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Helping households
save money
Annual Report and Accounts 2022
Moneysupermarket Group is a successful
business driven by a clear purpose of
helping households save money
It’s never been more important for
people to save money and we are at
the forefront of helping households
across the UK save a total of
£1.8bn on their costs.
Peter Duffy
Chief Executive Officer
» Read more on pages 10 and 11
What we do
The Group operates a tech-led savings platform
and leading UK brands including price comparison
sites, cashback and a consumer finance content
led brand.
Our purpose is to help households save money by
giving them access to free online tools that enable
them to compare and switch products. We operate
a marketplace business model, matching consumers
to providers in an efficient way for both sides.
Consumers can come to a single site, answer a
simple question set and let us do the work of
providing them with a wide choice of relevant
products. For providers it is a cost-effective and
flexible way to access millions of customers.
How we have made a difference this year
Lisa’s story
We strive to deliver to our
customers products and
services that we feel can
have a real benefit...
I find it to be incredibly meaningful knowing that the work I do can be
intrinsically connected to benefit us all, from our friends, to our family
and to all of us as customers.
» More details on page 28.
Kit’s story
Our work has felt
very rewarding...
With the onset of the cost of living crisis, MSE can play a very
important role as a trusted source of advice for consumers...
it has given the best possible advice to its users – particularly
those most affected by the cost of living crisis.
» More details on page 27.
Contents
Strategic Report
02 Highlights
04 At a Glance
06
08 Chair’s Statement
10
Investment Case
Chief Executive Officer’s
Review
12 Our Market and Trends
16 Business Model
18 Our Strategy
23
29
Strategy in Action
Section 172 of the
Companies Act 2006 –
Stakeholder Engagement
36 Sustainability
54 Financial Review
60
Viability Statement for
the 2022 Annual Report
62 Risk Management
Principal Risks
66
and Uncertainties
Governance
68
Chair’s Introduction
to Governance
70 Board of Directors
72
Corporate Governance
Statement
Employee Champion
Report
Nomination Committee
Report
83
85
89 Audit Committee Report
94
Risk and Sustainability
Committee Report
Remuneration
Committee Report
97
118 Directors’ Report
123 Statement of Directors’
Responsibilities in
respect of the Annual
Report and the
Financial Statements
172 Glossary
173 Shareholder Information
IBC 2023 Financial Calendar
Financial Statements
124 Independent Auditor’s
Report
132 Consolidated Statement
of Comprehensive
Income
133 Consolidated Statement
of Financial Position
134 Consolidated Statement
of Changes in Equity
135 Consolidated Statement
of Cash Flows
136 Changes in liabilities
from financing activities
137 Notes to the
Consolidated Financial
Statements
166 Company Balance Sheet
167 Company Statement
of Changes in Equity
168 Notes to the Company
Financial Statements
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
01
Strategic Report
Highlights
2022 overview
Consistent strategic execution and strong results.
Revenue by segment
Insurance
Travel
Money
£172.0m
2021: £158.7m
£14.9m
2021: £4.1m
£103.3m
2021: £75.2m
Cashback
Home Services
£57.6m
2021: £10.6m
£39.8m
2021: £68.1m
Operational highlights
• Revenue grew 22% (8% excluding Cashback) with strong
performance in Money and Travel channels, and despite closed
energy switching market
• Gross margin down c.3%pts, driven by expected impact
of Quidco consolidation
Continued progress on our transition to becoming a flexible,
tech-led savings platform:
• Data centralised on Google Cloud Platform, with Quidco
following in 2023, laying foundations for customer-facing
innovation
• Profit growth: adjusted EBITDA up 15% and profit after tax
• More efficient customer acquisition and retention capabilities
up 33%
with enhanced PPC bidding and marketing tools
• Strong cash conversion with operating cashflow of £104.4m
• CYTI, Ice Travel Group, Quidco acquisitions on track
in the year. Net debt to adjusted EBITDA fell to 0.3x (0.6x in 2021)
• Full-year dividend maintained at 11.71p
• Helped households save an estimated £1.8bn
• Commitment to reach Operational Net Zero by 2030; remained
‘Beyond Carbon Neutral’, offsetting 150% of our
carbon footprint
• Ranked first on the FTSE Women Leaders Review report;
Included in the Inclusive Companies Top 50 UK Employer List
02
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial highlights
Revenue (£m)
Profit before tax (£m)
Adjusted EBITDA1 (£m)
£387.6m
£85.2m
£115.5m
2022
2021
2020
2019
2018
387.6
316.7
344.9
388.4
355.6
2022
2021
2020
2019
2018
85.2
70.2
87.8
116.0
106.9
2022
2021
2020
2019
2018
115.5
100.5
107.8
141.5
129.4
Basic earnings per share (p)
Adjusted basic earnings per share1 (p)
Total dividend per share (p)
12.7p
14.4p
11.71p
2022
2021
2020
2019
2018
9.8
12.7
12.9
17.7
16.2
2022
2021
2020
2019
2018
14.4
11.9
13.1
18.2
17.4
2022
2021
2020
2019
2018
11.71
11.71
11.71
11.71
11.05
1
Use of alternative performance measures (‘APMs’) is detailed in the Financial Review on page 54 and APMs are defined in the Glossary on page 172.
Our key verticals in 2022
Insurance
Money
Home
Services
Travel
Cashback
Households are able to save money on a number of different insurance products including: car,
travel, life, home and pet. Following the introduction of the FCA General Insurance Pricing
regulation in January 2022, market switching volumes for car and home saw double-digit declines in
H1, although this improved to single-digit declines in H2. Car and home premium inflation gained
momentum through the year. Travel insurance grew strongly as the market continued to recover
after the lifting of pandemic-related restrictions.
Users of MoneySuperMarket and MoneySavingExpert are able to compare a wide range of credit
cards, loans, savings, current accounts and mortgage products. The sites also provide users with
access to their credit scores and provide information on topics such as mortgage affordability, the
different types of lending and household budgeting. Money performed well in 2022. Banking
benefited from the consistent availability of attractive promotional products, especially savings
accounts. In borrowing there was strong demand and conversion for most of the year but
conversion weakened in the final quarter, particularly in loans, as providers repriced their products.
Adjusted
EBITDA
contribution
Revenue
£172.0m
2021: £158.7m
£98.3m
2021: £94.7m
£103.3m
2021: £75.2m
£72.3m
2021: £50.8m
Customers are able to save money on a broad range of products including broadband, energy,
landline and mobile phones. As well as comparing on MoneySuperMarket and MoneySavingExpert,
our switching services for energy, broadband and mobile are available on external brands via
Decision Tech. Home Services revenue was impacted by the closure of the energy market for the
whole year. Home comms revenue returned to growth in H2 as we annualised the loss of a large B2B
contract in July 2021. Particularly attractive Black Friday offers drove exceptional growth in mobile.
£39.8m
2021: £68.1m
£25.2m
2021: £33.2m
TravelSupermarket and icelolly.com help people to save money on their holiday. TravelSupermarket
merged with icelolly.com in 2021. Both brands offer holiday comparison and deals and allow
customers to compare millions of holidays from the UK’s leading travel companies and access
attractive deals. Performance in 2022 was strong capitalising on the return of travel after pandemic
restrictions were lifted.
£14.9m
2021: £4.1m
£4.9m
2021: £(0.9)m
Quidco is one of the UK’s leading cashback services and helps users earn cashback on their online
spending with thousands of brands. Quidco was acquired and added to the Group in November 2021,
hence the prior year only represents two months‘ contribution. During the year the resurgence in travel
offset declines in the retail and services segments. Retail moderated as the high online penetration
experienced during the pandemic softened, with consumers returning to physical stores. Services was
affected by the closure of the energy market and lower switching volumes in car and home insurance.
£57.6m
2021: £10.6m
£9.5m
2021: £1.8m
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
03
Strategic Report At a Glance
Delivered through
our leading brands
Who we are
Moneysupermarket
Group is a successful
business driven
by a clear purpose of
helping households
save money.
What we do
The Group operates a tech-led savings
platform and leading UK brands including
price comparison sites, cashback and a
consumer finance content led brand. We
cover a broad range of verticals including
lnsurance, Money, Home Services and
Travel amongst others. Our purpose is to
help households save money on bills by
giving them access to free online tools that
enable them to switch and buy products.
We operate a marketplace business model,
matching consumers to providers in an
efficient way for both sides. Consumers
can come to a single site, answer a simple
question set and let us do the work of
providing them with a wide choice of deals
to compare and switch to. For providers,
it is a cost-efficient and flexible way to
access millions of customers.
“ The MoneySuperSeven.
“ Cutting your costs,
More ways to save
more money”
MoneySuperMarket is a leading UK
price comparison site which provides
personalised, painless and free online
and app-based tools to help people save
money on their household bills.
MoneySuperMarket covers a range of
verticals including Insurance, Money and
Home Services. Consumers can come to
a single site, answer a single question set
and get a wide choice of relevant
products to choose from.
fighting your corner”
MoneySavingExpert is one of the UK’s
biggest consumer finance websites and
is dedicated to cutting users’ costs and
fighting their corner with journalistic
research, cutting edge tools and a
massive community all focused on
finding deals, saving costs and
campaigning for financial justice.
More than 8.9 million people have signed
up to receive its weekly email which has
deals and money-saving advice.
MoneySavingExpert.com topped the
YouGov Recommended rankings in
2022 – making it the UK brand most
recommended by its users.
“One of the UK’s leading
cashback sites”
Quidco helps users earn cashback on
their online spending with nearly 5,000
popular brands.
Quidco offers cashback with many
household brand names across
categories including Travel, Clothing,
Home & DIY and Health & Beauty.
Quidco also provides a compare service
helping users save on their car, home
and other insurance needs.
04
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our brands help households to save money,
which is more important than ever before.
Peter Duffy
Chief Executive Officer
» Read more from Peter on pages 10 and 11.
Estimated customer savings across
the Moneysupermarket Group
Revenue per active user (MSM)
£1.8bn
£16.40
S
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“Looking for a great
travel deal?”
TravelSupermarket helps people save on
their holidays. Its goal is to help users
filter through a big range of travel deals
and find the one that suits them more
easily.
It compares prices on a broad range of
holiday options including thousands of
individual package holidays and hotels,
low-cost and charter airlines, and car
hire providers.
“Compare millions of
cheap holidays”
icelolly.com is a holiday comparison
and deals site that allows customers
to compare holidays from the UK’s
leading travel companies and access
attractive deals.
It helps users compare deals on package
holidays from a wide range of holiday
providers. There were more than 8
million visitors in 2022 and more than 1
million people are subscribed to icelolly’s
email list to receive the best deals
straight into their inbox.
“Creating the best possible
comparison experiences
for businesses and users”
Decision Tech is a UK price comparison
platform. It creates digital experiences
that connect users with the right products
and services when they need them.
DecisionTech B2B solution offers
industry-leading comparison technology
for third party brands enabling them to
provide a first class user experience,
whilst maximising monetisation.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
05
Investment Case
Why invest in
Moneysupermarket Group?
Moneysupermarket Group is a successful digital marketplace business, driven
by a clear purpose of helping households save money. Our leading brands play
a vital role for consumers and providers and are underpinned by a tech-led
savings platform. The business model is highly profitable and asset-light.
Leading and trusted brands
We have a Group net promoter score
of 72. Both MoneySuperMarket and
MoneySavingExpert are well trusted by
consumers and enjoy high NPS scores.
Data-driven marketplace providing
value to consumers and providers
We offer users the tools, services and
products to save money as they switch and
spend, with millions of users making savings
with Group brands in 2022. Our success-based
fee revenue model gives our providers and
merchants a cost-efficient way to access
millions of users. We use data provided by
our users to send reminders and to offer
them the most competitive quotes for
their circumstances.
Growth from core and new markets
Prior to COVID-19, we forecast our core
markets (car, home, life and travel insurance,
credit cards and loans, and energy) to grow
at mid-single digit rates on average, and we
expect those markets to resume similar
growth once recovered. The Group has the
opportunity to gain market share through
efficient acquisition, better retention and
cross-sell, and by expanding our offer into
adjacent markets.
06
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Efficient capital allocation
and strongly cash generative
Our financial model is highly profitable,
strongly cash generative and capital light.
In 2021 we delivered £104.4m operating
cash flow and paid a dividend of £62.8m.
Purpose-driven organisation
driving benefits to society
Our purpose is to help households save
money and all our brands enable users to
make significant savings on their household
bills and purchases. MoneySavingExpert is a
consumer champion that provides valuable
advice to millions of UK users every year.
We are a constituent of the FTSE4Good Index,
and are accredited as “Beyond
Carbon Neutral”.
The Group has been included in the Inclusive
Companies Top 50 UK companies ranking.
Strong differentiated model
Our business fundamentals remain strong and
differentiated. In addition to leading brands,
we combine high margins and strong cash
flows with an asset-light approach. We benefit
from an efficient mix of marketing, publishing
and B2B business models to attract a variety
of users. Our proprietary comparison
technologies provide flexibility as well
as a high barrier to competitive entry.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
07
Strategic Report Chair’s Statement
Delivering with purpose
in tough times
We have regularly considered and
monitored the real and potential
risks, and impacts of macroeconomic
disruption to our end markets along
with mitigating actions.
We have carefully considered the
impact of inflation, recession and
future end market volatility, as well
as regulatory change and data
security breach scenarios upon the
Group’s business, financial position
and liquidity.
We do not consider there to be a
threat to the Group’s long-term
financial resilience.
Our Group purpose of helping
households save money
remains as relevant as ever.
Spiralling energy prices, the cost of living
crisis and an uncertain economic outlook
have only heightened the financial strain
and uncertainty faced by UK consumers.
I am pleased to report that the Group has
once more helped out, saving households
an estimated £1.8bn in 2022.
The year again saw challenging conditions
in some of our main markets, with
wholesale energy prices preventing
providers from offering competitive
tariffs that consumers could switch to and
significant regulatory reform from our
general insurance providers. The diversity
of our product offering once again proved
a major strength in the face of such
disruption. Our Money vertical performed
robustly, and as COVID-19 travel
restrictions eased, our sales in travel-
related channels started to recover. Our
brands are again rising to the challenge,
providing useful advice and savings tips to
millions of people; MoneySavingExpert
has become the foremost authority in the
energy crisis, campaigning to protect the
most vulnerable and helping users make
difficult decisions around their household
bills. As ever, MoneySuperMarket helped
millions more find the best insurance
policies and financial products to suit
their needs.
We also continued to deliver well against
our strategy, finalising the rollout of our
modernised marketing tech stack, further
simplifying our Group tech platform and
connecting all brands to the new data
platform. After significant inorganic
activity in 2021, we successfully integrated
the new businesses and made significant
progress in realising the benefits of these
acquisitions. Quidco has made a strong
initial contribution in 2022 and Ice Travel
Group has already proven its value in
diversifying the Group within the travel
sector. We remain confident that both
will be engines for future growth.
The breadth and diversity of our
product range continue to underpin the
performance of the Group. Even after a
succession of shocks, including COVID-19
and unprecedented wholesale energy
prices, the diversified nature of our Group
and our cash-generative financial model
has allowed us to maintain the dividend.
The flexibility and hard work of our
colleagues and the leadership of the
Executive Team have again generated
substantial value for users
and stakeholders.
The Board has received regular
updates from the Executive
Team on our operations, how
we are supporting employees
and the community, and the
risks faced by our business.
2022 was a year of good strategic progress
and strong results. We remain confident
in our strategy and the growth prospects
of the business, supported by our inclusive
and innovative culture.
Robin Freestone
Chair
08
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our role in society
Our Group strategy is underpinned by a
culture that encourages our people to
consider the impact we have individually and
as a company on stakeholders. That includes
our focus on employee welfare and mental
wellbeing at work, donating our time and
efforts to raise funds for The Prince’s Trust,
and reducing our carbon footprint in an
effort to ensure a sustainable future for
all. Board members ensure that they are
regularly spending time talking directly to
employees, in order to ensure they remain
connected to our people. Sarah Warby,
our Non-Executive Director and Employee
Champion, regularly updates the Board
on key topics raised by employees. We
appointed Rakesh Sharma as our Employee
Champion on 17 January 2023 and on the
same date Sarah Warby was appointed our
Consumer Champion to give us further
insight into our customer experience.
Our Board believes that active management
of environmental, social and governance
matters plays a key role in supporting the
Group’s strategy and long-term
performance and the sustainability of the
business. This is why I am delighted to
report that the Group remained Beyond
Carbon Neutral in 2022 and committed to
become Operational Net Zero by 2030.
Whilst the impact of climate change has
limited direct effects on our business model
and strategy in the short to medium term,
the Board recognises that climate change
may present potential risks and opportunities
to our business in the longer term. Further
information on this, and our stakeholder
engagement more generally, can be found
on pages 29 to 53.
The Board
Succession planning has continued to
be an area of focus for the Board in 2022.
As part of this process, the Nomination
Committee has reviewed the composition
and tenure of the Board. For further
information on our Board changes please
see page 70.
Diversity continues to be a focus in our
succession planning. Our Board collectively
possesses a broad range of experience,
skills and knowledge from various
backgrounds which support the strategic
and operational direction of the Group.
I am proud that our Board currently
consists of a majority of female members,
which exceeds that recommended by the
Hampton-Alexander Review.
Read more in the Sustainability
Report on pages 36 to 54
Revenue (£m)
£387.6m
Profit before tax
£85.2m
Adjusted EBITDA (£m)
£115.5m
Total dividend per share
11.71p
2022 performance
Our business model again proved resilient,
despite market headwinds, reinforcing
our confidence for the future. While some
of our end markets recovered as travel
returned gradually and there was
strong demand for financial products,
unprecedented wholesale energy prices
meant the energy switching market
remained closed. In Insurance, new
regulatory requirements suppressed
switching during the first half of the year,
but their influence lessened as the year
went on and the market adapted.
Notwithstanding these impacts the Group
delivered an estimated £1.8bn (2021: £1.6bn)
in consumer savings in 2022. Group
revenue increased by 22% from £316.7m
to £387.6m, adjusted EBITDA increased by
15% from £100.5m to £115.5m and profit
before tax increased by 21% to £85.2m. We
generated good cash flow, with operating
cash flow of £104.4m, and paid out ordinary
dividends of £62.8m to shareholders.
Read more about our Strategy
on pages 18 to 22
Innovating our business
Rollout of our new tech-enabled savings
platform continued at pace in 2022. At the
same time, we continued to develop new
consumer propositions. We launched a
MoneySavingExpert app that will make
its valuable content more accessible and
personal at a time when it is needed the
most. We launched a new proposition from
MoneySuperMarket that guarantees the
cheapest car and home insurance for
customers: this is a clearly differentiating
promise in the Price Comparison website
market. We made significant progress
upgrading, integrating and unlocking
synergies in the businesses the Group
acquired in 2021. We launched a new
advertising campaign featuring Dame
Judi Dench, leading the MoneySuperSeven,
which resonated well with UK consumers,
emphasising both our purpose and the
breadth of the MoneySuperMarket offer.
Further detail on how innovation supports
our strategy can be found in the CEO’s
Review on pages 10 and 11 and Our
Strategy on pages 18 to 22.
Capital allocation
Our strong and reliable level of cash
generation and robust balance sheet was a
factor in the Board’s decision to recommend
a final dividend of 8.61p per share
(2021: 8.61p). Following the acquisition of
Quidco, the Group finished 2021 with net
debt of £59.6m. The strong cash generation
of our model allowed us to finish 2022 with
net debt of £37.2m, a very manageable 0.3x
adjusted EBITDA. We remain confident of the
future prospects of the Group and recognise
the importance placed on the dividend by our
shareholders. If approved by shareholders at
the forthcoming Annual General Meeting, the
final dividend will bring the total dividend for
the year to 11.71p (2021: 11.71p) per ordinary
share. The final dividend will be paid on
11 May 2023 to all shareholders on the
register on 31 March 2023.
The Board will continue to keep under
review the scope for resumed dividend
growth and thereafter, when we have
significant surplus capital and there are no
material short-term organic or acquisitive
growth opportunities available, we will again
consider returning these surplus funds to
shareholders through a “special distribution”,
in accordance with our capital allocation policy.
Looking ahead
As we progress into 2023, we will continue
to execute effectively against our strategy
and our growth plans, creating innovative
propositions underpinned by advanced
data capabilities and an inclusive, open
culture. With UK households facing cost of
living pressures we are well placed to grow
our business and deliver on our purpose
of helping households save money.
Robin Freestone
Chair
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
09
Strategic Report Chief Executive Officer’s Review
Expanding the capabilities
of our platform
We made good progress with
our strategy, extending the
capabilities of our tech-led
savings platform. Our trading
performance shows the
strength of our business model
and diversified Group.
We have now centralised our data and
made it available to colleagues across the
Group in real time. We have also adopted
best-in-class marketing technology and
more of our brands and comparison
channels are powered by flexible and
re-deployable services. This means we
can attract visitors to our websites more
efficiently and simplify our operations.
We have introduced innovations to help
people save more money and to support
our providers, whose products and
services are available on our sites, more
effectively. We see significant opportunity
ahead for our Group.
The Group platform supports strong
brands. MoneySuperMarket’s latest
advertising campaign underscores its
purpose to help people save money and is
resonating with consumers.
MoneySavingExpert remains the most
recommended source for people coping
with financial pressure in these uncertain
times. And we have exciting plans for
Quidco and our Travel business after our
acquisitions in 2021.
Revenue per active user (MSM)
£16.40
The business has delivered strong results
even though some of our end-markets
were suffering challenges, in particular
energy and car and home insurance. The
energy switching market was closed for
the whole year and new general insurance
regulation meant subdued switching in
car and home, particularly in the first half.
The return of travel after pandemic
restrictions were lifted and very strong
demand for Money products offset this.
And with the results of our strategy
starting to come through we have grown
both revenue and profit for the first time
since 2019. With new capabilities and our
platform becoming more mature, we
are better placed than ever to grow
our business.
Adjusted EBITDA and profit before tax
grew 15% and 21% respectively, driven
mainly by strong performance
in Money and Travel as well
as the first full year of
Quidco ownership. Gross
margin was down circa
three percentage points,
which was expected
given the consolidation
of Quidco with its lower
gross margins than the
rest of the Group.
We operate market-leading brands,
supported by a scalable, tech-led savings
platform. In 2022 we generated strong
results despite headwinds in several
of our markets.
Peter Duffy
Chief Executive Officer
10
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our platform
At the heart of the Group is our technology
and data platform. The breadth of comparison
services we offer has always been a major
strength. But historically our brands operated
on distinct technology stacks. Over the last
two years we have been redeveloping our
technology so we build things once, at Group
level. That means a single, common platform
underpinning our brands apart from Ice
Travel Group (ITG). Working this way not
only increases the pace of innovation while
retaining our ability to apply different user
experiences for specific comparison areas,
but also simplifies platform updates. Using
car insurance comparison as an example, we
have now launched the MoneySavingExpert
Compare+ car insurance tool in May; put it
onto the Quidco site and then opened it up
for business-to-business (B2B) partners – with
two new partners going live in the last month.
The build once at Group level approach
requires less resource for maintenance and
development. By the end of 2022 several of
our large channels had transitioned to the
new approach.
Data is the lifeblood of our business. In 2022
we consolidated our data onto Google Cloud
Platform (GCP). Quidco will follow. This provides
us with a market leading infrastructure, greatly
enhancing our ability to store and use data. We
now have a complete view of users which
allows us to improve their experience on our
sites, make our marketing more relevant and to
deliver more value for our providers. This
change has also improved the capture of new
data, which helps us understand what users
need. The time needed to add new data has
reduced from weeks to seconds. Different
parts of the Group now use the same data,
presented in broadly the same way, which
means better decisions, made faster.
With more agility and better data, we have
started to innovate and offer new ways for
users to save more and offer improved
support for providers. In 2022 we started
simplifying the user experience for our
returning customers. Traditionally price
comparison focused on getting the information
required for the specific product being
compared. We have pivoted this so the focus is
now on our users, by building a user profile
that becomes more populated as they enquire
across more channels. For users that means an
easier journey on the site. For example,
customers wanting to borrow often like to
compare a loan with a credit card. Until now,
they would have to go through the full question
set for each product. Soon, 12 of the 16
questions of their second enquiry would be
completed for them. For providers we have
created new products from our real-time data
to help them tailor their quotes more keenly,
which helps them offer better savings and
attract new customers.
In 2023 we will continue to migrate the rest of
our business onto the Group platform and will
use this as the foundation to add innovative
ways for users to save, and support providers
with their customer acquisition strategies.
Our brands
We enjoy leading positions in growing markets
where there is significant room to grow.
Our brands are firmly trusted by customers.
Our price comparison brand,
MoneySuperMarket (‘MSM’), had 11.1m active
users in 2022. We have repositioned the brand
focusing it more clearly around “saving” and
supercharged the latest campaign by including
Dame Judi Dench and the mission to save
Britain £1bn. Since launch in May, this
campaign has been very successful, ranking
in the top quarter of all UK advertising; and
MSM’s share of branded search has increased
to its highest level since 2018.
We have also improved MSM’s ability to attract
traffic efficiently and engage with users. In
2022 we deployed leading digital marketing
tools and integrated them with our centralised
data infrastructure. This has meant better
content creation and more effective bidding for
paid search traffic. MSM now ranks in the top
2 organic search results for most of our
channels. Our new customer relationship
management (CRM) tool improves how MSM
reaches customers and we can now contact
users with more relevant and timely offers.
MoneySavingExpert (‘MSE’), our content-led
brand, is greatly trusted and provides valuable
tips and tools to millions of users. MSE has
been at the forefront of supporting UK
consumers through the energy and cost of
living crisis, and it is an authority in personal
finance. YouGov again rated MSE the most
recommended brand in the UK. During the
year we have trialled a new MSE app that
makes content more accessible. The app uses
Open Banking technology to identify
personalised opportunities to save and has
garnered positive feedback with a 4.8 out 5
app store rating (both Apple and Android).
It is the start of a suite of more personalised
experiences that will help users be in control
of their finances.
In 2021 we bought Quidco, the UK’s second
largest cashback brand. Last year we made
good progress integrating it into the Group. It
now operates on the Group’s HR and finance
systems. We closed the London office with
colleagues moving into the main Group office
on Dean Street. We have brought Quidco’s
website and app data into the Group’s Google
Cloud Platform and are migrating CRM
operations to leading customer engagement
platform Braze. Group technology is now
powering Quidco compare journeys for Home
Services, Travel and pet and car insurance.
Ice Travel Group (‘ITG’), the combination of
TravelSupermarket (‘TSM’) and icelolly.com,
has seen the benefits of bringing the two
businesses together. TSM is using the icelolly.
com proprietary bidding technology that allows
providers to bid for more prominent placings
on the website. TSM travel insurance and car
hire panel are now on icelolly.com. Thanks to
this improved offer and the combined reach
of the two brands ITG has capitalised on the
post-pandemic recovery in Travel.
People and culture
In the cost-of-living crisis our purpose is more
relevant than ever and the passion and
commitment of our employees to saving
households money is an inspiration.
Reinforcing our inclusive culture is a priority for
me. Colleagues are championing that in our
Employee Resource Groups. I thank them, as
well as employees throughout the business, for
continuing to help move our culture forward
and to deliver to our purpose.
We are committed to embracing and
promoting diversity, inclusion and equal
opportunities. The Group was ranked first on
the most recent FTSE Women Leaders Review
report for its 62.5% female representation. In
2022 we also were recognised on the Inclusive
Companies Top 50 UK Employer List. Over 20%
of our hires in 2022 described themselves as
coming from a multi-ethnic background.
Social impact
Helping households save money and
supporting our wider community is at the
heart of what we do. In 2022, we undertook
a review of our Net Zero targets to ensure
that we remained aligned with the 1.5⁰C
decarbonisation pathway, and that our targets
are sufficiently ambitious. As a result, we have
taken the decision to increase the targets we
set in 2021 to ensure that we are doing all we
can to reduce our emissions. In the meantime,
we continue to be ‘Beyond Carbon Neutral’,
offsetting 150% of our carbon emissions.
In the meantime, we continue to disclose
our environmental impact via the Carbon
Disclosure Project and have retained our
C score for 2022.
The Group donated £100,000 to the Prince’s
Trust, our charity partner, including the
proceeds from colleague fundraising activities.
Through our partnership with the Prince’s Trust
and the MSE charity we aim to deepen our
impact and support those most in need. MSE
donated £100,000 to the MSE Charity, which
provides grants of up to £7,500 to UK
not-for-profit groups that provide education,
information and support to help people
manage their money better
Outlook
In the last two and half years, we have built a
scalable, tech-led savings platform with our
purpose to help households save money at its
core. That gives us a strong foundation for an
efficient Group with market leading brands and
propositions. This foundation sets us up for
the next phase of our strategy - delivering
innovative products for providers and new
ways for customers to help them save more
money, making them more loyal and valuable.
Peter Duffy
Chief Executive Officer
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
11
Strategic Report Our Market and Trends
Trends in our
chosen markets
Price Comparison (overall market)
Regulatory focus
Link to strategy
Brands affected
Trend
Impact
Opportunities
Greater focus from governmental
and regulatory bodies on
empowering customers.
Regulation will become an
increasingly important feature
of the price comparison sector.
Regulation empowering customers to save money is fully
aligned with our purpose of helping households save money.
Such regulation can generate additional demand, as we saw
when the energy price cap was introduced, and also facilitate
the switching process, for example with faster energy switching
or by changing insurance auto-renewal protocols.
Comparison beyond price
Brands affected
Trend
Impact
Opportunities
Providing greater and better
information to users beyond
just price.
Simultaneous comparison
across multiple factors can be
challenging to present clearly
to the user.
Today price comparison focuses heavily on price. The cheapest
policy is not always the right one though, and price comparison
sites can improve the additional information they provide to
help users assess value. We incorporate independent quality
scores to our results like defaqto in insurance products. This
allows customers to include in their decisions factors including,
but not limited to price.
Advisory propositions
Brands affected
Trend
Impact
Opportunities
Propositions that recommend
products or even execute the
switch for the consumer have
started to emerge.
“Do it for me” propositions
could disrupt the status quo
and rapidly gain scale.
Advisory propositions are generally more heavily regulated
than our current model, but they also represent a potential
long-term evolution of the price comparison model to one
that is more automated, with higher frequency of switching.
Economic downturn
Brands affected
Trend
Impact
Opportunities
Rising inflation and interest
rates have put the UK and
other major economies at
risk of entering a recession.
Households could cut back
on spending.
Our purpose to save households money becomes even more
relevant in a tough economic environment. Our broad range
of comparison services could see increased demand.
12
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our brands
Strategic priority
MoneySuperMarket
MoneySavingExpert
Efficient acquisition
Quidco
TravelSupermarket
Decision Tech
Icelolly.com
Retain and grow
Expand our offer
Insurance
FCA pricing regulations
Link to strategy
Brands affected
Trend
Impact
Opportunities
In January 2022 the FCA
introduced regulations to stop
‘price walking’ by insurers in car
and home insurance. This was
part of a package of measures
expected to ensure that
insurance products offer
fair value to consumers.
Insurance premiums
New business pricing became
less attractive compared to
renewal pricing which led to
higher customer retention
levels and lower market
switching volumes in 2022.
The first year of the regulation has been one of transition.
Switching volumes were significantly down in the first half
of the year as insurers focused on compliance. Competition
for new customers returned and decline in the second half
of the year was lower and improving.
Brands affected
Trend
Impact
Opportunities
In 2022 premiums entered an
inflationary cycle for the first
time since 2019 as insurers
reflected the higher cost
of parts and repairs into
their pricing.
Travel insurance
Premium inflation
generally stimulates
more enquiry volumes.
An inflationary environment should drive higher enquiries
across the market. By making our journeys as smooth
and efficient as possible, we can capitalise on this
increased demand.
Brands affected
Trend
Impact
Opportunities
The overall demand for travel
and therefore the demand for
travel insurance are recovering
as pandemic-related travel
restrictions ease. However, the
risk of an economic downturn
could put pressure on
consumer spending.
We have seen a recovery in the
travel market as restrictions
have eased and consumer
confidence returns. A recession
could result in a reduction in
demand for discretionary
services like travel.
