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Annual Report and
Accounts 2024
Helping households
save
money
MONY Group is a
tech-led
savings platform,
with the clear
purpose of helping
households save
money.
At MONY Group, our job is to help households
save money.
We were founded 30 years ago to make it easy
for people to compare prices across hundreds of
providers for their household bills. As our Group
has expanded, we’ve added more ways to save.
Today, MONY Group unites powerful, trusted
consumer brands.
We enable consumers to save money, along
with connecting our providers with consumers,
helping them to grow. This is all powered
through our leading data and technology
platform.
Lookout for QR codes throughout this report to
access further content online at monygroup.com
Strategic report
2 Highlights
4 At a Glance
6 Investment Case
8 Chair’s Statement
12 Chief Executive Officer’s Review
16 Our Markets and Trends
18 Our Business Model
20 Our Strategy
25 Technology and AI
26 Section 172 of the Companies Act 2006
– Stakeholder Engagement
34 Sustainability
41 Climate Risk Disclosures
46 Non-Financial and Sustainability
Information
48 Financial Review
54 Risk Management
58 Principal Risks and Uncertainties
60 Viability Statement
Governance
62 Chair’s Introduction to Governance
65 Governance at a Glance
66 Board of Directors
68 Corporate Governance Statement
82 Employee Champion Report
84 Nomination Committee Report
88 Audit Committee Report
94 Risk and Sustainability
CommitteeReport
97 Remuneration Committee Report
116 Directors’ Report
121 Statement of Directors’ Responsibilities
in Respect of the Annual Report
andtheFinancialStatements
Financial statements
122 Independent Auditor’s Report
130 Consolidated Statement of
Comprehensive Income
131 Consolidated Statement of
FinancialPosition
132 Consolidated Statement of Changes
inEquity
134 Consolidated Statement of Cash Flows
135 Changes in Liabilities from
FinancingActivities
136 Notes to the Consolidated
FinancialStatements
162 Company Balance Sheet
163 Company Statement of Changes
inEquity
164 Notes to the Company
FinancialStatements
167 Glossary
168 Shareholder Information
MONY Group PLC Annual Report and Accounts 2024 – 1Financial statementsGovernanceStrategic report
Highlights
Insurance Money Home
services
Travel Cashback
Our product segments
Please see page 51 for definitions of Strategic KPIs
Strategic KPIs
MSM and Quidco activeusers
13.8m
MSM
2
and Quidco revenueperactive user
£18.54
MSM cross-channelenquiry
25%
14.2
13.0
17.82
16.24
24
23
Estimated Group customersavings
£2.9bn
Group marketing margin
58%
MSM and MSE
1
netpromoterscore
72
70
72
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2.7
1.8
2.9
2024
58
57
58
2024
72
2024
13.8
2024
18.54
2024
25
2024
1 MoneySavingExpert(MSE).
2 MoneySuperMarket (MSM).
MONY Group PLC Annual Report and Accounts 2024 – 2Financial statementsGovernanceStrategic report
2024 overview
Headline performance
Revenue
1
(£m)
£439.2m
432.1
387.6
316.7
344.9
2023
2022
2021
2020
439.2
2024
Profit before tax (£m)
£108.7m
92.1
85.2
70.2
87.8
2023
2022
2021
2020
108.7
2024
Adjusted EBITDA
2
(£m)
£141.8m
132.9
115.5
100.5
107.8
2023
2022
2021
2020
141.8
2024
Basic EPS (p)
15.0p
13.5
12.7
9.8
12.9
2023
2022
2021
2020
15.0
2024
Adjusted basic EPS
3
(p)
17.1p
16.0
14.4
11.9
13.1
2023
2022
2021
2020
17.1
2024
Total dividendpershare (p)
12.5p
12.1
11.7
11.7
11.7
2023
2022
2021
2020
12.5
2024
Revenue by product segment
1
220
172
2023
2022
Insurance
£236m
236
2024
100
103
2023
2022
Money
£98m
98
2024
39
40
2023
2022
Home services
£36m
362024
21
16
2023
2022
Travel
£20m
202024
60
60
2023
2022
Cashback
£61m
612024
Highlights continued
1 Group revenue of £439m is presented net of inter-vertical eliminations of £10.7m (2023: £7.5m).
2 Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 52 and APMs are defined in the Glossary on page 167.
3 Adjusted basic earnings per share for the year ended 31 December 2023 has been updated from 16.0p to 16.2p to reflect the classification of costs
to adjusting items, see page 51 for further information.
MONY Group PLC Annual Report and Accounts 2024 – 3Financial statementsGovernanceStrategic report
At a Glance
Our financial products comparison
siteMoneySuperMarket is the most
recommended price comparison
website and makes it easy to find great
deals. Customers can use it to save
money on household bills and financial
products, from car, pet, travel and
home insurance tocredit cards, loans,
savings, pensions, mortgages, bank
accounts, broadband and TV packages.
When acustomer visits our site they
answer asetofquestions and then,
inseconds, they can find the best
dealfrom a range ofhundreds of
leading brands.
MoneySuperMarket launcheda
rewardsand loyalty programme in
2023, the SuperSaveClub. On joining
the club (bybuying a qualifying
product), customers earn 12 months
offree days out withthousands of
destinations nationwide, as well as cash
rewards every time they saveon more
household bills.
MoneySuperMarket is so committed
tohelping households save money that
weguarantee not to be beaten on price,
with the SuperSave Price Promise.
MoneySavingExpert was ranked second
most recommended brand in the UK by
YouGov in 2024, and one of the UK’s top
10 best brands. The MSE website and app
are packed full of money saving tips and
tools and information to help people take
control of their finances. Over 9.3 million
people receive the MoneySavingExpert
Tip email each week. MoneySavingExpert
speaks up for consumers, and our
national campaigns help households
across the UK.
At MONY Group our job is to help households save money.
We were founded 30 years ago to make it easy for people
tocompare prices across hundreds ofproviders for all their
household bills. As our Group has expanded, we’ve added
more ways to save.
MONY Group unites powerful, trusted consumer brands, and we attract our
customers by marketing, advertising and publishing, as well as via external brands
to whom we offer comparison services. Our technology platform is scalable and
abarrier to competition.
