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Interim Results

Sales rise at

20 July 2017 07:11

In the six months to 30 June, said group revenue was up 5%.


- Customer savings up 17% to £1.1 billion

- Adjusted operating profit up 3%

- Net cash £17.7m

- Interim dividend up 3%, continuing our progressive dividend policy

- £20m of £40m share buyback completed as at 30 June

Chief Executive Officer Mark Lewis said: "We've helped more people take control of their household bills than ever before, saving our customers £1.1bn in the first half of this year.

"Insurance switching grew an encouraging 18%. However, the energy market continues to evolve and the lack of blockbuster energy deals from providers meant we didn't collectively switch as many people as last year.

"Our focus now is on using our tech investment to find new ways to help our customers, particularly on mobiles, and improving our everyday energy switching."


With current trends in our Energy trading, we expect the full-year outlook for adjusted operating profit to be at the lower end of the consensus range. Group trading in the first few weeks of July was in line with the second quarter. The key drivers for the second quarter of 2017 were as follows:

- Strong Insurance performance continued with our marketing and pricing initiatives performing well in a buoyant market.

- Money: credit cards and loans continued to deliver good growth. Overall progress muted by lower demand for savings products and strong current account offerings this time last year.

- Slower trend in Home Services continued in the second quarter.

- recovery continued.

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