MONY Group (MONY) H1 2024 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, led by strong Insurance and Cashback segments.

• Helped households save £1.7bn in H1 2024, a 31% increase from H1 2023.

• Member-based propositions like SuperSaveClub, MoneySavingExpert App, and Quidco drove engagement and repeat purchases.

• Enhanced provider services and B2B offerings, with 37 B2B partners live.

• Strategic focus on tech-based savings platform and platform enhancements.

Financial highlights

• Revenue reached £223.5m, up 5% year-over-year; EBITDA at £73m, up 8%; gross margin steady at 68%.

• Basic EPS up 9% to 8.3p; adjusted basic EPS up 6% to 8.8p.

• Operating cashflow up 26% to £52m; net debt reduced to £25.1m.

• Interim dividend increased by 3% to 3.3p per share.

• Marketing margin improved to 60% from 58% year-over-year.

Outlook and guidance

• Board confident in delivering results in line with market expectations for 2024; consensus adjusted EBITDA at £140.5m.

• No material energy switching revenue expected in 2024.

• Operating costs (excluding D&A) to rise low- to mid-single digits; CAPEX guidance £11–13m for 2024.

• Insurance growth expected to moderate as prior year comparables become tougher.