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 4
Quidco is one of the top cashback sites
inthe UK. Quidco customers earn free
cashback from over 5,000 online retailers
including household brand names in
travel, fashion, DIY and health and beauty.
Quidconow has comparison services
powered byGroup technology, helping
customers save on their car, home and
otherinsuranceneeds.
Our travel comparison sites
TravelSupermarket and Icelolly help
people save on their holidays. We filter
through a huge range of travel deals
from the UK’s leading travel companies
and find customers the deal that suits
them. We compare prices on a broad
range of holiday options including
thousands of individual package holidays,
hotels, low-cost and charter airlines and
car hire providers.
We’re a highly effective andflexible
wayfor providers to find and convert
customers, and we show their products
to millions across the UK.
At a Glance continued
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 5
Investment Case
Our fundamentals
1:
Clear social
purpose
Our purpose is to help households save
money. All our brands support users to make
significant savings on their household bills
and purchases, with additional consumer
benefits from our member-based services.
MoneySavingExpert is a highly trusted
consumer champion that provides personal
finance tips and tools to millions of readers
across the UK every year through its app,
website and weekly email.
2:
Scalable tech
platform
We have a scalable tech-led savings platform
serving customers and providers. Our Group
comprises a price comparison site, cashback,
a consumer finance content-led brand and
specialist services for our partner providers.
We have two sides to our business, matching
consumers to providers in an efficient way.
New and existing customers can come to a
single site, answer a simple question set and
let us do the work of providing them with a
wide choice of deals to compare and switch
to. For providers, it is a cost-efficient and
flexible way to access millions of customers.
Our comparison platform is scalable to
support our own sites and apps and leading
third-party brands. Our B2B proposition
extends both our reach and market share,
leveraging our technology investment and
increasing our customer base as we scale to
power comparison technology and market
insights for the industry.
3:
Power of
our data
Our data creates links between the wealth
ofdata that customers provide, which we
useto help get them the best deals.
We are improving the customers experience
of comparison through our proprietary
“Dialogue” platform, designed to shorten and
simplify the information requested from the
user across different products, helping make
journeys as simple as possible forcustomers.
Not only this, but our data is centralised,
enabling customer-facing innovation and the
launch of our membership models which have
a growing active member base, spanning
MoneySuperMarket (the SuperSaveClub),
MoneySavingExpert (the MoneySavingExpert
App) and Quidco.
Consolidating our data has given us a
singlesource of rich, real-time data and
improved our efficiency. This data is available
operationally to drive growth and increase
marketing efficiency.
The quality of our referral leads and first-
partydata put us in a strong position to
deliver valuable services to our providers
including Tenancy and data services such
asMarket Boost.
Why
invest in
MONY
Group?
We are a tech business
with a purpose: helping
households save money.
We have leading consumer
finance brands powered by
our proprietary tech-led
savings platform.
When combined with our data-rich
environment, we offer more ways
tosave for providers and consumers.
The business model is highly
profitable,cash generative and
asset-light, with opportunities
forgrowth across the breadth
ofourmarkets.
Discover more about
our membership
propositions online
MONY Group PLC Annual Report and Accounts 2024 – 6Financial statementsStrategic report Governance
Source:
1 Press Gazette.
1 Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 52 and APMs are defined
inthe Glossary on page 167.
* Inorganic revenue growth in 2022 was 22% including the acquisition of Quidco.
4:
Leading and
trustedbrands
We have a Group net promoter score of 72, a
customer loyalty and satisfaction measurement
indicating the likelihood of customers to
recommend our brand services to others.
MoneySuperMarket is a trusted “go-to”
brandfor price comparison and the most
recommended price comparison website
inthe UK.
The MSE App has been named as the fourth
most popular
1
news app in the UK with
1.8million app downloads and 460,000
monthly active users, and over 9.3 million
people receive the weekly tip email.
MSE provides unique money saving guides,
tips, tools and techniques, alongside giving
users access to their credit scores and
providing information on topics such as
mortgage affordability, different types of
lending and household budgeting.
Quidco is one of the UK’s leading cashback
sites, offering an increasingly personalised
user experience which is key to driving
repeatengagement, customer loyalty
andenhanced conversion.
5:
Strength in
breadth
MONY has an unmatched breadth of products
and services from insurance, money, home
services, travel comparison and cashback; we
have strength in our breadth. This breadth
means we have more ways to help households
save more money and provide an attractive
marketplace for providers to acquire new
customers in a cost-effective way.
We have launched membership-based
customer propositions which puts us on a
path to shift from mainly transactional based
interactions towards something more akin to
amembership model.
We are expanding our provider data services
including tenancy, which enables providers
topromote their brands in designated
advertising spots on our sites. We have
launched ‘Market Boost’ which uses our data
platform to launch an innovative data insight
product to partners.
We have a growing B2B business, which allows
leading brands in our industry to utilise our
Group platform to provide switching services
to third-party brands, extending our reach.
Investment Case continued
Our fundamentals continued
The result
Highly profitable
growth
A track record of profitable growth and
high Adjusted EBITDA margins across
theGroup.
Adjusted EBITDA¹ growth (%)
Adjusted EBITDA¹ margin (%)
14
2024
2023
7
152022
31
2024
2023
32
30
2022
102.2
2024
2023
115.6
104.42022
Strong operating cash
flow with efficient
capital allocation
Our financial model is highly profitable,
strongly cash generative and capital light.
In 2024 we delivered a 13% increase in
operating cash flow and increased our
ordinary dividend by 3%. We announced
ashare buyback programme of up to
£30m at our FY24 results.
Operating cash flow (£m)
11
2024
2023
2
8*2022
Growth from core
andnew markets
We operate in markets with headroom for
growth. Our strategy, combined with the
strength and resilience of our business
model and the work we have done and the
investments we have made so far position
us well for future growth.
Organic revenue growth (%)
Financial statementsGovernanceStrategic report MONY Group PLC Annual Report and Accounts 2024 – 7
Chair’s Statement
Executing
ourstrategy
I am delighted to be writing to you for
thefirst time as Chair of MONY Group
having been formally appointed as Chair
on 1January 2025, after joining the Board
in Summer 2024 as Chair Designate.
