Preliminary 2024 MONY Group PLC Earnings Call Transcript
Key Points
- Mony Group PLC (MNSKY) reported a 2% increase in revenue to 439 million and a 7% rise in adjusted EBITD to 142 million for 2024.
- The company has successfully surpassed 1 million members in its Super Safe Club, which is generating higher revenue per user and reducing reliance on expensive third-party marketing.
- B2B revenue increased by 49% with 35 providers live, and Market Booster is being used by over 80 providers, indicating strong growth in provider services.
- The completion of the company's tech transformation positions Mony Group PLC (MNSKY) well to leverage AI for enhancing customer propositions.
- A 3% dividend increase and an announcement of up to 30 million pounds share buyback reflect strong capital allocation and shareholder value enhancement.
- Despite the growth in Super Safe Club, the gross margin improvement was only 1%, which some analysts consider conservative.
- The competitive landscape, particularly in the PPC market, has intensified, impacting gross margins in the second half of the year.
- The insurance segment, especially car insurance, faces headwinds with premiums coming off record highs, affecting revenue dynamics.
- The B2B business, while profitable, operates at a structurally lower margin due to revenue sharing with partners.
- PPC costs have inflated by 19% in the second half, adding pressure to marketing expenses and impacting overall profitability.
Good morning everybody, and thank you for making the time, for joining us this morning. Look, hopefully you've had a chance to watch our results video which we posted at 7 a.m. but before we open up the questions, perhaps you'll just allow me to do a quick recap of the main points we were making there. So firstly, 2024 was another strong year for the group, with revenue up 2% to 439 million and adjusted EBITD up 7% to 142 million.
In addition, we've made further progress in line with our company purpose, which is all about helping households save money. In 24, we've actually saved customers an estimated 2.4 billion.
Now this growth has been driven by our two side of marketplace strategy. On the consumer side, we've seen momentum across our member-based propositions. That's the Money supermarket Super Save Club, that's the app from MoneyS Saving Expert, and Quidco. And by growing numbers across our brands, we are encouraging consumer loyalty, retention, repeat purchasing, and this is delivering positive results.
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