MONY Group PLC Q3 Trading Update
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your MONY notes
Q3 Trading update
Confidence in full-year outlook given solid performance and strategic progress
| Revenue for the 3 months ended 30 September 2024 | Revenue for the 9 months ended 30 September 2024 | |||
|---|---|---|---|---|
| £m | Growth 1 | £m | Growth 1 | |
| Insurance | 62.7 | 1% | 182.6 | 9% |
| Money | 24.2 | (4)% | 75.1 | (3)% |
| Home Services | 9.4 | (8)% | 26.1 | (10)% |
| Travel | 5.2 | (15)% | 16.9 | (5)% |
| Cashback | 14.2 | 2% | 44.0 | 2% |
| Inter-vertical eliminations* | (2.8) | 26% | (8.3) | 60% |
| Total | 112.9 | (2)% | 336.4 | 2% |
*The inter-vertical eliminations revenue line reflects transactions where revenue in Cashback and Travel has also been recorded as cost of sales in other verticals.
Growth in insurance and cashback was offset by headwinds in Travel and persistent soft market conditions in Home Services, delivering overall revenue 2% lower in the quarter.
- Insurance grew 1%, as we maintained discipline in a competitive PPC (pay per click) market. As a reminder, Q3 2023 saw car insurance premium growth reaching peak levels, creating a tough prior year comparator.
- In Money, credit card switching was strong. However, as expected, current account switching remained soft due to the limited availability of attractive offers during the quarter. As a result, Money revenue was 4% lower in Q3.
- Home Services was 8% lower, primarily due to soft demand from customers in broadband and fewer compelling new handset launches in mobile during the period.
- In Travel, performance was predominantly impacted by lower conversion in car hire, which resulted in revenue being 15% lower in the quarter.
- Cashback grew 2% in the period, driven by continued member growth through the year and strong performance in insurance within Cashback.
Strategic Update:
SuperSaveClub, our member-based loyalty and rewards programme within MoneySuperMarket, continues to grow and we are very pleased with the progress. We now have over 750,000 members and have increased the available products to include single-trip travel insurance. Like Cashback earlier this year, the addition of single-trip travel encourages members to engage more regularly with the Club versus our annual renewal products. We now have 11 products live in the Club giving customers even more ways to save.
Outlook
Our solid performance and continuing strategic progress give the Board confidence that the Group will deliver full year 2024 results in line with current market expectations2. As previously stated, we continue to expect no material energy revenue in FY24.
Peter Duffy, CEO of MONY Group, said:
'We delivered a solid financial performance in the quarter, in line with our expectations, while lapping the very strong performance last year. I am also pleased with our continued strategic progress, especially in the SuperSaveClub which continues to grow with momentum, now reaching over 750,000 members'.
1 Growth vs the comparative period in FY23
2 Market expectations of Adjusted EBITDA for 2024 from the analyst consensus on our website are in a range of £135.8m to £142.1m, with an average of £140.0m
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.