First, I would like to extend my gratitude
to my predecessor Robin Freestone for his
unwavering commitment and exceptional
service to MONY Group over the last
nineyears, and for his leadership and
support which was greatly appreciated by
all who worked with him. Iwould also like
to extend my thanks to the Board and the
Executive Team for their warm welcome
and support, and to all colleagues across
the Group for their hard work and
dedication during the year.
Since joining the Group I have been
encouraged to find that that MONY Group’s
purpose – to help households save money –
isso deeply embedded within its culture.
Never has this purpose been as important
asin today’s environment, and I am proud to
report that we have saved households an
estimated £2.9bn in 2024 (2023: £2.7bn).
The past year has been one of progress
andinnovation for MONY Group as we
successfully executed our strategy; building
out our membership propositions, enhancing
our provider services, and re-platforming our
technology. This has contributed to the
achievement of record results leading to
enhanced shareholder returns, despite
achallenging economic backdrop. This
performance is testament to the strength
ofmanagement and the dedication of our
brilliant teams, and to the strength and
resilience of our business model.
2024 was another year
of strong progress for
MONY Group as we
executed our strategy,
helping customers
save more than ever.
Jonathan Bewes
Chair
Revenue (£m)
£439.2m
Up 2%
(2023: £432.1m)
Adjusted EBITDA¹ (£m)
£141.8m
Up 7%
(2023: £132.9m)
Profit Before Tax (£m)
£108.7m
Up 18%
(2023: £92.1m)
Adjusted Earnings Per Share
17.1p
Up 5%
(2023: 16.2p)
Total Dividend Per Share
12.5p
Up 3%
(2023: 12.1p)
Watch our Chair
interview online
1 Use of alternative performance measures (‘APMs’)
is detailed in the Financial Review on page 52 and
APMs are defined in the Glossary on page 167
2 Calculated as Operating Cash Flow over Adjusted
Operating Profit
3 Source: Ipsos
MONY Group PLC Annual Report and Accounts 2024 – 8Financial statementsGovernanceStrategic report
At our heart remains our purpose of helping
households save money, which in turn helps
the Group to grow. The foundations we
havelaid in bringing together our data and
technology onto a common platform are
enabling us to continue to transform the user
experience as we execute on our strategy,
positioning us well for future growth.
Delivering value for
shareholders
2024 was another year of strong progress for
MONY Group.
Group Revenue increased by 2% to £439.2m,
Adjusted EBITDA increased by 7% to £141.8m,
Profit Before Tax increased by 18% to £108.7m
and Adjusted Earnings Per Share increased 5%
to 17.1p. We generated good cash flow, with
operating cash flow up 13% to £115.6m (2023:
£102.2m), representing cash conversion
of>90%
2
.
Our strategy is focused on growing a two-sided
marketplace where consumers come to us
directly to find the best prices on household
bills, financial contracts and everyday spending,
and providers can more cost effectively reach
the customers they want.
Our member-based propositions are
flourishing, and building a community of loyal,
engaged members.
· Following the introduction of
MoneySuperMarket’s SuperSaveClub in
September 2023, we have now surpassed a
milestone 1 million members. This model is
changing the consumer experience –
increasing engagement and rewarding
customer loyalty; the more customers save,
the more they earn.
· MoneySavingExpert was named as the
fourth most popular news app in the UK
in2024
3
. Two years since the launch of the
MSE App almost 2 million people have
downloaded the app, and more than
9.3million consumers now receive the
weekly MSE tip email. During the year we
launched the new and improved MSE Credit
Club and Home Compare Plus – driven by
linking MSE’s trusted content with a suite
ofpersonalised tools to help users save
even more money.
· Quidco, our cashback offering where
customers can earn rewards for their
shopping across thousands of brands, has
delivered membership momentum as we
continued to improve the user experience.
Thanks to the work to bring Quidco on to the
Group’s common data and tech platform,
customers now see greater personalisation,
helping to promote the most relevant
content to maximise conversion.
Chair’s Statement continued
On the other side of our marketplace, our
enhanced provider services are also
performing well.
· Our B2B partnerships enable us to extend
the reach of the Group through offering our
unique price comparison technology.
During the year we continued to attract
household brand names, such as
Rightmove and AutoTrader, as well as
scaling our existing partnerships.
· Market Boost, launched in 2023, uses
MONY Group’s data to help providers
better understand how they perform on
our platform, providing insight into how
customers interact with their offers so that
they can make adjustments to maximise
conversion, which ultimately benefits
theGroup.
· Our Tenancy offering enables our partners
to promote their products through the
provision of advertising to targeted
customer cohorts. As we further enhance
our personalisation the impact of Tenancy
continues to improve, delivering a greater
experience for customers.
Read more about our business performance
inthe CEO Review on pages12 to 15
Our colleagues and culture
Our Group purpose is powered by the energy
and dedication of our colleagues, under the
expert leadership of our Executive Team with
oversight and support from the Board. During
my first few months with the Group I have
been impressed by how colleagues work
together and support each other in pursuing
our strategic goals. Working with our users
and providers, they have generated value for
our shareholders, while at the same time
making a positive difference to our people,
the wider community and the environment.
We want our colleagues not only to live
ourpurpose of helping households save
money, but also to have confidence in us as a
responsible and fair employer. To do that we
invest in their wellbeing and in the communities
where we are based, building a broader social
impact through our charitable activities.
We are committed to fostering a high-
performing, purpose-driven, and inclusive
culture and are proud that 44% of our Board
and Executive are women. We were also
delighted to hold our position as #1 for
Women on Boards in the Technology sector
inthe 2024 FTSE Women Leaders Review.
MONY Group PLC Annual Report and Accounts 2024 – 9Financial statementsGovernanceStrategic report
Sustainability and society
MONY Group’s sustainability strategy
encompasses environmental, social and
governance priorities. The Group is
committed to minimising its environmental
impact, with our goal of achieving Operational
Net Zero by 2030. This target includes a 90%
reduction in Scope 1 and Scope 2 emissions,
as well as remaining a ‘Carbon Neutral’
business by offsetting 100% of our carbon
emissions. Our environmental impact is
disclosed through the Carbon Disclosure
Project, and we proudly maintained our C
score for 2024.