In difficult economic times our broad provider panel means we
are well placed to help travellers save money finding the most
suitable policy.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
13
Strategic Report
Our Market and Trends continued
Money
Interest rate rises
Link to strategy
Brands affected
Trend
Impact
Opportunities
Interest rates in major
economies are starting to rise
after years of historic lows.
Higher interest rates make
credit more costly.
Rising interest rates make credit cards and loans more expensive
which could soften demand. In addition, we may see heightened
demand for balance transfer or zero-interest credit cards as
debt becomes more costly.
Home Services
Energy wholesale pricing
Link to strategy
Brands affected
Trend
Impact
Opportunities
As was the case from late 2021,
energy wholesale prices
remained high and volatile in
2022 reflecting both demand
and supply issues.
These conditions, along with
Government interventions like
the introduction of the Energy
Price Guarantee, meant there
were no switching products
available on our sites.
There was no switching in
the market and therefore
no switching revenue.
We expect the energy switching market to remain closed in
2023; however, when wholesale prices stabilise, and depending
on the level of the price cap, we may see a significant opportunity
for switching. Our broad panel and simple energy journeys
mean we are well set to benefit from this.
In addition, MSE editorial is uniquely positioned to guide consumers
as the market reopens, and on the best deals in the market.
14
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Cashback
Online spending demand
Link to strategy
Brands affected
Trend
Impact
Opportunities
The pandemic accelerated
the secular growth of online
purchasing. However, the
reopening of the high street
and the weaker consumer
spending outlook could
moderate these trends.
UK online spending has
returned to trends
seen pre-pandemic.
Cashback presents a way for consumers to save money on
everyday purchases amid the rising cost of living. The greater
penetration of online retail brings the potential for wider, more
frequent engagement with cashback sites such as Quidco.
Travel
Package holiday growth
Link to strategy
Brands affected
Trend
Impact
Opportunities
Consumer demand for package
holidays improved as COVID-19
restrictions relaxed; however,
economic uncertainty could
weaken travel demand.
As the largest discretionary
spend area for many households,
demand for travel may soften
under macroeconomic pressures.
However, almost two years of
travel disruption created by the
pandemic could make demand
more resilient compared to
previous economic downturns.
Ice Travel Group continues to focus on building leading comparison
services to help consumers find the best deal for their holiday
which is especially more relevant during tough economic times.
Our brands
Our strategy
MoneySuperMarket
MoneySavingExpert
Quidco
TravelSupermarket
Decision Tech
Icelolly.com
Efficient
acquisition
Retain &
grow
Expand our
offer
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
15
Strategic Report
Business Model
Helping households
save money
Our key strengths
and resources
Technology
Our offer is underpinned by our scalable
and flexible technology solutions that
are increasingly able to support multiple
in-house and external brands from
a common platform.
Data
Our strong analytical capabilities and
upgraded infrastructure allow us to
personalise the customer experience,
generate real-time performance
information, and provide relevant,
useful data to providers.
Relationships
Our strong relationships with our providers
allow us to offer exclusive and market-
leading deals.
» Read more about how we engage
with our providers on pages 32 and 33.
People
Our talented people ensure we provide
customers with the best experience.
» Read more about how we support
our employees on pages 44 to 47.
Leading brands
We operate well-known brands which
are trusted by our customers.
» Read about our brands on pages 04 and 05.
Marketing platforms
We have leading marketing platforms
integrated with our centralised data.
» Read more about the effectiveness
of our marketing on pages 23 to 26.
16
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our value cycle
We provide products and services to help
users make meaningful savings across their
household finances. At the same time we
help providers to acquire new customers
in an efficient and cost effective way.
1 Our brand strength and marketing attract users
and providers to our well- established platform
2
Efficient switching journeys help users easily switch and save
3
Providers pay us when products are purchased
4 We remind users when it is time to re- switch; we use data
to prioritise and market further switching opportunities
5 We generate insights from users and providers to optimise
our propositions and identify growth opportunities
6
We expand into new markets and additional services
Underpinned by our responsible approach
» Read more on pages 36 to 47
Risk management framework
The Group operates in a complex business
environment and there are risks to the
delivery of our strategic goals and the
sustainability of our business model. We
have identified the principal risks through
our risk management framework, and we
have considered them as part of our
viability assessment. Our risk management
framework also provides the tools to
manage and continually review our risks.
It seeks to drive accountability across the
Group and create the insight required for
the Board to monitor our risks. Our risk
management framework also allows
management and the Board to adapt the
strategy to ensure that we are not taking
unnecessary risks and that the underlying
risks in the strategy are being
appropriately mitigated.
Transition to a tech-led
savings platform
B r a n d - a g n o s tic MSMG platform
H ome Services
c o m p arison services
d if erentiated bran
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e l l i n g ,
o m p
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ack solutio n s
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+ Our B2B Partners
Data infrastru c t u r e
& analytic s
1 SEM – Search Engine Marketing.
2 SEO – Search Engine Optimisation.
3 CRM – Customer Relationship Management.
Underpinned by our responsible approach
» Read more on pages 36 to 47
• Minimising our environmental impact
• Our social responsibility
• Robust governance and ethics
I
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s
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r
a
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M oney co
How we share value
with our stakeholders
Our customers
Savings through readily accessible,
personalised information
In 2022 our customers are
estimated to have saved
£1.8bn(2021: £1.6bn)
Our providers
Cost-effective customer acquisition via
access to millions of informed customers
Number of providers and merchants
5,000+(2021: 4,500+)
Our people
An inclusive place to work where
employees feel that they belong
Employee diversity and inclusion score
77% (2021: 71%)
Our communities
Positive impact through work experience,
charitable donations and volunteering
Donated to charitable causes in 2022
£0.2m
(2021: £0.2m)
Our shareholders
Full year dividend maintained
Cash return to shareholders in 2022
£62.8m
(2021: 62.8m)
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
17
Strategic Report
Our Strategy
Helping households
save money
Helping households save money
1.
Efficient acquisition
• Best-in-class digital efficiency
• Effective marketing
• Seamless, shorter journeys
2.
Retain and grow
• Engaged relationships – helpful
prompts and reminders
• Targeted, relevant cross-sell
3.
Expand our offer
• Further channels
• Wider audiences
• More products on more brands
Advanced data capabilities • Common technology • Scalable platforms
Underpinned by
1. Efficient acquisition
We continually optimise our paid search (‘PPC’),
search engine optimisation (‘SEO’) and brand
marketing in order to attract consumers to our
sites in the most cost effective way.
that increase our agility and speed. This has
allowed us to adapt quickly to changing demands
and MSM ended the year ranking in the top two
organic search results for most channels.
Following migration to the SA360 PPC bidding
platform in 2021, in 2022 we deployed more
sophisticated features. Using machine learning
we can now bid for more search terms, make
bids more targeted using our first-party data and
adjust our bids more frequently. This has allowed
us to reduce cost per click and increase our share
of clicks.
SEO delivers substantial volumes of free search
traffic to our sites. In 2022 we established a new
set of tools and processes for content production
Above-the-line marketing remains an important
driver of traffic to MoneySuperMarket. In May we
launched our latest MoneySuperSeven marketing
campaign featuring Dame Judi Dench. This
campaign is resonating better with consumers
than any campaign we have done before and,
since launching the new campaign, MSM share
of branded search traffic has reached the highest
level since 2018.
2. Retain and grow
We want to retain users and help them
switch more of their household bills which
will ultimately increase customer lifetime value.
To drive higher retention, we focus on timely
reminders and a simpler experience for
returning users.
Cross-sell continues to be a major opportunity.
In 2022, 21% of our MSM active users enquired
in more than one of our seven core channels.
This is up from 19% the year before, mainly
driven by the recovery in travel insurance. On
average, active users enquired in 1.2 channels.
Data is critical to deepen our relationship with
our customers. In 2022 we consolidated our
data into Google Cloud Platform ‘GCP’. Quidco
will follow. This improves our ability to store
and use it. We now have a single source of rich,
real-time data. This data is available
operationally to drive growth and increase
marketing efficiency.
In 2022 we finalised transitioning to Braze, a
leading customer engagement platform. Braze
is fully integrated with our centralised data and
allows us to deliver personalised messages to
users across our apps, web and via email.
Campaign creation is more efficient, allowing a
test and refine approach, which in turn means
better user retention and engagement.
We also aim to simplify the experience for
returning users by using data to shorten
question sets thereby reducing the time and
effort needed to get to a quote. The core of
this is a re-build of question sets to use a
shared user profile that becomes richer as
users enquire across more channels. This is
now live on MSM car insurance, credit cards
MoneySavingExpert continues to offer content
and tools to guide and support consumers to get
in control of their finances and enjoys great trust.
MSE was again named the most recommended
brand by YouGov and quadrupled its social media
followers to 1.3m. Quidco, our cashback brand, is
the latest addition to the Group. In 2022 we
brought its website and app data into our central
data platform and started to drive new member
registrations. In 2023 we will continue to use
more of the Group’s marketing capabilities to
grow Quidco.
and loans. In 2023 we will continue to expand
the channels that use the shared profile and
how we use data to improve conversion
and cross-sell.
Capturing more information on our users
allows us to offer more opportunities to save
and helpful reminders to switch. Last year we
developed the capability to use Open Banking
technology to identify potential saving
opportunities in household bills. We did this
as part of our new MoneySavingExpert app.
The app is a convenient way for users to access
MSE content and also the start of a suite of
more personalised experiences that will help
users be more in control of their finances.
18
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our strategy in action
Efficient Acquisition page 23
Retain and Grow page 24
Expand our Offer page 25
3. Expanding our offer
We will continue to grow our Group further with
new propositions, new distribution routes and
new channels. In 2022 we have made progress
integrating our 2021 acquisitions, released
new B2B capabilities and expanded our offer
for providers.
Quidco is our latest acquisition. The Group’s
comparison services are already powering
Quidco Compare journeys for Home Services,
Travel and pet insurance. We are migrating CRM
operations to Braze and continue to expand the
channels using our platform capabilities.
We acquired icelolly.com and combined it with
TravelSupermarket (‘TSM’) to create Ice Travel
Group (‘ITG’) in 2021. The two brands now share
products and capabilities improving their offer.
TSM is using icelolly.com’s proprietary
technology that allows providers to bid for more
prominent positions on the site. And
TravelSupermarket’s travel insurance and
car hire panel are now on icelolly.com.
Our tech and data platform allows us to extend
the services we offer our providers. Last year
we launched the first propositions that use the
Group’s data. Our data enrichment tools give
insurers access to real-time data that enables
them to offer more competitive pricing. We took
early steps to offer providers the opportunity to
use data to personalise quotes and we will
continue to develop the proposition in 2023.
We have expanded the channels in which we
can offer tenancy and B2B. Tenancy enables
providers to promote their brands in
designated advertising spots on our sites.
Our B2B proposition allows us to utilise our
Group platform to provide switching services to
third-party brands, extending our reach. We
launched a B2B car insurance journey in early
2023. In tenancy, we have seen strong demand
from providers and will continue to extend our
offering across channels.
The mortgage proposition remains an attractive
opportunity for the Group. In December we
gained control of our mortgages joint venture
partner Podium. In 2023 we will continue to
innovate to deliver enhanced, digitised
mortgage comparison services to customers.
Advanced data capabilities, common technology, scalable platforms
The breadth of our offer has always been one
of the strengths of the Group. We offer the
ability to compare products across practically
all household bills. The dataset we now have
means we can better serve our users with new
ways to help them save. With our new platform-
led approach we are focused on consolidating
and simplifying our infrastructure, building our
technology in a way that maximises efficient
re-use across the Group and beyond.
We continue to ‘platformise’ our tech estate
– building features once and deploying them
across all our brands. This delivers cost
efficiencies, making our technology estate
simpler to manage and reducing maintenance
cost. A number of our largest channels are now
fully ‘platformised’ – energy, car insurance and
home communications.
With this new platform-led approach we can
bring new propositions to market and to scale
faster, rolling them out across multiple brands.
For example, making car insurance comparison
re-deployable as a service allowed us to launch
the MSE Compare+ tool in May, to start powering
the Quidco car insurance comparison service
early in 2023 and to provide a car insurance
comparison service to B2B partners.
Culture
Our strategy is underpinned by our strong
Company culture. We strive to embed and
maintain a culture of diversity and inclusion,
promoting an environment where all of our
employees can grow and develop. In line with
the changes we are making to our ways of
working, we are also seeking to build a
more entrepreneurial, fast-paced and agile
organisation to deliver greater innovation
for our users.
We remain deeply committed to investing
in our employees’ health and wellbeing,
with several relevant initiatives in 2022.
For information on these and on people and
culture more widely, please see pages 44 to 47.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
19
Strategic Report
Our Strategy continued
Progress against our
strategic priorities
Strategic
initiatives
Efficient
acquisition
What we have done in 2022
Our future
• Enhancement of our pay-per-click
bidding capabilities with greater
use of data and transition to
SA360 bidding platform
• Ongoing focus on the use
of proprietary data to
optimise the effectiveness
of PPC
• Migrated to new content
management system that enables
faster and more agile approach
to content creation
• Continue to build on
the success of the
MoneySuperSeven creative
with new campaigns
• Launched MoneySuperMarket
price promise guaranteeing the
best price for our customers in
car and home insurance
• Launch new components of
the new MSM proposition
for customers
Principal risks and
uncertainties
Brand
• Competitive environment
and consumer demands
• Brand strength
and reputation
• Economic conditions
• Regulation
• Relevance to partners
Retain and grow
• Transition to Google Cloud
Platform complete except Quidco,
consolidating data and enabling
greater analytical processing
• More effective and efficient
CRM platform with shorter
turnaround times and
targeted campaigns
• Consolidation of question sets
to shorten journeys and allow
wide pre-population
• Launched MoneySavingExpert
(‘MSE’) app with new open
banking features
• Extend simpler, pre-
populated enquiries
to more channels
• Optimise returning user
enquiries using shared
user profile
• Complete migration of
• Brand strength
and reputation
• Data processing
and protection
• Data security and cyber risk
• Business transformation
Quidco onto Google Cloud
• Relevance to partners
• Add new personalisation
features in the MSE app
• Economic conditions
• Regulation
Expand our offer
• Integrated Quidco website and
app data into Group Google
Cloud Platform
• Migrate Quidco CRM to
Group Braze platform
• Competitive environment
and consumer demands
• Strengthen Ice Travel
• Business transformation
Group data capabilities
and brands
• Grow tenancy advertising
and B2B propositions
• Relevance to partners
• Regulation
• Shared capabilities
between icelolly.com
and TravelSupermarket
• Launched first provider
propositions using rich,
real-time data
• Developed capability to offer car
comparison as a B2B proposition
• Expanded tenancy advertising
capabilities to new channels
Our brands
MoneySuperMarket
MoneySavingExpert
Quidco
TravelSupermarket
Decision Tech
Icelolly.com
20
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our focus
on customers
Focusing on customers’ needs
Our purpose of helping households save
money has never been more relevant than
in 2022; with growing concern over the
cost of living, we continued to offer the
best opportunities to save money and
to innovate for our customers and users
with helpful services and advice.
MoneySavingExpert
MSE continued to be the most
authoritative source of advice on
household finances, and its traffic grew
year-on-year. It maintains its position of
trust according to YouGov brand trust
index and in an independent survey
about financial advice 47% of consumers
mention MSE as their first port of call for
financial advice. In addition, we have
launched our MSE app, making it simpler
for users to access helpful information.
During the year MSE launched several
guides to help consumers understand
and manage their energy bills.
MoneySuperMarket
We extended our MoneySuperSeven
campaign featuring a squad of seven saving
specialists that help customers to
understand the different ways they can
save: car insurance, home insurance,
energy, broadband, credit cards, travel
insurance and pet insurance. In 2022
MoneySuperMarket has launched “mission
£1 billion” aiming to save British households
that amount of money on their bills.
Quidco
We re-launched our cashback reminder
extension that automatically alerts
members of opportunities to save as they
browse or search online and allows them
to active cashback with just one click.
This will help them save on more of
their everyday purchases and benefit
the most from being a Quidco member.
Energy
Unprecedented energy costs have
increased energy bills and created
pressure for numerous households and
have constrained providers’ ability to offer
attractive new tariffs. We took the decision
to maintain availability of our energy
comparison journeys providing general
information about why the prices were
so high, and about which suppliers
had ceased trading.
Money
Through our eligibility journeys for credit
cards and loans, we provided greater
transparency of the products available
to customers, based on their personal
circumstances. We have also improved
our online journeys, reducing friction
for our customers through question set
improvements and other optimisations.
Mortgages
We have significantly enhanced our
customer experience with a new
logged-in experience that allows
customers to retrieve their last results
and pick up where they left off, and added
a more intelligent affordability calculator.
The quotations you supplied were excellent
and enabled me to make a quick decision.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
21
Strategic Report Our Strategy continued
Cutting your costs,
fighting your corner
Cutting your costs
MoneySavingExpert has continued to
develop its position as one of the UK’s
biggest finance websites, editorially
independent and committed to helping its
users cut their costs and fighting their
corner. There were more than 200 million
sessions on the site in 2022, and around
70 million on the MSE Forum, our online
community of money savers. Our social
media following quadrupled to 1.3 million
and around 8 million people receive our
famous weekly email.
Much of our effort remains focused on
helping people manage the impact of
energy bills and the cost of living crisis on
their finances: our detailed analysis of the
impact of dramatic rises in energy costs
and guides to reduce energy consumption
have been very popular in 2022.
Our journalism continues to make an impact:
our team chased answers as cost of living
payments of £150 were delayed for some of
the 6 million with disabilities that were due.
Fighting your corner
One thing that underpins that recognition
is our campaigning on behalf of consumers.
In 2022 MSE released its report calling
for a return to ‘typical APRs’, which would
mean that at least 66% of successful
card and loan applicants would get the
advertised rate, as opposed to the 51%
guaranteed by the ‘Representative’ APRs.
The site also highlighted in its report, the
Roaming Risk, that consumer protections
had lapsed for those roaming in Europe as
EU-based law was allowed to sunset. MSE
continues to campaign Ofcom to put these
protections back in place.
The key achievement of the year came
in the spring when MSE and a coalition
of campaigners managed to get the
Government to include scams in the
Online Safety Bill. This was a real milestone
in making sure consumers will benefit from
strengthened expectations of online firms
when it comes to fraudulent advertising.
Even easier to use
We continue to invest considerable
resources in our platforms and content
to respond to the changing needs of our
users. In 2022 we have launched an MSE
app with convenient access to all MSE
content and Open Banking integration
to find opportunities to save. We have
also launched a “multi-comparison” car
insurance proposition and relaunched
our Quidco cashback reminder to help
our members save more.
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Moneysupermarket.com Group PLC
Strategy in Action
Efficient Acquisition
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On a mission to save Britain £1bn
In 2021 we relaunched the
MoneySuperMarket brand with the
”MoneySuperSeven” a new campaign
featuring a squad of smart, eclectic, cool
savvy women working together to help
people make savings on multiple
household bills. Last year the team grew
with a new member, “Eight”, played by
a unique British icon, Dame Judi Dench.
This new and important member joins the
team at a time when their purpose is most
relevant and brings an important new
mission. Saving Britain £1bn on their bills.
MoneySuperMarket’s brand campaign in
2022 has been very successful. We test our
advertising with independent customer
research. The ad is in the top 5% of UK ads
for grabbing attention and the top 3% of all
ads for its positive portrayal of women.
Since launching the campaign our share of
branded search has grown (and remained)
at the highest levels since 2018.
Brilliant service. Really quick and easy and
I got my insurance sorted in no time! Thanks!
We plan to continue to build on the success
of our MSM brand. In 2022 we have
launched our “MSM price promise” on car
and home insurance, which is a first step
towards a re-invigorated proposition to
make us the first choice for consumers to
save money. If you find the same product
cheaper, we offer to pay the difference
and more.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
23
Strategy in Action continued
Retain and Grow
This user-focused approach will improve
conversion and make our users more loyal
and valuable. Our new question sets that
make use of the centralised user profile are
already live in some of our biggest channels
for our MoneySuperMarket brand. We will
continue to expand the channels that use
the shared user profile and we have a strong
pipeline of improvements building on this.
Simpler, more personal journeys
The breadth of our offer has always
been one of the strengths of the
MoneySuperMarket Group. With us you can
save in practically all your household bills.
Simplicity is at the heart of what we do. We
ask you a few questions and present all your
options in a simple summary. We are now
taking that to the next level. As you use our
services to save, we will make your experience
easier, simpler and more personalised.
The core of this is a re-build of question sets
and a centralised user profile that becomes
richer as they enquire across more channels.
This means that when you come to us, we
can offer the easiest journey and we can
personalise your experience according to
your specific needs and purpose. For
example, customers wanting to borrow
often compare between getting a loan
and a credit card. With our new approach
we will be able to use the answers you gave
when looking for loans and when you go
to compare credit cards some of your
information is already there and you
only need to check that it is still accurate.
To offer attractive deals in any of our
verticals it is necessary to collect a lot of
information. Traditionally, this has been done
with the focus on a channel, collecting the
information required for the specific product
being compared. We have pivoted the focus
to our users, by building a single user profile
shared across our different channels.
Easy and helpful throughout...I am really grateful...
gave me a feeling of loyalty to MSM. Thank you.
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Moneysupermarket.com Group PLC
Expand our Offer
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Expanding our offer
Cashback reminders
In 2021 we acquired Quidco, the second
largest cashback brand in the UK. Cashback
gives users the opportunity to save on
purchases across a range of categories
like travel, clothing, DIY, home and health
& beauty. We have more than 5,000
merchants on our panel and our members
can benefit from cashback when they buy
from them.
Given the breadth of the offer and the depth
of the merchant panel, members can benefit
from receiving cashback on a large number
of their everyday purchases.
Members that have used cashback
for some time use it for a lot of their
purchases and save across a range of
categories. However, some new members
are not always as aware of the range of
merchants offered by Quidco, and the
potential cashback opportunities.
To support our members and help them save
more, in 2022 we have re-launched Quidco’s
“cashback reminder” browser extension. The
extension works in all major desktop and
mobile web browsers. It sits silently and
when members are searching for products
or browsing online stores it alerts them and
shows how much they could save with
Quidco on that product.
Our new browser extension also allows
members to activate cashback with one
click. When browsing a product in their
retailer website, they don’t need to go to
Quidco and return to their previous journey.
Members can activate their offers without
leaving the retailer website and cashback
will be automatically added to their account.
The new extension is great...it reminds
me when I can sync to get cashback!
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
25
Strategy in Action continued
Our new
MSE App
In May 2022, MSE launched its mobile
App on the Apple and Google play
stores. The App hosts the entire MSE
website, including all our money-saving
tools and our famous weekly email,
accessible to all users without
needing an account.
Users with an account gain access to extra, personalised features
and alerts driven by open banking, building on MSE’s core editorial
mission by allowing us to offer curated and relevant content to
help users best manage their personal finances.
Developing a global MSE account is at the heart of our plans for
the App and MSE. Users have previously only been able to create
accounts in the MSE club (Energy and Credit), as well as the MSE
Forum, and these three accounts are not connected. The global
account allows users to create their own personalised version of
MSE for the first time, and for the legacy clubs accounts to be
unified. The MSE account will soon also be available on the
MSE website.
Open banking helps to personalise MSE’s App. The App has three
areas: (1) the MSE website hosted within the App; (2) myMSE, which
contains editorial content via recommended Hot Topics, and a Bill
Buster feature with personalised alerts powered by open banking;
and (3) a Tools area which has links to all the MSE tools including
three that have been enhanced to allow users to save their
searches.
The Regular Payments Detective tool finds recurring payments in
any linked bank accounts, and then offers a set of smart alerts to
help the users stay on top of their household budgets such as
identifying an unexpected change to the payment amount or
a payment that should be cancelled.
The editorial team produces daily content for myMSE which is
personalised for users based on transactions in their connected
bank and credit accounts, plus a set of categories selected by the
user. Each piece of myMSE content has editorially-driven actions
associated with it (e.g. check Broadband Unbundled) or links to
relevant guides and articles which the user can work through
or save for later.
We were proud to launch our
new MSE App in May 2022.
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Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Bill Buster was released in November 2022. It offers new
functionality which will form an increasingly powerful part of the
MyMSE offer to users, combining open banking data and MSE
expertise to help them stay on top of their bills. Its first, early
iteration automatically finds your mobile and broadband bill
in your bank statement and presents this back to you in a
dashboard. It will automatically generate advice powered by
simple questions that can be answered without looking up your
bill. We plan to have most of the important household bills ready
in 2023, including credit cards, car insurance and more. Bill Buster
will be a major step forward in personalisation.
We have been pleased with the strong demand for the App in
both the Apple and Google play stores and we have received very
positive feedback from users; as at 30 January 2022, it held a 4.8
rating out of 5 (4.9 for Apple and 4.7 for Google Play). We have twice
been featured by Apple as “App of the day”, and Apple has shown
continued interest in furthering this partnership, primarily due to
its focus on financial assistance in the current economic climate.
It is our belief that the introduction of personalisation at MSE
has the potential to transform the experience for MSE users
and further strengthen our position as the UK’s most successful
personal finance site. We look forward to seeing how the
MSE App can help users save even more money!
Kit helps households
save money
My name is Kit and I’ve worked
at MoneySavingExpert (‘MSE’)
for almost four years now.
Having occupied my current role throughout
the coronavirus pandemic – which involved
writing and maintaining MSE’s guide on the
Government’s furlough scheme – I began
2022 with a feeling that both my contribution
to MSE and MSE’s own impact across the UK
had probably peaked. Surely it was unlikely
MSE would ever need to step-up and play
so vital a role again.
Fast forward to the end of 2022 and how
wrong could I have been? With the onset of
the cost of living crisis, MSE now finds itself
more in demand than at any point in its near
20-year history. Once again, everyone at MSE
has needed to step up and pull together as a
team. Each of us has had a role in ensuring
that MSE has given the best possible advice
to its users – particularly those most affected
by the cost of living crisis.
One subject area I’ve looked after for some
time now is mortgages. For years, our
messaging has followed a similar pattern –
“interest rates are at historic lows, so check
now to see if you can bag a cheaper deal”.
With the base rate having been slashed to
0.1% during lockdown, sub-1% mortgage
rates became increasingly common
throughout 2021, something we flagged
as best we could.
Yet all of this started to change in December
2021, the point at which the cost of living
crisis really began to bite.
Around this time, the base rate started to
rise, and market indications were that it
would continue to be hiked in a bid to curtail
inflation. This is when our messaging around
mortgages started to change – be that in
news stories I wrote, the mortgage guides
I look after or the weekly email that MSE
sends. It was now that we started warning
that the era of ultra-low mortgage rates was
coming to an end, a message we tried hard
in particular to convey to those with expiring
mortgage deals: get a new deal sorted pronto.
As interest rate rises picked up pace
throughout the early months of 2022, we
made people aware that more lenders were
increasing how far in advance borrowers
could lock in a new rate of interest – a relief
for those whose current deals weren’t
expiring for a while.
When interest rates peaked around October,
we tweaked our message again, highlighting
how fixing a new deal at that moment wasn’t
necessarily the best option – instead, what
about temporarily moving onto a variable-
rate deal which you could leave, penalty free,
when you were ready to fix? Now that interest
rates have started to come down, we’ve been
explaining what the options are if you did lock
into a mortgage which hasn’t started yet and
can now be beaten by a better rate elsewhere.
At each step of the mortgage journey this
year, users have got in touch to thank us for
the insight we’ve provided – a great
reassurance for me that our messaging has
been getting through. I’m hopeful that the
advice we provided has helped households
save £100s – if not £1,000s – on their
mortgage outgoings.
Another subject I cover is council tax – a cost
that invariably increases each April.
Yet many people are due discounts or
reductions off their council tax bill, something
that can help them save £100s or even
£1,000s a year. Earlier this year, I published a
new guide on council tax discounts, which
outlines exactly what support is available. It
was really satisfying getting this guide into the
public domain, as since then we’ve had many
people getting in touch with their council tax
discount successes.
What’s more, the kinds of successes have
been so varied: from those who are
diagnosed as “severely mentally impaired”,
to those who live alone, from those who are
full-time students or live-in carers, to those
with disabilities whose homes have been
modified for mobility purposes. It’s good to
see people have been applying for the help
with council tax that they’re due.
One great success that I read recently
came from Patricia, who said:
“I recently signed up for the
weekly advice email and
am now over £900 better
off as I have been able to
claim a council tax rebate
as a single resident. Hurrah!”
Patricia
With the cost of living crisis starting to bite
harder than ever, millions more people
are finding themselves on the border of
affordability – and therefore at greater risk
of rejection when applying for credit. This
means that ensuring you’ve got a healthy
credit report is more important than ever. Yet
doing this is easier said than done, especially
when simply making ends meet is much
harder at present for some people.
Our “Improve your credit score” guide is the
closest you’ll come to “chapter and verse” on
credit scoring. I’ve worked hard this year to
ensure the guide remains as up-to-date and
relevant as possible – I’ve even added in
details of ways users can get paid to check
their own credit reports and scores.
While lenders are notoriously secret about
how they score potential borrowers, I know
that our advice on credit reports and scores
has been vital for many of our users in getting
accepted for credit in the first place.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
27
Strategic Report Strategy in Action continued
Lisa helps households
save money
I know how my role helps and supports
our purpose to help households save
money, and I feel I am making a
tangible diference every day.
Working for a company that does not just
talk about what is right for customers but
demonstrates it daily is so refreshing. To be
part of something that feels worthwhile is
tremendously important to me and
contributes massively as to why I am so
happy in MSMG. I find it to be incredibly
meaningful knowing that the work I do can
be intrinsically connected to benefit us all,
from our friends, to our family, and to all of
us as customers.
My role within the Group is as a Commercial
Manager within the Money vertical; one of
my main responsibilities is to build and
maintain the strong working relationships
that we enjoy with our partners. It is essential
to collaborate closely with our partners to
understand the current climate from an
economic standpoint, whilst also establishing
how we can fill potential gaps in our
propositions through customer behaviour
insight. Our main priority is to ensure that
whatever our customers’ needs are, there is
a potential product through our banking and
borrowing landscape that could resonate
and meet their financial needs. Being able to
build a platform of products that allows the
customer the insight and knowledge to make
informed decisions really is the true
foundation of the role.
The Money Team has had tremendous
success this year, not only in the amazing
deals and exclusives we have secured but
also because of the strong and united team
that we have been able to build.
A key part of being in the Commercial Team
is being able to adapt to an ever-changing
world. Nothing in our day-to-day role is a
certainty; from the exclusives we may secure
to the rates we discuss at the time, these can
all change in a minute so being able to
demonstrate flexibility is a key skill which
needs to be proven daily. Having the tenacity
to keep momentum and not become
distracted by potential obstacles is also
paramount to delivering all our outcomes.
Our role is all about building relationships,
establishing strong routines and setting clear
expectations on both sides. We must also
understand how we can support our
partners and help provide insight into
customers’ behaviour and translate those
gaps into potential offers or products. We
always have to be alert in recognising
conflicting objectives and effectively
influencing our position to move our
strategies further.
During 2022 one of my personal highlights
was the onboarding of a new key provider,
one which has the potential to grow even
further over the coming years. Not only was
the onboarding of this relationship mutually
profitable, it helped me grow and develop
even further whilst displaying all the key
behaviours needed in Commercial.
I feel that the work that the team and I do
has always been important but, in these
times especially, it has become increasingly
more significant. Our country and our
customers have been impacted by several
changing factors throughout this year and
this has emphasised ever more so the need
to make every penny count! We strive to
deliver to our customers products and
services that we feel can have a real benefit
to their overall lives, to help give certainty in
an uncertain time. As a team we are not
immune to the difficulties that our customers
can face; we see it in our own lives through
friends and family members. Being part of a
team which is forever keeping the message
clear as to how we can save money feels
honourable. I feel proud that the work that
I do can have a positive impact on people’s
lives, helping them make better and more
prudent financial decisions.
The ethos of the Company from top to
bottom is geared towards helping us achieve
these outcomes for our customers and it
makes our job easier knowing that we have
this support. I am proud to say who my
employer is and look forward to building
on my ongoing relationship.
