Despite the arrival of a host of new insurance-themed technology, the original disruptor of the sector, the price comparison website, continues to go from strength to strength.
This was clearly indicated today as moneysupermarket.com revealed yet another profit surge – for the year to the end of December its profits before tax reached £91.3 million, up from £79.8 million a year before. Revenue climbed by 12% to £316.4 million.
While announcing the figures, the company also revealed a £40 million share buyback programme.
Chief executive Peter Plumb highlighted technological innovation as one of the keys to the comparison giant’s continued success.
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“Our technology investment programme is equipping us to save more families more money on a wider range of bills in the years ahead,” he said. “Using data to make comparison more personalised, more informed, quicker and easier is differentiating us from other comparison sites.”
However, shares in the company were down 8.3% to sit at 322.01p at 0848 GMT, according to a Digital Look report.
According to a report at Shore Capital, some investors may be disappointed that the company has chosen to distribute cash through a buyback programme instead of a special dividend.
There were also fears that the company’s group revenues so far for 2017 are currently behind last year’s figures – although the company says it is confident it will deliver on full-year expectations.
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