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Moneysupermarket downgrades guidance again

Moneysupermarket downgrades guidance again (MONY) saved its customers £2bn in 2017, “more than ever before”, according to chief executive Mark Lewis. But that was not enough to placate shareholders. Shares fell by around 16 per cent on results day, following news that revenues in 2018 will grow more slowly than the wider market, and that adjusted cash profits will be flat on 2017, well adrift of broker Numis’s previous 9 per cent growth forecasts. Management also intends to fork out between £6m and £9m on reorganisation costs during this year, while Numis has placed its forecasts under review as a result of the turbulence.

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