MONY Group (MONY) H2 2024 (Q&A) earnings summary

Executive summary

• Revenue increased 2% year-over-year to £439.2 million, with Adjusted EBITDA up 7% to £141.8 million in 2024.

• Helped households save up to £2.9 billion, driven by a two-sided marketplace strategy and growth in member-based propositions like Super Save Club, MoneySavingExpert app, and Quidco.

• Super Save Club surpassed 1 million members, generating higher revenue per user and increasing direct traffic, reducing reliance on third-party marketing.

• Tech transformation is largely complete, enabling AI integration and supporting sustained, profitable growth.

• Announced a 3% dividend increase and up to £30 million share buyback, reflecting commitment to shareholder returns.

Financial highlights

• Revenue grew 2% to £439.2 million; Adjusted EBITDA rose 7% to £141.8 million; Adjusted Basic EPS up 5% to 17.1p.

• Operating cashflow increased 13% to £115.6 million; net cash position of £8.4 million at year-end after repaying Quidco term loan.

• Dividend per share increased 3% to 12.5p; up to £30 million share buyback programme announced.

• Gross profit declined 1% to £291 million; gross margin decreased from 68% to 66% due to B2B mix and higher PPC costs.

• Achieved a net cash position after paying off the Quidco term loan.

Outlook and guidance

• Board expects 2025 Adjusted EBITDA broadly within current consensus range (£143.1m–£151.7m).

• Positioned for sustained and profitable growth into 2025 and beyond, with focus on direct traffic and member-based propositions to offset rising third-party media costs.

• Operating cost inflation (excluding D&A) anticipated to be largely offset by ongoing cost efficiency.

• No segmental or product-level guidance; only group-adjusted EBITDA is guided.

• Well positioned for sustainable, profitable growth despite headwinds in car insurance switching.