Moneysupermarket.com profit drops 15%; holds dividend steady

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Price comparison portal Moneysupermarket.com posted a 15% fall in first-half profit, citing disruptions caused by Covid-19 lockdowns.

Pre-tax profit for the six months through June dropped to £51.4m, down from £60.4m on-year, as revenue slumped 8% to £183.2m.

The company held its interim dividend steady at 3.1p per share.

Moneysupermarket.com said trading in the insurance division was affected in April and May with performance improving during June.

The money division, meanwhile, was heavily impacted by a significant tightening in lending criteria throughout the second quarter.

'Covid-19 and the lockdown measures have significantly impacted our core markets, but our brands MoneySavingExpert and MoneySuperMarket have risen to the challenge providing useful advice and savings tips to millions,' chief executive Mark Lewis said.

'Our business model has proved resilient, generating good cashflow throughout the crisis and giving us confidence for the future.'