Profit tumble for Moneysupermarket Group as travel business takes COVID-19 hit

Comparison site Moneysupermarket Group has reported a drop in pre-tax profits as a result of “exceptional COVID-19 related market conditions”.

In its preliminary results for the year ended December 31, revenue for the group was down 11 per cent including TravelSupermarket, with pre-tax profits dropping by 27 per cent to £69.3m.

Despite the drop, the firm has maintained its full year dividend of 11.71p, something which CEO Peter Duffy says reflects the group’s confidence in longer term growth.

Peter Duffy, CEO of Moneysupermarket Group, commented: “We have again helped millions of UK households save on their bills, while providing indispensable financial advice throughout the COVID-19 pandemic.

“The business is resilient, and our dividend reflects our confidence for the future.

“Our job now is to encourage consumers to engage with us more and save on more of their bills. We will use our data better so consumers find our sites easier to use and are reminded when there are savings available to them.”