Proactive Investors - Moneysupermarket (LON:MONY) has unveiled its preliminary results for the year ended December 31, 2023, which showed total revenues increasing 11% to £432.1 million.
Growth was spearheaded by the Insurance sector, which saw a notable 28% increase in revenue as high premium inflation continued, driving high search traffic and a surge in consumers switching home and car cover providers.
Underlying earnings were up 14% to £131.9 million, while profit after tax rose by 4% to £72.3 million.
The company's adjusted basic earnings per share (EPS) improved by 12% to 16p.
"We helped customers save a record £2.7bn in 2023. The more we can help households save, the more the Group grows. We're proud that in tough times for consumers, MoneySuperMarket, MoneySavingExpert and Quidco have been able to make a real difference for so many." remarked chief executive Peter Duffy.
Looking ahead, MSM cautioned of tougher insurance comparatives and sluggish energy-switching revenues: “In the first few weeks of 2024, we have had similar trends to those seen at the end of the fourth quarter 2023 continue.
The board announced an 8.9p final dividend, making the proposed full year dividend 12.1p per share.
FTSE 100 to open lower
FTSE 100 was being called lower ahead of the open on Monday with US markets closed for the day and a lacklustre return in Asia after the Lunar New Year.
Spread bet firms had London’s blue-chip Index down by around ten points following the big gains on Friday after NatWest (LON:NWG)'s results and a big rebound in retail sales.
A jump in house prices in Rightmove’s monthly survey should help housebuilders this morning.
Average new seller asking prices rose by 0.9% (or £3,091) to £362,839, in line with the seasonal rise that is traditional in February said the property website.
Prices on average are now up by 0.1% compared to February last year, following annual falls in every month since August 2023.
Electricals retailer Currys (LON:CURY) has confirmed and rejected a takeover bid from US activist investor Elliot worth 62p per share.
The offer "significantly undervalued the company and its future prospects," said the statement and was rejected last week.
Looking forward, company news is back in focus this week after last week’s welter of macro updates.
Banking giants Lloyds (LON:LLOY), Barclays (LON:BARC) and HSBC (LON:HSBA) all report with Rolls-Royce (LON:RR), BAE systems and Intercontinental Hotels also due.
In the US, all eyes will be on the latest update from chipmaker Nvidia, which is up almost 50% this year and has accounted for a quarter of the gains seen on the S&P 500.