This year, we will publish our Climate
Transition Plan, detailing our performance
against targets and our future plans.
As a signatory of the United Nations Global
Compact, we embrace its principles and
commit to aligning our operations and
strategies with ten universally accepted
principles in the areas of human rights,
labour, environment, and anti-corruption
MONY Group’s current charity partnership is
with the suicide prevention charity Campaign
Against Living Miserably (CALM). The
partnership has seen MONY Group donate
over £264,000 in the past two years which will
fund 21,656 lifesaving calls to CALM’s helpline.
This partnership has inspired remarkable
staff engagement and in 2024, we donated
over £127,000 to the charity.
Board and Governance
The Board receives regular updates from the
Executive Team on the Group’s performance,
operations, colleagues, customers, providers,
investors and communities, as well as the
risks and opportunities we face as a
business.We regularly consider and monitor
the real and potential risks and impacts of
macroeconomic and other disruption to our
end markets, along with mitigating actions.
We remain dedicated to maintaining the
highest standards of corporate governance
and ethical conduct. Our Board is committed
to transparency, accountability, and fostering
a culture of integrity. Our Board collectively
possesses a broad range of experience, skills
and knowledge from various backgrounds
which supports the strategic and operational
direction of the Group.
Succession planning continued to be an
areaof focus for the Board in 2024 as I was
recruited and inducted as a Non-Executive
Director and Chair Designate. The Board
remained stable save for my appointment
andI have been pleased to note both the
engagement of our Directors and the passion
they all share for the purpose of the Group.
We maintained the diversity of our Board,
exceeding the recommendations of the
Hampton Alexander Review and meeting
therequirements of the Parker Review.
On behalf of MONY Group, I would like to
thank Robin Freestone for his dedication and
diligence during his nine-year tenure with the
business, for his leadership of the Board, and
for all his support to me during our six-month
handover. I wish him all the best for the future.
Read more about our Governance Report
onpage 62.
Shareholder returns and
capitalallocation
The Group’s Capital Allocation Policy
reflectsits high cash generation and strong
balance sheet, and has enabled us to invest
organically in the business, to pay dividends
to our shareholders, and to fund acquisition
activity. The Board is recommending a final
dividend of 9.2p per ordinary share, an increase
of 3%, making a total dividend for the year of
12.5p per ordinary share, an increase of 3%
on 2023. If approved by shareholders atthe
forthcoming Annual General Meeting, the
finaldividend will be paid on 16 May, 2025 to
shareholders on the register on 11 April, 2025.
The strength of our balance sheet and the
cash generated in the year, have now put us
ina position to consider returning surplus
capital to shareholders. Accordingly, we have
announced a share buyback programme of
up to £30m, to be executed during the
current year. This reflects our commitment
todeliver returns to shareholders through a
combination of earnings per share growth
and cash distributions, and preserves our
ability to create further value through
strategically aligned acquisitions.
Looking ahead
This has been a strong year for the
Group,with continued good progress on
re-platforming our data and technology. Our
strategy and the investments we have made
to date, coupled with our differentiated
operating model, continue to position the
Group well for sustainable growth for the
benefit of all our stakeholders.
As we look to 2025, the performance and
actions taken this year underpin my
confidence in the future prospects of
MONYGroup.
Jonathan Bewes
Chair
14 February 2025
Our strategy and the investments we have
made to date, coupled with our differentiated
operating model, continue to position the
Group well for sustainable growth forthe
benefit of all ourstakeholders.
Chair’s Statement continued
MONY Group PLC Annual Report and Accounts 2024 – 10Financial statementsGovernanceStrategic report
MoneySuperMarket’s SuperSaveClub now has over
1 million
members
MONY Group PLC Annual Report and Accounts 2024 – 11Financial statementsGovernanceStrategic report
I am pleased to say that 2024 was
another strong year for the Group,
helping households save money and
achieving both financial and strategic
milestones. Having built the platform
and centralised our data capabilities,
weare now using this platform to
deliverour strategy to grow our
two-sided marketplace.
We have centralised our data and made it
available to colleagues across the Group in
real time and have adopted best-in-class
marketing technology. We have introduced
innovations to help people save more money
and to support our providers more effectively.
Our strategy is to leverage the platform we
have built to drive efficient acquisition,
retention and growth, and expand our
proposition while using our centralised
dataand re-platformed tech stack to launch
innovative new membership-based propositions
and expand our services for providers.
During 2024 we generated momentum
acrossour member-based propositions;
MoneySuperMarket SuperSaveClub,
MoneySavingExpert App & Quidco, and are
particularly encouraged by the performance
of SuperSaveClub which now has over
1million members.
Our provider services – which include B2B,
Market Boost & Tenancy – also performed
well. In B2B, we added six more brands to our
platform, taking us to 35 brands live, including
household names like Rightmove, AutoTrader
and the National Union of Students.
  Read more about Our Strategy on
pages 20 to 24
Chief Executive Officer’s Review
Delivering on our
strategy to grow
our two-sided
marketplace
The strength in
breadth of our
diversified model
provides us with
resilience and further
opportunities to grow.
Peter Duffy
Chief Executive Officer
Watch our CEO
interviewonline
MONY Group PLC Annual Report and Accounts 2024 – 12Financial statementsGovernanceStrategic report
Revenue by segment – FY24 Revenue: £439m*
* Group revenue of £439m is presented net of inter-vertical eliminations of £10.7m (2023: £7.5m).
Insurance
£236m
(2023: £220m)
Households are able to save
money on a number of different
insurance products including:
car,travel, life, home and pet.
Growth was underpinned by strong
switching in car and home insurance,
particularly in H1.
Whilst premium price inflation
continued to normalise during the year,
we continued to see record switching
volumes for car and home insurance.
This is supported by a greater number
of products available to consumers in
the market, and as a result of sustained
high absolute pricing for policies. For
context, the average car insurance
quote is now 48% higher than it was
before the implementation of General
Insurance Pricing Regulation in 2021.
