Last checked at 11 Jul 2013 07:00
Post Close Trading Statement
Moneysupermarket.com Group PLC ("Moneysupermarket.com" or "the Group"), the UK's leading price comparison site, issues the following trading update relating to the six month period ending 30 June 2013.
Half year revenues are expected to be in the region of £112m and adjusted EBITDA to be around £40m, approximately 10% and 29% * ahead of the same period last year, respectively, and in line with the Board's expectations and the trading update given on 5 June.
Group trading in the second quarter was slower than the first quarter. This was principally because of a lower rate of growth in the Insurance vertical, arising substantially following changes made by Google to its natural search algorithms, reducing our visitors and revenues from natural search in the month of June in the highly competitive insurance search area. As has happened in the past, now the algorithm changes have settled down we are working on regaining our positions in natural search in insurance.
The Group's financial position remains strong. As at 30 June 2013 the Group had cash balances of £26m. The Group will make a special dividend payment of £70m to shareholders on 26 July, as previously announced.
For more information, please contact:
Moneysupermarket.com Group PLC
Paul Doughty, Chief Financial Officer, 020 7379 5151
Maitland
William Clutterbuck, 020 7379 5151
·; This trading statement may contain forward-looking statements based on current expectations of, and assumptions and forecasts made by management. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or adjust any forward looking statements to reflect events or developments occurring after the date such statements are published.
·; The information in this release is based upon management information.
* In 2012 the Group recognized a credit in its Consolidated Statement of Comprehensive Income of £4.6m relating to an agreed change by HMRC to the method that the Group used to calculate the proportion of VAT it recovers on expenses incurred. Of the amount received £2.2m related to H1 2012. The previously reported EBITDA number for H1 2012 has been increased from £28.7m to £30.9m to present the results on a consistent basis.