Moneysupermarket first-half profit rises, CEO to step down

Price comparison website Moneysupermarket.com reported a jump in pre-tax profit and revenue for the first half as it announced the resignation of its chief executive officer Peter Plumb.

In the six months to the end of June, pre-tax profit rose to £47.1m from £37.8m as revenue increased to £157.6m from £143.9m, led by Money and Home services, with momentum returning in Insurance.

The company declared an interim dividend of 2.75p per share, up 8% from the first half of last year.

Moneysupermarket also said on Wednesday that CEO Plum will step down from his role after nearly eight years on or before the group’s annual general meeting in May 2017.

Plumb said: “We've built trusted brands, put in place new platforms and made switching a habit for many UK households. For me, it's the right time to hand over the leadership baton and thank everyone in the team for their hard work and relentless determination to help more people save more money."

Commenting on the interim results, Plumb said: “First half trading up 10% is another good start for Moneysupermarket Group. Millions of households used us to save money on household bills so far this year, and we have a growing number of innovative new products that help more people save in more ways”

The company said it delivered single-digit growth in July, with the insurance segment outperforming. It remains confident of delivering its expectations for this year.