2022 has been a year of change and
challenge in the UK, with all of us having to
adapt in some way to new ways of living; the
current situation is very real and has become
a daily consideration. The power of people
can help to make amazing changes; if we
continue to focus on the importance of each
of our contributions, what they mean and
how it all connects to our ultimate purpose
of helping households save money, we can
continue to deliver products and offers that
can truly help and support all our customers.
I find it to be incredibly
meaningful knowing that
the work I do can be
intrinsically connected to
benefit us all...
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Section 172 of the Companies Act 2006 – Stakeholder Engagement
Who are the Group’s
key stakeholders?
Engaging regularly with our stakeholders
is fundamental to the way we do business.
This ensures we operate in a balanced
and responsible way, both in the short
and longer-term. We are committed to
maintaining good communications and
building positive relationships with all
our stakeholders, as this is essential to
ensuring our business fulfils its purpose
and remains sustainable. The Group
considers our key stakeholders to be
those individuals or groups who have a
significant interest in, or are affected by,
the activities of our business. We work
with a significant number and variety
of stakeholders including customers,
suppliers and providers, shareholders and
the wider communities and environment
that we operate within. During 2022, our
Board has striven to balance the different
priorities and interests of these stakeholder
groups with due regard to the matters set
out in section 172 of the Companies Act
2006 and consider them when taking
decisions. The information included below
outlines how the Directors have performed
this duty, having regard to a range of
stakeholder feedback, as well as balancing
the need to maintain a reputation for high
standards of business conduct and to act
fairly between the members of the Company.
Customers
Why it is
important
to engage
Customers’
key interests
Our success is dependent upon our ability to understand and respond to the needs of our customers.
This allows us to provide relevant products and services where customers can make meaningful savings,
differentiating us from our competitors.
• Products and services
• Range of products and services
• Competitiveness and value
• Ease of use and convenience
• Compliance with data protection regulation
• Accurate and up-to-date information
How we engage
• For Moneysupermarket.com we implemented a
• Our live chat service across more channels
continual customer satisfaction survey in October
to help monitor our performance and customer
perception across a range of indicators including
customer satisfaction, functional drivers such as
ease of use and emotional drivers.
within MoneySuperMarket gives customers the
opportunity to receive responses to queries in real
time. We also have a dedicated “Contact Us” page on
Moneysupermarket.com which provides customers
with the opportunity to provide feedback directly.
• In our FAQs on MSE we provide a number
of difference contact details if consumers
want to contact us.
• Quidco undertake testing and surveys with
customers, and customers can contact Quidco
via an active social media channel.
• We monitor our customer KPIs, including our net
promoter score (‘NPS’) metric and associated
feedback, closely.
How the
Board engages
Significant
feedback
Indirect engagement:
• Regular functional update agenda items at Board
meetings provided the Board with the opportunity
to discuss the voice of the customer with the
relevant Executive Team members.
• The Board received updates on the key insights
gained from quantitative and qualitative customer
research used to inform our strategy.
• Our Board members received reports on our customer
NPS metric and other customer-related KPIs.
• For Moneysupermarket.com the customer
satisfaction survey highlighted that customers were
satisfied with our user-friendly platform, money-
saving offers, and quantity of products. It also
identified a number of areas that we can improve,
such as clearer communication in certain areas.
• Customers would also welcome the opportunity
to utilise a chat function to receive feedback in
real time.
• Quidco customers indicated in their survey
responses that they would like cashback paid faster
and to have a browser extension.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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Strategic Report Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Customers continued
Outcomes
• In response to feedback, in 2022 we changed how
customer satisfaction is measured to ensure that we
could capture and report more meaningful data.
• We extended our live chat service across more
channels to give customers the opportunity to
receive responses to queries in real time.
• We improved the “Contact Us” page on
Moneysupermarket.com to provide a more user-
friendly and easy to navigate journey for customers,
which also helps us to provide a more efficient
response, and in many cases a one-contact resolution.
• MSE launched its Compare+ car insurance tool to
provide helpful tips to users looking to compare
car insurance quotes on Moneysupermarket.com.
• MoneySuperMarket launched its Super Save Price
Promise where if customers find a better like-for-like
deal from the same provider, we not only refund the
difference but also give customers a choice of a £20
gift card, with an easy to use claim form.
• MSE launched its mobile app to improve the user
journey and enable customers to quickly access
money-saving news, top deals and in-depth guides,
as well as vital cost of living help.
• Quidco has refined its focus on its proposition,
including initiatives to offer faster cashback
payments for selected merchants (pilot ongoing)
and a browser extension that helps customers to
remember to use Quidco for all their purchases.
Employees
Why it is
important
to engage
Employees’
key interests
A highly skilled and motivated workforce is essential to the success of the Group. We work to create a diverse
and inclusive workplace where employees can reach their full potential. Engaging with our employees ensures
we can retain and develop the best talent. During 2022, employee engagement continued to be adapted to
reflect our hybrid way of working, with increased communication and engagement via online mechanisms.
• Company purpose and reputation
• Training and development
• Reward
• Career opportunities
• Employee engagement
• Wellbeing
• Health and safety
• Equality
How we engage
• Our CEO used a variety of face-to-face, virtual and
hybrid methods to stay connected with employees,
including “Ask Peter Anything” sessions across
our locations.
• We continued to explore a range of virtual, in-person
and hybrid communication methods for our
employee engagement to ensure that all employee
voices are heard.
• We have nine active Employee Resource Groups
(‘ERGs’), including ERGs for mental health and
inclusion of under-represented groups, which we
engage with to help ensure our people can thrive. Our
ERGs have Executive sponsors and regular contact
with our designated NED Employee Champion.
• We conduct a biannual employee engagement
survey, and the results are reported to the Board.
• We continued to run a fortnightly all-employee
“floor brief” to update colleagues on business
developments and provide an opportunity to ask our
Executive Team questions, and have incorporated
the use of a live feedback survey tool to make it
easier for employees to provide real-time feedback.
• As part of the Board’s commitment to the Race at
Work Charter, material or cumulative incidents of
micro aggressions are raised to the Board via the
whistleblowing report.
• We have an independent whistleblowing helpline
to allow all staff to raise concerns confidentially.
• We have a designated NED Employee Champion,
Sarah Warby, who has Board responsibility for
championing the interests of employees by bringing
their views to the Boardroom, and an employee-led
Group Employee Forum to feed back the needs,
views and concerns of employees to the designated
NED Employee Champion.
• Following external announcements, internal
Group-wide updates were held to gain an
understanding of the reaction of employees to
the trading updates, and respond to any queries
or concerns.
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Moneysupermarket.com Group PLC
Employees continued
How the
Board engages
Direct engagement:
Indirect engagement:
• Our Non-Executive Directors held quarterly informal
sessions with employees to understand what it feels
like to work at Moneysupermarket Group. The Board
held meetings in Manchester, London and Ewloe
during 2022, offering employees in each of these
locations the opportunity to feed back directly.
• The Board received updates from the NED Employee
Champion on employee engagement.
• The Board reviewed succession planning across the
Group to ensure that both short-term and long-term
interests are aligned between all stakeholder groups
and the Company’s values and culture.
Significant
feedback
• Our designated NED Employee Champion, Sarah
Warby, who has Board responsibility for
championing the interests of employees by bringing
their views to the Boardroom, engaged with our
Employee Resource Groups.
• Our Executive Team presented updates to the Board
on their respective areas, to provide feedback and to
invite the Board to provide challenge.
• Overall colleague engagement through our
engagement surveys remained high; 84% of our
employees took part in our November 2022
engagement survey which covered a range of topics
such as leadership, communication, “My manager’
and DEIB ‘Diversity, Equity, Inclusion and Belonging’.
• Through the “Ask Peter Anything” session,
employees provided feedback to our CEO on hybrid
working arrangements, remuneration and benefits
in the cost of living crisis and the performance of the
different business areas.
• The Board received the results of the biannual
employee engagement survey.
• The Board received reports relating to our independent
whistleblowing helpline which allows all staff to raise
concerns confidentially.
• As part of its regular functional updates, the Board
received regular updates on our diversity and
inclusion progress.
• Feedback was obtained during a “Women in Tech”
event that career development opportunities for
women could be limited where an inadequate level
of support was received from line managers.
• We undertake exit interviews when our employees
leave to gain feedback which can be escalated to
relevant senior leaders, as appropriate.
Outcomes
• We answered employee questions or concerns
raised during our regular “floor brief” sessions and
any agreed actions were followed up by the
Executive Team.
• The Senior Leadership Team supported an initiative
to enable women in tech to seek support from the
wider senior leadership population if required, in
order to enhance career progression.
• Following feedback from employees on the hybrid
working structure, individual teams were given the
flexibility to choose their own in-office working days.
• Our employee engagement has been reviewed to
ensure that a there is a programme of employee
engagement throughout the year to obtain feedback
on different areas.
• Following queries from employees on the
performance of the MSMG pension scheme, we
worked with our pension provider to offer a series of
seminars to employees to help them to understand
how the investments work.
• We made a one-off payment of £2,000 to all
employees earning less than £55k to help with
the increased cost of living.
Shareholders
Why it is
important
to engage
Shareholders’
key interests
Access to capital is vital to the long-term performance of our business and the Board aims to understand the
views of shareholders and to always act in their best interests. We ensure that we provide fair, balanced and
understandable information to shareholders and investment analysts and work to ensure they have a strong
understanding of our purpose, strategy, performance, culture, values and ambitions.
• Financial performance, economic impact and
• Dividend growth/return on investment
market competition
• Governance and transparency
• Operating and financial information
• Confidence in the Company’s leadership
• Sustainability
• Strategic progress
• Total shareholder return
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Strategic Report Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Shareholders continued
How we engage
• The CEO and CFO, together with our Investor
Relations team meets with shareholders, potential
investors and analysts throughout the year to
discuss any business developments and respond to
any ad hoc queries.
• We held an informal dinner for our analysts to meet
our Executive Team and gain a greater understanding
of our strategy and the different areas of our
business operations.
• We transitioned from virtual meetings to hybrid and
in-person meetings for our shareholder meetings
and results presentations to provide a greater level
of engagement.
How the
Board engages
Direct engagement:
Indirect engagement:
• The Board attended our AGM to offer shareholders
the opportunity to engage and raise questions about
the Group’s performance.
• Feedback is gathered from key investors at results
roadshows and investor conferences and tabled
to the Board.
• The Chair of the Remuneration Committee
• The Board received updates from the Group’s
consulted with the Group’s top 15 shareholders
in November 2022 in relation to our proposed
Remuneration Policy (see the principal decision
on page 35 for further information).
Investor Relations Team during specific consultation
exercises and on publication of trading results
and updates.
• Investor associations’ voting recommendations
and commentary on our general meeting resolutions
and Annual Report and Accounts are brought to the
Board’s attention ahead of our Annual General Meeting.
• Analyst reports are provided to the Board.
Significant
feedback
• Following engagement with shareholders on
• The General Counsel and Company Secretary,
the proposed Remuneration Policy, we received
feedback in relation to the Restricted Share Plan
underpins. See page 35 for detail on this
principal decision.
together with the Deputy Company Secretary, met
with two significant shareholders in November 2022
to discuss the Group’s governance and sustainability
and provided the Board with an update on
discussions at its December 2022 meeting.
Outcomes
• All resolutions at the 2022 AGM were approved.
• The Group’s Sustainability Report has clearly
• The Remuneration Committee agreed to formally
document within the Restricted Share Plan Rules
that only downward discretion would be applied
in respect of any vesting outcomes.
articulated the Group’s Sustainability Framework
and the Group’s governance structures, objectives
and progress.
Suppliers and Providers
Why it is
important
to engage
Our third parties, such as the providers who provide products through our channels and the suppliers who
provide goods and services to us, are critical to our performance. We engage with our third parties to build
trusting relationships from which we can mutually benefit and to ensure that they are performing to our
standards and conducting business to our expectations.
Suppliers’
key interests
• Cost efficiency and value
• Long-term relationships
• Efficient customer acquisitions
• Value creation
• Responsible business, trust and ethics
• Data
How we engage
• Our Commercial Team provides a crucial link with
our providers, actively managing the provider
relationships to ensure best value outcomes.
• We work collaboratively with our top two tiers of
provider to agree joint business plans, a highly
successful initiative that has increased engagement
and had a positive impact on our trading.
• We undertook provider satisfaction surveys to gain
feedback on our account management processes,
product changes and onboarding processes to
identify any areas for improvement, and to inform
our strategic choices for 2023.
• We engaged our suppliers in a variety of ways including
tender processes and more informal meetings and
dialogue. These interactions cover a broad range of
topics such as cost efficiencies and ways of working.
We conducted revenue audits on selected providers
and third party audits on a sample of our suppliers.
• Quarterly reviews are held with commercial partners
of Quidco, where partners are able to feedback
directly to Quidco.
• In 2022 we cemented the use of our governance, risk
and compliance tool to provide increased visibility
and reporting on our supply chain, which can then
be communicated to the Board.
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Suppliers and Providers continued
How the
Board engages
Indirect engagement:
• The Board approved key Tier 1 contracts, retaining
oversight for those contracts which are significant
either in terms of value or strategic importance to
the Group.
• The Board received supplier oversight updates to
understand the level of supplier engagement and
any arising risks in the Group’s supply chain or
supplier management activities.
• Key supplier and provider updates are brought to the
Board through our regular functional agenda items
and in the annual strategy sessions.
Significant
feedback
survey that additional data propositions to sit
alongside our current offerings would be welcomed.
• We reviewed feedback from our provider satisfaction
• We received feedback from suppliers and our
Outcomes
• We have invested in the car aggregation platform which
has dramatically accelerated motor product onboarding.
• We have significantly improved the data and insights
provided to providers by transitioning to Tableau for
our insight packs and providing more granular
performance data on a more frequent basis.
management teams that the process for onboarding
suppliers could be enhanced to ensure a smoother
and more efficient journey.
• We have improved engagement in our Money
vertical, where trading was tougher as a result of
COVID-19, and were able to provide improved
offerings to customers as a result, especially through
our banking channels.
• We have reviewed our supplier onboarding process
and contract approval limits to ensure a more
streamlined process, whilst maintaining appropriate
oversight and rigour.
Communities and Environment
Why it is
important
to engage
Communities’
key interests
How we engage
How the
Board engages
We are committed to building positive relationships with the communities in which we operate. We support
communities and groups local to our offices and consider the environmental and social impacts of our operations.
We seek to ensure that we provide a positive contribution to the communities in which we operate and to
the environment.
• Local operational impact
• Climate-related risk, commitments, performance
• Health and safety performance
and reporting
• We provide support to charities local to our offices
and beyond through donations and community
support initiatives (see page 47 for more details).
• We continued to partner with Nanny Biscuit in an
initiative to support the local community and reduce
food waste.
• Long-term partnership and strategic alignment
• We partnered with The Prince’s Trust for a fourth
year to provide meaningful support to deprived
young people over the long term, via fundraising
initiatives including a Future Steps challenge and
a Three Peaks fundraising challenge.
• We provided sponsorship for Black Business Week
in October 2022 and our Chief People Officer
participated in a panel discussion on allyship.
Direct engagement:
Indirect engagement:
• The Board approved a Group Sustainability
Framework, and the formation of a Risk and
Sustainability Committee, to closer align its
ESG activities with its clear social purpose.
• The Board receives an annual update on our
charities and communities initiatives from the
Chief People Officer.
• The Board has overseen the Group’s external
climate-related commitments, including a revision
of the Group’s net zero targets.
• Regular updates were provided to the Board on
sustainability throughout the year, including on
our TCFD Report.
Significant
feedback
• We received feedback from our investors about
our sustainability plans.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
33
Strategic Report Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Communities and Environment continued
Outcomes
• The Board approved a new Group Sustainability
• We supported local families and our communities
Framework with underpinning governance.
• To encourage our colleagues to help in their
and helped several groups to restart their
communities work.
community, a charity, or an initiative that supports
the Group’s purpose of helping households save
money, we provide paid time off to volunteer.
• We donated £100,000 to the Princes Trust,
which offer grants of up to £7,500 to support
any non-profit organisation.
• We have continued to reduce our greenhouse gas
• The Board approved our 2022 Task Force on
emissions as a result of our carbon reduction strategy.
Climate-Related Financial Disclosures (‘TCFD’) Report
– see pages 48 to 51 for details.
Regulators/Government
Why it is
important
to engage
Regulators’
key interests
Open communications and dialogue help to create understanding of our business, strategy and culture
and ensure regulatory and legislative compliance.
• Openness and transparency
• Treating customers fairly
• Proactive and compliant with new regulations
• Impact on the environment
and legislation
• We have engaged with the FCA on regulatory
developments to ensure our implementation
approach meets regulatory expectations.
• We provide training and support colleagues on the
importance and implication of the GDPR regime as
part of our cyber security training and of their
regulatory responsibilities under the FCA’s
Conduct Rules.
• Our MSE team engaged with the Government on
various campaigns including the future of the
energy price cap.
• The Board reviewed the Group’s FCA Consumer
Duty Plan in October 2022.
• The Board received updated SM&CR training
in August 2022.
How we engage
• Our Risk and Compliance team works across the
Group to ensure it remains compliant with any new
and existing regulation.
• We provide the FCA with quarterly, half-yearly and
annual reporting that includes information on sales,
complaints and regulatory capital. This reporting is
one of the FCA’s supervisory tools.
• We maintain regular and ongoing dialogue with key
regulatory bodies, including the FCA, Ofgem and CMA
and, where appropriate, the ICO, ASA and Ofcom.
• We have monitored and responded to new and
emerging regulatory developments, including GI
pricing, FCA Consumer Duty and the energy
market crisis.
Indirect engagement:
• Regular updates are provided to the Board as well
as specific reports/updates on any significant
interactions with regulators.
• The Board received updates on the Government’s
BEIS proposal on ‘Restoring trust in audit and
corporate governance’ and considered implications
for the Group.
How the
Board engages
Significant
feedback
• We received feedback on the Group’s
implementation of GI pricing rules.
Outcomes
• The Board approved of the Group’s FCA Consumer
Duty Plan in October 2022.
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Long-term decision making
The Board delegates day-to-day
management and decision making to its
senior management whilst maintaining
oversight of the Company’s performance,
and reserves to itself specific matters
for approval, including the strategic
direction of the Group, M&A activity
and entering into material contracts
above set thresholds.
In 2022 the Board:
• received presentations on specific
business areas and, through ongoing
discussion with members of senior
management, determined strategic
priorities and the development of
robust supporting operating plans;
• agreed the Group’s principal risks,
considered emerging risks and
received regular risk management
and internal control reviews
throughout the year, including specific
consideration of risks arising from
regulatory changes and changes to the
energy and insurance markets; and
• set annual budgets and capital
allocation and oversaw business
performance against targets, enabling
the Board to confirm the going
concern statement and the Group’s
longer-term viability.
Reputation for high standards of business conduct
The Board is responsible for developing
a corporate culture across the Group
that promotes integrity and transparency.
It has established a comprehensive
corporate governance framework and
approves policies and procedures which
promote corporate responsibility and
ethical behaviour.
In 2022 the Board:
• received regular reports from the Chief
Risk Officer designed to strengthen
governance and compliance, and the
identification and management of
existing and emerging risks;
• approved the Company’s Modern
Slavery Act Statement, describing the
steps it had taken to ensure that
slavery and human trafficking were
not taking place; and
• received regular governance updates
and training on key areas of law
and regulation;
• reviewed the Group’s implementation
of the 2018 UK Corporate Governance
Code, ensuring that the Group
continued to remain compliant with
the Code.
Principal Decisions
Principal Decision – Remuneration Policy consultation
During November and December 2022
eight meetings took place between the
Group’s largest shareholders and the
Interim Remuneration Committee Chair,
the Remuneration Committee Chair
Designate, the Chair and the Group
General Counsel and Company Secretary.
15 meetings were offered and several of
those shareholders who did not request
a meeting provided written feedback.
acceptance of a move to Restricted Share
Awards ‘Scheme’ for the Executives, they
wished to see further information about
the Scheme’s proposed underpins,
understand how these had been applied
in the context of proposed awards, and
understand the expected nature and
extent to which the Remuneration
Committee would seek to exercise its
discretion upon vesting.
The feedback confirmed that whilst a
number of shareholders indicated their
The Remuneration Committee considered
the feedback in detail and agreed that
should the proposed Scheme be
approved by shareholders at the AGM
on 4 May 2023, future Group Directors
Remuneration Reports will be transparent
as regards those underpins applied at
Scheme grant and provide a detailed
explanation of the Group’s execution of
the Scheme. The Remuneration Committee
further agreed to formally document within
the Scheme rules that only downward
discretion would be applied in respect
of any Scheme vesting outcomes.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
35
Strategic Report Sustainability
Sustainability
for success
I am so proud of the strides we
have made to clearly articulate our
Group Sustainability Framework
and all the great things we’ve
delivered during 2022.
Shazadi Stinton
General Counsel and Company Secretary
My role as Group General Counsel and
Company Secretary includes having
responsibility for the Group’s sustainability
strategy, and how we make sure we
continue to focus on what’s important for
the resilience of our Company; to continue
to reduce our impact on the environment,
to have a positive impact on society, and
to continue to ensure we run our Company
ethically and with good governance practices.
In 2022 we have adopted our new MSMG
Sustainability Framework. We have set
ourselves ambitions across each area
under our Sustainability Framework. For
example, under our Environmental pillar
we have confirmed our commitment to
becoming Operational Net Zero by 2030;
under our Social pillar to ensure we are
benefiting our communities whilst also
looking after our employees and under our
Governance pillar, living our purpose and
values across the Group. Further information
can be found on our Sustainability
Framework on page 37 in this report.
Alongside our Sustainability Framework,
in 2022 we have also introduced our new
Sustainability Governance Framework,
with the aim of providing our stakeholders
greater clarity of how our sustainability
strategy is governed. Together with the
Board, and the Risk and Sustainability
Board Committee’s oversight, we also have
an Executive level Risk and Sustainability
Committee to ensure the Group is on track
to hit internal and external sustainability
targets, and to further embed sustainability
within the business, we have introduced
a new Sustainability Steering Committee
with cross-functional representation.
During 2023 we will introduce a new set
of measures under each pillar which will
be tracked via regular reporting to the
Risk and Sustainability Committee.
We have undertaken a number of projects
across the year to help our employees
and our communities. Highlights include
providing workshops for our employees
on how to reduce waste and how to have
a sustainable Christmas, using our carbon
offset projects to help some of the poorest
communities across the world, reducing
our food waste whilst providing meals to
our local community in Ewloe, and
supporting the financial fitness of our
colleagues through a £2,000 one-off cost
of living payment to all those earning
below £55,000.
We know we still have more to do, and
in 2023 we will continue to reduce our
environmental impact, focus on our social
responsibility to our communities and our
employees and ensure we have robust
governance and ethics in place; whilst
always striving to deliver on our purpose
of helping households save money.
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Moneysupermarket.com Group PLC
sustainability further into account in terms
of our strategy, decision making, operations
and behaviours.
Our culture
We are proud of our organisational purpose
and our culture is built around delivering for
our customers and users and being a socially
responsible and thoughtful employer.
“ Great people to work with
across teams with a focus
to get things done.”
Engagement survey comment
(November 2022)
We build our culture through nurturing
and promoting high performance and
the wellbeing of our employees and
communities. Our Company behaviours
of “Create Belonging”, “Grow and Develop”
and “Innovate to Deliver” are our common
language and a clear everyday standard of
what we believe in, value, and expect of
each other, irrespective of role.
Our Chief People Officer is the Executive
Sponsor for our Social pillar under our
Sustainability Framework, further details
of which are contained in this report.
Our voluntary Employee Resource Groups
(‘ERGs’) form a vibrant community that
help build wider learning, awareness and
engagement. In 2022 they have been
involved in a wide range of activities
including awareness talks on ADHD,
autism, suicide prevention, Pride, and
Crohn’s and colitis – invisible illnesses,
as well as a mental health masterclass
for men.
In 2022 we also established a new ERG
– Women in Tech (‘WIT’). In this ERG we
have pioneered and established peer
mentoring circles with WIT from external
organisations and have also attended
conferences as well as understanding
sessions on pay and career development
within the Group. Our Green Team ERG
contributes to the Group’s commitment
to achieve operational net zero by 2030
and our Tech Zero industry partnership.
Sustainability overview
With the deepening cost of living crisis, our
purpose of helping households save money
has never been more important. As a
business, we’re committed to limiting our
impact upon the environment; treating
everyone with respect; and meeting our
purpose in an ethical, honest and
sustainable manner.
In 2022 we have produced our new Group
Sustainability Framework to provide a
clearer overview of our approach to
sustainability. We have also significantly
evolved our Group’s governance
of sustainability.
The framework sets out our overarching
sustainability ambitions, together with our
top three priorities under each pillar. The
new governance structure will ensure
appropriate oversight of the Group’s
sustainability strategy and framework and
risks, as well as the Group’s sustainability
commitments and performance.
With greater focus on the Group’s
Sustainability Framework, it is intended
that a cultural shift will be created across
the Group, with the purpose of taking
MSMG Sustainability Framework
Our purpose
Helping households save money
Environmental:
Social:
Governance:
Minimising our
environmental impact
Our social responsibility
to our communities
and employees
Robust governance
and ethics
1. Net zero and beyond
1. Benefiting our communities
1. Living our purpose and values
2. Reporting our progress
2. Looking after our employees
2. Good business ethics
(Task Force on Climate-Related
Financial Disclosures, Carbon
Disclosure Project and Annual
Report and Accounts)
3. Our environmental initiatives
3. Being a fair and socially
inclusive employer
3. Sustainable governance
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
37
Strategic Report Sustainability continued
Sustainability overview continued
Our culture continued
In 2022 we ran two employee engagement
surveys. 84% of our employees took part
in our November 2022 engagement survey,
which asked a variety of questions about
culture and employee experience. On top
of the anonymous survey questions,
employees took the time to leave verbatim
comments on a range of topics such as
leadership, communication, “My manager”
and diversity, equity, inclusion and belonging
(‘DEIB’) which was hugely encouraging to see
and helps us take sustained action on pinch
points across teams.
Each of the survey dimensions trended up
over the year, with the exception of one
which formed part of our organisation-
wide action planning to deep dive into
improvements. 74% of our colleagues
said that they would recommend us as
a great place to work.
Some of the highlights we’re proud of are:
• 91% of respondents believed their
manager created an environment
where they could be themselves;
• 89% said their manager valued their
perspective even if different from
their own; and
• 85% agreed they knew how their
work contributed to our objectives.
Minimising our environmental impact
Whilst the Group is not a major energy
user, we are aware of our impact on the
environment and we strive to reduce our
environmental impact by reducing our
carbon emissions and waste, and sourcing
responsibly. Our Spinningfields (Manchester)
office is BREEAM rated Excellent, and we
utilise a 100% renewable electricity tariff
across all of our core offices.
pathway, and that our targets are sufficiently
ambitious. As a result, we have taken a bold
step to increase the targets we set in 2021
to ensure that we are doing all we can to
reduce our emissions.
We have significantly increased our
medium-term target for reducing Scope 1
and 2 emissions by 2030 from 45% to 67%
against our base year. In addition, we have
also increased our target for reducing
Scope 3 emissions by 2030 to 46% (2021:
45% by 2030). Our long-term targets are
more ambitious again: we have increased
our targets to reduce Scopes 1, 2 and 3
emissions by 10% and are now committed
to reducing emissions across these scopes
by 90% by 2050 (2021: 80% by 2050).
As part of our operational net zero
commitment, we:
• measure all of the Group’s carbon
emissions, including Scope 3, and
report them publicly each year;
• publish details on our corporate website
on how we plan to reach operational
net zero;
• continue to be a Beyond Carbon
Neutral business;
• continue thinking about how to
communicate our climate commitments
in other meaningful ways, including to
our shareholders, employees, customers,
users and the wider community in which
we operate;
We continue to be a constituent of the
FTSE4Good Index Series and we are firmly
committed to the Science Based Targets
initiative (‘SBTi’) to set science-based
emissions reduction targets across
all scopes, in line with 1.5°C emissions
circumstances and the criteria and
recommendations of the SBTi, and we
look forward to providing further details
on this in 2023.
Operational Net Zero by 2030
We are firmly committed to reaching
operational net zero emissions by 2030.
Operational net zero is a state where an
organisation’s activities result in no net
impact on the climate from greenhouse gas
emissions. This means limiting the Group’s
carbon footprint in line with keeping global
warming to below 1.5ºC – the critical level
of heating to avoid the worst impacts of the
climate crisis.
We are making good progress towards our
operational net zero target (see our GHG
Report on page 42 for details) and in 2022
we undertook a review of our operational
net zero targets to ensure that we remained
aligned with the 1.5⁰C decarbonisation
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We keep our employees actively involved
and consulted about Group activities and
business performance through a range of
internal communication channels. These
include: small group “Ask Me Anything”
sessions with the CEO; fortnightly CEO and
Executive-led virtual and hybrid floor briefs,
where employees can ask questions or give
feedback; Scoop – our weekly e-newsletter;
monthly functional all-hands meetings led
by the Executive Team; our internal intranet;
Microsoft Teams posts and corporate
announcement emails. Following the
appointment of Sarah Warby as Non-
Executive Director Employee Champion
in 2018, we introduced a programme
of listening sessions. In 2022 we have
continued to run these frequent “NED
Breakfasts” giving employees at all levels
of the organisation an opportunity to give
direct and unfiltered feedback to our
Board on life at Moneysupermarket Group.
• report on our progress against our short
and medium-term targets to the Board
on a regular basis;
• provide updates on our progress via
our Annual Report and our corporate
website; and
• commit to having a member of our
Executive Team responsible for our
net zero target.
Carbon Disclosure Project
In 2022, Moneysupermarket Group again
chose to complete a full climate change
disclosure to the Carbon Disclosure
Project (‘CDP’) detailing the commitments
we have in place to manage our impact on
the environment.
The CDP is a not-for-profit charity which
for the past 20 years has led the way
in creating comparable, transparent
disclosure for companies, cities, states
and regions around climate change.
We have retained our ‘C’ rating1 which
puts Moneysupermarket Group in the
Awareness bracket, in line with the average
score for our sector. We are committed to
improving our climate governance in line
with feedback received and will continue to
provide updated CDP disclosures annually
going forward.
1 On an eight-point A–D scale.
Key initiatives in 2022
To achieve our operational net zero
ambitions, we have undertaken several
environmental initiatives this year to both
actively reduce our carbon emissions and
to improve our emissions reporting.
In 2022, we have increased employee
awareness of our carbon reduction plan
and, as our hybrid working arrangements
have continued into 2022, we have
provided advice to employees on how
behavioural changes can help them to
reduce both the Group’s carbon footprint
and their own carbon footprint whilst
working from home.
To do this we have used a variety of
communication channels including:
• Group-wide internal “floor-brief” updates
led by our CEO and Executive Team;
• our “MoneySuperScoop” newsletter
and “Hub” intranet; and
• in-office communications, including
a poster campaign.
In conjunction with our proactive and
passionate Green Team, which devises
and implements local energy-saving and
waste reduction initiatives, we have also:
• undertaken an employee commuting
survey to maximise our Scope 3
reporting and understand how we can
help employees to commute more
sustainably;
• worked with Giki to educate employees
both on their personal environmental
impact, and on how to have a sustainable
Christmas (see page 40 for details);
• improved our reporting on the waste
we generate in our offices;
• provided battery charging points and
chargeable batteries in our head office;
and
• partnered with a local charity to reduce
our food waste by donating our surplus
food to the local community.
Beyond Carbon Neutral
For the emissions that we haven’t yet been
able to eliminate, we have continued to
offset 150% of these via verified carbon
offset projects to ensure that we not only
reduce our negative impact but also have
a long-lasting and positive legacy for the
environment, as a Beyond Carbon
Neutral company.
This year, we were keen to ensure that
we selected offset projects that had a
significant benefit for the environment,
and were aligned to our purpose of helping
households save money. We chose to
invest 50% of our offset in an afforestation
project and asked our employees to help
us to choose the projects for the
remaining offsets.
