MoneySupermarket.com, the price comparison website, has attributed a growth in revenue and profits to targeted investment in technology and marketing.
The company recorded group revenue of £91.7 million in the six months to June 2011, up 28 percent from £71.6 million in the same period last year. Meanwhile, its post-tax profit more than quadrupled from £2 million in the six months to June 2010 to £8.8 million this year.
“MoneySupermarket.com has had a great six months. We have seen strong trading momentum through the period and delivered double-digit growth in both revenue and profits, driven by our investment in our brand and technology,” said Peter Plumb, the company’s CEO.
During 2010, MoneySupermarket.com invested in improving the functionality and usability of its website, which helped to improve conversion and consequently revenue per visitor in the first half of 2011.
This year, the company focused on improving and simplifying the underlying technology architecture, which it plans to continue doing into 2012. It has so far this year invested £2.7 million in hardware and software.
“This work is designed to ensure in the longer term that the group will be able to more rapidly develop and deploy new products or services or make changes to its existing services more efficiently and to reduce the overall cost of the ownership of its websites,” MoneySupermarket.com said in its financial results.
One of the company’s technology investments is the £1 million acquisition of a 25 percent stake in HD Decisions Limited it made on 25 March 2011. HD supplies credit decision support technology that allows customers to better understand the probability of being approved for a credit product before making a formal application for credit.
The software is currently deployed to a portion of the MoneySupermarket.com credit card channel customers and will be rolled out later this year to its loan channels.
“This improves the user’s experience on the group’s websites by matching consumers with credit products that they are eligible for and increase the number of relevant applications for individual providers which improves conversion,” MoneySupermarket.com said.
Plumb was confident that the group’s markets will continue to grow, despite the uncertain economy.
“More and more consumers are going online to find the best deals and the unrivalled strength and breadth of our offer makes us well-placed to make the most of these opportunities,” he said.