Other insurance products performed
well, including travel insurance, which
saw an uplift in performance during H2,
after a trend towards a lower tier of
coverage seen in H1 eased, and life
insurance which also saw strong growth
during Q4.
Money
£98m
(2023: £100m)
Users are able to compare
awiderange of credit cards,
loans,savings, current accounts
and mortgage products. Our
websites and apps provide users
with access to their credit scores
and information ontopics such
as mortgage affordability, the
different types of lending and
householdbudgeting.
Revenue was down on 2023 due mainly
to fewer attractive current account
products in the period. Within our
banking product lines, we saw providers
begin to focus on profitability and as a
result there were fewer attractive current
account products available.
Borrowing saw growth in the year, driven
by increased demand in credit cards.
While sustained higher interest rates
continued to impact affordability for
loans products, we did see an improving
profile of performance during H2.
We also made good strategic progress,
improving the experience for customers
on our sites. As an example, consumers
can now easily see what credit limits and
APRs they are eligible for as part of their
user journey, rather than simply being
shown an average estimate.
Home Services
£36m
(2023: £39m)
Customers are able to save
money on a broad range of
products including broadband,
energy, landline and
mobilephones.
Revenue was down primarily as a
resultof continued softer trading in
broadband and mobile. Whilst traffic
levels remained reasonably robust,
conversion was impacted by continued
actions from providers on customer
retention and acquisition.
Energy switching levels and revenue
remained immaterial in the year, but
wedid see year-over-year growth, albeit
comparing to subdued performance
in2023.
Travel
£20m
(2023: £21m)
TravelSupermarket and
icelolly.com help people to
savemoney on their holiday.
Revenue in Travel reduced in 2024 as a
result of conditions becoming increasingly
competitive through the year.
Package holiday performance remained
solid throughout the year but the market
became increasingly competitive,
resulting in higher marketing costs
across the sector. For the majority of
the year, we took action to adjust our
marketing spend and manage margins
which impacted growth. In the second
half we began trialling a change in our
marketing mix out of PPC and into social
with initial good results.
Car hire was a headwind with reduced
daily rates in the industry impacting use
of comparison sites.
We have now completed the migration
of our marketing tech stack, enabling
expansion into new products to drive
growth. As an example, in late 2024,
welaunched a new cruise offering.
Cashback
£61m
(2023: £60m)
Quidco is one of the UK’s leading
cashback services and helps
users earn cashback on their
online spending with thousands
of brands.
Revenue growth was driven by the
insurance vertical, powered by MSM
B2B capability performing well in
heightened switching markets.
This offset softer trading in retail which
continued to be impacted by weaker
consumer confidence and difficult
economic conditions.
Cashback saw good strategic progress
in the year, with us increasing the levels
of personalisation to our customers and
deepening the customer proposition
with the launch of new features, notably
Quidco stories.
Chief Executive Officer’s Review continued
MONY Group PLC Annual Report and Accounts 2024 – 13Financial statementsGovernanceStrategic report
Chief Executive Officer’s Review continued
Strong business performance
The Group generated record revenue and we
saved households an estimated £2.9bn, up
from £2.7bn in 2023, which in turn drove an
increase in revenue, up 2%, and our highest
ever Adjusted EBITDA
1
, up 7%, underpinned
by strong cost control. Profit Before Tax grew
by 18% as we remain focused on delivering
profitable growth.
Revenue growth was primarily driven by good
performance in Insurance in the first half, where
we continued to see record high switching
volumes, and in Cashback, which delivered good
growth despite the softer retail environment.
The strength in our breadth of our model
continues to provide us with resilience, as
different markets move through their cycles.
All of this translates to a highly effective,
resilient and profitable business, with strong
operating cash flow and efficient capital
allocation, that is well positioned to deliver
sustained and consistent growth.
Our platform
As a leading tech company, our single,
common platform powers our ability to help
users save money. Over the last few years we
have transformed the tech stack from siloed
connections in each product area to one
platform across our leading brands. The
power of the platform has enabled us to share
the capabilities of MoneySuperMarket across
our brands.
Data is critical to deepen our relationship with
our customers. Our consolidated data view
across the broad range of products thatwe
offer enables us to improve the
userexperience.
Real-time and centralised data enables our
user experience to be more personalised,
target our marketing more effectively and
deliver more value for our providers.
Our brands
We enjoy leading positions in growing markets
where there is significant room to grow. Our
brands are firmly trusted by customers.
Our price comparison brand,
MoneySuperMarket (‘MSM’) and
MoneySavingExpert (MSE), our content-led
brand saw their net promoter score
increaseto 72 in 2024.
We continued to support the MSM brand by
building on our MoneySuperSeven marketing
campaign, which is focused clearly around
“saving money”. Central to the MSM customer
proposition is SuperSaveClub, which following
its launch in late 2023, has now surpassed the
1 million members milestone. SuperSaveClub
rewards loyal, engaged members through
offering a cash reward for every purchase,
guaranteeing best price and making it easy
forcustomers to save again and again.
We now have a growing cohort of customers
who have passed their one-year anniversary
and the early data shows the SuperSaveClub is
achieving what we hoped. We can see that
more customers are coming to us directly for
their second purchase, that they have a much
higher propensity to engage with us directly,
and that they are buying more from us. It is
clear to see that the club is encouraging
customer loyalty and retention whilst reducing
our reliance on paid marketing. In 2025 we will
seek to grow the club further, and as part of
this we are trialling a ‘first purchase reward’.
MoneySavingExpert is greatly trusted and
provides valuable tips and tools to millions
ofusers. We’ve seen strong uptake with MSE
App downloads up 93% to 1.8 million, and
9.3million people receive Martin Lewis’s
weekly tip email. We have further improved
the MSE App in the year, increasing
personalisation, offering a suite of tools
thathelp users gain greater control of their
finances, including the launch of an improved
and highly differentiated Credit Club.
1 Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 52 and APMs are defined intheGlossary on page 167.
Our people drive the
success of our business.
Our strong company
culture is the foundation
to our strategy.
