Financial highlights
Group revenue increased by 10% to £112.3m (2012: £102.2m).
Adjusted EBITDA increased by 29% to £39.9m (2012: £31.0m).
Gross margin improved to 77.2% (2012: 71.7%), benefitting from the acquisition of MoneySavingExpert.com in September 2012.
Continued strong cash generation: 110% of EBITDA converted into cash.
Cash balances of £25.4m (2012: £36.7m) at 30 June, reflecting the acquisition of MoneySavingExpert.com, but before the payment of £70m special dividend referred to below.
Interim dividend increased by 20% to 2.16p per share.
Special dividend of 12.92p paid to shareholders on 26 July 2013.
Operational highlights
Market-leading position and share maintained in competitive marketplace.
Revenues ahead of the first half of 2012 in Insurance, Travel and Home Services - Travel and Home Services performed notably well; conditions in the Money vertical still challenging.
Roll out of a technology platform in the Money vertical.
Direct to site revenues increased to 74% in the first half of 2013 from 66% in the first half of 2012.
Outlook
Revenue in July is flat year on year against a strong July last year when the new advertising campaign was launched. This year's new campaign launches in August. The Board remains confident in the long term prospects for the Group underpinned by the continued structural growth opportunities in the price comparison marketplace.
Peter Plumb, MoneySupermarket.com Chief Executive Officer, said:
"We've had a good first half of 2013. Revenues were 10% and profits 29% ahead of this time last year. The benefits of our increasingly diversified business are evident. We grew our Insurance, Home Services and Travel businesses which more than offset lower demand in our Money business where savings revenues continue to be impacted by the Government's 'Funding for Lending' scheme which is reducing what savers earn on their deposits.
MoneySavingExpert.com has proved a powerful addition to the MoneySupermarket team. It continues to prosper with the launch of the innovative Cheap Energy Club which has proved a hit because it helps consumers monitor and reduce their energy bills.
The 20% increase in the interim dividend reflects our progress which is only possible because of continuing investment in our brands, in digital marketing and technology, and in making sure customers find us the best shop for comparing prices.
That way we can save more people more money and continue to build our business. If you're on a tight budget MoneySupermarket.com is one of the easiest ways to make your pounds go further. So we're glad we are on course to help more people save more money in 2013.''
