Group profit up 52% as total revenue rises 10%
Rising motor rates helped boost Moneysupermarket.com’s insurance revenues by 8% in 2014.
The price comparison site reported insurance revenue of £138m for the year, up from £127.6m in 2013.
Insurance made up 56% of Moneysupermarket’s total revenue in 2014, down from 57% in 2013.
The company said: “Motor insurance premiums increased in the second half of the year after a period of decline. This encouraged greater interest in switching.”
Moneysupermarket added that home insurance premiums continued to decline.
The company also said it had enjoyed “good growth” in travel insurance thanks to improvements to its website.
Life insurance business also grew strongly, the company said, following a redesign of the customer journey for this product.
As a group Moneysupermarket made a profit after tax of £52.8m in 2014, up 52% on the £34.7m it made in 2013.
Total group revenue was up 10% to £248.1m (2013: £225.6m).
Adjusted earnings before interest, tax, depreciation and amortisation rose 13% to £95.2m (2013: £84m).
Moneysupermarket group chief executive Peter Plumb said: “Our three well-trusted brands helped more than 40 million users make the most of their money in 2014.
“We invested over £16 million in our websites and systems and will do the same in 2015 to ensure we lead the market as the easiest and best way for families to save money on their household bills.
“Following 10% revenue growth in 2014, the group has started the year well and is on track to save more families more money than ever before.”