Mony Group shares fall as posts interim profit rise; notes headwinds
Mony Group PLC on Monday said it remained well-positioned to deliver sustainable profitable growth while noting headwinds in some of its end markets.
The Ewloe, Wales-based tech-led savings platform reported £59.8 million in pretax profit for the six months that ended June 30, up 2.9% from £58.1 million a year prior.
Revenue edged up 0.8% to £225.3 million from £223.5 million, while administrative expenses reduced by 6.9% to £67.9 million from £72.9 million.
Cost of sales increased 8.8% to £77.6 million from £71.3 million.
Mony declared an interim dividend of 3.3 pence per share, unchanged from a year prior.
‘We’ve started the year well, hitting strategic milestones and growing revenue and profits despite the challenges faced in some of our end markets,’ said Chief Executive Officer Peter Duffy.
‘Since February, we have welcomed over half a million new members to the SuperSaveClub, bringing total membership to just over 1.5 million - we see plenty of room for further growth. The investment we’ve made to date in our data and tech platform means we have a scalable and competitive springboard to unlock further AI and innovative product development opportunities.’
Mony is ‘confident’ in delivering adjusted earnings before interest, tax, depreciation and amortisation within the company-cited market consensus for £137 million to £150 million. This would be up 5.8% at best from £141.8 million a year earlier.
Adjusted Ebitda in the first half rose 1.5% to £75.1 million from £74.0 million.
Looking ahead, the company said: ‘Despite the headwinds faced in some of our end markets, we continue to leverage our strength in breadth and the agility of our platform to deliver resilient financial performance whilst maintaining strategic momentum.
We remain well-positioned to deliver sustainable, profitable growth. Our strategic focus on deepening customer engagement, broadening our product offerings, and disciplined execution gives us the platform to navigate whatever market conditions lie ahead. We’re confident in the opportunities for the second half and beyond.’
Mony shares fell 4.9% to 208.40 pence each on Monday morning in London.
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