The platform reported a 24-per-cent fall in pre-tax profits, to £87.8 million. The pandemic has also limited the demand for deals on home, car and life insurance, and for new credit products, hampered also by tighter lending criteria.
Peter Duffy, CEO of Moneysupermarket Group, told the Guardian that the company has continued to ‘help millions of UK households save on their bills’ and provide ‘indispensable financial advice throughout the Covid-19 pandemic’.
Encouraging consumers to engage with the website
“The business is resilient, and our dividend reflects our confidence for the future,” Duffy added. “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.”
The company explained that its outlook for the year ahead would depend on how soon travel restrictions would be lifted. Its adjusted earnings went down by 24 per cent to £107.8 million last year, and might fall further to £96.4 million in 2021, if restrictions are maintained. Moneysupermarket said it will require a ‘strong and rapid recovery’ in demand for travel insurance if it hopes to reach £128.8 million, which is the top end of its guidance for the year ahead.