MoneySupermarket.com (MONY) delivered a robust performance last year, with most areas of the price comparison site performing well. Headline figures were flattered by the recovery of £6.1m in VAT payments, but adjusted cash profits were still up 26 per cent at £66.5m, while operating margins grew from 29.4 per cent to 32.5 per cent.
Visitor numbers on the insurance comparatives site rose 14 per cent to 32,679, while revenue per visitor (RPV) was up 2 per cent to £3.68. However, RPV from the travel side fell 10 per cent to 30p mainly as a result of weaker consumer demand for flights and hotels. And while visitor numbers grew 15 per cent on the money site to 40,445, revenue per visitor fell 5 per cent to £1.42 - that's because there was less competition for retail deposits among financial institutions that were able to access funds via the government's funding for lending scheme. Group finances remained in good shape, though, and while net cash fell from £35m to £18.7m, this was after paying £35m as part of the £92.5m acquisition of MoneySavingExpert.com.
Canaccord Genuity is forecasting adjusted pre-tax profits of £78.2m and EPS of 11.4p (from £61.6m and 9p in 2012).
| MONEYSUPERMARKET.COM (MONY) | ||||
|---|---|---|---|---|
| ORD PRICE: | 204p | MARKET VALUE: | £1.1bn | |
| TOUCH: | 204-205p | 12-MONTH HIGH: | 210p | LOW: 108p |
| DIVIDEND YIELD: | 2.8% | PE RATIO: | 43 | |
| NET ASSET VALUE: | 37p* | NET CASH: | £18.7m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2008 | 179 | -51.0 | -11.8 | 3.50 |
| 2009 | 137 | 3.20 | 0.40 | 3.50** |
| 2010 | 149 | 11.0 | 1.50 | 3.83 |
| 2011 | 181 | 24.3 | 3.30 | 4.53** |
| 2012 | 205 | 31.5 | 4.80 | 5.74 |
| % change | +13 | +30 | +45 | +27 |
Ex-div: 20 Mar Payment: 26 Apr *Includes intangible assets of £198m, or 37p a share **Excludes special dividends: 9.84p in 2009 and 3.93p in 2011 | ||||