MONY Group PLC Annual Report and Accounts 2024 – 14Financial statementsGovernanceStrategic report
Chief Executive Officer’s Review continued
We are a leading
tech company, with
strong brands, leading
marketing tools and a
culture that embraces
innovation. We are
transforming the user
experience, building out
membership models
to enable customers to
save even more money.
Our brands continued
Quidco is one of the largest cashback brands
in the UK which we acquired in 2021. Thanks
to the work we’ve done to replatform our data
and tech, customers are now enjoying an
improved and increasingly personalised user
experience, which is key to driving revenue
per user, repeat engagement, customer
loyalty and enhanced conversion.
  Read more about our tech platform
andconsolidated dataview on page 25
Culture
This great progress would not be possible
without our hard-working teams. We are
committed to embracing and promoting
diversity, inclusion and equal opportunities.
Our people drive our business and our
success. Our strong company culture is the
foundation to our strategy.
We were proud to hold our positions as first
in the Technology sector on the FTSE Women
Leaders Review report and and fifth in the
Inclusive Top 50 UK Employers List.
In 2024 we were accredited as a Real Living
Hours employer to sit alongside our Real
Living Wage certification and we increased
our employer pension contributions by 1%
inApril.
Our culture of inclusion, innovation and
delivery at pace is part of the core of what
wedo. We promote an environment where
allof our employees can grow and develop.
We have a culture of inclusion where all
perspectives are valued and champion
diversity. Our culture promotes an agile,
entrepreneurial, fast-paced learning
organisation to deliver greater innovation
forour users.
  For information on these and on people and culture
more widely, please see page 39
Social impact
As well as helping households save money,
weaim to make a positive difference to our
people, the wider community and the
environment. To do that we invest in our
employees wellbeing and the communities we
are based in, whilst building a broader social
impact inspired by our charitable activities.
MONY Group’s current charity partnership is
with the suicide prevention charity Campaign
Against Living Miserably (CALM). The
partnership has seen MONY Group donate
over £264,000 in just two years which will
fund 21,656 lifesaving calls to CALM’s helpline.
This partnership has inspired remarkable
staff engagement and in 2024. We exceeded
our target contributions by almost 18%. Given
the positive impact and the success of our
collaboration, we extended the partnership
from two years to three.
We are committed to minimising our
environmental impact, with our goal of
achieving Operational Net Zero by 2030. This
target includes a 90% reduction in Scope 1
and Scope 2 emissions, as well as remaining
as a ‘Carbon Neutral’ business by offsetting
100% of our carbon emissions.
  Read more about our sustainability strategy
on pages 34 to 40
Outlook
Our recent trading performance, coupled with
momentum in our strategic execution gives
the Board confidence that we will deliver
Adjusted EBITDA for 2025 broadly within our
current published consensus.
Despite headwinds in the car insurance
switching market, we continue to see other
opportunities for growth across the business.
We anticipate operating cost inflation
(excluding depreciation and amortisation)
tobe largely mitigated through our ongoing
focus on cost efficiency.
We remain well positioned to continue to
deliver sustainable, profitable growth.
Peter Duffy
Chief Executive Officer
14 February 2025
MONY Group PLC Annual Report and Accounts 2024 – 15Financial statementsGovernanceStrategic report
Our Markets and Trends
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading tech and data
Trends
in our
chosen
markets
Our leading data and
technology positions
us well to grow in the
markets we operate in,
helping customers to
save even more
Price comparison (overall market)
Link to strategy:
 
Price comparison: Regulatory focus
Brands affected:
         
Trend
Continued strong focus
from governmental and
regulatory bodies on
empowering customers.
Impact
Regulation continues to play an
increasingly important role in
the price comparison sector.
Opportunities
Regulation focused on driving transparent pricing and
empowering customers to save money is fully aligned with our
purpose of helping households save money.
Price comparison: Artificial intelligence
Brands affected:
         
Trend
Artificial intelligence (AI)
has advanced substantially
and continues to offer
newand improved
capabilities.
Impact
AI could reshape parts of the
price comparison value chain
and experience.
Opportunities
AI has the potential to automate activities like software
development and digital marketing. We are already using AI to
increase the scale of our digital marketing efforts and make
software engineering more efficient. We are also using AI to offer
the customers an enhanced experience, increasing the appeal of
our products.
Insurance: Pricing regulation
Brands affected:
     
Trend
FCA investigation into
premium finance & fair
value for consumers.
Impact
Providers may take a more
cautious approach to premium
pricing.
Opportunities
We are well placed to help ensure consumers can scrutinise and
compare offers and pricing to obtain fair value. During 2024, we
had 174 insurance products available on our sites, making our
comparison services all the more important in helping consumers
navigate their options and find the best deal. The ongoing
development of our new AI-powered tools will only further
expand this capability for our customers.
Insurance: Premium inflation
Brands affected:
     
Trend
2024 saw stabilising levels
of insurance premium
growth following high
premium inflation during
2023. A government task
force was instated to
investigate factors behind
premium inflation.
Impact
Switching volumes may reduce
as customers opt to accept
renewal quotes from their
existing providers.
Opportunities
Sustained elevated premium levels in a tough ongoing cost-of-
living environment, as well as the high volume of overall insurance
products in the market, will continue to provide support to price
comparison services. By offering our customers more than just a
price comparison journey with our tools that enable them to find
the best price whilst also earning rewards we are well positioned
to grow in this market despite the declining growth rate of
premium inflation.
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
 TravelSupermarket
 Icelolly.com
MONY Group PLC Annual Report and Accounts 2024 – 16Financial statementsGovernanceStrategic report
Our Markets and Trends continued
Helping millions of
customers save money.
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading tech and data
Price comparison (overall market)
continued
Link to strategy:
 
Money: High interest rates
Brands affected:
     
Trend
Interest rates in major
economies remain
elevated after years of
historical lows.
Impact
High interest rates make
creditand loans less affordable
for consumers.
Opportunities
Sustained high interest rates make credit cards, loans and
mortgages more expensive which may impact demand. If rates
continue to fall, as forecast, we could begin to see an uptick in
demand, especially in loans and mortgages which have been
more heavily impacted by high interest rates.