Project 1
Project 2
Project 3
Degraded land
afforestation,
Uruguay
The main objectives of this project are
sustainable wood production, land
restoration and carbon sequestration
through afforestation. In addition to
delivering over seven million tonnes
of emissions removals over the
project’s lifetime, the project provides
new income and job opportunities to
local communities in rural areas of
Uruguay, while respecting existing
cattle farmers’ land use.
Bondhu
Chula stoves,
Bangladesh
Less than 20% of the 35 million
Bangladeshi households have access
to clean cooking. Traditionally, cooking
is done over an open fire pit, releasing
smoke and particulate pollutants.
These pollutants contribute to nearly
50,000 premature deaths a year and
cause millions in the country to suffer
from lung, eye or skin infections. The
Bondhu Chula stove cuts carbon
emissions by 50%; saves families
money on fuel costs; reduces harmful
indoor air pollution and provides
decent work and economic growth.
Gyapa efficient
stoves, Ghana
This project introduces families
in Ghana to an efficient stove, the
Gyapa, that cooks food more quickly,
requires nearly 50% less fuel and is
less smoky. The stove not only cuts
carbon emissions, but also reduces
exposure to toxic fumes. Reducing
the amount of wood used for cooking
saves families as much as $100
annually, while protecting Ghana’s
tree cover, which has decreased 19%
since 2000 according to Global
Forest Watch.
Emissions removed over
project’s lifetime
7m tonnes
Stoves installed to date
through this project
3m
A family can save up to
$100
on their annual fuel bill
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
39
Strategic Report
Sustainability continued
Case study
Case study
40
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Giki
Giki is an evidence-led B Corp and
social enterprise with a mission to
empower people with the knowledge
and tools to reduce carbon and
transform our world, step by step.
We worked with Giki on an initiative
to increase our employees’
understanding of their own carbon
footprints, and on the steps to take
to reduce their emissions in their
everyday lives. This included an
introduction to Giki’s science-based
platform, a workshop on how to have
a more sustainable Christmas, how
to spot greenwashing and how to
reduce waste.
Nanny Biscuit
Nanny Biscuit is a Flintshire-based
charity with a passion to engage,
inspire and support local people to
build a brighter future. Their strong
purpose is to increase social
awareness and community spirit,
promote good mental and physical
health, reduce loneliness and isolation,
and reduce their carbon footprint.
Our long-term partnership with Nanny
Biscuit has continued into 2022 with
Bytes, our on-site catering team,
working with Nanny Biscuit on an
initiative that has both minimised our
food waste and provided much needed
support to the local community during
the cost of living crisis.
Every day, any food that we have left
over from the breakfasts and lunches
provided to employees in our Ewloe
office is packaged by the Bytes team
into individual portions and
appropriately labelled. A representative
from Nanny Biscuit visits the office to
collect the food and distributes the
meals to the local community.
Minimising our environmental impact continued
Helping customers to make
sustainable choices
In addition to helping our employees
to have a more positive impact on the
environment, we also live our purpose
of helping households to save money
by providing guidance to our users and
customers who want to make low-carbon
and sustainable choices, and save money in
a sustainable way. On MoneySuperMarket,
we provide customers with information
on what green energy is and how it is
generated. We also provide functionality
for comparing green energy tariffs which
we will continue to promote when the
energy market conditions improve.
Firmly aligned to our purpose of
helping households save money,
our MoneySavingExpert team has been at
the forefront of providing advice to users on
how to reduce their energy consumption,
and save money at the same time, with
articles containing energy-saving tips,
advice on how to save energy on appliances,
energy mythbusters, and advice on how to
“heat the human, not the home”.
Our aims for 2023
We recognise that we are only partway
through our sustainability journey.
Together with our Green Team, we will
continue to develop and implement
initiatives in order to have a positive
impact on our environment. We will:
• further embed our Sustainability
Framework within the Group;
• remain Beyond Carbon Neutral whilst
making further progress against our
carbon reduction plan;
• continue our climate-related
disclosures through CDP, TCFD
and the FTSE4Good Series;
• alongside our Green Team, further
engage our employees on climate
change issues and share how to
lead more sustainable lives through
challenges, events and provision
of resources;
• finalise and obtain validation for our
Science-Based Targets Initiative; and
• continue to provide guidance to
our customers and users on
sustainable choices.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
41
Strategic Report Sustainability continued
Minimising our environmental impact continued
Greenhouse gas (‘GHG’)
emissions
This section includes our mandatory
reporting of greenhouse gas emissions
and global energy use pursuant to the
Companies Act 2006 (‘Strategic Report
and Directors’ Report’) Regulations 2013
and the Streamlined Energy and Carbon
Reporting (‘SECR’) under the Companies
(Directors’ Report) and Limited Liability
Partnerships (Energy and Carbon Report)
Regulations 2018. The methodology used
to calculate our emissions is based on the
GHG Protocol Corporate Standard.
Emissions reported correspond with
our financial year.
Set out in the paragraphs below is our total
annual carbon intensity in tCO2e per £m
revenue. In addition to this, we also
disclose specifically against Scope 1, Scope
2 and Scope 3 as required under SECR.
Emission factors are from UK Government
GHG conversion factors for
company reporting.
We recognise that 2022 has been another
unusual year and as such our carbon
reduction plans will continue to be based
on 2019, the year our baseline GHG
assessment was carried out.
We report annually on our carbon intensity
in tCO2e per £m revenue and are proud to
report a 9% year-on-year reduction, and a
reduction of 63% compared to our
baseline emissions year, 2019. In addition,
we report on our kWh per square foot of
floor area, as this is considered to be the
best indicator of carbon efficiency across
the estate. The Group has made a number
of changes to its estate, due to the
acquisition of Quidco and formation of ITG
in 2021. As a result, our kWh per square
foot of floor area has increased by 6%
since 2021. When compared to our
baseline year of 2019, this is a
27% reduction.
We also measure the metric of intensity
ratio of kgCO2e per employee. The
employee carbon intensity ratio includes
emissions resulting from all scopes,
whereas the floor area carbon intensity
ratio only includes Scope 1 and 2
emissions relating directly to building
activity. We are pleased to report that our
carbon intensity ratio has reduced by 3%
since 2021 and by 57% since 2019.
This is due to a consistent reduction
in emissions despite annually steady
employee numbers.
Streamlined Energy and Carbon Report
Set out below is our Scope 1, Scope 2 and Scope 3 as required under SECR:
SECR energy use report:
Energy from:
Scope 1: heating fuels
Scope 2: purchased electricity
Scope 3: employee mileage
Total energy
SECR Greenhouse gas (‘GHG’) emissions in tonnes of CO2e:
Emissions from:
Scope 1 (direct)
Scope 2 (indirect)
Scope 3 (indirect)
Total gross emissions
150% carbon removal
Total net emissions
SECR Intensity ratios:
Floor area: kWh/sq.ft/year
Employees: tCO2e/employee/year
Revenue: tCO2e/£m/year
kWh
2022
431,719
605,232
41,702
2021
220,939
785,815
14,622
1,078,653
1,021,376
Tonnes of CO2e
2022
79
9
13
101
(152)
(51)
2022
10.38
0.14
0.26
2021
45
135
3
183
(274.5)
(91.5)
2021
9.78
0.29
0.58
42
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Social
Due to the nature of our businesses, we
have always been mindful of our social
responsibility to our communities and
employees. We believe our purpose and
values are supported and espoused
through the support we deliver to our
communities and to the inclusive and
open environment that we strive to
create for our employees.
Priority 1 – Benefiting
our communities
We actively champion partner charities
as well as supporting the communities
in which we operate. Through our
partnership with The Prince’s Trust, and
the MSE charity, we strive to broaden
and deepen our impact and create a
legacy, targeting our support to those
most in need. We provide further
examples of our work in the community
on pages 46 and 47 and pages 33 and
34 of this Annual Report.
Governance
The Group has a strong governance
culture in place, as detailed below, that
underpins our governance ambition and
helps to protect our trusted brands.
Priority 1 – living our purpose
and values
We have a clear purpose that our
employees understand and embrace.
Our Code of Conduct applies to
all employees and sets out our
commitment to:
(1) behave ethically;
(2) comply with relevant laws
and regulations; and
(3) do the right thing.
Our Code of Conduct also confirms that
we respect and uphold internationally
proclaimed human rights principles as
specified in the International Labour
Organisation’s Declaration on
Fundamental Principles and Rights at
Work (‘ILO Convention’) and the United
Nations’ Universal Declaration of
Human Rights.
In 2023, we will continue to build on
effective communication of our Code
and values and recognise our employees
when they actively engage with and
demonstrate our purpose and
our values.
Priority 2 – Looking
after our employees
We are a responsible employer and
recognise that our success is dependent
upon the talent and diverse skill sets of
our employees. We are a Real Living
Wage employer. We are committed to
investing in our employees’ wellbeing
and creating an environment in which all
our colleagues can thrive. Focus areas
for 2022 included supporting the
financial fitness of our employees
through the provision of a £2,000 one
off cost of living payment to all those
earning below £55,000 as a FTE. In
addition to the Group’s purpose of
helping households save money, we
want to do more to maximise the social
value that we create. We provide further
examples of working at MSMG on
pages 44 to 46 of this Annual Report.
Priority 3 – Being a fair and
socially inclusive employer
We are passionate about being a fair
and socially inclusive employer and
creating an environment where
everyone who works for us can be
themselves. We have forward thinking
targets under our diversity goals and
report on our gender pay gap and
voluntarily report our ethnicity pay gap.
We have also rolled out mandatory
inclusive leadership training for most of
our line managers. In 2022 we celebrated
Race Equality, Pride and other Neuro
Diverse areas of awareness. We provide
further examples our approach on
pages 44 and 45 of this Annual Report.
Priority 2 – good
business ethics
Good business ethics are demonstrated
through the policies and procedures the
Group has in place and how we track
that our employees are aware of and
adhering to these policies. Relevant
policies that help to support our Code
of Conduct include our Anti-Slavery and
Human Trafficking Policy for suppliers
and a separate one for employees; our
Anti-Bribery and Corruption Policy; our
Competition Law Policy; and our
Whistleblowing Policy. Our Code of
Conduct confirms that we respect and
uphold international human rights
principles as specified in the International
Labour Organisation’s Declaration on
Fundamental Principles and Rights at
Work (‘ILO Convention’) and the United
Nations’ Universal Declaration of
Human Rights.
In 2022, we undertook a review of all our
Group policies, to ensure they remain
fit for purpose, and that employees
understand the application of these
policies whilst they are working for
the Group.
Priority 3 –
sustainable governance
In 2022, we formed a Board-level
Risk and Sustainability Committee
to continue to ensure Board-level
oversight of our sustainability strategy.
We have also established an Executive
Risk and Sustainability Committee,
which will oversee our performance
against all the topics in our
Sustainability Framework.
Reporting into the Executive Risk and
Sustainability Committee is our new
Sustainability Steering Committee,
chaired by the Group General Counsel
and Company Secretary and composed
of Executives and senior management,
who will have responsibility for delivery
of the Sustainability Framework across
the Group.
In addition to shaping the Sustainability
Framework and driving our sustainability
agenda, the Sustainability Steering
Committee will oversee:
• communications;
• Board engagement; and
• educating on sustainability.
With greater focus on the Group’s
Sustainability Framework, we are
striving to create a cultural shift across
the Group to ensure that sustainability
is further embedded into our strategy,
operations and behaviours.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
43
Strategic Report Sustainability continued
People and culture
Our colleagues are the heart of our
business. We are proud to deliver on
our purpose of helping households save
money, whilst continuing to support the
wellbeing of our 733 (including ITG)
colleagues across the Group.
2022 has been a busy year. As we have
settled into our hybrid working pattern
of a minimum of two days in the office,
we have continued our focus on physical
and mental wellbeing as well as ensuring
that our colleagues remain informed
and connected. We have invested in
bringing teams together once again for
collaboration and all colleague events and
we have held over 30 small group in-
person “Ask Me Anything” sessions directly
with our colleagues and CEO Peter Duffy
to connect teams with our strategy.
The overall commitment dimension in
our latest engagement survey trended
up 11 points versus November 2021.
“ I appreciate that Peter is very
candid and it feels like he
is genuinely trying to have
honest communication.”
Engagement survey comment
(November 2022)
Diversity, Equity, Inclusion
and Belonging
Diversity, Equity, Inclusion and
Belonging (‘DEIB’) remains a key pillar
for Moneysupermarket Group.
We are committed to embracing
and promoting diversity, inclusion and
equal opportunity and are proud that
our Company behaviour of “Create
Belonging” is part of everyday life as
one of our key behavioural values.
During 2022 we built on our DEIB strategy.
This included rolling out inclusive language
workshops which gave 101 managers and
members of the People team time and space
to reflect on the language used every day
and increased awareness and recognition
of non-inclusive language at work.
We continue to be extremely proud of
our gender diversity. In February 2022 we
were ranked at number five on the FTSE
250 Women Leaders Review for females
on the Board, and at number nine for
female overall leadership. In December,
we remained above the benchmark of
40% women in senior leadership roles:
• 62.5% of our Non-Executive Directors
were female;
• 44% of our Executive were female; and
• 51% of our Executive -1 were female.
44 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Case study
Diversity, equity
inclusion, belonging
John Barrett, Lead Product Manager, Manchester.
Living with disabilities can be an isolating experience especially when it comes to
your career. I currently live with two separate conditions; I became deafened in my
right ear in 2015 and I have a genetic condition called Charcot-Marie-Tooth disease,
which is a neuromuscular condition that damages my peripheral nerves. This is a
progressive condition which currently affects my mobility in small ways such as
tripping up on the flattest of surfaces and experiencing severe nerve pain in my
hands and feet.
Like most disabled people who can “hide” their disability, I only reveal my conditions
to an employer once I’ve got the offer of employment, and that was the case back in
the summer of 2021 when I accepted MSMG’s offer. The reaction from the People
Team, the senior leaders who conducted the interview and my line manager was
one of the most positive experiences of my career. They were reaching out at
regular intervals, discussing how they can make the workplace adaptable to my
needs and how we can access funding such as “Access to Work” to pay for
any adaptations.
My new team was extremely accommodating, especially during our office days, as
even simple things such as the positioning of my desk and the place I stand in for
the morning stand-up meetings are key to enabling my full potential.
When you’re dealing with trying to be the best you can be on a day-to-day basis you
can understandably not keep a focus on your longer-term ambition, as getting to
the end of the day not having tripped or being in pain is a big win. My manager has
been a great support and keeps looking at how I can develop here at MSMG. In
September 2022, they revealed that as part of the skills framework assessment it
became abundantly clear that I was operating at a Lead Product Manager level and
the decision had been made to promote me to that role. To receive that recognition
is something I’ve not seen in other companies and sets MSMG apart as a great place
to work.
As I mentioned, my conditions are progressive and whilst that brings an element
of uncertainty to my future, I know that from a work perspective whatever happens,
MSMG will be supporting me every step of the way.
In May we launched our Family Wellbeing
Support guidelines covering Menopause
and Perimenopause, Fertility treatment,
Pregnancy/baby loss and Domestic
and other violence. They aim to provide
transparency on the Group’s approach to
supporting colleagues to ensure consistency
and fair treatment from both a colleague
and manager perspective, whilst taking
a flexible approach to individual needs.
The guidelines recognise that these life
events are not isolated to women, cisgender
people or heterosexual couples. These
guidelines aim to help colleagues feel
empowered to ask for adjustments and
carry out their daily role in a safe working
environment whether at home or in
the office.
We also partnered with Dyslexia Box
this year to audit our recruitment and
e-learning from a neurodiversity and
disability perspective. The purpose is
to measure and monitor the Group’s
neuro-inclusive and disability status,
progress the current strategy, and
implement best practices. Full
recommendations are being considered
with some changes already adopted.
In addition, in 2022 we have also:
• voluntarily published our ethnicity pay
gap for a second year;
• been recognised at number 33 on the
Inclusive Top 50 UK Employer List 2022
by Inclusive Companies;
• built on our Race Equality Action Plan and
Race at Work Charter commitments
through a focus on ethnicity representation
across all levels of our organisation;
• sponsored Black Business Week’s
Allyship panel and signed up to the “Mind
the Gap” initiative on ethnicity pay gaps;
• celebrated International Women’s Day,
Pride, Black History Month and Mental
Health Awareness Week;
• taken part in London Pride Parade with
27 colleagues and their partners
celebrating the day and representing
the Group;
• held awareness sessions and invited
outside speakers on multiple topics
from suicide prevention to baby loss
from a father’s perspective;
• introduced multi-faith leave, allowing
colleagues to take additional leave for
a key religious or cultural festival of
their choice as an alternative to
Christmas leave;
• trained 53 colleagues in British Sign
Language; and
• welcomed our first support dog,
Hamble, into our Manchester office.
Gender diversity and gender
pay gap
We’ve been reporting our gender pay gap
since 2018. We understand the drivers of
our gender pay gap and we are working
hard to address them. The Group has
a large percentage of male colleagues
in Tech, Product and Data, and female
representation in these areas trend
behind the rest of the Group.
Whilst we still have work to do, we continue
to make progress.
Our long-term aim is to close our gender
pay gap and we continue to take action to
reach that aim, as outlined in the report on
our corporate website at https://corporate.
moneysupermarket.com.
Ethnic diversity and ethnicity
pay gap
As part of the Race at Work Charter,
we committed to publishing our Ethnicity
Pay gap and 2022 is the second time that
we are voluntarily reporting.
Our Ethnicity Pay gap reporting is based
on the ethnicity data from 78% of
colleagues who voluntarily shared their
ethnicity as of April 2022. At the time of
reporting, 15% of those colleagues came
from multi-ethnic (ME) backgrounds.
Our ethnicity pay gap mean is 6%.
When broken down by the specific ethnic
groups, the ethnicity pay gap is in favour
of Asian colleagues (-14.2%) who have the
highest ethnic representation within
the Group.
Hiring for diversity remains a focus for
our Talent Acquisition team and 20% of our
hires in 2022 who disclosed their ethnicity
were from multi-ethnic backgrounds.
At December 2022, 20% (three out of 15)
of our Board and Executive are from
ME backgrounds.
Learning and development
Our learning philosophy hinges on the
concept that continuous development
should be at the heart of our employee
offering and not just provided by formal
classroom learning activities.
We focus on encouraging a growth
mindset and supporting employees
through career challenges and
opportunities by providing practical,
interactive and reflective learning
resources on demand. Whilst not always
possible, we seek to promote and give
opportunity from within and frequently
see colleagues move internally into roles.
We have invested £358k in training and
development in 2022, ranging from
individual coaching and professional
development programmes to Group-wide
upskilling initiatives.
In 2022 18 participants took part in
LEAD, a Chartered Management Institute
accredited leadership programme.
Five cohorts of LEAD are currently
live, with the last of those set to complete
the programme mid 2023. LEAD is funded
by the Apprenticeship Levy and provides
our managers and leaders with holistic
development through a combination
of webinars, applied learning stretch
activities, and one-to-one coaching
over a 12 to 18-month period.
Our mentoring scheme continues, bringing
together senior leaders with colleagues
from across the Group. We continually
evolve this initiative and seek participants
from a diverse pool of employees, with
many mentoring relationships continuing
beyond the defined engagement period.
“ I have had brilliant
opportunities to grow here,
which I have taken. This is
one of the areas that this
Company does very well
from my point of view.”
Engagement survey comment
(November 2022)
This year we trained 101 leaders in
inclusive language via our partner UNLRN.
This training builds on inclusive leadership
skills and takes leaders through the core
principles of inclusive language to ensure
leaders are mindful and aware of impact
versus intent amongst other practical tips
in this complex and evolving area.
We also continued our partnership with
CybSafe to deliver our mandatory annual
cyber awareness training. This has allowed
our employees to access a suite of tools
covering all aspects of online safety in a
user-friendly e-learning solution. This
included modules to keep colleagues
cyber-safe online when working from our
offices and remotely, and involved email,
phone, messaging, social media, internet
and password security, phishing and cyber
theft prevention.
Employee benefits
In September 2022 we were pleased to be
able to pay all our full-time colleagues
earning less than £55,000 FTE per year a
one-off cost of living allowance of £2,000.
Part time colleagues on less than £55,000
as an FTE received £1,000.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
45
Strategic Report Sustainability continued
Case study
Life at MSMG
Becca Wright, CRM Executive, Quidco
Quidco being acquired by MSMG has led to so many great opportunities for me.
MSMG has helped me to grow my own personal skills whilst allowing me to
express my interests outside of work with my fellow colleagues!
I was very lucky to get the opportunity to work closely with the Represent team
this year when I signed up to be a part of the Pride 2022 committee. Between
helping organise the socials across all sites, to helping come up with design ideas
for the Pride Parade, I was able to express my passion for inclusion within a work
setting and have lots of fun with the team in the parade itself! Later in the year,
I was then able to join the Represent team and I look forward to organising further
events promoting inclusion and diversity within our business.
Furthermore, joining the MSMG Group allowed me to sign up to its great mentor
scheme. The mentor scheme has allowed me to progress my skills and confidence
so much. I am hugely grateful to my mentor for allowing me to soak up lots of
knowledge from within his area of the business and for pushing me to try new
things! The mentor scheme has been unfathomably useful in helping me achieve
my career goals, feel empowered and further my knowledge in our industry.
Lastly, I feel so lucky to be working in a company where the impact of the cost
of living crisis has been actively thought about and help has been implemented.
The cost of living allowance I received as a result of the increased cost of energy,
groceries and fuel has been unbelievably beneficial.
Thank you, MSMG, for having ethics
and inclusion at the heart of our business.
46
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Community
Our aim is to be a force for good and an
active contributor to our chosen charities
and the communities in which we operate.
We are proud to have supported
numerous causes with our fundraising
and volunteering initiatives throughout
the year.
“ There is nothing I need
that is not provided by
this wonderful company.”
Engagement survey comment
(November 2022)
Our charity partnership
with The Prince’s Trust
At the end of 2021 we took a decision to
extend our three-year charity partnership
with The Prince’s Trust by 12 months,
as the pandemic had impacted our
fundraising efforts in years two and
three of the partnership.
As with each of our previous years, our first
initiative of 2022 was “Future Steps” – a
walking challenge run across the business
which engaged 83 colleagues and raised
just over £12,000.
Quidco took an active part in fundraising
this year with a team entering two football
tournaments and raising a total of £1060
for The Trust.
As we became more comfortable
fundraising in person, we were
extremely happy to launch our first
Moneysupermarket Group adventure
challenge since 2019, which proved to be
our most successful fundraiser of the year.
54 colleagues took part in a 12-hour trek,
the Yorkshire 3 Peaks challenge, covering
24 miles and raising a phenomenal
£31,500, including company matching.
In September, colleagues raised £1,300
by engaging in The Prince’s Trust’s flagship
event “Palace to Palace” and cycling
45 miles between Buckingham Palace
and Windsor Castle.
Over the year, our employees raised
a further £52,000 from fundraising
activities with the Group, including company
matching. Towards the end of the year,
we took a decision to donate a further
£22,000 to the Trust, rounding up our
total 2022 donations to £100,000.
Our fundraising efforts this year also
earned us a nomination at The Prince’s
Trust Partnership Awards for the second
time during our four-year partnership.
We feel proud of the £423,392 we have
donated since becoming partners at the
beginning of 2019 and of the volunteer
work we have been able to complete
during this time.
“ Having been in
Moneysupermarket Group
for over 20 years, this still
remains one of my favourite
things to do and I am proud
to be able to chair such an
awesome group of people,
helping those who help others.”
Paul Cartwright, .Community Lead
Our .Community efforts
Hot off the back of our Christmas 2021
drive, (where teams in Belfast visited
a depot organised by Cash4Kids and spent
the day helping package, bag and wrap
presents for the local families, as well as
toy donations of our own to the “Home
Start” charity based in Mold and a £500
donation to a family support shelter
in Manchester), in 2022 we turned
our support efforts to the Ukraine.
Several members of staff asked if there
was anything we could do to help with
the Ukrainian Refugee crisis in Poland.
We organised a staff collection in each
office in collaboration with the local Polish
support group, PCIS. After collecting items
all week we headed to the collection centre
only to be turned away; they had run out of
room for any further donations to be
collected and were crying out for more
storage space.
This is where we were able to go the extra
mile, offering spare space in our Ewloe
office as a temporary storage location.
Van after van arrived at the office with
donations from the area, filling an entire
office wing in a matter of hours, and
members of staff in the Ewloe office
helped unload and sort through all the
donations. The next week, an articulated
truck came to the office, we loaded it to
the brim, and it went on its way directly
to the centre in Poland. To help raise
awareness of the cause, we posted on
LinkedIn, sharing the amazing work the
team had done; it was viewed nearly
10,000 times and helped to keep the
donations coming.
Beyond our Ukraine initiative, we saw
many contacts at our local charities
disappear, COVID-19 having put a stretch
on their resources. This has resulted in
lower overall requests for donations from
the .community fund and we issued
£6,275 in donations over the year to
nine charities.
It was with great sadness that we lost
a treasured member of our community
group this year owing to complications
with cancer treatment. We took comfort
from being able to donate to the local
hospital charity that helped both her
and her family during this time.
As 2022 drew to a close, increasing costs
of utilities and food created hardship for
many families in the UK. In a direct link
to our purpose, .community helped
households through support for food
banks and fuel poverty charities.
The MSE Charity
Throughout 2022, MoneySavingExpert
continued to donate funds to the MSE
Charity, donating £100,000 over the year.
Rather than engaging in specific projects
itself, the charity offers grants of up to
£7,500 to support non-profit organisations,
such as a social enterprise or a registered
charity, with specific money education
projects. Help is given to a range of
organisations, from small grassroots
groups to more mainstream charities,
with the maximum annual income level
for an organisation set at £500,000.
The MSE Charity has two themed grant-
giving rounds a year and four themes that
rotate through a two-year cycle. Its themes
include building and developing resilience,
life-changing transitions, and living with
long-term challenges. Nine groups received
grants in the February grant round, which
focused on the theme of “living with
long-term challenges”.
This year’s summer round, themed on
“developing resilience”, was launched
earlier than usual in response to the cost
of living crisis, and focused on groups
that provide urgent money guidance and
emergency debt help. Eight organisations
benefited from a total of just under
£50,000, with an average grant of about
£6,250, allowing them to teach vital
financial skills to people who are struggling
with their finances. Full details of the
recipients can be found at
www.msecharity.com.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
47
Strategic Report Sustainability continued
Task Force on Climate-Related Financial Disclosures (‘TCFD’)
We recognise that mitigating the impact of
climate change is a unique challenge and
acknowledge the growing scientific consensus
that the window to tackle climate change is
rapidly diminishing. We are committed to
helping households save money in a way
that is mindful of climate change.
regulation. The Group’s oversight of climate
risk has continued to expand and evolve
with our expanding commitment to our
increasingly ambitious climate goals.
We consider future climate change to
represent physical risk, including acute
impacts resulting from weather events and
chronic impacts stemming from longer-term
shifts in climate, like higher temperatures,
prolonged heat waves and drought, and the
transition risk arising from changes in
consumer behaviour, technology and
We are adopting a climate-focused mindset,
supported by an effective governance
process which has included widening the
remit of the Risk Committee in 2022 to the
Risk and Sustainability Committee (see
pages 94 to 96 of the Annual Report).
We operate a low-carbon intensity business,
we neither mine, manufacture nor transport
goods and we do not operate in the most
immediately susceptible areas. Therefore,
we consider that the Group has relatively
limited exposure to potential direct physical
risks, but we are cognisant of some potential
transitional risk over the longer term.
We consider this report to be consistent
with the four pillars of Governance,
Strategy, Risk Management and Targets
and Metrics, together with the 11 supporting
recommended disclosures from the
recommendations of the TCFD (taking
into account Section C of the TCFD Annex
entitled “Guidance for All Sectors”), and
have structured the report in line with
these pillars and recommended disclosures.
• to achieve net zero by 2050 and beyond,
Board statement on its commitment to becoming operational net zero
The Moneysupermarket.com Group PLC
Board recognises the significant risks
from climate change and the role we must
play to mitigate the impacts on the wider
world and our own business. We strive
to reduce our environmental impact by
reducing our carbon emissions and
production of waste, and sourcing
responsibly. We consider environmental
and sustainability issues in aspects of
our operational and business activities.
environmental initiatives in our
business to reduce our impact
on the environment.
and operational net zero by 2030
through robust plans;
• to report our progress to our
• to seek and implement new
stakeholders; and
scopes, in line with 1.5°C emissions
circumstances and the criteria and
recommendations of the SBTi. We have
been working on our targets and expect
to submit these to SBTi for validation in
the next financial year (FY23), with further
communication to stakeholders to follow
in due course.
During 2022 we reviewed our approach
to achieving operational net zero and
engaged our employees in considering
which projects we should sponsor as part
of our carbon offsetting arrangements (see
further below). In 2022, we also completed
a full disclosure to the Carbon Disclosure
Project (‘CDP’) detailing the commitments
we have in place to manage our impact on
the environment, and will continue to
provide updated CDP disclosures annually
going forward.
Our net zero plan covers the areas which
are most material to our business: the
emissions we create, the waste we make
and the sustainability of our supply chain.
We continue to be a Beyond Carbon
Neutral business (meaning we eliminate
more carbon dioxide than we emit via our
carbon offsetting projects) and in 2021,
we announced our new commitment to
achieving operational net zero by 2030.
We are proud to be one of the founding
members of the Tech Zero taskforce (‘Tech
Zero’). Announced in March 2021, Tech Zero
aims to take steps to tackle the climate
crisis. By working together, we hope to make
faster progress to net zero and encourage
other companies to take action to reduce
their emissions. Companies that join Tech
Zero agree to a set of commitments,
including measuring their Scope 1, 2 and
3 emissions and setting an ambitious net
zero target within a year of joining.
Together with this, on 4 November 2021,
we also committed to the Science Based
Targets initiative (‘SBTi’) to set science-based
emissions reduction targets across all
We are proud of the progress we have made
to date, but we are aware we have more to
do. Our plans for 2023 include, considering
using the journey to achieving operational
net zero as an opportunity to further engage
our employees in our carbon reduction
initiatives and further embedding climate
change and sustainability as part of the
culture of the Company.
We will continue to evolve and enhance our
reporting against the framework provided
by the Task Force on Climate-related
Financial Disclosures, and we welcome
feedback on our approach.
The information provided in this TCFD
Report, in conjunction with our wider Annual
Report and Accounts, helps to: set out our
oversight of and governance process
surrounding climate-related risks and
opportunities; demonstrate how we are
identifying and dealing with climate-
related risks and opportunities, and how
they impact our strategic and financial
planning; and describe the metrics and
targets we have set ourselves over the
next few years and the progress we are
making against these.
We have been focusing on a clearer and
more transparent articulation of our Group
sustainability strategy and this year we
have adopted our new Sustainability
Framework (see page 37 of the Annual
Report) and accompanying Sustainability
Framework, as detailed below.
Under the Environmental pillar of our
Sustainability Framework, our aim is to
continue to reduce our impact on the
environment and we have three priority
areas to help deliver our ambition:
48
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
1. Governance
Board oversight of climate-related risks
and opportunities
The Board takes overall accountability for
the oversight of the Group’s risks and
opportunities, which includes climate
change. The Board receives regular updates
from management as well as the Risk and
Sustainability Committee on environmental
and climate-related matters and considers
the risks and opportunities arising from
climate-related change.
The Board considered and adopted a new
Group Sustainability Framework in 2022.
This includes the ambition and priorities set
out under the Environmental pillar; the
ambition of the Group is to minimise our
environmental impact and our three priority
areas centre around our operational net
zero plans and beyond, reporting our
progress to our stakeholders in a clear and
timely manner and finally, putting in place
environmental initiatives that will help to
reduce our carbon emissions and our
environmental impact. The Board
considered our Operational Net Zero by
2030 plans and the environmental initiatives
we have undertaken in 2022. The Board has
also considered how we report our
progress, through our TCFD report,
submitting our data to the Carbon
Disclosure Project and agreed that we
should have our net zero targets verified
independently by the Science Based Target
initiative in 2023.
