Profits up for money website
PRE-TAX profits more than doubled for MoneySupermarket in 2011 as the price comparison website continued to attract cash-strapped consumers, reaching 140m visitors last year.
The FTSE 250 company grew revenues 22 per cent to £181m, pocketing £24.3m before tax compared to £11m last year. It was boosted by strong performances in its money and insurance sectors, which increased by a fifth to £52.6m and £102.7m respectively.
But takings from the website’s travel arm were down four per cent to £13.3m.
MoneySupermarket revamped its advertising last year, boosting marketing investment by 24 per cent to £77.5m. The company has upped its advertising spend on TV and print a further 20 per cent so far this year.
Chief executive Peter Plumb (pictured) was pleased with MoneySupermarket’s “powerful performance”, announcing the company saved customers more than £900m last year, up from £690m in 2010, and will continue to invest in its mobile services.
The company more than doubled its dividend to 8.46p. Shares jumped six per cent to £1.29.