Moneysupermarket.com Group PLC (LSE:MONY) has said it expects its full-year results to be at the upper end of expectations following a strong first-half performance.
The group saw its revenue increase by 11% to £213.8mln for the six months ended 30 June 2023, compared to £193.2mln in the same period last year. The adjusted EBITDA also rose by 20% to £67.7mln, while profit after tax jumped by 22% to £41.0mln.
The driving factors behind these encouraging results were the group's insurance and travel sectors. Insurance saw a 23% surge, led by car insurance, as the company gained market share in a market rebounding from FCA General Insurance Pricing regulations.
Travel also saw a strong recovery, particularly in Insurance and Ice Travel Group.
However, the company faced some challenges as interest rate headwinds impacted loans and mortgage conversion, while the cost of living affected broadband.
The energy switching market, where Moneysupermarket.com has traditionally been a leader, is not expected to make a significant return in 2023.
Despite inflation, the company managed to keep the rise in operating costs to just 3%, demonstrating strong cost discipline.
Additionally, Moneysupermarket.com returned to dividend growth with a 3% increase to 3.2p, signifying strategic progress, confidence in growth prospects, and continued good cash generation.
The shares opened barely changed at 275p each. Broker Peel Hunt expects to upgrade its EPS forecast modestly - by around 2% following the interims.