The Board also considered new reporting
arrangements for the Group Sustainability
Framework to the Board and relevant
Committee. As part of this, the Board
agreed to new reporting through to the
Board against the three priority areas under
the environmental pillar, which included
plans relating to the Group’s targets of being
Operational Net Zero by 2030 and Net Zero
by 2050. These new reporting arrangements
will be fully reported through to the Board
in FY23.
The Board further considered the reach and
impact of the Committees role in reviewing
our Sustainability Framework, including our
environmental ambitions. As part of this,
the Board approved the update of the Risk
Committee, to becoming the Risk &
Sustainability Committee. Therefore,
in September 2022 the Risk Committee
renamed itself the Risk and Sustainability
Committee and updated its terms of
reference to widen its remit to include
oversight of the Group’s sustainability
strategy, framework and risks, as well as
the Group’s sustainability commitments
and performance. Reporting to the Risk and
Sustainability Committee is the Executive Risk
and Sustainability Committee, which oversees
the Group’s performance against all the
topics within the Sustainability Framework.
Climate-related risks are incorporated into
our Group risk management framework
(see section 3 on Risk Management below)
and we have continued to assess climate
change as an emerging risk to our business,
rather than a principal risk. See pages 94
to 96 for further detail on the Risk and
Sustainability Committee.
Reporting to the Executive Risk and
Sustainability Committee is our new
Sustainability Steering Committee,
chaired by the Group General Counsel
and Company Secretary and composed
of Executives and senior management
who have responsibility for delivery of
the Sustainability Framework across
the Group. This Committee oversees
communications, Board engagement
and the education of colleagues across
the Group. The governance diagram on
the following page illustrates how our
sustainability governance is structured.
Assurance of climate-related
measurement and reporting
The Group is committed to continuous
improvement within our climate-related
external reporting and to this end undertook
an internal review of the Group’s sustainability
plans during the third quarter of 2022,
including the consideration of the assurance
that management has over our TCFD Report
and our externally reported data.
As part of this review the Group has
enhanced internal processes to include
the peer review of data submitted to our
external partner who helps us to produce
our carbon footprint to ensure its accuracy,
traceability and completeness. Internal
processes have also been updated to
ensure that it is made clear where data has
been estimated (and the basis for such
estimations and assumptions) and where it
is based upon actual figures. We have for
the first time included within this report the
emission data from Ice Travel Group
following its acquisition.
Management’s role in assessing and
managing climate-related risks
and opportunities
As stated above, the Group General Counsel
and Company Secretary has responsibility
for leading our climate change agenda, for
embedding our ambition and commitments
into the Group and for managing our
policies and practices across a range of
sustainability and ESG matters, including
climate change. The Chief Risk Officer is
responsible for our risk management
framework and approach, including the
assessment and management of climate-
related risks. Climate related matters are
identified through both internal and
external avenues; these include being
updated through the Employee
Representative Group the “Green Team”
on initiatives, through internal plans and
updates to reporting on the Group’s
emissions and targets, through an external
consultant who assists the Company with its
GHG reporting and through industry
updates. Both the General Counsel and
the Chief Risk Officer attend the Risk and
Sustainability Committee meetings and
report to the Committee on sustainability
and risk matters as appropriate throughout
the year. The Risk and Sustainability
Committee formally report to the Board
at the next Board meeting.
The operational management of our
climate-related risks and opportunities
continues to be embedded within our
business strategy and operations, as
detailed in section 2 below. We are
developing our approach as to how we
effectively embed climate-related risks and
opportunities into our financial planning
and investment decisions.
We have a TCFD Working Group which is
chaired by the Group General Counsel and
Company Secretary and has representation
from the Legal, Governance and
Procurement team which has responsibility
for sustainability in the business, and the
Risk and Compliance team, including the
Chief Risk Officer, and is responsible for
reporting the Group’s progress against
the TCFD requirements.
Management’s role in assessing
and managing climate-related risks
and opportunities
Our employee-led Green Team is
a proactive and passionate group of
colleagues who work together to devise and
implement local energy-saving and carbon
emission and waste reduction initiatives.
2. Strategy
Climate-related risks and opportunities
identified over the short, medium and
long term
The processes used to identify the material
climate-related risks and opportunities
include scenario analysis and detailed risk
assessment, in consultation with relevant
stakeholders across our business. Risks are
classified, assessed and managed
in accordance with our Group Risk
Management Framework described on
pages 62 to 67. In considering this risk
assessment, we defined the
following timescales:
• short term (up to three years) reflecting
the period over which we prepare
financial projections which are used to
manage performance and expectations;
• medium term (period to 2030) reflecting
the period over which we committed to
achieve operational net zero; and
• long term (period beyond 2030) reflecting
the period over which longer term
climate, consumer and structural trends
will take place.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
49
Strategic Report Sustainability continued
Task Force on Climate-Related Financial Disclosures (‘TCFD’) continued
2. Strategy continued
Climate-related risks and opportunities
identified over the short, medium and
long term continued
When considering climate-related risks, we
have categorised risks into three main types:
• physical risk: acute – event-driven risks such
as extreme weather events and flooding;
• physical risk: chronic – longer-term shifts
in climate patterns such as sea level rise
or sustained higher temperatures; and
• transition risk: changes in consumer
behaviour, technology or regulation.
As a UK based, low-carbon intensity
business, we do not operate in the most
immediately susceptible areas and so we
consider that the Group has relatively
limited exposure to potential direct physical
climate-related risks. We consider that there
is the potential for transition risk to impact
the Group over the medium to long term.
We anticipate that such risks may arise in
response to consumer behaviour changes
within our Insurance and Travel sectors,
in particular changes in insurance
requirements, car ownership and
international travel.
We have assessed the potential impact from
major climate change that could affect the
UK; for example, we have reviewed and
considered the four “key risks” for Europe
developed by the Intergovernmental Panel
on Climate Change (‘IPCC’), including heat
stress, food/water scarcity and rising sea
levels. Climate-related decisions by
providers could also impact the Group (for
example, if insurers were to amend home
insurance policies to require EPC ratings for
property, or reduce cover in respect of
extreme weather events).
Impact of climate-related risks and
opportunities on our Group, strategy
and financial planning
To understand the impact on the Group, we
look both through the lens of the physical
impacts and potential socioeconomic
developments. Under both scenarios, we
anticipate that our providers would likely
seek to evolve their products, e.g. insurance
policies and energy tariffs, in response to
climate-related risks and opportunities. We
expect consumers would still seek to engage
with switching sites and seek to compare
products across additional criteria, rather
than purely in relation to price. As a Group
we are well placed to deliver the tools
consumers would need to understand
which products provide good value. Building
on the work we completed in 2021, we are
adapting our processes to consider the
assessment of fair value in some of our key
channels in line with FCA Consumer Duty
regulation. Our existing environmental focus
will help to reduce the impact of these risks
to our strategy and business model.
Having undertaken our risk and
opportunities assessment, we do not
anticipate any specific opportunities for
the business in the short term. As green
products become more available (and
potentially more desirable, particularly
if regulatory change leads to an increase
in demand in certain products) over the
medium term, we will act to promote and
guide users to these. We have also
considered whether to help users of other
Group sites better understand their carbon
footprint, for example as it relates to car
mileage or travel, and have also considered
specific commercial initiatives relating to
carbon change. At this point, we do not
expect that climate-related matters will have
a material impact on areas of financial
planning over the short term. We will
continue to assess consumer demand for
such products to prioritise such initiatives
in the future.
Our “Expand Our Offer” strategy to broaden
the Group’s offering should provide additional
diversification, enabling us to take advantage
of emerging climate-related opportunities
and reduce the impact of climate-related
changes from any area of the Group.
Resilience of our Group strategy, taking
into consideration different climate-
related scenarios (including a 2°C or
lower scenario)
In 2022, we have continued to build and
enhance our resilience assessment.
Our climate scenarios were based on the
representative pathways developed by the
IPCC, which show how the emission of
greenhouse gases translates to increases
in average global temperatures. Whilst the
climate outlook shows the UK is expected
to face average temperature increases
between 0.5°C and 1°C up to 2035,
we undertook a climate-related scenario
analysis exercise to understand the
potential impact that climate changes of
1.5°C and 3°C could potentially have on the
Group. To construct our climate scenarios
and analysis we have modelled based on
the IPCC RCP 4.5 which shows greenhouse
gases will peak between 2040/50 which
MSMG PLC Board
Oversight of Company strategy and ensuring the long-term success of MSMG
Risk and Sustainability Board Committee
Provides guidance and direction to the Group’s sustainability strategy and framework
Advises the Board on Group Risk Framework and Risk Appetite
Executive Risk and Sustainability Committee
Meetings to discuss how the Group is managing its risks as well as how internal and external sustainability targets are achieved
Sustainability Steering Committee
Group GC responsible for delivery of the Sustainability Framework across the Group, with functional representatives
Group Green Team
Environment
Minimising our impact
on the environment
GC & CoSec
Social
Our social purpose
Chief People Officer
Governance
Robust governance
and ethics
GC & CoSec
50
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our long-term targets are more ambitious
again: we have increased our targets to
reduce Scopes 1, 2 and 3 emissions by
10% and are now committed to reducing
emissions across these scopes by 90% by
2050 (2021: 80% by 2050) and therefore
net zero by 2050.
We are actively working to reduce our
emissions wherever possible. We no longer
occupy energy-intensive data centres and
our London, Manchester and Ewloe offices
now operate on 100% renewable electricity
tariffs and we will continue to work on
several initiatives to further reduce our
emissions; see page 41 for details.
We have committed to the Science Based
Targets initiative (‘SBTi’) to approve our
science-based targets for Scopes 1, 2 and
3 emissions and are on track to submit our
targets in 2023. The methodology for
modelling our emissions has been
developed in line with the accepted
international standard for GHG value chain
modelling, the Greenhouse Gas Protocol.
The baseline year chosen is 1 January to
31 December 2019, as it is representative
of our current activities and was the most
recent year with complete and verifiable
data. Engaging with our third-party
suppliers will be key to delivering this
reduction. Over the next year, we will
extend our strategy of collecting supplier
information and reporting on our progress
in reducing our Scope 3 emissions.
As the sustainability landscape evolves,
we will continue to refine and expand our
disclosures to provide meaningful
information for our stakeholders.
Greenhouse gas (‘GHG’) emissions
and the related risks
Our greenhouse gas (GHG) emissions
are reported on page 42 of this Annual
Report. Together with reporting our GHG
emissions for Scope 1 and Scope 3, we
have also chosen to publicly disclose our
Scope 3 GHG emissions. We include a
description of the methodologies used
to calculate or estimate the metrics.
For the emissions that we have not yet
been able to eliminate, we mitigate 150%
of these emissions through investing in
verified carbon offset projects; see
page 42 for details.
will result in average atmospheric
temperatures increasing between 2°C to 3°C
by the end of the century. Whilst the climate
outlook shows the UK is expected to face
average temperature increases between
0.5°C to 1°C up to 2035, our scenarios build
on our long-term strategy. Based on our
current analysis scenarios and initiatives,
we expect the Group strategy to be resilient
to any physical risks which may materialise.
We expect to be impacted by transition risk;
however, this is predominantly an indirect
risk due to providers modifying their
products and services.
3. Risk management
Our processes for identifying
and assessing climate-related risks
and integrating climate-related
risks within our overall risk
management framework
Our approach to the identification and
assessment of climate-related risks fits
into our already established risk
management framework. These risks are
identified, classified and assessed
alongside the other risks which the Group
faces. See pages 62 to 67 on risk
management in the Group. Climate change
risks and, where applicable, opportunities
are reported to the Executive Team and
the Board (see section 1 on Governance
above for detail).
Climate-related risks have been assessed
in accordance with our Group risk
framework and we have continued to
consider climate change as an emerging
risk to our business, rather than a principal
risk. To correctly scope out the significance
of climate-related risks we have developed
a number of scenarios and reviewed the
IPCC identified risk impacts on the Group.
We additionally support the use of the
IPCC likelihood scenarios.
We monitor existing and emerging
regulatory requirements related to climate
change to understand the potential impact
and opportunities for our business and
stakeholders, recognising that climate
change regulations could require us to
make changes to our processes or
operations, but also that changes in
climate change regulations could present
opportunities if they result in an increase
in the demand for energy efficiency
products or services.
Processes for identifying, assessing,
and managing climate-related
risks into the Group’s risk
management framework
Our approach to assessing and managing
the climate-related risks is consistent with
our approach to other risks which the
Group faces and is described as part of
our Group Risk Management Framework
on pages 62 to 67. At this point,
we consider the potential impact of
climate change includes strengthening our
operational resilience to climate-related
risks by reducing our emissions across our
activities. We have already implemented
a number of measures to reduce our
carbon emissions, such as installing EV
charging points for employee use, moving
to a secure pull print system and installing
LED lighting and motion sensors in our
offices. Through our net zero plan, we have
identified additional opportunities such as
delivering a carbon emissions awareness
campaign to our employees and moving
our remaining offices to renewable
energy tariffs. We are continually working
on our approach to climate related risks
and opportunities and as part of our plans
for 2023, we will identify and assess
transition risks to the Group as applicable.
4. Metrics and targets
Group metrics to assess climate-
related risks and opportunities
in line with our strategy and risk
management processes
We are committed to our plan for
operational net zero emissions by 2030
and have made a commitment to limit our
Company’s carbon footprint in line with
keeping global warming to below 1.5ºC.
We report on a range of greenhouse gas
emissions and intensity metrics to
understand our impacts and performance.
Full details of our Scope 1, 2 and 3 GHG
emissions and our intensity ratio metrics
can be found on page 42.
Due to the limited risks and opportunities
we do not use metrics other than GHG
emissions to measure and manage risks
and opportunities. We continue to keep
this under review and will continue to
update our position in our future
TCFD reports.
Group targets to manage climate-
related risks and opportunities and
performance against targets
As a Group we are keen to ensure we are
doing all we can to have a positive impact
on the environment. We will continue with
our plans to become operational net zero
by 2030. This means for Scope 1 and 2,
and to be aligned with the SBTI (1.5⁰C
pathway), there will be a 90% reduction
in our Scope 1 and 2 emissions.
In terms of our longer-term plans, to
become net zero by 2050, to ensure
that we remain aligned with the 1.5⁰C
decarbonisation pathway, and that our
targets are sufficiently ambitious, we
undertook a review of our Scope 3 net zero
targets in 2022. As a result of this review,
we have also increased our target for
reducing Scope 3 emissions by 2030
to 46% (2021: 45% by 2030).
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
51
Strategic Report Sustainability continued
Non-Financial Information Statement
We comply with the non-financial reporting requirements contained
in sections 414CA and 414CB of the Companies Act 2006.
The below table outlines our position on non-financial matters and provides signposts to where these issues are addressed in the report.
Reporting requirement
Policies and standards which
govern our approach
Additional information
and risk management
Stakeholders
Group Data Protection Policy Code of Conduct
Section 172 Statement pages 29 to 35
Board activities pages 74 to 76
Sustainability disclosures pages 36 to 53
Employee Champion Report pages 83 and 84
Corporate Governance Statement pages 72 to 82
Audit Committee Report pages 89 to 93
Environmental
Environmental Policy
Sustainability disclosure pages 36 to 53
Sustainability Framework
Employees
Code of Conduct
Sustainability disclosure pages 36 to 53
Equal Opportunities & Diversity Policy
Employee Champion Report pages 83 and 84
Flexible Working – “Work Your Way” Policy
Whistleblowing Policy and Framework
Health and Safety Policy Statement
Human rights
Anti-Slavery & Human Trafficking Policy
Corporate Governance Statement pages 72 to 82
Code of Conduct
Social matters
Anti-Slavery & Human Trafficking Policy
Sustainability disclosures pages 36 to 53
Volunteering Guide (Time-Off Policy)
Directors’ Report pages 118 to 122
Anti-corruption and bribery
Anti-Bribery & Corruption Policy and Procedure
Directors’ Report pages 118 to 122
Competition Law Policy
Conflicts of Interest Policy and Procedure
Hospitality & Gifts Policy and Procedure
Fraud Investigation Policy
Share Dealing Policy and Code
How to Buy Guidelines
Principal risks and impact
on the business
Description of
business model
52
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Risk management pages 62 to 65
Principal risks pages 66 and 67
Business model pages 16 and 17
Risk Committee Report pages 94 to 96
Business model pages 16 and 17
People
At Moneysupermarket Group,
we understand that our behaviour,
our operations and how we treat our
employees all have an impact on the
environment and society. We recognise the
importance of health and safety and the
positive benefits to the Group. The Group
has a Health and Safety Policy which is
communicated to all employees through
a health and safety handbook, which is
regularly reviewed and updated. Behaving
ethically is an essential part of working for
our Group, fundamental to how we do
business and vitally important to the
reputation and success of our Group. Our
Code of Conduct applies to all employees
and sets out our commitment to:
• behave ethically;
• comply with relevant laws
and regulations; and
• do the right thing.
Human rights
Our Code of Conduct also confirms that
we respect and uphold internationally
proclaimed human rights principles as
specified in the International Labour
Organisation’s Declaration on
Fundamental Principles and Rights at Work
(‘ILO Convention’) and the United Nations’
Universal Declaration of Human Rights.
In addition, we have an Anti-Slavery and
Human Trafficking Policy for suppliers and
a separate one for employees. Training is
provided to all employees on issues of
modern slavery in conjunction with the
Code of Conduct e-learning module.
We have a zero-tolerance approach to
modern slavery, and are committed to
acting ethically and with integrity in all our
business dealings and relationships, and
to implementing and enforcing effective
systems and controls to ensure modern
slavery is not taking place anywhere in our
own business or in any of our supply
chains. We publish our Modern Slavery Act
Transparency Statement annually and this,
together with previous statements, can be
viewed on our website at https://corporate.
moneysupermarket.com.
Anti-corruption and
anti-bribery
We also have Anti-Bribery and Anti-
Corruption and Competition Law Policies
that incorporate the Group’s key principles
and standards, governing business conduct
towards our key stakeholder groups.
We believe we should treat all of these
groups with honesty and integrity.
Our Anti-Bribery Policy is supported by
clear guidelines and processes for giving
and accepting gifts and hospitality from
third parties.
Whistleblowing
Our Whistleblowing Policy is supported by
an external, confidential reporting hotline
which enables employees of the Group to
raise concerns in confidence. Any reported
issues will be reported to the Audit
Committee and, where appropriate,
remedial actions taken.
Tax Policy
Our Group is guided by our purpose to
help households save money. We believe
that our business makes a valuable
contribution to UK society and we are
proud that MSM has helped 11.1m active
users to save an estimated £1.8bn on
their households bills in 2022, by finding
a better deal on their insurance, energy
and banking products.
Alongside this, we want to make our
contributions to the communities that
our customers live in by paying the right
amount of tax, at the right time. In 2022,
we paid £18m in corporation tax and over
£54.3m in other taxes (including VAT and
employer’s National Insurance). We are
committed to acting with integrity and
transparency in all tax matters. We will not
support proposals to reduce our tax cost
through implementing artificial structures,
but we will seek to structure commercial
transactions in an efficient and legitimate
way. A copy of our tax strategy is available
at https://corporate.moneysupermarket.com.
Dividend Policy
In determining the level of dividend in any
year in accordance with the policy, the Board
also considers a number of other factors
that influence the proposed dividend
through its annual and strategic planning
processes and the scenario planning
described below in our viability review
section, which includes: the level of available
distributable reserves in the Parent
Company; future cash commitments and
investment needs to sustain the long-term
growth prospects of the business; potential
strategic opportunities; a prudent buffer;
and the level of dividend cover.
Moneysupermarket.com Group PLC,
the Parent Company of the Group, is a
non-trading investment holding company,
which derives its distributable reserves
from dividends paid by subsidiary
companies. The Board reviews the level
of distributable reserves in the Parent
Company biannually, to align with the
proposed interim and final dividend
payments. The distributable reserves of
the Parent Company approximate to the
balance on the profit and loss account
reserve, which at 31 December 2022
amounted to £117.5m (2021: £120.4m) (as
disclosed in the Company balance sheet
on page 166). The total external dividends
relating to the year ended 31 December
2022 amount to £62.8m (2021: £62.8m).
The Group is well positioned to continue to
fund its dividend, which is suitably covered
by cash generated by the business. The
distributable reserves are sufficient to pay
dividends for a number of years as, when
required, the Parent Company can receive
dividends from its subsidiaries to increase
its distributable reserves. Details on the
Group’s continuing viability and going
concern can be found on pages 59 and 60.
The ability of the Board to maintain a
future dividend policy will be influenced by
a number of the principal risks identified
on pages 65 to 67 that could adversely
impact the performance of the Group.
The Strategic Report on pages 02 to 67
was approved by the Board of Directors
and signed on its behalf by:
Peter Duffy
Chief Executive Officer
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
53
Strategic Report Financial Review
Strong performance and
strategic momentum
We’ve seen a pleasing return to profit growth and a healthy
increase in operating cashflow. We’ve continued to balance
efficiencies with investing for future growth.
Scilla Grimble
Chief Financial Officer
I’m pleased to present the financial review
in a year that has seen a return to both
revenue and profit growth. Revenue grew
22%, or 8% excluding Cashback. Money
had an exceptional year, our travel
channels rebounded strongly and the
trend in switching in the car and home
insurance markets improved as we moved
through the year.
Adjusted EBITDA grew 15% to nearly
£116m and basic EPS increased by 30%,
more than EBITDA driven by a decrease in
our effective tax rate in 2022 and deal fees
in the previous year.
Operating cashflow increased by 59%,
reflecting stronger trading performance
and some one-off working capital outflows
in 2021. Our net debt to EBITDA ratio fell to
0.3x from 0.6x in 2021.
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Moneysupermarket.com Group PLC
Financial review
Group revenue increased 22% to £387.6m (2021: £316.7m), with profit after tax increasing 33% to £69.3m (2021: £52.1m). When reviewing
performance, the Board reviews several adjusted measures, including adjusted EBITDA which increased 15% to £115.5m (2021: £100.5m)
and adjusted basic EPS which increased 21% to 14.4p (2021: 11.9p), as shown in the table below.
Extract from the Consolidated Statement of Comprehensive Income
for the year ended 31 December
Revenue
Cost of sales
Gross profit
Operating costs
Operating profit
Amortisation and depreciation
EBITDA
Profit after tax
Earnings per share:
– basic (p)
– diluted (p)
Reconciliation to adjusted EBITDA:
EBITDA
Deal fees and associated costs
Adjusted EBITDA
Adjusted earnings per share1:
– basic (p)
– diluted (p)
1 A reconciliation to adjusted EPS is included within the adjusting items on page 57.
Revenue
for the year ended 31 December
Insurance
Money
Home Services
Travel2
Cashback
Total
2022
£m
387.6
(125.1)
262.5
(173.5)
89.0
26.5
115.5
69.3
12.7
12.7
2022
£m
115.5
0.0
115.5
14.4
14.3
2022
£m
172.0
103.3
39.8
14.9
57.6
387.6
2021
£m
316.7
(93.8)
222.9
(149.5)
73.4
23.5
96.9
52.1
9.8
9.8
2021
£m
96.9
3.6
100.5
11.9
11.9
2021
£m
158.7
75.2
68.1
4.1
10.6
316.7
Growth
%
22
33
18
16
21
13
19
33
30
30
Growth
%
19
n.m.
15
21
20
Growth
%
8
37
(42)
265
n.m.
22
2
Travel includes revenue from Icelolly.com from 1 September 2021. Cashback reflects full year of Quidco revenue and the final two months of revenue in 2021 therefore
year-on-year growth is not meaningful.
Revenue grew 22% in 2022 or 8% excluding Cashback. Performance was driven by the strong recovery in travel channels and exceptional
trading in Money, partly offset by the closure of the energy switching market.
Insurance
Insurance revenue increased 8% with growth in travel offsetting declines in the other main channels.
Following the introduction of the FCA General Insurance Pricing regulation in January 2022, market switching volumes for car and home
saw double-digit declines in H1, although this improved to single-digit declines in H2. As expected, providers, especially those with larger
back books, gradually reassessed their customer acquisition strategies with new products launched as the year progressed.
Car and home premium inflation gained momentum through the year, rising by double-digits compared to 2021, as premiums increased
to reflect the rising cost of claims. The acceleration of premium inflation in the year helped drive search traffic.
Travel insurance grew strongly as the market continued to recover after the lifting of pandemic-related restrictions. It is now our second
largest Insurance channel and revenue was c.20% above 2019 levels.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
55
Strategic Report
Financial Review continued
Revenue continued
Money
Money had an exceptional year with revenue growing 37% and all channels seeing double-digit growth.
Banking benefited from the consistent availability of attractive promotional products, especially savings accounts, throughout the year.
In borrowing there was strong demand and conversion for most of the year. In the final quarter, conversion weakened following
September’s mini-budget as providers, particularly in loans, repriced their products making them less attractive to users.
Home Services
Home Services revenue fell 42%, driven by the continued closure of the energy switching market. Throughout 2022 wholesale energy
prices were above Ofgem’s price cap therefore providers were unable to offer switchable tariffs with meaningful customer savings.
Future savings levels could also be impacted by the regulator’s market stabilisation charge. The ongoing uncertainty in the energy
market means it is unlikely that switching will return in 2023.
Home comms revenue returned to growth in H2 as we annualised the loss of a large B2B contract in July 2021. Particularly attractive
Black Friday offers drove exceptional growth in mobile.
Travel
Travel recorded its best performance since 2019 as COVID-19 related restrictions were largely absent from Q1 onwards. Revenue
was around 50% of 2019 levels.
Cashback
The significant increase in Cashback revenue year on year reflects the full year of ownership compared to only two months in 2021.
During the year the resurgence in travel offset declines in the retail and services segments. Retail moderated as the high online spending
penetration experienced during the COVID-19 pandemic of 2021 softened, with consumers returning to physical stores. Services was
affected by the closure of the energy market and lower switching volumes in car and home insurance.
Gross profit
Gross margin decreased 2.7%pts year on year from 70.4% to 67.7% with stable margins between H1 and H2. Excluding the impact of
Cashback, which has structurally lower margins, Group gross margin would have been about 4.5%pts higher. The loss from July 2021
of a large but low margin B2B contract benefited Group margin c.1.0pts in the year.
The mix into Money, particularly the growth in higher margin banking products, also improved margin by c.0.5%pt.
Other mix impacts were broadly neutral as the closure of the energy switching market offset market dynamics which reduced Insurance gross
margin year on year (recovery of travel insurance and the FCA General Insurance Pricing regulation impacts on car and home insurance).
We continued to see a shift of traffic to mobile devices, with 63.6% (2021: 61.0%) of MSM visits coming from a mobile device, while
tablet share again declined. Overall, there was little impact on Group margin from changes in device mix and we expect this to be
the case going forward.
Operating costs
for the year ended 31 December
Distribution expenses
Administrative expenses
Operating costs
Within administration expenses
Amortisation of technology related intangible assets
Amortisation of acquisition related intangible assets3
Depreciation
Amortisation and depreciation
2022
£m
40.1
133.4
173.5
10.4
11.3
4.8
26.5
2021
£m
29.5
120.0
149.5
14.6
4.4
4.5
23.5
Growth
%
36
11
16
(29)
160
7
13
3
Amortisation of acquisition related intangibles includes £6.4m relating to acquired technology assets. This is included in the amortisation of technology related assets of £16.8m
presented in note 13.
As expected, distribution expenses increased year on year to support MSM’s MoneySuperSeven advertising campaign. Costs were c.£4m
higher than guided due to the early launch of MSM’s latest advert and the decision in H2 to widen marketing initiatives in icelolly.com and
Quidco. In 2023 we will continue to build awareness across our portfolio of brands and expect distribution expenses to remain broadly
flat year on year.
Administrative expenses increased by £13m, as a result of a full year of consolidation of Quidco and icelolly.com. Efficiency gains from
simplifying the organisation and improving our data and tech estate helped offset wider inflationary pressures.
In 2023 we expect total operating costs (excluding depreciation and amortisation) to increase by mid-single digit per cent with efficiency
gains more than offset by wage inflation.
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Moneysupermarket.com Group PLC
Adjusting items4
for the year ended 31 December
Deal fees and associated costs
Amortisation of acquisition related intangible assets
Adjusting items included in administrative expenses
Change in fair value of financial instrument
Total
2022
£m
—
11.3
11.3
(0.0)
11.3
2021
£m
3.6
4.4
8.0
0.7
8.7
Growth
%
n.m.
160
42
n.m.
30%
4
Amortisation of acquisition related intangible assets and the change in fair value of financial instruments are not included in EBITDA and therefore are only adjusting items in the
adjusted EPS calculation. Deal fees and associated costs are adjusting items in both the adjusted EBITDA and adjusted EPS calculations.
Amortisation of acquisition related intangible assets relates to technology, brands and customer/member relationships arising on the
acquisitions of MSE, Decision Tech, CYTI and Quidco, as well as the combination of TravelSupermarket and Icelolly.com, in prior years.
These assets are being amortised over periods of three to ten years. The charge has increased this year due to a full year of amortisation
in respect of the assets acquired through the M&A activity in 2021.
In 2021, the Group incurred deal fees and associated costs relating to the Quidco acquisition and combination of TravelSupermarket and
Icelolly.com. The change in fair value of financial instruments in 2021 related to the reclassification of CYTI from a joint venture to a subsidiary.
Key performance indicators
The Board reviews key performance indicators (KPIs) to assess the performance of the business against the Group’s strategy. This year
we have added an MSM cross-channel enquiry metric so we now measure six key strategic KPIs: estimated customer savings, net
promoter score, active users, revenue per active user, marketing margin and cross-channel enquiry.
We will continue to evaluate and broaden the KPIs as needed to ensure they provide visibility of our strategic progress under
a framework that measures the strength of the Group and our brands.
Estimated Group customer savings
Group marketing margin
MSM and MSE net promoter score
MSM active users
Revenue per active user
MSM cross-channel enquiry
Estimated Group customer savings:
31 December
2022
31 December
2021
£1.8bn
57%
72
11.1m
£16.40
21%
£1.6bn
61%
72
10.0m
£16.90
19%
This is calculated by multiplying sales volume by the market average price per product based
on external data compared to the cheapest deal in the results table for core channels. Savings
for non-core channels are estimated by applying the savings for core channels proportionally
to non-core revenue. From November 2021 we have added the cashback earned by
Quidco members.
Group marketing margin:
The inverse relationship between Group revenue and total marketing spend represented
as a percentage. Total marketing spend is the direct cost of sales plus distribution expenses.
MSM and MSE net promoter score:
MSM active users:
The 12 monthly rolling average NPS (1 Jan 2022 – 31 Dec 2022 inclusive) measured by YouGov
Brand Index service Recommend Score weighted by revenue for MSM and MSE to create
a combined NPS.
The number of unique accounts running enquiries in our core seven channels for MSM (car
insurance, home insurance, life insurance, travel insurance, credit cards, loans and energy)
in the last 12-month period.
MSM revenue per active user:
The revenue for the core seven MSM channels divided by the number of active users for
the last 12 months.
MSM cross-channel enquiry:
The proportion of MSM active users that enquire in more than one of our core channels
within a 12 month period.
We estimate that the Group saved customers £1.8bn in 2022. The increase from 2021 is mainly driven by the recovery in travel insurance
and strong Money volumes, partially offset by a full year of closure of the energy switching market.
NPS remained strong at 72 demonstrating that trust and satisfaction in both brands remains high. MSE scored extremely well and MSM
finished the year ahead of the PCW peer group.
MSM active user numbers rose by 1.1m to 11.1m, driven both by travel insurance as the market recovered following the easing of travel
restrictions and higher volumes in borrowing channels. Energy enquiries remained high despite the absence of switchable tariffs.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
57
Strategic Report
Financial Review continued
Key performance indicators continued
Revenue per active user fell by 50p to £16.40p reflecting a sharp decline in energy conversion (negligible switching since Q4 2021)
and market-driven falls in car and home insurance conversion.
The marketing margin reduction reflects movements in gross margin, driven by consolidation of lower-margin Quidco, as well as the
increase in brand marketing spend.
