Half Year 2024 MONY Group PLC Earnings Call Transcript
Key Points
- Mony Group PLC (LSE:MONY) reported its best-ever H1 revenue and EBITDA, with revenue up 5% to GBP223 million and EBITDA up 8% to GBP73 million.
- The company saved customers an estimated GBP1.7 billion, showcasing its commitment to helping households save money.
- Growth in member-based propositions like SuperSaveClub, MoneySavingExpert app, and Quidco is driving customer loyalty, retention, and repeat purchasing.
- Investments in data, tech platform, and marketing infrastructure have positioned the company well for future growth.
- The company increased its dividend by 3%, reflecting confidence in its FY24 performance and strategic delivery.
- Premium growth in the insurance sector is slowing, with car insurance growth tapering off from 35% in FY23 to 18% in H1 '24, and home insurance growth slowing from 34% to 30%.
- There are concerns about the potential negative impact on gross margins in H2 due to the growth in cashback and B2B, which have structurally lower margins.
- The SuperSaveClub, while showing promise, is not yet materially significant to overall sales.
- Energy revenues are not expected to be material this year, with regulatory and market conditions still uncertain.
- The company faces tough comparisons in H2, particularly in the insurance sector, which could impact overall performance.
Good morning, and welcome to MONY Group interim results LIVE Q&A. We will conduct a question-and-answer session following the release of this morning's results. (Operator Instructions) I'd like to remind all participants that this call is being recorded.
I will now hand over to Peter Duffy, Chief Executive Officer of MONY Group. Please go ahead.
Thank you, and good morning, everyone. And thank you for your time this morning. So I hope you've all had the opportunity to watch the results video that we released this morning, but perhaps I can just give you a quick recap before we get into questions.
So we had a good start to the year. We've delivered our best-ever H1 revenue and EBITDA. Revenue was up 5% to GBP223 million, EBITDA up 8% to GBP73 million.
MONY Group is all about saving households' money. That is exactly what we've been up to in the half because we've saved customers an estimated GBP1.7 billion. This growth is supported through our two-sided marketplace.
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