of 2023 have seen similar trends as in Q4 in Insurance and Money.
“As previously guided, the ongoing conditions in the energy market mean it is unlikely that switching will return in 2023. On this basis the board is confident of delivering market expectations for the year.”
Shares fell 2.6%. Peel Hunt said the numbers were broadly in line and does not expect to change forecasts for financial year 2023.