During the year cross-channel enquiry improved driven primarily by the recovery in travel insurance. Our ongoing work to simplify
customer journeys and offer further switching prompts, facilitated by the improvements to our data infrastructure, will help drive this KPI.
Alternative performance measures
We use a number of alternative (non-Generally Accepted Accounting Practice (“non-GAAP”)) financial measures which are not defined
within IFRS. The Board reviews adjusted EBITDA and adjusted EPS alongside GAAP measures when reviewing the performance of the
Group. Executive management bonus targets include an adjusted EBITDA measure and the long-term incentive plans include an adjusted
basic EPS measure.
The adjustments are separately disclosed and are usually items that are non-underlying to trading activities and that are significant in
size. Alternative performance measures used within these statements are accompanied with a reference to the relevant GAAP measure
and the adjustments made. These measures should be considered alongside the IFRS measures.
Dividends
The Board has recommended a final dividend of 8.61 pence per share (2021: 8.61p), making the proposed full year dividend 11.71 pence
per share (2021: 11.71p). The Board will continue to keep under review the scope for resumed dividend growth and thereafter, when we
have significant surplus capital and there are no material short-term organic or acquisitive growth opportunities available, we will again
consider returning surplus funds to shareholders through a “special distribution”, in accordance with our capital allocation policy.
The final dividend will be paid on 11 May 2023 to shareholders on the register on 31 March 2023, subject to approval by shareholders
at the Annual General Meeting to be held on 4 May 2023.
Tax
The effective tax rate of 18.7% (2021: 25.8%) is in line with the UK standard rate of 19.0% (2021: 19.0%). The higher effective tax rate in 2021
was mainly due to a deferred tax charge arising from a change in the standard rate of corporation tax which comes into effect in 2023.
Earnings per share
Basic reported earnings per share increased by 30% to 12.7p (2021: 9.8p). Growth was ahead of adjusted EBITDA due to deal fees
incurred last year and a lower effective tax rate this year.
Adjusted EPS is based on profit before tax after adding back the adjusting items detailed above. A tax rate of 19.0% (2021: 19.0%) is applied
to calculate adjusted profit after tax. Adjusted basic EPS increased by 21% to 14.4p per share, which is higher than the percentage increase
in adjusted EBITDA due to a decrease in underlying (non-acquisition related) amortisation, partially offset by a higher net
finance expense.
Cash flow and balance sheet
The Group operating cashflow increased to £104.4m (2021: £65.7m) driven by the strong trading performance. The Group’s net debt
position at year end was £37.2m (2021: £59.6m). Net debt includes borrowings of £44.0m (2021: £57.5m) and £9.8m (2021: £14.6m)
of deferred consideration following the acquisition of Quidco last year. Net debt to adjusted EBITDA fell to 0.3x from 0.6x in 2021.
The working capital inflow of £4.7m was mainly driven by tighter receivables working capital management but also benefited from
an increase in payables relating to the higher revenues in our travel insurance channel.
Cash outflows on investing activities of £16.9m reflect £10.6m of cash capital expenditure and £4.8m of deferred consideration relating
to the acquisition of Quidco.
Capital expenditure
Capital expenditure was £11.4m (2021: £9.8m), including technology spend of £10.6m (2021: £9.2m). In 2023, technology capex is
expected to be in the region of £13m as we continue to invest in integrating recent acquisitions into the Group. We expect capex
to return to levels seen in recent years in 2024.
The amortisation charge for technology assets in 2022 (£10.4m) is lower than 2021 (£14.6m) as last year’s charge included accelerated
amortisation of several data infrastructure assets that were replaced by newer technologies.
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Moneysupermarket.com Group PLC
Going concern
The Directors have prepared the financial statements on a going concern basis for the following reasons. As at 31 December 2022, the
Group’s external debt comprised an amortising loan (with a balance outstanding of £40m, repayable by October 2024) and a revolving
credit facility (‘RCF’), (of which £4m of the £90m available was drawn down). No further amounts have been drawn down since the year
end. The operations of the business have been impacted by regulatory changes in Insurance, COVID-19 recovery in Travel and the
conditions affecting the energy switching market. However, the Group remains profitable, cash generative and compliant with the
covenants of the bank loan and RCF.
The Directors have prepared cash flow forecasts for the Group, including its cash position, for a period of at least 12 months from the
date of approval of the financial statements. The Directors have also considered the effect of potential cost-of-living trading headwinds
and recession and competition such as new entrants upon the Group’s business, financial position, and liquidity in severe, but plausible,
downside scenarios. The scenarios modelled take into account the potential downside trading impacts from recession, sustained
cost-of-living increases, competitive pressures and any one-off cash impacts on top of a base scenario derived from the Group’s latest
forecasts. The severe, but plausible, downside scenarios modelled, under a detailed exercise at a channel level, included minimal
recovery over the period of the cash flow forecasts and in the most severe scenarios reflected some of the possible cost mitigations
that could be taken. The impact these scenarios have on the financial resources, including the extent of utilisation of the available debt
arrangements and impact on covenant calculations has been modelled. The possible mitigating circumstances and actions in the event
of such scenarios occurring that were considered by the Directors included cost mitigations such as a reduction in the ordinary dividend
payment, a reduction in operating expenses or the slowdown of capital expenditure. A reverse stress test has also been performed,
which assumes the maximum available drawdown of borrowings, whilst maintaining covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Parent Company will be able to operate at adequate
levels of liquidity for at least the next 12 months from the date of signing the financial statements. The Directors, therefore, consider that
the Group and Parent Company have adequate resources to continue in operational existence for at least 12 months from the date of
approval of the financial statements and have prepared them on a going concern basis.
Consideration of Climate Change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the
risks outlined under TCFD on pages 48 to 51, and there has been no material impact identified in the reporting period on the financial
reporting judgements and estimates. The Directors considered the risks with respect to going concern and viability, as well as the
cashflow forecasts used in the impairment assessment, and noted no material risks within the planning period. Whilst there is no
medium-term impact to the Group expected from climate change, the Directors will assess these risks regularly against the judgements
and estimates used in preparation of the financial statements.
Scilla Grimble
Chief Financial Officer
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
59
Strategic Report Viability Statement for the 2022 Annual Report
Viability Statement
As required by Provision 31 of the 2018 UK
Corporate Governance Code, the Directors
have assessed the prospects of the Group
over a three-year period to December
2025. In making this assessment, the
Directors took account of the business
model and principal risks set out on
pages 16 and 17 and pages 65 to 67
of the Strategic Report.
Business model
The Group has a simple business model –
matching customers to the right providers.
It uses online services to help customers
to compare a wide range of products in
one place and make an informed choice
when taking out the product most suited
to their needs. With the addition of Quidco
in 2021, our model has expanded to
providing users with cashback offerings on
their online purchases and merchants with
valuable marketing leads.
For our providers, it offers an efficient and
cost-effective way to reach a large volume
of informed customers who are actively
looking for a product. For the majority of
our services, we receive a success-based
marketing fee from the providers.
This business model operates along
the following principles:
• the Group relies on customer
transactions for its revenues and
does not have long-term contracted
revenue streams;
• the Group makes money when its
customers find the product they want,
switch to it and save themselves money;
• customers will continue to see value in
shopping around for products and
services and will aim to save money by
doing so; and
• providers will have strategies of new
customer acquisition and develop
products and services to fulfil
that strategy.
The Group’s strategy continues to focus
on three pillars: improving acquisition
efficiency, driving greater retention and
cross-sell from existing users, and finally
expanding the business into profitable and
adjacent areas. All of this is underpinned
by an increasingly common, flexible and
re-deployable tech and data platform.
The Strategic Report sets out the Group’s
performance on the main KPIs which the
Board monitored for the year ended
31 December 2022. The Board monitors
and reviews progress against three time
horizons: quarterly to review and reforecast
performance against the Annual Plan and
Budget; annually to establish a clear
Annual Plan and Budget that will deliver
against the Strategic Plan; and a three-year
Strategic Plan reassessed annually, to
determine the strategy of the Group.
The Board noted the commentaries issued
by the Financial Reporting Council
suggesting that Viability Statements should
be extended beyond a period of three
years; however, due to the nature of our
economic, technological and regulatory
environment, the Board did not consider it
appropriate to alter its current time frame
due to the following reasons:
• The expected life cycle of the Group’s
technology is three years, and this
reflects the frequent changes in the
way that consumers choose to
use technology.
• It is difficult to forecast revenues and
costs beyond three years given that the
Group’s revenues and costs are not
materially covered by long-term contracts.
• Within three years costs could be
substantially restructured to compensate
for a major fall in revenues. As such, the
Board proposes to keep the time frame
as three years rather than extending
beyond this.
Risk management
As part of the review of the strategic
priorities, the Board identified the Group’s
principal risks around delivering these
priorities which represent a risk or
combination of risks in severe but
reasonable scenarios that can seriously
affect the future prospects or reputation
of the Group through threatening its
business model, future performance,
solvency or liquidity. These include
competitive environment and consumer
demands, brand strength and reputation,
data processing and protection,
data security and cyber, business
transformation and relevance to partners.
In addition, the Directors believe that the
Group faces risks around regulation,
Government policy, market competition
and economic conditions (including the
impact of a deep recession, increased cost
of living impacts and no or limited recovery
of energy market switching) especially
as that may influence the availability of
attractive products for customers.
Our principal risks and uncertainties
(including mitigating activities) are on
pages 66 and 67.
We have prepared cash flow forecasts for
the Group and have considered the impact
of the economic conditions mentioned
above upon the Group’s business, financial
position and liquidity in severe, but plausible,
downside scenarios, using stress testing
and scenario analysis techniques. The
scenarios use a base scenario derived
from the Group’s latest forecasts and
factor in existing borrowings, including
debt repayments, the deferred consideration
and covenant compliance as well as member
creditor commitments. Our revolving
credit facility runs to October 2024 and we
will re-finance the RCF within the viability
period. The plausible, severe scenarios
modelled, under a detailed exercise at
a channel level, included minimal revenue
recovery for the period of the cash
flow forecasts.
The assessment consisted of scenario
(stress) testing including one combined
scenario for those with impacts of medium
or higher likelihood and moderate or
higher residual risk. These stress tests
involved estimating the impact on
revenues, EBITDA and net cash/debt,
together with reverse stress testing to
identify the theoretical sensitivity that
the Group could absorb. The possible
mitigating circumstances and actions in
the event of such scenarios occurring that
were considered by the Directors included
cost mitigations such as a reduction in the
ordinary dividend payment, a reduction
in operating expenses or the slowdown
of capital expenditure.
60
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Moneysupermarket.com Group PLC
The Board manages risks across the Group
through a formal risk management framework,
designed to ensure that risks are properly
identified, prioritised, evaluated and
mitigated to the extent possible. Key
aspects of this framework include:
• a Risk Appetite Statement expressing
the amount and type of risk the Board
is willing to accept to achieve its
strategic objectives;
• regular assessments of current and
emerging risks being faced by the Group
including internal control effectiveness
and mitigating actions;
• risk metrics and thresholds which are
monitored as potential indicators of risk;
• scenario planning based on the principal
risks; and
• oversight from Risk and Compliance
and Internal Audit functions.
The Board has also considered the risks
from climate change and concluded that
there is no material impact with respect to
viability and going concern over the
Group’s planning period.
Viability assessment
In making its assessment of viability, the
Board has considered the resilience of the
Group using scenario planning based on
the principal risks to test the Group’s
planned earnings, cash flows and viability
over the three-year period. Using its
judgement on the likelihood of the principal
risks and the probability of them being
inter-related, the Board assessed the risks
separately and in certain combinations of
stressed scenarios. In arriving at its
conclusion, the Board is making the
assumption that the key aspects of customer
and provider behaviour set out above
which underpin the business model will
continue. It is also assuming that customers
and providers will continue to want to
transact online.
Based on the Company’s current position
and principal risks, together with the
results of this robust assessment and the
Company’s ongoing risk management
processes, the Directors have a reasonable
expectation that the Company will be able
to continue in operation and meet its
liabilities as they fall due over the three-
year period of their assessment.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
61
Strategic Report Risk Management
Risk management
with a customer lens
We continue to manage our risks
while maintaining our focus on
helping households save money.
Matt Whittle
Chief Risk Officer
Risk management process
Risk management governance and oversight
• Framework, policy and procedures
Risk management culture
• Values, behaviours and communication
• Three lines of defence
• Risk appetite
• Risk registers and risk assessment
• Training, education and awareness
• Embedding in decision-making
• Continuous improvement
Identify risks
Quantify gross risk
Identify existing risk mitigation
Quantify net risk
Identify if further controls needed
Monitor and control
62
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Moneysupermarket.com Group PLC
Risk management approach
Effective risk management is vital to enabling the Group to achieve
its strategic objectives, securing the business for the long term
and ensuring the desired outcomes for consumers. The Group’s
risk management framework, alongside its governance structure
and system of internal control, gives the Board assurance that
risks are being appropriately identified, assessed and managed,
in line with its risk appetite.
effectively manages risk and takes appropriate and timely action
where issues are identified. The Risk and Sustainability Committee
oversees Executive management on behalf of the Board in the
management of risks. Commencing in 2023, the Chair of the Risk and
Sustainability Committee will provide assurance to the Remuneration
Committee on the performance of the business and control functions
on an annual basis to allow the Remuneration Committee to satisfy
itself on the appropriateness of its remuneration decisions.
Governance and oversight
A governance and oversight structure is in place, with clearly defined
lines of responsibility, accountability and delegation of authority.
Horizon scanning is undertaken by the legal, risk and compliance
teams in order to keep abreast of potential emerging risks. The Risk
and Sustainability Committee’s agenda retains flexibility in order to
discuss the mitigation of emerging risks as they are identified.
The Board is ultimately responsible for the overall effectiveness
of risk management across the business, supported by the Risk
and Sustainability Committee. The Board delegates day-to-day
responsibility to Executive management. Executive management
owns the Group risks, is responsible for ensuring that the business
The Board has carried out a robust assessment of the emerging and
principal risks facing the Group, including those that would threaten
its business model, future performance, solvency or liquidity. Our
principal risks and uncertainties are outlined on pages 66 and 67
along with a description of how they are being managed.
Role
Board
Responsibilities
• Approval of Group Risk Framework and risk appetite.
• Carry out an assessment (at least annually) of principal risks and effectiveness of risk management
and internal control policies, and report to shareholders on such matters.
• Assessment of the effectiveness of Group Risk Framework and risk appetite and system
of internal control.
Risk and Sustainability
Committee
• Advise the Board on Group Risk Framework and risk appetite. Review and oversight of key risk
themes and metrics.
• Oversight of Executive management in management of risks.
• Review of emerging risks and regulatory change.
Management
• Ensure risk management is an integral part of implementing the business strategy.
(1st Line of Defence)
• Operate the business within set risk appetite and risk metrics.
• Responsibility for managing risks and implementing effective controls.
• Implement appropriate processes to identify and evaluate risks.
Risk and Compliance
• Implementation of Group Risk Framework and risk appetite and assess internal control effectiveness
(2nd Line of Defence)
and management actions.
• Develop and implement risk management policies and tools, and lead communication and training.
• Monitor progress of the key risk themes.
• Co-ordinate appropriate and timely delivery of risk management information to Executive
management and the Risk and Sustainability Committee.
• Advise and challenge management on risk management and internal control processes.
Internal Audit
• Monitor effectiveness of risk management processes.
(3rd Line of Defence)
• Perform tests of internal controls effectiveness.
• Identify and agree corrective actions with management.
• Liaise with Risk and Compliance function, including in relation to mapping of assurance activities to
the Group’s significant risks.
• Report to the Audit Committee.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
63
Strategic Report Future developments
We will continue to ensure that risk
management is part of everyday business
decision making and is understood by all of
the Group. We will continue to develop our
management information in light of our
strategic initiatives and ensure that
specialist risk knowledge is readily
available to each of our brands to enable
them to take and be fully accountable for
risk-based decisions, whilst providing an
effective level of risk and compliance
oversight for the Group.
We will continue to enhance our risk
management framework in specific
areas of focus, including cyber risks and
operational resilience, and consumer
behaviours, as well as enabling the
identification and mitigation of
emerging risks.
The Group recognises that regulation, in
particular the activities of the FCA, the ICO,
Ofgem and the CMA will continue to be
a feature of both the Price Comparison
market and the consumer markets in
which we operate. In 2023, we will embed
changes necessary to comply with the
FCA’s Consumer Duty and new Appointed
Representative requirements and continue
to assess and respond to the impact of
energy and insurance regulation in both
the short and long term.
The management of operational risks
will continue to be a priority for our risk
management framework in 2023, in
particular ongoing embedding of enhanced
controls in respect of data protection and
third-party management.
Risk identification
and assessment
The Group adopts formal risk identification
and management processes which are
designed to ensure that risks are properly
identified and evaluated, in line with risk
appetite. The identification of significant
risks is informed using a bottom-up and
top-down approach with each business
area identifying new risks as well as
reassessing those already being monitored.
To aid in the identification of risks and
development of associated mitigating
actions, risks are categorised into strategic,
financial, operational, regulatory, conduct
and data risks. Our regular and ongoing
risk oversight includes a risk and control
assessment twice a year across all areas
of the business, in order to understand the
strength and performance of the controls
in place, and potential gaps and weaknesses.
Management reporting
Timely and accurate management
information is provided to the right people
to support management decisions and
manage risk effectively within the Group.
Reporting enables management to have
clear visibility of the most relevant risks;
to identify areas of concern and/or priority;
to have access to detailed information to
enable root cause analysis and identification
of underlying trends; and to identify, escalate
and potentially mitigate the impact of new
operational risk concerns in a timely manner.
Should risk exposures be identified as
being outside the Group’s risk appetite,
this is escalated and reported to the Risk
and Sustainability Committee, alongside
clear action plans to bring the risk within
tolerance, with appropriate timescales.
The type and extent of any mitigating actions
will be determined by the level and nature
of the risk and the Group’s risk appetite.
Risk Management continued
The Board performs an annual assessment
of the risk management and internal
control framework, covering financial,
operational and compliance controls
including the:
• assessment of the risk management
framework for identifying and
monitoring risks, with consideration of
the integration of strategic and business
planning processes. This is supported
by independent reporting on risk
management and internal controls
by the Internal Audit function or
independent third parties, including
the external auditor;
• assessment of the extent, frequency and
quality of risk management and internal
control reporting;
• review of the resolution of issues arising
from internal control failings or
weaknesses; and
• review of the effectiveness of the
financial reporting processes.
Risk management framework
During 2022, we have monitored the risks
associated with the Group’s current and
future strategic priorities, overseen the
Group’s management of risks associated
with strategic initiatives and strengthened
the embedding of data security, cyber and
data protection processes and controls.
We have also continued to evolve the
Group’s risk management framework to
reflect regulatory change such as FCA
Consumer Duty and FCA General
Insurance Pricing requirements.
Risk appetite
“Risk appetite” defines the level and type of
risk the Group is able and willing to accept
in order to achieve its strategic objectives.
The Group’s risk appetite influences the
Group’s culture and operating decisions,
and is reflected in the way risk is managed.
The Group Risk Appetite Statement is
reviewed at least annually, in line with the
strategic direction of the Group, recent
experience and the regulatory environment,
and is subject to Board approval.
There are certain risk areas where we have
a very low or no appetite. In such areas, we
take actions to avoid or eliminate this risk
as far as possible. In other areas, such as
strategy, we recognise the importance of
managed risk taking in order to achieve
business objectives and goals.
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Moneysupermarket.com Group PLC
Our principal risks (as at 31 December 2022)
Outlined here are the Group’s most significant risks that may affect our future. We assess the probability of the risk
materialising and the impact of the risk on a residual basis (taking into account the benefit of mitigating controls).
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Probability
Strategic priorities
Efficient acquisition
Retain and grow
Expand our offer
1 Competitive environment
and consumer demands
2 Brand strength and reputation
3 Data processing and protection
4 Data security and cyber
5 Relevance to partners
6 Economic conditions
7 Regulation
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
65
Strategic Report
Principal Risks and Uncertainties
The table below summarises the Board’s view of the
material strategic, financial and operational/conduct risks
to the Group and how the Group seeks to mitigate them.
1
Competitive environment and consumer demands
Strategic risk
Description
The Group operates in a dynamic
and highly competitive marketplace
with new competitors entering the
market. We must continually
innovate to keep ahead of
competitors and changing
consumer demands.
Mitigating activities
Continuous innovation of new services and ongoing
evolution of existing propositions.
Regular engagement with consumers to understand
changes in how they use our services.
Investment in our technology platforms to
improve customer experience and make comparing
products easier.
Link to strategy
Developments in 2022
The Group has invested in a price match offer
for motor insurance, ensuring that we could offer
customers cheaper quotes than our competitors
or they will receive a gift voucher worth £20 and
we refund the difference.
Quidco has introduced a browser extension, which,
when installed, allows consumers to browse online,
and Quidco will remind them to activate cashback.
2
Brand strength and reputation
Strategic risk
Description
The Group must maintain consumer
awareness of and engagement with
its key brands.
Link to strategy
Mitigating activities
Investment in marketing across a range of media to
maintain the Group’s brands in consumers’ minds.
Developments in 2022
In May, the MoneySuperSeven featured Dame Judi
Dench as “Eight” with a mission to save the nation £1bn.
Our strong relationships with our providers allow
us to offer exclusive and market-leading deals.
MoneySavingExpert has been uniquely positioned
to guide consumers through changes in the energy
market and the cost of living crisis. MoneySavingExpert
introduced an app in May to appeal to a wider audience.
3
Data processing and protection
Operational/conduct risk
Description
The Group must appropriately
process and control the data our
customers share.
As a leading website operator, the
Group may experience operational
issues which result in incorrect or
incomplete data being transferred
to or from partners.
Link to strategy
Mitigating activities
Understanding and assessment of the data we collect
from our customers and how we use it.
Specialist data protection knowledge within our Risk and
Compliance, Technology and Legal teams. Annual data
protection training for all employees.
Controls and monitoring of internal processes. Regular
ongoing quality assurance procedures.
Developments in 2022
The Group extended its modernisation of the data
estate into Google Cloud Platform, with Quidco
following in 2023, to simplify, but strengthen, internal
processes, and to better share data and insight within
the Group.
MoneySuperMarket enhanced and delivered its
mandatory training across the Group.
4
Data security and cyber risk
Operational/conduct risk
Description
The Group must protect itself from
security breaches or successful
cyber attacks which could impact
our ability to operate our websites
and services.
Mitigating activities
Rigorous monitoring and testing of the Group’s
systems and infrastructure. Enhancing controls to our
data and systems through the implementation of our
Information Security Management System (“ISMS”).
Developments in 2022
The Group continues to invest in our cyber
governance framework and ‘ISMS’ – this includes
bot management.
Link to strategy
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Moneysupermarket.com Group PLC
Risk trend
Strategic priority
Increasing
Efficient acquisition
Decreasing
Retain and grow
Stable
Expand our offer
5 Relevance to partners
Strategic risk
Link to strategy
Description
The Group relies on its partners to
access competitive products and
technological integration to provide
a seamless customer experience.
Mitigating activities
Working closely with partners to ensure high-quality
and appropriate products and to maximise the
opportunities for partners to acquire customers
in a cost-effective manner.
Developments in 2022
The Group remains a cost-efficient and flexible way
for providers to access millions of customers. Strong
relationships with partners enable us to access
exclusive deals and offers for our customers.
6
Economic conditions
Strategic risk
Description
Weaknesses in the UK economy
including the cost of living crisis and
unprecedented energy market
conditions have led to more
challenging conditions in one or
more markets in which we operate.
7
Regulation
Strategic risk
Description
The Group must understand and
respond to the effects of regulatory
intervention in the markets in which
we operate.
The Group must comply with
existing and new regulatory
requirements which directly
apply to its activities.
Mitigating activities
Maintaining a diversified business across a range
of products.
Regular monitoring of market conditions and
environment.
Focusing on maintaining control of our cost base.
The continued diversity of the Group across a
portfolio of brands and channels offers the Group
protection from cyclical economic changes.
Link to strategy
Developments in 2022
The Group has continued to diversify and
reallocated resources and prioritisation to
appropriate channels where necessary as a
result of the energy market conditions.
Link to strategy
Mitigating activities
We maintain regular and ongoing dialogue with key
regulatory bodies.
Our Risk and Compliance team works across the
Group to ensure it remains compliant with new
and existing regulations.
Developments in 2022
The Group has monitored and responded to new and
emerging regulatory developments. We have proactively
engaged with regulators, such as the FCA and Ofgem, on
regulatory change, including the energy price cap, the
FCA GI pricing reform and the FCA’s Consumer Duty.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
67
Strategic Report
Chair’s Introduction to Governance
Leadership
and governance
We delivered well against our strategy.
Our work on more efficient acquisition has
delivered strong gross margin improvements.
Robin Freestone
Chair
Purpose and culture
The cultural tone of the business begins
in the Boardroom. Our purpose of helping
households save money is enabled by the
behaviours that are embedded into our
business and is aligned with our strategy.
Together, these help to create a culture
which optimises performance and
delivers long-term results.
The Board endeavours to promote
integrity and diversity of thought at all
levels of the Group. We are committed to
developing a diverse workforce and an
inclusive working environment. This
commitment is demonstrated in the
implementation of our diversity and
inclusion initiatives, including our
commitment to the Race at Work Charter.
Further details on our culture, purpose
and values can be found in our Strategic
Report on pages 02 to 67.
Dear fellow shareholder
I am pleased to present the Group’s
Corporate Governance Statement
for 2022.
Board focus areas in 2022:
• appointment and induction of a new
Independent Non-Executive Director
and the sourcing of a new Chief
Financial Officer;
• robust assessment of the Group’s
strategy and strategic initiatives;
• monitored and reviewed the Group’s
emerging and principal risks;
• monitored progress against the Group’s
diversity and inclusion strategy;
• assessment of environmental initiatives,
including progress made against the
plan to become operational net zero by
2030 and development of SBTi targets;
• approved the acquisition of additional
share capital in Podium, bringing our
total interest to 52%; and
• monitored the embedding of Quidco
into the Group post acquisition in 2021.
As a Board, we aim to maintain a
governance structure which provides
effective control and oversight of the
Group, while promoting the entrepreneurial
spirit which has been central to the Group’s
success in helping households save money.
In this report, we describe how our purpose,
values and strategy are aligned with our
culture and how we consider all our
stakeholders in key decisions.
Governance improvements
during 2022
• dedicated Board session reviewing risk
management processes, including risk
tolerances of the Group;
• reviewed and enhanced the Board and
Committee reporting templates, action
tracking and planning processes;
• reviewed and approved all governance
policies and training, ensuring they
remained aligned with Group values
and continue to support long-term
sustainable success;
• the enhancement of governance
controls in relation to our Sustainability
Framework including clarity of roles and
responsibilities and an additional review
process; and
• updated and approved the Matters
Reserved for the Board and the Board
Committees’ Terms of Reference.
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Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
The table below shows where shareholders can evaluate how the Company has
applied the principles of the Code and where key content can be found in this report.
Section
Further information
Board leadership and Company purpose
Business model – pages 16 and 17
The cultural tone of the business begins in
the Boardroom. The Board has established
a clear purpose, set of values and strategy,
taking into account the interests of our wider
stakeholders. The right resources, structures
and processes are in place to ensure that
these are implemented throughout the Group.
Board activities – pages 74 to 76
Risk management – pages 62 to 65
Shareholder engagement – page 73
Section 172 Statement – pages 29
to 35
Sustainability Report – pages 36 to 53
Workforce engagement – pages 83 to 84
Division and responsibilities
Board of Directors – pages 70 and 71
The respective roles and responsibilities of
the Executive and Non-Executive Directors
are clear and consistently applied, providing
for effective and constructive dialogue and
clear accountability.
Composition, succession and evaluation
The Group has a strong Board with a balance
of skills, experience, knowledge and diversity.
The appointment process is rigorous and
carefully applied, with annual evaluation
keeping the effectiveness of the Board and
its Committees under regular review.
Division of responsibilities – pages 77
and 78
Nomination Committee Report
– pages 85 to 88
Nomination Committee Report
– pages 85 to 88
Board skills and experience – page 86
Board evaluation – pages 81 and 82
Audit, risk and internal control
Risk management – pages 62 to 65
The Board has established clear processes
and procedures to ensure that risks are
carefully identified, monitored and mitigated
against and then reported externally in an
open and transparent manner. This helps
ensure that the Company’s financial
statements are fair, balanced and
understandable. Effective risk management
is critical to achieving our strategy.
Audit Committee Report – pages 89
to 93
Risk and Sustainability Committee
Report – pages 94 to 96
Board activities – pages 74 to 76
Remuneration
Business model – pages 16 and 17
Remuneration supports the Company’s
strategy and is appropriate to the size,
nature, complexity and ambitions of the
business. The Board aims to report in a
clear manner, demonstrating that pay,
performance and wider interests are aligned.
Remuneration Committee Report –
pages 97 to 117
Compliance with the 2018 UK Corporate Governance Code
(the ‘Code’)
During the year ended 31 December 2022, we have applied the principles and complied
with the provisions contained in the Code with the exception of provision 38 (alignment of
executive director pension contribution rates with those available to the wider workforce),
for which phased arrangements were in place to ensure that Scilla Grimble’s pension
was in compliance by 31 December 2022 as detailed in the Remuneration Report on
page 107. This report explains how we as a Board lead the Group and discharge our
governance duties and outlines the governance initiatives we have undertaken during
the year. The Corporate Governance Statement also explains compliance with the FCA’s
Disclosure and Transparency Sourcebook. In reviewing our Board’s effectiveness, we
have taken into account the Financial Reporting Council’s 2018 Guidance on Board
Effectiveness and applied its guidance where appropriate. The Financial Reporting
Council (‘FRC’) is responsible for the publication and periodic review of the UK
Corporate Governance Code, and this can be found on the FRC
website, www.frc.org.uk.
The Board also reviewed its governance framework to ensure it remains fit for
purpose and continues to be compliant with the SM&CR.
Board changes
The Board spent a significant amount of time
considering succession planning during the
year. As previously notified, James Bilefield
resigned from the Board on 31 May 2022,
following which Sarah Warby was appointed
Interim Remuneration Committee Chair. Also,
as previously notified, Sally James stepped
down as a Non-Executive Director at the
conclusion of the AGM on 5 May 2022 and I
would like to thank Sally for her contribution
to the Board during her tenure. I am pleased
to announce that Lesley Jones took over the
role of Chair of the Risk and Sustainability
Committee and Caroline Britton was
appointed Senior Independent Director.
Supriya Uchil has decided to step down from
the Board on 30 April 2023 to focus on other
work commitments and I would like to thank
her for her support over the past three years.
As described in my Chair's Statement
on page 08, we were delighted to welcome
Rakesh Sharma OBE, who joined the Board as
a Non-Executive Director on 3 October 2022
and took over the role of Remuneration
Committee Chair on 1 January 2023. Rakesh
brings with him a wealth of experience in
technology, cyber and industry and further
strengthens the diversity and experience of
our Board. Niall McBride joined the Group on
1 February 2023 and will take over as Chief
Financial Officer on 20 February. Niall brings
strong digital and consumer experience and I
am looking forward to working with him as we
continue to successfully execute our strategy.
For further information regarding the formal,
rigorous and transparent selection process in
relation to Rakesh and Niall, please see our
Nomination Committee Report on pages 85
to 88.
Company Secretary change
Shazadi Stinton was appointed General
Counsel and Company Secretary with effect
from 9 May 2022 and Alice Rivers completed
her appointment as Interim Deputy Company
Secretary on 29 July 2022.
Dividend
I am delighted to report that the Board has
proposed a final dividend of 8.61p per share
to shareholders in respect of 2022.
Looking forward
We will continue as a Board to maintain our
high standards of corporate governance
across the Group, underpinning the delivery
of our strategy and our purpose. Over the
next 12 months we will also continue to focus
on delivering our social and environmental
commitments, as well as the continued
engagement of our employees and
implementation of our diversity and
inclusion strategy.
