MONY Group (MONY) H1 2024 (Q&A) earnings summary

Executive summary

• Achieved record H1 revenue of £223.5m, up 5% year-over-year, and EBITDA of £73m, up 8% year-over-year.

• Estimated £1.7bn in customer savings during H1 2024, up from £1.3bn in H1 2023, driven by member-based propositions and a two-sided marketplace.

• Dividend increased by 3% to 3.3p per share, reflecting confidence in FY 2024 performance and strong cash generation.

• Strategic focus on member-based propositions, with SuperSaveClub surpassing 500k members and MoneySavingExpert App reaching 1.4m downloads.

• Board confident in delivering full-year results in line with market expectations for adjusted EBITDA (£140.5m consensus).

Financial highlights

• Revenue reached £223.5m, up 5% year-over-year; EBITDA at £73m, up 8%; profit after tax rose 8% to £44.1m.

• Gross margin maintained at 68%; group marketing margin improved to 60% (from 58%).

• Basic EPS rose 8% to 8.3p; adjusted basic EPS increased 6% to 8.8p.

• Operating cashflow up 26% to £51.8m; net debt reduced to £25.1m.

• OpEx growth held at 2% for H1, with low- to mid-single-digit cost growth guidance for the year.

Outlook and guidance

• Full-year adjusted EBITDA guidance reiterated at £140.5m, in line with market consensus (£135.8m–£143.7m).

• No material energy switching revenue expected in 2024; positive momentum as wholesale prices decline and regulatory clarity improves.

• SuperSaveClub expected to become material to revenue in 2025 as membership grows.

• Technology capex for the year expected at £11–13m; amortisation charge around £10m.

• Operating costs (excluding D&A) expected to rise low-to-mid single digits.