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(Alliance News) - Moneysupermarket.com Group PLC on Tuesday said its interim profit declined as market conditions stemming from the Covid-19 pandemic caused a sharp fall in second quarter revenue.
The price comparison website owner, headquartered in Chester, reported a GBP51.4 million pretax profit for the six months ended June 30, a 15% drop from GBP60.4 million the year before.
Revenue fell 8.1% to GBP183.2 million from GBP199.4 million, with the 2% revenue rise in the first quarter more than offset by the weak market conditions brought about by Covid-19.
Cost of sales was flat at GBP60.7 million, causing gross profit to fall 12% to GBP122.5 million from GBP138.7 million.
Moneysupermarket maintained its interim dividend at 3.1 pence per share.
Chief Executive Mark Lewis said: "Covid-19 and the lockdown measures have significantly impacted our core markets, but our brands MoneySavingExpert and MoneySuperMarket have risen to the challenge providing useful advice and savings tips to millions.
"Our business model has proved resilient, generating good cashflow throughout the crisis and giving us confidence for the future."
Shares in Moneysupermarket were up 1.7% at 309.00p in London in morning trading.
By Anna Farley; annafarley@alliancenews.com
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