Robin Freestone
Chair
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
69
Governance Board of Directors
Experience
and focus
01
03
05
07
09
02
04
06
08
10
Read more about employee
engagement on pages 83 and 84
Read more about key Board
activities on pages 74 to 76
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Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Selection process
We welcomed Rakesh Sharma to the Board in
October 2022. The Company has a formal, rigorous
and transparent selection process for the
appointment of new Directors. The Nomination
Committee is responsible for identifying and
nominating all Board candidates and, before any
appointment is made, evaluates the mix of skills,
experience, knowledge and diversity to ensure
the correct balance is maintained.
Induction and onboarding
On joining the Board, it is the responsibility of
the Chair and Company Secretary to ensure that
all newly appointed Directors receive a full and
formal induction, which is tailored to their
individual needs. The induction programme
includes a comprehensive overview of the
Group and dedicated time with the Directors
and senior management, as well as guidance
on the duties, responsibilities and liabilities
as a Director of a listed company.
01 Robin Freestone
Chair of the Board
Committees N
Term of office: Appointed as Non-Executive
August 2015 and as Chair May 2019.
Robin’s contribution to the Board, key
strengths, skills and reasons for re-election:
Robin brings to the Board extensive transformation
and diversification experience from leading
global and digital businesses. He was Chief
Financial Officer of Pearson PLC from 2006 to 2015,
and Deputy Chief Financial Officer prior to that.
Robin has also held senior financial positions at
Amersham plc (2000 to 2004), Henkel Ltd (1995
to 2000) and ICI plc (1984 to 1995). Robin has
extensive global and digital business leadership
experience and has an in-depth understanding
of governance requirements having served as
both an Executive and Non-Executive Director
of a number of listed companies. Robin brings
financial insight as well as an understanding of
how to attract and retain talent as Chair of the
Board and Nomination Committee.
External appointments: Robin is Lead Director
of Capri Holdings (formerly Michael Kors
Holdings Limited) and Non-Executive Director
and Chair of the Audit and Risk Committee of
Aston Martin Lagonda Global Holdings plc.
02 Peter Duffy
Chief Executive Officer
Term of office: Appointed September 2020.
Peter’s contribution to the Board, key
strengths, skills and reasons for re-election:
Peter’s key contributions to the Board are
extensive experience in digital businesses and a
dynamic leadership style. He was previously CEO
of Just Eat and before that was Chief Commercial
Officer at easyJet and Marketing Director of Audi
UK. Peter started his career in banking, holding
positions with Barclays, Yorkshire Bank and TSB.
Peter has an excellent overall track record, as
well as very relevant experience in driving digital
revenues and in all aspects of marketing. He is
well rounded from a sector perspective having
worked in financial services, airlines, automotive
and consumer internet. This mix has given him
plenty of exposure to operating within
a regulated environment.
External appointments: Peter is a Non-Executive
Director of Close Brothers Group plc, where he is a
member of the Risk Committee and Remuneration
Committee. He is currently President of ISBA –
the UK trade body for leading British advertisers.
03 Sarah Warby
Independent Non-Executive Director and
Non-Executive Director Employee Champion
Committees A N RS RE
Term of office: Appointed June 2018.
Sarah’s contribution to the Board, key
strengths, skills and reasons for re-election:
Sarah has experience of building valuable
brands across consumer sectors. She was
previously Chief Executive Officer of Lovehoney
and, before that, Chief Growth Officer of
HyperJar Ltd. Prior to that, Sarah was Chief
Marketing Officer at J Sainsbury plc and
Marketing Director of Heineken UK. She is a
fellow of the Marketing Society and Marketing
Academy and an adviser to the Museum of Brands.
A proven leader, with strong people and
communications skills, Sarah brings valuable
experience to her role as Non-Executive Director
and Employee Champion.
External appointments: Sarah is
Chief Customer Officer at Nando’s UK&I.
04 Caroline Britton
Senior Independent Director
Committees A N RS RE
Term of office: Appointed September 2019.
Caroline’s contribution to the Board, key
strengths, skills and reasons for re-election:
Caroline has a strong financial background,
retiring as Audit Partner at Deloitte LLP after 30
years of service (2000 to 2018 as Audit Partner).
Caroline is an FCA of the Institute of Chartered
Accountants in England and Wales and holds an
MA in Economics from Cambridge University.
Caroline’s strong financial background and
regulatory experience make her ideally skilled to
Chair the Audit Committee and she brings to the
Board valuable governance and risk
management expertise.
External appointments: Caroline is a
Non-Executive Director of Sirius Real Estate
Limited where she is Chair of the Audit
Committee and a member of the Nomination
Committee. Caroline is also a Non-Executive
Director of Revolut Limited where she is Chair
of the Audit Committee and a member of the
Risk and Remuneration Committees and of
the Supervisory Council of Revolut Bank UAB;
a member of the Audit, Finance, Risk and
Investment Committee of Make-A-Wish
International; and a Trustee of the Royal Opera House.
05 Supriya Uchil
Independent Non-Executive Director
Committees A N RS RE
Term of office: Appointed March 2020 (Supriya
resigned from Board on 18 January 2023 and will
step down from the Board on 30 April 2023).
Supriya’s contribution to the Board, key
strengths and skills: Supriya is the product-
focused Non-Executive Director of Bloom&Wild.
com, an online European florist. She is the Chair
of the Ounass Advisory Board, a luxury
e-commerce start-up in the GCC. Previously she
was the Chief Product Officer of Booking Go,
part of Booking Holdings Inc, and prior to that
held senior roles at Amazon.com.
External appointments: Supriya is a
Non-Executive Director of Bloom & Wild,
Non-Executive Director for Ounass, Chair
of the Advisory Board for Ounass and CEO
of Accelerate Product Ltd.
06 Rakesh Sharma
Independent Non-Executive Director
Committees A N RS RE
Term of office: Appointed October 2022.
Rakesh’s contribution to the Board, key
strengths, skills and reasons for election:
Rakesh is a former Chief Executive Officer and
brings to the Board over 30 years’ broad
experience from the tech and cyber industries.
Having successfully overseen remuneration
policy updates as Remuneration Committee
Chair at PayPoint plc, he brings valuable
experience to the Board as Chair of the
Remuneration Committee.
External appointments: Rakesh is currently
the Senior Independent Director and
Remuneration Committee Chair at PayPoint plc
and Chairman of AIM-listed Kromek Group plc.
07 Scilla Grimble
Chief Financial Officer
Term of office: Appointed February 2019 (as
announced on 20 June 2022, Scilla will step down
from the Board on 17 February 2023).
Scilla’s contribution to the Board, key
strengths and skills: Scilla has a strong
financial background and extensive consumer
experience. She was formerly Director of Group
Finance and Interim Chief Financial Officer at
Marks and Spencer Group PLC (2016 to 2018).
Scilla previously held senior finance roles at
Tesco PLC and was a Managing Director at UBS
Investment Bank. Scilla is a qualified chartered
accountant, having trained and qualified with PwC.
External appointments: Scilla is a Non-
Executive Director of Taylor Wimpey plc where
she is a member of the Audit Committee and the
Nomination and Governance Committee.
08 Lesley Jones
Independent Non-Executive Director
Committees A N RS
Term of office: Appointed September 2021.
Lesley’s contribution to the Board, key
strengths, skills and reasons for re-election:
Lesley was previously a Non-Executive Director
of N Brown Group plc, ReAssure Group plc
(where she chaired the Risk Committee),
Northern Bank Limited and Close Brothers
Group plc (where she also chaired the Risk
Committee). Lesley started her career at
Citigroup Inc. where she held a number of senior
roles in relationship and risk management over
a period of 30 years. She then spent over five
years at RBS Group plc as Group Chief Credit
Officer where she rebalanced the Group’s credit
risk appetite, established a market-leading credit
function and led its credit quality assurance
function. Lesley’s extensive experience as a
global credit risk manager operating at both
executive and board level means that she is
well placed to chair the Risk and Sustainability
Committee and brings her broader financial
services expertise to the Audit and Nomination
Committees.
External appointments: Chair of Sainsbury’s
Bank and Non-Executive Director of Moody’s
Investors Services Limited.
09 Shazadi Stinton
General Counsel and Company Secretary
Term of office: Appointed April 2022.
Shazadi’s contribution to the Board,
key strengths and skills: Shazadi has over
20 years' legal experience, having been Head
of Legal Counsel at Severn Trent and a solicitor
at Eversheds Sutherland. Shazadi’s key
contribution over and above her legal acumen is
her extensive understanding of environmental
and sustainability issues and requirements,
which she has utilised to enhance the Group’s
frameworks, governance and external reporting.
External appointments: None.
10 Niall McBride
Chief Financial Officer
Term of office: To be appointed 20 February 2023.
Niall’s contribution to the Board, key
strengths, skills and reasons for election:
A chartered accountant, Niall brings strong digital,
consumer and corporate finance experience to
the Board. Niall was most recently Chief Financial
Officer at Ocado Retail Limited and prior to this
he was a Managing Director at Rothschild & Co,
having commenced his career at PwC.
External appointments: None.
A Audit Committee
N Nomination Committee
RS Risk and Sustainability
Committee
RE Remuneration Committee
Denotes Chair
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
71
Governance Corporate Governance Statement
Governance framework
The Board
The Board is responsible for the long-term sustainable success of the Group, with
the overall aim of delivering shareholder value. Principally, we achieve this through:
• setting and monitoring strategy and ensuring the necessary resources are in place;
• providing entrepreneurial leadership within an effective risk management
Read more about the Board
on pages 70 and 71
Read more about key Board
activities on pages 74 to 76
framework and internal control system; and
• reviewing management’s performance.
Read more about division of
responsibilities on pages 77 and 78
Remuneration
Committee
The Remuneration
Committee’s key
responsibility is to
determine and apply
the shareholder
approved Remuneration
Policy to ensure that it
promotes the delivery
of our strategy and the
long-term sustainable
success of the Group.
Nomination
Committee
The Nomination
Committee is
responsible for
reviewing the Board’s
size, structure and
composition, including
the recommendation
of appointments to
the Board, succession
planning and
development plans
for the Board and
overseeing the Group’s
diversity plans.
Audit Committee
The Audit Committee
is responsible for
ensuring appropriate
challenge and
governance of
accounting treatment
and the internal control
environment and
ensuring that the
Annual Report as a
whole is fair, balanced
and understandable.
Risk and
Sustainability
Committee
The Risk and
Sustainability
Committee is
responsible for
overseeing the Group’s
risk management and
sustainability
frameworks. The
Committee ensures
that risks are
appropriately
identified, managed
and mitigated, and
advising the Board on
risk appetite, structure
and culture. From
January 2023, it will
monitor the embedding
of the sustainability
framework, monitoring
related KPIs and
external reporting.
Audit
Committee Report
Pages 88 to 93
Risk and
Sustainability
Committee Report
Pages 94 to 96
Remuneration
Committee Report
Pages 97 to 117
Nomination
Committee Report
Pages 85 to 88
CEO and Executive Team
Information and reporting
Responsibility for the development and implementation of the
Group’s strategy and overall commercial objectives rests with the CEO,
supported by the Executive Team and Senior Leadership Team. The
Executive Team is responsible for day-to-day operations, for delivering
results and for driving growth, ensuring this is done in a sustainable
and ethical manner.
Each Committee has an annual forward agenda planner based upon
the duties and responsibilities documented within its Terms of
Reference and presented at each meeting for consideration. Company
Secretariat conducted a detailed review of the Terms of Reference
during the year, with updated versions being approved by the Board in
December 2022. Papers are circulated to the Board seven days before
meetings take place to ensure that members have adequate time to
review and digest.
72
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Moneysupermarket.com Group PLC
a mixture of group and one-to-one
contexts. They also met with 15 of our top
investors, some on multiple occasions.
Formal presentations are given to analysts
and shareholders covering the full-year
and half-year results, and briefings are
also given on quarterly trading. Virtual
roadshows were attended by the CEO
and CFO during the year to meet with
our material and prospective UK, European
and US investors. The Group also seeks
to maintain a dialogue with various bodies
which monitor the Company’s governance
policies and procedures. The Investor
Relations Director generally deals with ad
hoc queries from individual shareholders.
The Chair initiates contact with major
shareholders after the Annual Report and
Accounts is published to invite them to
engage prior to the Annual General
Meeting. It is also an opportunity to
discuss important matters such as our
strategy. The Remuneration Committee
Chair also engages in discussion with
shareholders on significant matters
relating to Executive remuneration, in
particular any amendments or material
changes to our remuneration policy.
During 2022 Sarah Warby, our Interim
Remuneration Committee Chair, together
with our Chair and General Counsel and
Company Secretary, met with eight of our
top 15 shareholders to discuss our
proposed Remuneration Policy and further
details of the outcome of these meetings is
on page 35.
Our Senior Independent Non-Executive
Director is available to shareholders if they
have concerns which contact through the
normal channels of the Chair, the CEO or
the CFO, has failed to resolve, or for which
such contact is inappropriate.
All Directors receive formal reports and
briefings during the year about the
Company’s Investor Relations programme.
Directors also receive detailed feedback
obtained by the Company’s brokers after
meetings, allowing them to develop an
understanding of the views of major
shareholders. External analysts’ reports
on the Group are circulated to Directors on
a regular basis. The Directors also receive
investor feedback reports on
quarterly results.
Annual General Meeting (‘AGM’)
Our 2022 AGM was held on 5 May 2022 at
which shareholders representing c.81% of
the Company’s issued share capital voted
and we received in excess of 83% votes in
favour for all of our resolutions. Our 2022
AGM was conducted at 1 Dean Street,
London, and shareholders were given the
opportunity to submit questions to the
Board ahead of the AGM and a Q&A
session was recorded and published
on our corporate website.
2022 key shareholder events
17 February 2022
2021 full year results
12 April 2022
Q1 2022 trading update
5 May 2022
Annual General Meeting
12 May 2022
Payment of 2021 final dividend
21 July 2022
H1 2022 interim results
October 2022
Q3 2022 trading update
16 February 2023
2022 full year results
Strategy
The Board is responsible for setting and
monitoring progress against the Group’s
strategy, ensuring this is aligned with the
Group’s purpose of helping households
save money and delivers value for
shareholders. High standards of corporate
governance underpin this by ensuring that
the Board, supported by the Executive
Team, can execute effective decision
making and create sustainable long-term
value for the benefit of all of our
stakeholders. Further information on the
delivery of our strategy is on pages 18 to
28. Responsibility for the development and
implementation of the strategy and overall
strategic initiatives sits with the CEO who is
supported by senior management.
The Board undertook a review of the Group’s
strategy at a number of meetings during the
year, attended by senior management,
where it received presentations on the
strategies for the business and functional
areas, as well as a review of the overall
strategy. These culminated in an annual
one-day strategy offsite meeting in October
2022 whereby the future year’s strategy
was reviewed, with agreed initiatives
being incorporated within operational
and budgetary plans to enable tracking
throughout 2023.
Stakeholder engagement
The success of the Group’s strategy is
reliant on stakeholder engagement. The
Board is focused on driving long-term
sustainable performance for the benefit
of our customers, shareholders and wider
stakeholders. The Board does not seek
to balance the interests of the Company
and those of its stakeholders. Instead,
it considers all the relevant factors and
chooses the course of action which is
most likely to lead to the Group’s long-term
success. Further information on how the
Group engages with its stakeholders and
the Group’s Section 172 Statement can
be found on pages 29 to 35.
Shareholder engagement
The Board actively seeks and encourages
engagement with major institutional
shareholders and other stakeholders. The
CEO and CFO regularly meet with analysts
and institutional shareholders to keep
them informed of significant developments
and to develop an understanding of their
views which are then discussed with the
Board. During 2022 the Investor Relations
team conducted over 80 meetings with
potential and current investors, and
attended four investor conferences,
meeting a broad range of investors in
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
73
Governance Corporate Governance Statement continued
2022 Board attendance
Board member
Board
Additional
Nomination
Committee
Additional
Remuneration
Committee
Additional
Audit
Committee
Additional
Risk and
Sustainability
Committee
Additional
Total
number of
meetings
Robin
Freestone
Scilla
Grimble
Caroline
Britton
Sally James1
Sarah
Warby
Supriya
Uchil
James
Bilefield2
Lesley Jones
Peter Duffy
Rakesh
Sharma3
8
8/8
8/8
8/8
4/8
7/8
7/8
4/8
8/8
8/8
2/8
1
0/1
0/1
1/1
0/1
1/1
1/1
0/1
0/1
1/1
0/1
3
3/3
—
3/3
2/3
2/3
2/3
2/3
3/3
—
1/3
1
1/1
—
1/1
0/1
1/1
1/1
0/1
0/1
—
0/1
3
—
—
3/3
1/3
2/3
3/3
1/3
—
—
1/3
3
—
—
3/3
1/3
3/3
3/3
1/3
—
—
1/3
4
—
—
4/4
2/4
3/4
4/4
2/4
4/4
—
1/4
—
—
—
—
—
—
—
—
—
—
—
3
—
—
3/3
2/3
2/3
3/3
2/3
3/3
—
0/3
—
—
—
—
—
—
—
—
—
—
—
1 Sally James stood down from the Board in May 2022. Sally attended all meetings until this date.
2
James Bilefield stood down from the Board in June 2022. James attended all meetings until this date.
3 Rakesh Sharma joined the Board in October 2022.
Ad hoc Committee meetings were convened to deal with specific matters which required attention between scheduled meetings,
such as the recruitment of a new Independent Non-Executive Director and Chief Financial Officer and for consideration of the
Group’s Remuneration Policy.
Links
Links to strategy
Links to risks
1 2 5 6
Key Board activities
Key Board activities
Strategy:
• undertook a review of the Group’s strategy at a number of meetings attended by the Board and
senior management, including a one-day strategy meeting at which we reviewed and discussed:
– the strategic landscape in which the Group operates;
– the Group’s financial outlook;
– compelling customer propositions; and
– expanding the Group’s offer;
• approved acquisition of additional share capital in Podium, taking the Group’s total to a majority
stake of 52%;
• reviewed the Group’s plans against the Board’s risk appetite to ensure that our ambitions for
the business are aligned with our ability to manage risk;
• considered alternative ownership options and defence strategies;
• held "deep dives" at our Board meetings into various aspects of the business including our
data infrastructure, cyber security, third-party risk management and strategic priorities;
• approved the Group’s net zero strategy and carbon reduction plans; and
• considered the risks and opportunities faced by the Group in response to climate change.
74
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Links
Links to strategy
Links to risks
2
3
4
7
Key Board activities
Governance, risk management and regulatory:
• reviewed and revised our annual programme of business for the Board and each
of the Committees, tailoring the deep dives to reflect our strategic priorities;
• progressed the actions from the 2021 Board evaluation and conducted an internal Board
evaluation process, details of which are on pages 81 to 82;
• reviewed, within the Remuneration Committee, the Group’s Remuneration Policy
and undertook consultation with the top 15 shareholders as detailed on page 35;
• reviewed our governance framework to ensure it remains fit for purpose and compliant
with SM&CR;
• reviewed and approved the Group’s FCA Consumer Duty Plan in October 2022;
• considered whistleblowing processes throughout the Group and received a whistleblowing update;
• oversaw the implementation of digital enhancements, including those pertaining to our cyber
and data security capabilities;
• reviewed our application and compliance of the Code including receiving a stakeholder
engagement update and reviewing our wider engagement mechanisms;
• agreed the Group’s principal risks and uncertainties, and identifying emerging risks which
could impact the Group, such as those arising from the cost of living crisis and changes to
the energy market;
• reviewed the effectiveness of our internal control and risk management processes; and
• ensured compliance with the requirements of the TCFD, receiving regular updates throughout
the year and approving the TCFD Report as detailed on pages 48 to 51.
Leadership, employees and culture:
Links to strategy
• reappointed Sarah Warby as our Non-Executive Director Employee Champion and approved
an enhanced programme of engagement activities with employees;
• appointed Rakesh Sharma as an Independent Non-Executive Director and Chair of the
Remuneration Committee (subject to regulatory approval) and Niall McBride as Chief Financial
Officer with effect from 20 February 2023;
Links to risks
1
2
5
6
7
• received "Employee Voice Updates" as a standing Board agenda item for every meeting;
• reviewed and approved the Group’s Modern Slavery Act Statement;
• received an update on the Group’s Whistleblowing Policy and procedures, enabling employees
to raise concerns confidentially;
• assessed progress against the Group’s diversity and inclusion strategy, including the
implementation of the Group’s commitment to the Race at Work Charter; and
• received updates on the Group’s people and culture, organisational structure, diversity, talent
management and employee engagement including reviewing results of employee surveys and
feedback from the various employee focus groups (diversity and inclusion, mental health
awareness and environmental matters).
Budget, financing and investor relations:
• approved the annual budget and long-term plan;
• approved audited financial statements for the year ended 31 December 2022, confirming
the Group’s going concern statement and the longer-term viability;
• received reports and updates at each meeting on investor relations activities;
• reviewed capital allocation options including approving the interim dividend and recommending
the final dividend to shareholders; and
• received updates on the programme to migrate data to the Google Cloud Platform.
Links to strategy
Links to risks
6
7
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
75
Governance Corporate Governance Statement continued
Key Board activities continued
Key Board activities
Business performance:
• reviewed the strategic and operational performance of each of our businesses;
• reviewed market and trading updates and considered Group financial performance against
budget and forecast, including the decision to increase market guidance within the Q3 Trading
Statement; and
• agreed Group KPIs for 2022 onwards which are aligned with the Group’s strategic priorities.
Links
Links to strategy
Links to risks
1
2
5
6
Section 172: how we bring the stakeholder voice into the Boardroom:
Links to strategy
• the Board reporting templates were enhanced during 2022 to include reference to section 172
which requires paper providers to consider the Group’s stakeholders during proposal drafting
and the Board to factor this into its decision making;
• the Board receives biannual updates from the Chief People Officer on people, culture, diversity,
talent and engagement;
Links to risks
1
2
5
7
• "Employee Voice Update" is a standing agenda item and our NED Employee Champion, Sarah
Warby, provides feedback on engagement sessions for further discussion by the Board. It was
confirmed on 17 January 2023 that Rakesh Sharma would take on the role of NED Employee
Champion during 2023;
• the Board considered the appointment of Sarah Warby as the Group’s FCA Consumer Duty
Champion, confirming the appointment on 17 January 2023. Sarah advocates for the Group’s
customers to ensure that they are considered in our decision making;
• at the annual strategy meeting between the Board and Executive Team, potential impacts to
stakeholders are discussed and considered, when deciding and agreeing on strategic initiatives;
• members of the Board and the Executive Team meet with major shareholders and feedback
is shared with the wider Board;
• provider feedback is received through business updates given to the Board during the year;
• customer and user updates are provided to the Board by the senior management team
on a regular basis;
• key advisers attend and contribute to Board and Committee meetings; and
• regulatory updates are provided to the Risk and Sustainability Committee and, where appropriate,
to the whole Board, including direct interaction with the FCA and other regulatory bodies.
For further information please see our Section 172 Statement on pages 29 to 35.
Looking forward to 2023:
Links to strategy
• implementation of the FCA’s Consumer Duty Plan and embedding of the Consumer Duty
Champion role into Board discussions;
• the delivery of the Group’s 2023 strategic initiatives;
• recruiting and inducting a new Non-Executive Director following the resignation of Supriya Uchil
on 17 January 2023;
• oversight of management's preparedness for the implementation of the BEIS recommendations,
including internal control enhancements and upcoming changes to the Corporate
Governance Code;
• supporting the onboarding and induction of the Chief Financial Officer; and
• undertaking training in cyber security, sustainability and consumer duty.
Links to risks
1
2
3
4
5
6
7
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Moneysupermarket.com Group PLC
Division of responsibilities
Roles and responsibilities
Board members have clearly defined roles
and responsibilities, as set out in the table
below. As set out in their biographies on
pages 70 and 71, each member of the
Board has a range of skills and experience
that is relevant to the successful operation
of the Group.
Independence of Non-
Executive Directors
The Nomination Committee reviews the
independence of the Non-Executive
Directors annually and has confirmed to
the Board that it considers each of the
Chair and the Non-Executive Directors
to be independent in accordance with
the Code.
Time commitment
All Non-Executive Directors are required to
devote sufficient time to meet their Board
responsibilities and demonstrate
commitment to their role. During the year,
the Nomination Committee considered the
time commitment of all the Directors and
agreed that the required time commitment
from them remained appropriate. See
page 88 of the Nomination Committee
Report for further details.
External appointments
In accordance with the Code, full Board
approval is sought prior to a Director
accepting an external appointment.
Prior to the approval of any external
appointments, the Board considers
the time commitment required by Directors
to perform their duties effectively. As part
of the selection process for any new
Board candidates, any significant time
commitments are considered before
an appointment is agreed.
Access to advice
Should any Director judge it necessary to
seek independent legal advice about the
performance of their duties with the
Company, they are entitled to do so at the
Company’s expense. All Directors have
access to the advice and services of the
Company Secretary.
Roles and responsibilities table
Name
Role
Responsibility
Chair
Robin
Freestone
• leading the Board with integrity and ensuring its effectiveness in all aspects of its role;
• promoting the highest standards of corporate governance;
• promoting diversity and inclusion;
• facilitating effective contribution of Non-Executive Directors and encouraging active
engagement by all Directors, with the appropriate level of challenge by all Directors;
• ensuring the Board receives accurate, timely and clear information and is consulted
on all matters important to it;
• ensuring the Board considers the interests of stakeholders and reviews mechanisms
for engagement with stakeholders; and
• ensuring the Company maintains effective communication with shareholders and
communicating their views to the Board.
CEO
Peter Duffy
• leading the performance and management of the Group;
• proposing strategies, business plans and policies to the Board;
• ensuring effective implementation of the Board’s decisions;
• maintaining an effective framework of internal controls and risk management; and
• leading, motivating and monitoring performance of the Company’s Executive management,
and focusing on succession planning for the Executive management.
CFO
Scilla Grimble
• supporting the CEO in developing and implementing strategy;
• overseeing the day-to-day financial activities of the Group;
• deputising for the CEO as required; and
• together with the CEO, ensuring that policies and practices set by the Board are adopted
at all levels of the Group.
Senior
Independent
Director
Caroline
Britton
• meeting with the Company’s shareholders and representative bodies when requested and,
if necessary, discussing matters with them where it would be inappropriate for those
discussions to take place with either the Chair or the CEO;
• acting as a sounding board for the Chair and as an intermediary for the other Directors
when necessary; and
• leading the annual appraisal and review of the Chair’s performance.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
77
Governance Corporate Governance Statement continued
Division of responsibilities continued
Roles and responsibilities table continued
Role
Name
Responsibility
Non-
Executive
Directors
Non-
Executive
Director
Employee
Champion
Caroline
Britton
• bringing external perspective, independent judgement and objectivity to the Board’s
deliberations and decision making;
Lesley Jones
• constructively challenging the Executive Directors and senior management team
Supriya Uchil
Sarah Warby
Rakesh Sharma
Sarah Warby
(Rakesh
Sharma
appointed on
17 January 2023)
and helping develop proposals on strategy; and
• chairing Committees in their area of expertise as appropriate.
• helping the Board to establish what channels of engagement are appropriate, in order
to gather and bring the views and experiences of the workforce into the Boardroom;
• working with the Board to take appropriate steps to evaluate, and where possible mitigate,
the impact that the Board’s proposals and decisions may have on the workforce;
• challenging the Executive Directors, when required, as to the way in which workforce
engagement is undertaken and the steps to be taken to address workforce concerns arising
out of business-as-usual activities; and
• giving feedback to employees, where appropriate, on steps taken to address their concerns
or explain why particular steps have not been taken.
Non-
Executive
Consumer
Champion
Sarah Warby
(appointed
17 January 2023)
• ensuring that the Consumer Duty is discussed in a meaningful way regularly and raised
in all relevant discussions;
• representing the interests of consumers in Board discussions and decision making,
challenging as appropriate; and
• working with the Board to take appropriate steps to evaluate, and where possible mitigate,
the impact that the Board’s proposals and decisions may have on consumers.
General
Counsel and
Company
Secretary
Shazadi Stinton
• providing comprehensive legal support to the Board and individual Directors;
• managing the provision of timely, accurate and considered information to the Board;
• recommending corporate governance policies and practices to the Chair and CEO; and
• advising the Board and its Committees on corporate governance and compliance within
the Group and appropriate procedures for the management of their meetings and duties.
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Risk management and
internal control
The Board has overall responsibility for
setting the risk appetite of the Group,
maintaining the Group’s risk management
and internal control system and reviewing
the system’s effectiveness. We have an
ongoing process for identifying, evaluating
and managing the principal risks faced by
the Group which has been in place for the
year under review and up to the date of
approval of the Annual Report. The Risk
and Sustainability Committee and the
Audit Committee assist us in discharging
these duties.
A description of the process for managing
risk, together with a description of the
emerging and principal risks and strategies
to mitigate those risks, is provided on
pages 62 to 67.
The main features of the Group’s risk
management and internal controls in
respect of financial reporting and the
preparation of accounts are:
• a comprehensive annual business
planning and budgeting process,
requiring Board approval, through
which risks are identified and appraised;
• a comprehensive financial reporting
system, regularly enhanced, within
which actual and forecast results are
compared with approved budgets and
the previous year’s figures on a monthly
basis and reviewed by the Board;
• a review of Group policies relating to
the maintenance of accounting records,
transaction reporting and key financial
control procedures;
• an investment evaluation procedure to
ensure an appropriate level of approval
for all capital expenditure and other
capitalised costs;
• monthly finance team meetings which
include reviews of internal financial
reporting and financial control
monitoring; and
• ongoing training and development
of financial reporting employees.
Other controls in place to manage our
business in accordance with our Group
Risk Framework include:
• an annual strategy meeting to discuss
and approve the Group’s strategic
direction, plans and objectives and
the challenges to achieving them;
• a schedule of matters reserved for
approval by the Board to ensure it
maintains control over appropriate
strategic, financial, organisational,
compliance and capital investment issues;
• an organisational governance structure
with clearly defined lines of responsibility
and delegation of authority;
• a formal risk management framework
with supporting policies and
procedure manuals;
• regular reviews of the principal risks
facing the Group to ensure they are
being identified, evaluated and
appropriately managed;
• a process for regular assessment of the
effectiveness of key internal controls
across the Group;
• a Risk and Compliance function
responsible for overseeing the
implementation of the Group
Risk Framework;
• an Internal Audit function providing
assurance over key risks, processes
and controls; and
• a whistleblowing hotline which
employees can use to report any
instances of suspected wrongdoing.
Our internal control effectiveness is
assessed through the performance of
regular checks, which in 2022 included
the following areas:
• reviewing and testing the Group’s
financial reporting processes;
• completion of the Group’s Internal
Audit plan;
• performing risk business partnering and
monitoring activities including financial
promotion reviews and call listening;
• assessment of the identification and
management of risks connected to the
Group’s capital investment programme;
• assessment of the Group’s processes
for identifying and mitigating potential
conflicts of interest;
• assessment of the identification and
management of technology risks across
the Group, including cyber risk, data
security and change management; and
• monitoring the completion of the
Group’s mandatory "Introduction to
Regulation", data protection, cyber
security and Code of Conduct training
for new starters and refresher training
for all employees.
Risk review and assessment
The Group’s systems and procedures
are designed to identify and manage and,
where practicable, reduce and mitigate
the risk of failing to achieve the Group’s
objectives. They are not designed to
eliminate such risk, but the Group seeks
to understand its key risks and manage
them within our risk appetite.
Twice a year the Group’s principal risks and
the Group Risk Framework and Statement
are reviewed by the Board. During these
reviews, the Board takes account of the
significance of any environmental, social
and governance matters to the business of
the Group, ensuring any related risks and
associated mitigation have been identified.
The risk register is a key element in our
risk management framework and is used
in the assessment and reporting of key
risks being managed by the Group. Senior
management works alongside the Risk and
Compliance function to ensure the risk
register incorporates any new risks and
movements in risks. The risk register is
managed by the Risk and Compliance
function; risks and internal controls are
owned by a member of the Executive
Team who is responsible for the ongoing
effectiveness assessment and the delivery
of mitigating actions. Robust risk and
control assessments are regularly carried
out across all areas of the business, in
order to understand the strength and
performance of the controls in place,
and potential gaps and weaknesses.
