MoneySuperMarket sees profits leap following £8m investment

Price comparison website MoneySuperMarket has seen its profits leap against a backdrop of growing site traffic and investment in technology.

In the six-month period ending June 30, the firm’s gross profits increased by 22% to £114.9m, compared to £94.4m at the same point last year. Similarly, its adjusted operating profit rose from £23.7m in the first half of 2014 to £38.4m at the end of last month.

The firm’s CEO, Peter Plumb, said: ’’We helped three million families save on their household bills in the first six months of 2015.

“Revenues grew 18% while we put more into tech investment to make MoneySuperMarket and TravelSupermarket the easiest way for families to make their money go further.”

The company also saw an increase in website traffic of 5% during the period, with the average number of unique visitors each month growing from 23m last year to 24.2m in June.

Additionally, MoneySuperMarket customers collectively saved £0.8bn in 2015, compared to the £0.7bn they saved in the first six months of 2014, representing an increase of 14%.

According to MoneySuperMarket’s latest half yearly report, the company has so far invested £8m in technology in 2015, 29% more than it did last year, in an effort to improve customer experience. The period saw the launch of the firm’s new MoreMoney app and the integration of bank account-management tool OnTrees.

Today, the company is offering its customers access to 794 providers, which is 39 more than it was last year. Now, MoneySuperMarket’s board believes the firm’s full-year performance will be ahead of previous expectations.