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Highlights

  • Mony Group reported a 4.5% YoY increase in H1FY24 revenue, reaching GBP 223.5 million
  • The group saw a 2% drop in Q3FY24 revenue, with weaker performance in Travel and Home Services
  • MONY’s board is confident in meeting market expectations, with ongoing strategic initiatives and a return to more normal insurance growth levels 

Mony Group PLC (LSE:MONY) is a UK-based company offering a tech-driven platform to help households save money. It is listed on the FTSE 250 index.

In the first half of the financial year 2024 (H1FY24), the group reported revenue of GBP 223.5 million, up 4.5% from GBP 213.8 million in H1FY23. It was driven by gains in Insurance, especially in car and home switching, and steady growth in Cashback. However, declines in home services and travel, along with flat performance in Money, partially offset these gains. Profit after tax reached GBP 44.1 million in 1HFY24, reflecting a 7.6% increase from GBP 41.0 million in the previous year. While profit margins saw growth, they were impacted by higher marketing costs in travel due to increased competition, as well as weak conversion in home services and money.

Recent Business Update

The group’s revenue for the third quarter of FY24 (Q3FY24) fell by 2% YoY, as gains in insurance and cashback were offset by difficulties in travel and home services. Insurance saw a 1% increase, supported by careful PPC spending, despite challenging comparisons. Money revenue dropped by 4% YoY, mainly due to weak current account switching. Home services experienced an 8% decline, driven by reduced broadband demand and fewer new handset releases. Travel revenue decreased by 15% YoY, impacted by lower car hire conversions. Cashback rose by 2% YoY, driven by continued member growth and strong performance in the insurance sector.

Company Outlook

MONY's board is optimistic that the group will meet market expectations for the year, backed by ongoing strategic advancements and growth initiatives. While insurance growth is projected to return to more typical levels after an outstanding 2023, no substantial revenue is expected from energy switching this year.

Top 10 Shareholders

MONY's top 10 shareholders account for approximately 51.08% of the total shares. The largest shareholder is Gruppo MutuiOnline SpA, holding around 8.01% of the shares, followed by Columbia Threadneedle Investments (UK) with a 5.06% stake, as shown in the chart below.

Stock Information

The stock price of MONY has declined by around 7.58% in the past three months. The stock’s 52-week range spans from a low of GBX 179.20 to GBX 262.40. As of 27 January 2025, the stock’s closing price was GBX 181.60 which is lower than the average of its 52-week range.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 27 January 2025. The reference data in this report has been partly sourced from EODHD/Others.