Moneysupermarket.com reports 20 per cent revenue growth as it confirms Mark Lewis will replace Peter Plumb as boss

 
Caitlin Morrison
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Moneysupermarket.com's TV adverts have gathered numerous complaints

Moneysupermarket.com said today that its expects to report revenue growth of 12 per cent when it announces its full year results on 28 February - and it has confirmed that Mark Lewis will replace Peter Plumb as chief executive.

The figures

The group said Moneysupermarket.com's revenue grew 19 per cent year-on-year in the three months to 31 December, rising to £66.9m, with 30 per cent growth in the insurance arm.

Meanwhile, MoneySavingExpert.com recorded a nine per cent increase in revenue, up to £8.3m, and TravelSupermarket.com posted a 21 per cent rise in revenue.

This led to total group revenues of £73.8m for the final quarter of 2016 - a 20 per cent jump on the same period of 2015.

The firm said it expects full year revenues to be reported up 12 per cent at £316m, with adjusted operating profit up eight per cent at £108m.

Shares in the group were up 10 per cent at the open.

Why it's interesting

The price comparison website is reporting strong numbers as it prepares for the departure of its chief exec, Peter Plumb.

Shares dropped when Plumb announced his plans to leave in August last year, but he is leaving it in good shape - in November the company said it was on track to report a "record year".

His replacement is former John Lewis retail director Mark Lewis, whose appointment was confirmed today. Lewis will join the board on 13 March, and take over the top spot on 10 April.

In other news, today it was revealed that Moneysupermarket.com took three of the slots on the top 10 list of last year's most complained about adverts.

What Moneysupermarket said

Outgoing boss Peter Plumb said the final quarter had closed off another good year for the group.

"We helped nearly 7m families save an estimated £1.8bn on their household bills last year," he added.

"Our technology, data and brand investment programmes are positioning the group to continue to lead the market and help more families save money across a growing range of products in the years ahead.''

In short

As Peter Plumb hands over the reins, the company looks like it's in good shape.

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