MONY Group half-year results: growth holds firm as new products gather pace

MONY Group has delivered a solid first half, with record revenue, higher earnings and growth across its three largest continuing divisions.

The owner of MoneySuperMarket, MoneySavingExpert and Quidco also made notable strategic progress. SuperSaveClub passed 2.5 million members, Investments by MoneySuperMarket went live, and further launches are planned in insurance and business banking.

However, this was not an entirely clean set of numbers. Gross margin fell, operating cash flow weakened and net debt increased. Cashback also remained under pressure.

MONY Group's key half-year figures

Metric	H1 2026	H1 2025	Reported growth
Revenue	£227.1 million	£225.3 million	1%
Adjusted EBITDA	£75.5 million	£75.1 million	1%
Profit after tax	£46.1 million	£45.6 million	1%
Adjusted basic EPS	9.7p	9.3p	5%
Basic EPS	8.9p	8.6p	4%
Operating cash flow	£36.2 million	£43.7 million	-17%
Net debt	£31.8 million	£18.4 million	73%
Interim dividend per share	3.36p	3.33p	1%

Reported growth was affected by MONY moving to a minority position in Ice Travel Group in December 2025. Excluding Travel from the comparison, like-for-like revenue increased 6% and adjusted EBITDA rose 3%.

Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, with certain costs also excluded. It is useful for assessing underlying trading, but investors should still consider statutory profit and cash generation.

Insurance, Money and Home Services drove growth

Insurance remained MONY's largest division, generating revenue of £122.1 million, up 4%.

Car insurance conditions improved as premium declines eased. Average premiums were down 5% year on year, compared with a 9% decline in the second half of 2025. MONY said its AI-enabled Price Optimiser had helped more than 200,000 customers save an additional £25 on average.

Insurance's adjusted EBITDA contribution margin nevertheless fell from 56% to 47%. The group attributed this to sustained pay-per-click advertising inflation and growth in lower-margin business-to-business services.

Money revenue increased 9% to £57.6 million. Current accounts led banking growth, while loans benefited from more personalised marketing and pre-approval information.

Home Services was the standout performer, with revenue rising 30% to £28.2 million. Energy was the main driver, supported by MoneySavingExpert's reach, provider relationships and exclusive deals. The division's adjusted EBITDA contribution margin improved from 67% to 69%.

Cashback was the weak spot. Revenue fell 13% to £23.8 million as subdued retail spending, lower affiliate marketing budgets and disruption to package holidays weighed on activity. MONY said conditions were gradually improving, but recovery remained slow and uneven.

SuperSaveClub is becoming financially meaningful

SuperSaveClub now has more than 2.5 million members, having added over one million during the past year. It represents 19% of group revenue, up from 16% when MONY reported its 2025 full-year results.

The economics disclosed by MONY help explain why management is focused on membership growth.

Average revenue per SuperSaveClub member was approximately £35, compared with group revenue per active user of £21. Incremental margin for members was 77%, versus a group margin of 63%. Members also returned directly at almost twice the rate of non-members and bought a second product at more than double the rate.

Around one in five members are new to the group. That suggests the club is not merely moving existing customers into a membership programme. It is also widening MONY's customer funnel.

There remains room to expand, given MONY's total active user base of around 13 million. The strategic goal is to reduce reliance on paid advertising by encouraging customers to visit directly and use more than one service.

That matters when pay-per-click inflation is still running at around 8%, even after easing from more than 20% last year.

New products could diversify the business model

MONY is trying to move beyond one-off price comparison transactions and build recurring customer relationships.

Investments by MoneySuperMarket launched in July. Customers can invest from £1 through an initial selection of around 40 funds and exchange-traded funds, with no trading fees and a single annual platform fee. The financial contribution from the launch was not disclosed.

SuperSaveClub Insurance is an AI-enabled digital broker that will initially cover car insurance. Members will be able to compare, buy, manage and renew policies inside the MoneySuperMarket app. Monthly payments will be offered at no additional cost compared with paying annually.

MoneySuperMarket Business Banking is also due to launch in August, with a waitlist already open. It will combine a business current account with tax and accounting tools through a dedicated app.

These launches could add renewal, recurring and assets-under-management revenue. They may also increase engagement with the MoneySuperMarket app. The opportunity is clear, but so is the execution challenge. Several propositions are new or not yet launched, meaning their eventual scale, profitability and customer demand remain unproven.

Cost control helped protect earnings

Operating costs fell 7% on a reported basis and 2% like for like. Headcount was down 9% on a like-for-like basis, contributing to a 6% reduction in people costs.

MONY said around two-thirds of code changes are now AI-assisted and completed 30% faster than non-AI equivalents. Management is using automation to accelerate product development and offset inflation.

This discipline supported adjusted EBITDA growth despite gross profit falling 4% to £142.4 million. Gross margin declined from 66% to 63%, reflecting advertising cost inflation.

The margin decline is an important watchpoint. Revenue growth is encouraging, but its quality will depend on MONY converting that growth into stronger gross profit and cash flow.

Cash flow and debt require attention

Operating cash flow fell 17% to £36.2 million, mainly because of a £22.4 million working capital outflow. MONY linked this to seasonal cash movements, strong June trading, growth in areas with longer collection cycles and lower amounts owed to Quidco members.

Management expects cash conversion to improve in the second half, but that recovery has not happened yet.

Net debt stood at £31.8 million at 30 June, compared with net cash of £4.1 million at the end of 2025. During the half, MONY paid £48.5 million in dividends and spent £16.5 million buying back shares.

The group had drawn £48 million from its £125 million revolving credit facility, which runs until June 2028. MONY remained profitable, cash generative and compliant with its borrowing covenants.

There is also an unresolved VAT disagreement with HMRC. MONY recorded a £2.3 million provision and related costs during the half, with the process expected to continue through 2026 and into 2027. The eventual timing and amount remain uncertain.

Shareholder returns continue despite softer cash generation

The interim dividend increased 1% to 3.36p per share. It will be paid on 7 September 2026 to shareholders on the register at the close of business on 31 July.

MONY plans to return more than £90 million to shareholders during 2026 through dividends and its ongoing £25 million share buyback. Of that buyback, £16.5 million had been completed by the half-year end.

The board expects full-year adjusted EBITDA to fall within published consensus, which has a midpoint of £146 million. The precise outcome will depend on continued growth in Insurance, Money and Home Services, alongside improvement in Cashback and second-half cash conversion.

What investors should watch next

MONY's core business is growing, cost control remains effective and SuperSaveClub is becoming a significant part of the revenue mix. New products provide credible routes into recurring revenue and deeper customer relationships.

Against that, gross margin compression, weaker cash flow, higher net debt and the difficult Cashback market prevent the results from being an outright victory lap.

The next test is whether MONY can turn rapid product launches and membership growth into higher-quality earnings, while improving cash conversion and limiting its dependence on increasingly expensive customer acquisition channels.