Home services: BAT (Energy)
Brands affected:
     
Trend
The Ban on Acquisition
only Tariffs (BAT) has
been extended to
31March 2026.
Impact
The BAT continues to play a
major role in inhibiting the
return of a material energy
switching market.
Opportunities
We continue to work with partners to offer deals to customers
when they become available, securing exclusive products for
theGroup from multiple partners. MSE editorial is uniquely
positioned to guide consumers and continues to provide
supportto consumers on energy via it’s Cheap Energy Club.
Cashback: Online spending demand
Brands affected:
 
Trend
High inflation & interest
rates put pressure
ondiscretionary
consumer spending.
Impact
Households could cut back
onspending.
Opportunities
Cashback presents a way for consumers to save money on
everyday purchases amid the rising cost of living. Greater
pressure on consumer budgets increases the appeal of cashback
sites, such as Quidco, and brings the potential for wider, more
frequent engagement which we are well placed to capitalise on.
Travel: Package holiday growth
Brands affected:
   
Trend
Economic uncertainty
could weaken travel
demand. However,
consumers are expected
to prioritise their main
holiday which tends to be
booked as a package
holiday more frequently.
Impact
As the largest discretionary
spend area for many
households, demand for
travelmay soften under
macroeconomic pressures.
However, packaged holidays
can offer a way to control costs
on the main holiday of the year.
Opportunities
Ice Travel Group continues to focus on building leading
comparison services to help consumers find the best deal for
their holiday which is especially more relevant during tough
economic times.
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
 TravelSupermarket
 Icelolly.com
MONY Group PLC Annual Report and Accounts 2024 – 17Financial statementsGovernanceStrategic report
Our Business Model
Underpinned by our responsible approach
  Read more on pages 34 to 40
· Minimising our environmental impact
· Our social responsibility
· Robust governance and ethics
Our key strengths
andresources
Technology
Our offer is underpinned by our scalable
andflexible technology solutions that are
increasingly able to support multiple in-house
and external brands from a common platform.
Data
Our strong analytical capabilities
andupgraded infrastructure allow us to
personalise the customer experience, generate
real-time performance information, and
provide relevant, useful data and insights
toproviders.
Relationships
Our strong relationships with our providers
and B2B brands allow us to offer exclusive
and market-leading deals.
People
Our talented people ensure we provide
customers with the best experience.
  Read more about how we support our
employees onpage 39
Leading brands
We operate well-known brands which
aretrusted by our customers.
  Read about our brands on pages4 and 5
Marketing platforms
We have leading marketing platforms
integrated with our centralised data,
improving our customer acquisition efficiency.
  Read more about the effectiveness of our
marketing on page 21
Our value cycle
We provide products and services to help users make meaningful savings across
their household finances. At the same time we help providers to acquire new
customers in an efficient and cost-effective way.
Our purpose: Helping households save money
Our brand strength, marketing,
high-quality content, clubs and tools
attract users and providers to our
well-established platform
Efficient switching journeys help
users easily switch and save
Providers target and pay for high-quality
marketing leads accessed via our platform
at scale and benefit from advanced insight
from our data propositions
We remind users when it is time to
re-switch; we use data to prioritise and
market further switching opportunities
We generate insights from users
and providers to optimise our
propositions and identify
growthopportunities
We expand into new markets
andadditional services
MONY Group PLC Annual Report and Accounts 2024 – 18Financial statementsGovernanceStrategic report
Underpinned by our responsible approach
  Read more on pages 34 to 40
Our tech-led savings platform
andmembermodel
How we share value with our stakeholders
Our customers
Savings through readily accessible,
personalised information
In 2024 our customers are
estimated to have saved
£2.9bn
(2023: £2.7bn)
Our providers
Cost-effective customer acquisition via
accessto millions of informed customers
Number of providers
andmerchants
5,000+
(2023: 5,000+)
Our people
An inclusive place to work where
employeesfeel that they belong
Employee diversity and
inclusionscore
1
78%
(2023: 76%)
Our communities
Positive impact through work experience,
charitable donations and volunteering
Donated to charitable causes in 2024
£0.3m
(2023: £0.2m)
Our shareholders
Full year dividend up 3%
Cash return to shareholders (2024)
£67m
(2023: £65m)
Share buyback programme
£30m
Announced on 17 Feb 2025
1 SEM: search engine marketing.
2 SEO: search engine optimisation.
3 CRM: customer relationship management.
Risk management framework
The Group operates in a complex business
environment and there are risks to the
delivery of our strategic goals and the
sustainability of our business model. We
haveidentified the principal risks through
ourrisk management framework and we
haveconsidered them as part of our viability
assessment. Our risk management framework
also provides the tools to manage and
continually review our risks. It seeks to drive
accountability across the Group and create
the insight required for the Board to monitor
our risks. Our risk management framework
also allows management and the Board
toadapt the strategy to ensure that we are
not taking unnecessary risks and that the
underlying risks in the strategy are being
appropriately mitigated.
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Our Business Model continued
MONY Group PLC Annual Report and Accounts 2024 – 19Financial statementsGovernanceStrategic report
1 Measured as part of our employee engagement survey.
Weuse this score as an indication of our colleagues
satisfaction with the Group’s diversity & inclusion strategies.
Our Strategy
Our purpose
Our purpose is helping households across
thecountry to save money on their bills,
which fundamentally drives our business
andculture.
Our strategy
Our strategy is focused around growing our
two-sided marketplace. On one side of the
marketplace, we have the services we offer to
our customers and on the other, the services
we offer to our providers and third-party
brands. In focusing on this two-sided
marketplace, we rely less on paid traffic, and
grow revenue per user by improving cross-
purchasing, repeat purchasing and customer
loyalty with our already trusted brands. Both
strategies will ultimately help households
across the country save more money with us.
Our leading marketing tools, centralised data
and single tech platform mean we can now
acquire traffic to our sites more effectively,
talk to our users more effectively, and,
because of this, have an opportunity to
retainand grow these customers more
effectivelytoo.
