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The parent firm of MoneySupermarket has said it will hand out higher shareholder dividends and launch a share buyback after revealing a jump in profits.
Shares in Mony Group lifted higher in early trading on Monday as a result.
The London-listed firm told shareholders that it reported recorded revenues in 2024, as it benefited from growth in its insurance arm.
We are proud to have helped customers save a record £2.9 billion – the more customers save, the more the group grows
Peter Duffy, Mony chief executive
Group revenues increased by 2% to £439.2 million for the year, compared with 2023.
Insurance revenues grew by 7% to £235.6 million in the year, driven by a strong first half of 2024.
This helped to offset weaker sales in its money, home services and travel comparison businesses over the year.
It added that its breadth of business areas is set to help the company continue recent momentum “despite headwinds in the car insurance switching market”.
Mony revealed that its pre-tax profits grew by 11% to £80.2 million as it offset increases to its operating costs.
The company said it will pay out a shareholder dividend of 12.5p per share, up 3%, as it also confirmed plans to hand up to £30 million to shareholders through a buyback.
Peter Duffy, chief executive of Mony, said: “We are proud to have helped customers save a record £2.9 billion – the more customers save, the more the group grows.
“We’ve done this by delivering strong performance both operationally and financially in 2024 as we continue to execute on our strategy.
“This includes encouraging customers to join our member-based propositions like the SuperSaveClub which, in turn, reduces our reliance on increasingly expensive pay-per-click (PPC) marketing.”
