Moneysupermarket.com Group

Website: Moneysupermarket.com Group
Index: FTSE 250
EPIC: MONY
Supersector: Media
Sector: Media
Subsector: Media Agencies
Market Cap: £925.52M
Payout Frequency: Semi-Annual

Moneysupermarket.com Group Dividend Analysis and Summary

Key Dividend Details

Final dividend per share: 9.30p (FY24: 9.20p)
Total FY25 dividend: 12.63p, up 1% year-on-year
Ex-dividend date: 26/03/2026 (derived from record date)
Record date: 27/03/2026
Payment date: 08/05/2026 (subject to AGM approval on 30/04/2026)
Dividend cover (earnings): ~1.42x on adjusted EPS (17.9p) and ~1.21x on basic EPS (15.3p)
Cash coverage: Operating cash flow £107.7m vs dividends paid £66.9m (~1.6x); OCF less capex (~£98.1m) covers dividends ~1.5x

Context and Supporting Financials

FY25 results: Revenue £446.3m (+2%), Adjusted EBITDA £145.1m (+2%), Adjusted EPS 17.9p (+5%); operating costs down 4%.
Balance sheet: Net cash £4.1m at year end; £125m RCF with £14m drawn at year-end and repaid after year end.
Shareholder returns: £30m buyback completed in 2025 (c.15m shares retired); new £25m buyback announced for 2026.
Capital allocation: Board has moderated dividend growth to 1% to “rebuild dividend cover” and retain investment flexibility; intends to return expected excess cash via buybacks.

Dividend Sustainability and Growth Outlook

Sustainability: The ordinary dividend remains covered by adjusted earnings (~1.42x) and by operating cash flow. Coverage is improving modestly (EPS +5% vs DPS +1%).
Cash generation: OCF of £107.7m (down 7% YoY) and low capex (£9.6m) support the payout; ongoing buybacks indicate confidence in cash generation, though they consume distribution capacity.
Growth trajectory: Management is deliberately slow-growing the dividend (1%) to rebuild cover. With FY26 Adjusted EBITDA expected in line with consensus (~£146m mid-point), a stable-to-modestly rising dividend looks achievable, but rapid DPS acceleration appears unlikely near term.
Operational support: Membership propositions (SuperSaveClub now >2.1m members, 16% of revenue) and AI-enabled initiatives should aid margins and reduce PPC dependence over time, helping sustain the payout.

Structural Changes and Capital Actions Relevant to Dividends

Travel deconsolidation: On 1 Dec 2025, MONY ceded control of Ice Travel Group (now an associate). This simplifies operations and removes a smaller, more volatile segment from consolidation; limited direct impact on dividend capacity expected.
Share buybacks: £30m completed in 2025 (reducing share count, supporting per-share metrics) and a further £25m in 2026 announced, funded by expected excess cash. This signals confidence but also prioritises balanced returns over faster DPS growth.
Policy stance: Explicit intent to rebuild dividend cover and maintain flexibility for investment and selective M&A suggests a continued conservative approach to DPS growth.

Risks and Flags to Dividend Stability

HMRC VAT dispute (PESM): Provision increased to £6.2m; timing/amount uncertain and process expected to continue through 2026. Potential for cash outflows if the outcome is adverse.
Market headwinds: Ongoing softness in car and home insurance (though easing late in the year) and weak retail backdrop impacting Cashback; elevated PPC cost inflation pressures gross margin.
Cash flow movement: OCF fell 7% YoY due to working capital mix (longer cash collection channels like energy and life). Close monitoring warranted if working capital remains a drag.
Execution dependency: Dividend support increasingly tied to scaling SSC/member economics and AI-driven efficiencies to offset marketing cost inflation and competitive intensity.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
10/04/2025	16/05/2025	Final	9.20p	GBX
31/07/2025	08/09/2025	Interim	3.30p	GBX
31/07/2025	13/10/2025	Special	0.0300p	GBX

Total (Annual Dividends Per Share): 12.53p

Dividend Yield = Annual Dividends Per Share (12.53p) ÷ Share Price (176.2p) = 7.11%

Ex Dividend Date	Payment Date	Type	Amount	Currency
26/03/2026	08/05/2026	Final	9.3000p	GBX
31/07/2025	13/10/2025	Special	0.0300p	GBX
31/07/2025	08/09/2025	Interim	3.30p	GBX
10/04/2025	16/05/2025	Final	9.20p	GBX
01/08/2024	09/09/2024	Interim	3.30p	GBX
28/03/2024	10/05/2024	Final	8.90p	GBX
03/08/2023	08/09/2023	Interim	3.20p	GBX
30/03/2023	11/05/2023	Final	8.61p	GBX
28/07/2022	02/09/2022	Interim	3.10p	GBX
31/03/2022	12/05/2022	Final	8.61p	GBX
29/07/2021	03/09/2021	Interim	3.10p	GBX
08/04/2021	20/05/2021	Final	8.61p	GBX
06/08/2020	11/09/2020	Interim	3.10p	GBX
02/04/2020	14/05/2020	Final	8.61p	GBX
01/08/2019	13/09/2019	Final	3.10p	GBX
01/08/2019	13/09/2019	Interim	3.10p	GBX
02/05/2019	21/05/2019	Special	7.46p	GBX
04/04/2019	16/05/2019	Final	8.10p	GBX
02/08/2018	14/09/2018	Interim	2.95p	GBX
05/04/2018	15/05/2018	Final	7.60p	GBX
03/08/2017	01/09/2017	Interim	2.84p	GBX
06/04/2017	12/05/2017	Final	7.10p	GBX
18/08/2016	16/09/2016	Interim	2.75p	GBX
31/03/2016	06/05/2016	Final	6.60p	GBX
13/08/2015	11/09/2015	Interim	2.55p	GBX
26/03/2015	08/05/2015	Final	5.69p	GBX
13/08/2014	12/09/2014	Interim	2.31p	GBX
19/03/2014	02/05/2014	Final	5.12p	GBX
14/08/2013	13/09/2013	Interim	2.16p	GBX
12/06/2013	26/07/2013	Special	12.92p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	3.300			GBX	3.300	-72.720
2023	3.200	8.900		GBX	12.100	3.330
2022	3.100	8.610		GBX	11.710	-42.370
2021	3.100	17.220		GBX	20.320	73.520
2020	3.100	8.610		GBX	11.710	-46.180
2019	3.100	11.200	7.460	GBX	21.760	106.250
2018	2.950	7.600		GBX	10.550	6.130
2017	2.840	7.100		GBX	9.940	261.450
2016	2.750			GBX	2.750	-69.940
2015	2.550	6.600		GBX	9.150	14.370
2014	2.310	5.690		GBX	8.000	-60.390
2013	2.160	5.120	12.920	GBX	20.200

Number of Shares:

Payment	Paid	Amount
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