Leading
growth
partner
One tech
platform
Efficient
customer
acquisition
More value
from data
Best
experiences
Increased
member
engagement
Compelling
member
propositions
Tenancy
& data
champion
L
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MONY Group PLC Annual Report and Accounts 2024 – 20Financial statementsGovernanceStrategic report
Our Strategy continued
Loyal engaged members
On the customer side, we are focused on developing and
growing membership-based customer propositions to drive
customer loyalty. We are using our reach of our existing
brands to extend our marketplace, grow a loyal customer base
whilst driving down our marketing investment.
The customer strategy is built on growing on our
member-based offers; MoneySuperMarket SuperSaveClub,
MoneySavingExpert App and Quidco. These member-based
propositions are focused on growing customer loyalty,
engagement, repeat purchasing and retention, as well as
driving consumer traffic direct to our sites. In time, this should
result ina reduced reliance on paid-for marketing.
SuperSaveClub
members
1m
MSM and Quidco active users
13.8m
MSE weekly newsletter subscribers
9.3m
Best provider proposition
On the other side of our marketplace, we have the services we
offer providers. We are expanding our ‘best provider
proposition’ to grow the strength and breadth of our offering.
Investment in our platform and in our data means we now
have a more enhanced provider offering than ever before.
Our advertising (tenancy) offering, switching platform coupled
with our data insights is compelling for our B2B partners
brands who can utilise our single platform to provide switching
services, extending our reach and market share. By moving
everything onto one platform we can onboard providers more
quickly, and across all our brands simultaneously, making it
much more commercially attractive to them.
80
providers benefitting
from Market Boost
B2B providers on
our platform
35
Leading data and tech
As a leading tech company, our single common platform
powers our ability to help users save money. Over the last few
years we have transformed our tech stack to one platform
across our leading brands.
Data is critical to deepen our relationship with customers. Our
consolidated data view across the broad range of products we
offer enables us to improve the user experience.
Our aim is to become a one-stop-shop for digital businesses
looking to offer comparison services. Byusing our platform to
enable comparison journeys for other brands, we have the
opportunity to become the technology platform of choice to
power the entireindustry.
Re-platforming supporting
cost efficiencies
3%
reduction in admin expenses
1
1 Excluding depreciation, amortisation and adjusting items.
MONY Group PLC Annual Report and Accounts 2024 – 21Financial statementsGovernanceStrategic report
Our Strategy continued
Loyal engaged members
Growing our
member‑based offers
SuperSaveClub
The SuperSaveClub (‘SSC’) is aligned to our
mission of helping households save money,
and rewards customers every time they save
money on their household bills, all with the
confidence that our price promise provides.
When customers buy an eligible product
through MoneySuperMarket they can join
SuperSaveClub and get access to 12 months
of free days out at thousands of leading
attractions nationwide available through
theMoneySuperMarket app. Then, as a
member of the SuperSaveClub, every time
they purchase an eligible product, they
earna reward: £15 cash for every car, home
insurance or broadband purchase, £10 for
purchasing pet insurance, and £5 for signing
up to Credit Monitor, purchasing an annual
travel policy or a mobile phone deal.
Rewardsare available via a member’s
MoneySuperMarket account and can be
withdrawn at any time, as a pre-paid
MasterCard, or vouchers at leading retailers.
The SuperSaveClub is set up to encourage
users to come directly to us and incentivises
cross-buy and re-buy rates through rewards
and ease of use.
Launched in September 2023, we have
added additional products, enabling
customers to save even more. We now
haveover 1 million members. We have a
solid cohort of customers who have passed
their first anniversary, providing us with data
to illustrate that the SSC is achieving what
wehoped. We can see that these members
have much stronger engagement, are more
likely to come to us directly, and also buy
more products.
We are still early on this journey, but it is
clear that the club is growing customer
loyalty and retention and reducing our
reliance on paid marketing.
MoneySavingExpert App
MoneySavingExpert (‘MSE’) helps millions of
consumers with information, tips and tools
tosave money. The MoneySavingExpert App
is our member-based offer for MSE and
wehave again seen good momentum in
theyear.
Eighteen months after launch, the MSE App
has been named as the fourth most popular
news app in the UK, with 1.8m downloads
and average monthly active users reaching
460k over the year. The 9.3 million people
who receive Martin Lewis’s weekly tip email,
can also now open this directly on the
MSEApp.
This year, we launched a new and improved
MSE Credit Club, which includes a unique
eligibility rating. This new tool tells
consumers not just if they could get credit
but provides an affordability score to show
whether they should take out credit based
on their real-world credit power.
By linking MSE’s helpful and trusted content
with a suite of more personalised tools, we
support users to gain greater control of their
finances and potentially save more money.
We will continue to expand the range of tools
available to help users keep informed and
save more money.
MONY Group PLC Annual Report and Accounts 2024 – 22Financial statementsGovernanceStrategic report
Our Strategy continued
Loyal engaged members continued
Quidco
Quidco, one of the UK’s leading cashback
sites keeps helping customers save across
retail and services such as insurance,
broadband and mobile.
Using a network of over 5,000 merchants,
members can make purchases and save
money at the same time. We saw good
momentum in the year as a result of
actionswe have taken to improve the user
experience and deliver a more personalised,
targeted CRM strategy. This was made
possible because of our investment in data
and our platform, as well as our leading-edge
CRM which means we can target specific
cohorts of customers with tailored offers and
discounts rather than using a one size fits all
approach. Our progress on personalisation is
proving effective in attracting users who are
increasingly engaged.
Tenancy
Tenancy is tailored advertising whereby
providers promote their brands or
products in designated spots on our
sitesclearly listed as ‘sponsored’, driven
bydata insights from our platform.
In the year, we have rolled out tenancy
slots to MSM’s SuperSaveClub, kicking
offwith a pilot campaign for broadband.
Tenancy spots are now available across
allcore product lines.
Market Boost
Market Boost uses our first-party data
toshow providers how their products
perform across our platform, which can
help providers to offer even better deals.
This enables our partners to grow their
business while helping households save
money. They can then use these insights
to improve their approach and offer even
better or more relevant deals to customers.
We can offer this to existing providers who
join our platform, or sell it to third-party
brands for their own channels. Launched
in 2023, Market Boos