The results of risk register assessments,
together with risks identified through
other tools within our risk management
framework, including findings from Internal
Audit and Risk and Compliance monitoring,
are reviewed on a regular basis by the Risk
and Sustainability Committee.
The Risk and Compliance function provides
challenge to the Executive Team in its
assessment and management of risks with
particular focus on the actions being taken
to reduce risk. Reporting to the Executive
Team and Risk and Sustainability
Committee provides clear visibility of the
most significant risks, identifies areas of
concern and/or priority, analyses root
cause and identifies underlying trends.
Reporting to the Risk and Sustainability
Committee enables the Directors to have
clear visibility of the most significant risks;
identify areas of concern and/or priority;
and ensure actions to potentially mitigate
the impact of new risks are taken in a
timely manner.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
79
Governance Corporate Governance Statement continued
Risk review and assessment
continued
Process for review of effectiveness
The Risk and Sustainability Committee is
responsible for reviewing the effectiveness
of the systems of internal controls. The steps
it takes in relation to the review are set out
on page 95. The Risk and Sustainability
Committee makes a recommendation to the
Board on effectiveness, which the Board
considers in forming its own view on the
effectiveness of the risk management
and internal control systems.
During 2022, the Chief Risk Officer was
promoted to the Executive Team, reflecting
the importance of internal control and risk
management processes to the Group. A
review of the effectiveness of the Group’s
risk management and internal control
systems was undertaken in 2022. We
confirm that the processes outlined on
page 95 have been in place for the year
under review and up to the date of
approval of this Annual Report, and that
these processes accord with the Code and
the FRC Guidance on Risk Management,
Internal Control and Related Financial and
Business Reporting (September 2016
version). We have strengthened and
expect to continue to embed enhanced
controls in respect of cyber security and
data privacy. A summary of actions we
have taken in 2022 is set out in the Risk
and Sustainability Committee Report on
pages 94 to 96. The Board has carried out
a robust assessment of the emerging and
principal risks facing the Group, including
those that would threaten its business
model, future performance, solvency or
liquidity and these, together with how they
are managed or mitigated, are set out on
pages 62 to 67.
Composition, succession
and evaluation
Board composition and appointments
Our Board comprises the Chair (who
was independent on appointment), five
Independent Non-Executive Directors and
two Executive Directors. The details of
their career background, relevant skills,
Committee membership, tenure and
external appointments are set out on
pages 70 and 71. Further details on the
role of the Chair and members of the
Board can be found on pages 77 and 78.
The Chair, Senior Independent Director
and Non-Executive Directors are
appointed for a three-year term, subject
to annual re-election by shareholders
following consideration of the annual
Board effectiveness evaluation. The
composition of our Board continued
to be an area of focus this year for the
Nomination Committee to ensure that it
retains the necessary balance of skills,
experience and independence, in
accordance with the Board Diversity Policy,
the statement for which is detailed in the
Nomination Committee Report. Any new
appointments to the Board result from
a formal, rigorous and transparent
procedure, responsibility for which is
delegated to the Nomination Committee,
although decisions on appointment are
a matter reserved for the Board. Further
information on the work of the Nomination
Committee is on pages 85 to 88.
During 2022, the Board and Nomination
Committee have fully considered Board
succession to ensure that the Board has
the right mix of skills and experience,
as well as the capability to provide
constructive challenge and promote
diversity. Additional detail can be found
within the Nomination Committee Report
on pages 85 to 88.
Board induction and training
We develop a detailed, tailored induction
for each new Non-Executive Director. This
includes one-to-one meetings with the
Chair and each of the existing Non-
Executive Directors. They have one-to-one
meetings with the CEO, the CFO and the
Company Secretary along with other
members of senior management. New
appointees to the Board would meet with
members of the operational team and visit
our three offices in London, Manchester
and Ewloe as part of the annual Board
meeting cycle. New Directors receive a
briefing on the key duties of being a
Director of a listed company as well as the
requirements of the SM&CR. We regularly
review the induction programme, building
in feedback from new appointees and
the internal and external Board
effectiveness evaluations.
Whilst our induction plans can take up to
a year to fully complete, Rakesh Sharma
joined the Board in October 2022 and
executed his tailored plan in good order,
meeting with senior management
promptly and attending meetings and
colleague events at both our London and
Ewloe offices by the end of December 2022.
Directors are continually updated on the
Group’s business, the markets in which we
operate and changes to the competitive
and regulatory environments through
presentations and briefings to the Board
from Executive Directors and senior
management. The Company Secretary
also maintains a record of the Board’s
collective training plan, the 2023 plan
having been approved by the Board in
January 2023.
Directors received briefings from the
Company Secretary during 2022 on
governance and compliance matters
and relevant legislative changes. The Board
was also provided with training materials
on digital markets and regulatory and
competition law developments for
UK-based providers and operators.
Training was also provided on
environmental regulations and diversity
and inclusion. In addition, individual
Directors receive tailored training where
beneficial or required in order for them
to adequately discharge their duties.
To ensure that Directors are able to fully
acquaint themselves with current trading
and matters requiring discussions and
decisions, comprehensive Board papers
and Committee papers are circulated
electronically approximately one week
prior to scheduled meetings.
The Directors also have available to them
a regularly updated electronic "Resource
Centre" acting as a Board manual which
includes extensive information including
financial and analyst reports, current
and historical regulatory publications,
Group codes and policies, organisational
structure documentation, and
information on Directors’ duties.
Directors may, in the furtherance of their
duties, take independent professional
advice at the Company’s expense.
Directors’ skills and experience
An effective Board requires the right mix
of skills and experience. Our Board is a
diverse and effective team focused on
promoting the long-term success of the
Group. The Board skills and experience
matrix below details some of the key skills
and experience that our Board has
identified as particularly valuable to the
effective oversight of the Company and
execution of our strategy. We plan to
evolve our Board Skills Matrix criteria and
assessment process in 2023 to keep pace
with best practice. For further details on
our Board Skills Matrix and process, please
see our Nomination Committee Report on
pages 85 to 88.
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Board evaluation
Individual Director evaluations
The annual Board evaluation provides
the Board and its Committees with an
opportunity to consider and reflect on
the quality and effectiveness of its
decision making, and the range and level
of discussions, and for each member
to consider their own contribution and
performance. For further information
please see our Nomination Committee
Report on pages 85 to 88.
In 2022, each of the Directors was
appraised individually in the form of
an interview with the Chair, taking into
account feedback received as part of the
Board evaluation process. Following these
discussions, the Chair has confirmed that
each Director continues to make a valuable
contribution to the Board and devotes
sufficient time to their role.
The Chair’s evaluation was undertaken
by the Senior Independent Director,
taking into account the views of the other
Directors obtained as part of the Board
evaluation. The Senior Independent
Director provided feedback to the Chair
at a dedicated feedback meeting.
Board, Committee and Directors’ effectiveness evaluation cycle
Year 1
Year 2
Year 3
Internal effectiveness
evaluation conducted
by the Chair (2021)
Internal effectiveness
evaluation conducted
by the Chair (2022)
Externally facilitated
evaluation process
conducted by third
party (2023)
2022 effectiveness evaluation: process
During 2022, the Board conducted an
internal evaluation of the performance of
the Board and the Committees, the Chair
and individual Directors, taking into
account the principles and provisions of
the Code. The Chair approved detailed
questionnaires which were completed
anonymously by individual Directors and
Executive members. Members of the wider
Executive Team were invited to complete
questionnaires on the performance of the
Committees which they regularly attended.
The results were then collated and
analysed by Company Secretariat and
presented with proposed actions. The
results and actions of the Board and
Committee evaluation were scrutinised
by the Chair, following which they were
submitted for discussion at the October
Board meeting and an action plan approved.
The review of the Chair’s effectiveness was
conducted by the Senior Independent
Director, who met individually with Board
members to garner feedback against
agreed criteria. The results were discussed
at the October Board meeting without the
Chair present and then fed back by the
Senior Independent Director outside
of the meeting.
The Chair met with individual Directors
during December 2022 to discuss their
performance against agreed criteria,
following which the Board’s collective
training plan was approved in January 2023.
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Moneysupermarket.com Group PLC
81
Governance Corporate Governance Statement continued
Composition, succession
and evaluation continued
2022 effectiveness evaluation:
outcome and actions
The Directors’ many positive responses
indicated their widely held view that the
Board worked effectively as a team, with
strong ratings received for the Board’s
oversight of the Group’s risk framework
and investments in strategic initiatives.
Members considered that they understood
the views and requirements of the Group’s
customers and were well supported by both
management and Company Secretariat.
Overall, the Committees were considered
to be very well run, with the Audit
Committee being praised in particular for
the time the Chair took to ensure members
fully understood both the content for
discussion and their responsibilities in
relation to it. The Remuneration
Committee members noted that further
stability would be achieved once the newly
appointed Independent Non-Executive
Director, Rakesh Sharma, had received
regulatory approval and been formally
appointed as Chair.
The Chair’s performance was highly
rated by all Board members, and it was
concluded that he was effective at chairing
meetings and steering discussions without
stifling contributions, and brought both
pragmatic and thoughtful guidance and
leadership to the Board and to individual
Directors.
Upon completion of the individual Director
evaluations, it was confirmed that each
Director continued to be committed to
their roles and have sufficient time to
perform their duties effectively and
therefore, should be proposed for
re-election at the 2023 AGM with the
exception of Scilla Grimble, who is stepping
down on 17 February 2023 and Supriya
Uchil, who resigned on 17 January 2023
and is stepping down on 30 April 2023.
Some of the focus areas for enhancement
in 2023 are:
• a more proactive approach to the
Group’s succession planning and talent
management, including incorporating a
focus on diversity of experience and the
consideration of the Chair’s succession
as he will reach the Code’s nine-year
tenure limit in August 2024;
• the establishment of a Board
Sponsorship Programme whereby
members mentor/sponsor individuals
within the Senior Leadership Team in
their development;
• a more structured and detailed Board
training plan to be implemented, with
dedicated sessions at least four times
during 2023; and
• the development and implementation
of a stakeholder engagement strategy
to ensure the appropriate type, level
and frequency of engagement with
each stakeholder.
Progress against the 2021 evaluation action plan
The Board also reviewed its progress against actions identified in the internally facilitated 2021 Board evaluation.
An update on progress against these actions during 2022 is set out below:
Action item
Our progress
Stakeholder engagement
To increase the Board’s visibility of key
stakeholder groups and their feedback
and to develop a more proactive
approach to engagement.
Culture
Further articulation of the Group’s culture
and values to ensure clarity across all levels
of the organisation.
Talent and succession planning
To ensure a healthy pipeline of talent
throughout the Executive and Senior
Leadership Teams.
The Board and Committee reporting templates were updated in Q4 2022 to ensure
that paper writers considered the impact of proposals upon relevant stakeholder
groups and this information considered within the decision-making processes. A
stakeholder engagement strategy is being developed and will be approved by the
Board in Q1 2023. In addition, the Executive Team has presented its vertical provider
feedback questionnaire results to the Board directly during 2022, increasing its
accountability for performance. Please see our Section 172 Statement on pages 29
to 35 for further engagement activity during 2022.
The Senior Leadership Team developed a set of leadership behaviours underneath the
key pillars of Leading with Simplicity, Innovation, Inclusion and Accountability and were
tasked with rolling these out within their respective teams. The Group’s floor briefs
have been enhanced to encourage participation and knowledge sharing across all
levels of the business and offer colleagues the opportunity to submit questions
directly and anonymously to the CEO to increase accountability. The Board is provided
with feedback on culture via colleague surveys and NED breakfasts as well as via the
designated NED Employee Champion.
The Board re-baselined the Group’s succession plans following restructuring within
the Executive and Senior Leadership Teams. A new Head of Talent Acquisition role
was incepted to support recruitment practices.
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Employee Champion Report
Employee Voice
in the Boardroom
2022 has seen the role of the Employee
Champion inform Board discussions
in changing times.
Sarah Warby
NED Employee Champion
G
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As Employee Champion, I am pleased to
report on the progress that we have made
this year on bringing our employee voice to
the Boardroom.
As a Group, we have a desire to genuinely
engage with employee views and recognise
the benefits that such engagement can
bring. Our employees are our most
important asset and we recognise that it’s
vital for our Board members to hear the
concerns and ideas of our employees and
are able to consider these as they relate to
Company culture and strategy.
Role of the Employee
Champion
I was appointed the designated NED
Employee Champion in 2018, with a remit
to draw on my experience of bringing
stakeholder voices into the Boardroom
gained through a career in customer-
focused roles. I am pleased to report that I
was reappointed to this role by our Board
in September 2022. Having a designated
NED appointed as Employee Champion
ensures that we have a visible and
approachable conduit between our
employees and our Directors and provides
a mechanism for the Board to connect
directly with employees, and for the
employee voice to be considered in
Board discussions.
Having been in the role now for a number
of years, I have established strong
connections with our network of employee
resource groups, and am a familiar face in
our offices. This has helped to create a
culture of openness and ensures that I am
in a strong position to bring an honest
employee voice to the Boardroom. I am also
the NED accountable for whistleblowing.
To ensure there is space and opportunity
for employee opinions to be voiced, we
include a standing agenda item for
employee engagement at the beginning of
every Board meeting. Not only does this
allow us to raise discussion topics which
come from employees, it also draws focus
onto the voice of our employees early in the
agenda, setting the tone for the meeting.
In the last 12 months, we have
consolidated our ways of working and
inducted several new NEDs into a regular
calendar of activity. My duties include
discussions with the Employee Resource
Groups, and members of the People Team,
while all our NEDs plug-in and connect
with employees in their relevant disciplines
and through our employee/NED breakfasts.
This role will continue to evolve and as a
Group we continue to see the value that
this role adds to the Group, most notably
this year in informing our views on hybrid
working, understanding employee
sentiment in our different locations,
challenging management in a variety of
diversity and inclusion discussions and
understanding the capacity and capability
in the organisation for change.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
83
Employee Champion Report continued
Activities in 2022
It has been great to be able to run some
face-to-face engagement sessions again this
year, alongside the virtual sessions that we
have grown used to. These have included:
NED breakfasts: Along with my fellow
NEDs, we have held interactive "NED
breakfasts" throughout the year. These are
held in each of our core office locations to
ensure that the employee voice reflects
the geography and demographics of our
employee population. These sessions
incorporate a mix of specific discussion
topics and open dialogue to ensure that
we capture the general sentiment,
alongside the views on specific issues.
Participants in these meetings have
reported that they liked the intimate
structure and the freedom to explore a
variety of topics that they feel passionate
about. Topics discussed during these
events have included innovation,
leadership, hybrid working, strategy,
employee engagement, gender/ethnicity
pay gap reporting, wellbeing, recruitment
and pace of implementation.
Employee engagement surveys: These
provide for regular and structured input
from our employees, especially during
periods of change. I discuss the results
with our Chief People Officer to see how
we can act on the insights received.
See pages 44 to 47 for further detail.
Employee Resource Groups: ERGs are
voluntary, colleague-led self-managed
groups that connect those who share
common challenges, interests and
experiences. The aim of the ERGs is to act
as an open forum to meet and support
one another in creatively addressing our
internal inclusion challenges and champion
colleague voice. I meet with representatives
from our ERGs twice a year to gain an
understanding of their views and any
concerns they have. See pages 44 to 47
for further detail.
Ad-hoc engagement: Throughout the
year, NEDs meet with colleagues around
the business on an ad hoc basis. They have
joined the monthly floor briefs given by the
CEO and they have had individual or small
group meetings to share experience in
their relevant field (e.g. Supriya Uchil
meets with members of the Product teams
frequently; similarly Caroline Britton has
met with members of the Finance function).
See pages 29 to 35 for further details on
how the Board has engaged with our
stakeholder groups.
Key outcomes
Much of the insight that our direct
connection with colleagues gives us serves
to inform Board discussions, by bringing
the decisions we make to life. Having a
clear colleague voice in the room generally
informs how we approach discussions
and often influences how we guide
management to implement activity.
During 2022, the key issues raised
by our employees have been:
Embracing hybrid working
Our employees gave us clear insight about
the pros and cons of hybrid working,
helpfully bringing to life the challenges and
opportunities it presents. This feedback
allowed the Board to work with
management to agree the approach and
expectations as MSMG moved into a new
definition of normal working practices.
As a result, the new ways of working have
landed and are being used to good effect
across the Group.
Strategy to implementation
Our employees’ passion and energy has
been a key theme in our engagement this
year. The feedback we have received has
highlighted how much progress has been
made, making many employees feel
empowered and able to push the
innovation agenda further. Feedback over
the year showed us that capacity for
implementation clearly varied across
different functions, with some areas
concerned about being able to keep up
while others were keen to forge ahead. This
feedback informed our Board discussions
around quarterly milestones, recruitment
and also strategy development.
Focus areas for 2023
Whilst I have enjoyed my time as Employee
Champion immensely, it was agreed on
17 January 2023 that I be appointed as
the Group's Consumer Champion and that
I would therefore need to relinquish the
role. I have handed over the responsibility
to Rakesh Sharma, who having recently
joined the Board, will bring a fresh
perspective and I've no doubt there will
be synergies between this and his role
as Remuneration Committee Chair.
A full programme of meetings has been
planned for the coming year. Our focus
areas will include: colleagues’
understanding and commitment to
strategy, leadership impact, colleague
wellbeing, implementation pace,
integration of new businesses and
confidence in management.
As part of a wider review of our Group’s
stakeholder engagement strategy, we are
also considering alternative engagement
methods as a way to keep the energy up
and the conversation with employees
fresh and pertinent.
Sarah Warby
NED Employee Champion
15 February 2023
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Nomination Committee Report
Resourcing for
sustainable success
G
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The Nomination Committee is
responsible for ensuring the Group’s
leadership is well constituted,
inclusive and reflective of
our strategic requirements.
Robin Freestone
Chair of the Nomination Committee
As Chair of the Nomination Committee,
I am pleased to present the Nomination
Committee’s Report for the year ended
31 December 2022. I have set out below
our role and activities in reviewing the
Board’s size, structure and composition,
including the recommendation of
appointment of a new Non-Executive
Director, reviewing succession and
development plans for the Board and
Executive management, and overseeing
the Group’s diversity and inclusion strategy.
The Committee is comprised of all
Independent Non-Executive Directors,
with the exception of myself as Chair
of the Board (I was independent on
appointment). Only members of the
Committee have the right to attend
Committee meetings. Other individuals
such as the CEO, the Chief People Officer,
senior management and external advisers
may be invited to attend meetings as and
when appropriate. The Committee
membership was refreshed in 2022,
following Sally James stepping down post
our AGM on 5 May 2022, the resignation
of James Bilefield on 31 May 2022 and
the appointment of Rakesh Sharma on
3 October 2022. For full details of the
Committee’s membership and attendance
during 2022, please see page 74.
Role and responsibilities
The Nomination Committee plays a key
role supporting the Board within the
governance framework in reviewing the
composition of the Board and its
Committees. This includes an assessment
of whether the balance of skills,
experience, knowledge and independence
of the Board is appropriate to enable it to
operate effectively. The Committee also
assisted the Board in its consideration of
conflicts of interest and independence
issues. No conflicts of interest or
independence issues were identified
as a result of this activity.
The Board supports the recommendations
of the Hampton-Alexander Review on
gender diversity and the Parker Review on
ethnic diversity. The Board has achieved
the minimum recommended composition;
this currently stands at five female
Directors (62.5%) and includes two
Non-Executive Directors from ethnic
minority backgrounds (however this will
change following the stepping down of
Supriya Uchil as Non-Executive Director
on 30 April 2023).
The Committee has an annual schedule
of work, developed from its Terms of
Reference (available on our website at
https://corporate.moneysupermarket.
com), with standing items that it considers
at each meeting, in addition to any specific
matters upon which the Committee has
decided to focus.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
85
Nomination Committee Report continued
Role and responsibilities continued
Committee activities in 2022
Committee priorities for 2023
Conducted a search for, considered and recommended to the
Board the appointment of a Chief Financial Officer and Non-
Executive Director.
Oversee the effective handover of the Chief Financial Officer
position from Scilla Grimble to Niall McBride, including relevant
induction and training.
Continued to review talent within the Group, with an increased
focus on succession planning and development at the level below
Executive management.
Reviewed the composition of the Board, including the balance
of skills, knowledge and experience, taking into account the
experience and understanding of our stakeholder groups.
Develop and progress a plan for the succession of the Chair,
including job description and the commencement of recruitment.
Recruit and induct a Non-Executive Director following the
stepping down of Supriya Uchil on 30 April 2023.
Reviewed progress made against the Board Diversity Policy,
including a target of 33% female representation and a target of
one Director from an ethnic minority background by 2024.
Continue to support management in navigating the challenging
market environment to successfully recruit and retain women
within the Group’s tech teams.
Considered the ongoing contribution of each Board Director,
including their time commitments, and recommended to the Board
the re-election of all Directors at the 2022 Annual General Meeting.
Oversee the commencement of planning in relation to the
Group's medium-term ambition of offering a graduate
programme.
Reviewed the Group’s Conflicts of Interest Policy and process and
the Register of Directors’ Conflicts of Interest.
Oversee the strengthening of the Group’s succession plans
in relation to the Executive and Executive -1 populations.
Reviewed the Group’s diversity and inclusion strategy.
Monitor progress against the newly appointed Non-Executive
Directors' inductions.
Reviewed the size, structure and composition of the Board
and its Committees.
Board composition
The Board supports the recommendations
of the FTSE Women Leaders Review and
Hampton-Alexander Review on gender
diversity, and the Parker Review on ethnic
diversity. The Board has achieved the
recommended composition and is
committed to maintaining at least 33%
female Board membership and a minimum
of one Director from an ethnic minority. At
the same time, the Nomination Committee
will keep under review and evaluate, on
behalf of the Board, its balance to ensure
that it has the appropriate mix of skills,
experience, independence and knowledge
to ensure their continued effectiveness.
As at the review date of this statement, the
Board had a total of eight Directors. The
skill set of the Non-Executive Directors
includes financial, economic, financial
services, banking, digital, technology,
communications and consumer expertise.
All appointments to the Board will be made
on merit and against objective criteria. The
process will take into account suitability for
the role, the Board composition, its
balance and the required mix of skills,
background and experience, including a
consideration of all aspects of diversity.
Other relevant matters will also be taken
into account, such as independence,
subject matter knowledge and the ability
to fulfil required time commitments.
Combined, this will form part of the role
specification for all Board recruitment.
Prior to making any recommendations for
appointment to the Board, the Nomination
Committee will consider suitably qualified
candidates for Non-Executive Director
roles from as wide a pool as appropriate
and whose skills and experience will add
value to the Board.
The Nomination Committee will work
with executive search consultants who
understand and agree with the Group’s
approach to diversity and inclusion,
including this Board Diversity Statement,
and will consistently apply it when identifying
and proposing suitable candidates.
Board skills matrix
The below diagram indicates those skills which Board members are both very competent and experienced in.
Caroline
Britton
Peter
Duffy
Robin
Freestone
Scilla
Grimble
Rakesh
Sharma
Lesley
Jones
Sarah
Warby
Supriya
Uchil
Banking/insurance industry experience
Digital/customer experience (front office)
Finance and accounting
International experience
Governance
Risk and regulation
Technology (back office)
Marketing
Strategy
Tenure (MM/YY)
09/19
09/20
08/15
02/19
10/22
09/21
06/18
03/20
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Moneysupermarket.com Group PLC
Board effectiveness evaluation
An internal Board, Committee and
Individual Director evaluation was
conducted in October 2022, full details
of which are available on pages 80 to 82.
Succession planning
The Group’s Succession planning is a
continual cycle of activity and as part of
this the Committee reviewed succession
plans for our Executive and Senior
Leadership Teams. The Executive
summarised their performance and
development areas, identifying whether
there was internal talent able to fulfil
the role immediately, within two years, or
whether alternative resourcing would occur.
This included information pertaining to
each individual’s current performance and
future potential.
The Committee considered the tenure of
each of the Directors and noted that the
Chair would be the next member to rotate
off the Board in summer 2024. Our Senior
Independent Director will commence the
process of seeking a new Chair by
discussing with each Non-Executive
Director the position and potential
requirements for the job description in
spring 2023. The Senior Independent
Director will then prepare a plan for the
Committee’s consideration in May 2023.
The Committee will recruit a new Non-
Executive Director in early 2023 to replace
Supriya Uchil who will step down following
the conclusion of the AGM on 4 May 2023.
Talent development
We recognise the importance of
developing our people and, as such, the
talent pipeline within our business remains
a key focus for the Committee. Our senior
leadership population is a source of future
Executive talent, with two members of our
Executive Team, Matt Whittle and Mike
Philips, progressing through this route. Our
LEAD Programme, launched in April 2020,
is one of the key investments we are
making into developing senior leadership
over the next two to three years. LEAD is
a 12–18-month programme, resulting in
each participant gaining the CMI Level 5
Qualification in Management and Leadership.
Diversity and inclusion
As described earlier in this report, the
Board and Committee continue to drive
the agenda of diversity and inclusion
across the Group and are proud of the
progress made, especially in respect of
female representation on the Board
and Executive Team of 62.5% and 44%
respectively. A breakdown by gender of the
number of persons who were Directors of
the Company, senior managers (as defined
in the 2018 Code and Companies Act
2006), and other employees is set out later
in this report. To reflect the Group’s
continued focus on this area, diversity and
inclusion, including progress against our
diversity strategy, has been added as a
standing agenda item for all Nomination
Committee meetings.
The Board’s Statement on Diversity is
as follows: “The Board recognises the
importance of diversity in its broadest
sense as one of the key drivers of Board
effectiveness. Diversity encompasses
diversity of perspective, insight,
experience, educational and professional
background, and personal demographics
such gender identity, race and ethnicity,
age, disability, neurodiversity, social
mobility and sexual orientation.
Diverse membership of the Board
supports better decision making and
reduces the risk of groupthink by providing
different viewpoints, ideas and challenges."
The Committee received an update on the
Group’s partnership with Vessy.com in
October 2022. Vessy is conducting an audit
of our approach and offerings and will
work with us to build our diversity strategy
for 2023 and beyond. Vessy Tasheva is
a thought leader in diversity, equity,
inclusion and belonging, with a networked
team of experts and resources. We have
also appointed a talent and inclusion
partner to further our organisational
awareness and learning in this area.
For further information on the Group’s
Inclusion and Diversity Strategy "Create
Belonging", please see pages 44 to 47.
The Committee discussed the employee
survey results in relation to diversity and
inclusion, noting that they remained
strong, with a 77% favourable score which
was in line with benchmarks within the UK
technology sector and ahead of that within
the financial services sector.
The Board's diversity and inclusion
objective during 2022 was to improve our
approach to how we attract and source
talent with a focus on delivering real
change in our diversity mix. This has
been achieved by:
• broadening our approach to
Neurodiversity and Family Health within
the workplace. We achieved this by
launching guidelines, conducting
audits by "Dyslexia Box" plus multiple
other initiatives;
• designing a Technology Apprenticeship
Scheme for young and underrepresented
talent to fill junior tech roles within the
Group. We have also delivered against a
Group-wide inclusive language learning
programme; and
• making net positive improvements in the
multi-ethnic representation across the
Group to better reflect our customers.
Whilst we did not achieve our metric,
lots of work was undertaken in this area,
with an average of 21% of Group hires
being from multi-ethnic backgrounds
in 2022.
Supporting racial equity
The Group has been an official signatory
of the Race at Work Charter since 2020,
a public commitment to prioritising action
on race equity, as part of the Group’s Race
Equity Plan. The Charter requires us to
have in place five things:
• an appointed Executive Sponsor for race;
• the capturing of our ethnicity data
and publicising of our progress;
• a Board-level commitment to zero
tolerance of bullying and harassment;
• that equity, diversity and inclusion are
made the responsibility of all our leaders
and managers; and
• actions that support Black, Asian,
mixed race and other ethnically diverse
employee career progression.
The Board has committed that all allegations
of racial bullying or harassment will be taken
seriously, and managed consistently and
in line with the Group’s Anti-Bullying and
Harassment Policy, with formal action taken
where necessary. Any material grievances
will be reported to the Audit Committee via
the whistleblowing report.
We are dedicated to continuing the
progress we have made under the five
principles of the 2020 Charter and are
pleased to reconfirm our commitment
to these principles.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
87
Governance Nomination Committee Report continued
Board appointments
The Nomination Committee has a formal,
rigorous and transparent procedure for
the appointment of new Directors to the
Board. When the need to appoint a
Director is identified, we prepare a
candidate profile indicating the skills,
knowledge and experience required,
taking into account the Board’s existing
composition and the relevant experience
and understanding of our stakeholder
groups. We engage external executive
search consultants and consider the
gender, nationality, educational and
professional background of candidates, as
well as individual characteristics which will
enhance diversity of thinking on the Board.
Suitable candidates are interviewed by
Committee members.
We give careful consideration to ensure
proposed appointees have enough time
available to devote to the role and that
the balance of skills, knowledge and
experience on the Board, with regard to
experience and understanding of our
stakeholder groups, is maintained. When
the Nomination Committee has identified
a suitable candidate, we then make a
recommendation to the Board with the
Board making the final decision.
We followed the procedure outlined above
for the search for the our new Chief
Financial Officer and Non-Executive
Director, engaging Russell Reynolds
Associates and Audeliss Limited as
external executive search consultants for
the respective appointments. Both Russell
Reynolds Associates and Audeliss Limited
are signatories to the Voluntary Code of
Conduct for Executive Search Firms on
gender diversity and best practice and
have no other connection with the
Company or individual Directors. Audeliss
Limited is a market-leading firm
specialising in the representation of LGBT+,
ethnic minority and female candidates. The
Committee briefed the search consultants
on our diversity expectations, and we
considered and interviewed a wide and
diverse range of candidates for the roles.
The Board was unanimous in its decision
to appoint Niall McBride as Chief Financial
Officer and Rakesh Sharma as a Non-
Executive Director. Following the
appointment of Rakesh, the Board’s
gender balance has been updated to
62% female.
Gender diversity % as
at 31 December 2022
Group employees
44%
Senior leadership – Group
49%
Board diversity % as
at 31 December 2022
Gender split
62%
Ethnic minority background split
20%
Director conflicts
and independence
The Committee conducted its annual review
of individual Director conflict authorisation
as recorded in the Conflicts of Interest
Register in October 2022. Additionally, the
Board and Committee consider conflicts of
interest at every meeting.
The Conflicts of Interest Register sets out
any actual or potential conflict of interest
situations which a Director has disclosed
to the Board in line with their statutory
duties. When reviewing conflict
authorisations, the Committee considers
any other appointments held by the
Director as well as the findings of the
Board effectiveness review. Following the
review, the Committee recommended to
the Board that each conflict authorisation
remained appropriate.
The independence of the Non-Executive
Directors is formally reviewed annually
by the Nomination Committee. The
Nomination Committee and Board
consider that there are no business or
other circumstances that are likely to affect
the independence of any Non-Executive
Directors and that all Non-Executive
Directors continue to demonstrate
independence. In accordance with the
2018 UK Corporate Governance Code, all
of the eligible Directors will retire at this
year’s AGM and submit themselves
for appointment or reappointment by
shareholders. Each of the Non-Executive
Directors seeking reappointment are
considered to be independent in
judgement and character.
Time commitment
The expected time commitment of the
Chair and Non-Executive Directors is
detailed within our letter of appointment,
and is assessed, together with any existing
external appointments, during the
recruitment process. Time commitment is
reviewed by the Committee on an annual
basis and both the Committee and Board
continue to consider that the Directors
have sufficient time to undertake their
roles effectively.
Nomination Committee
effectiveness
In 2022, we carried out an internal
evaluation of Nomination Committee
effectiveness which involved the
completion of a questionnaire, with the
results being analysed and presented at the
Board meeting in October. The Committee
determined it continues to be effective in
fulfilling its role and remains independent.
In response to required actions identified in
the 2022 evaluation, the Committee will
continue to ensure that succession planning
remains a key focus area.
Overview of Committee
activities for 2023
Succession planning has been an area of
focus for the Committee in 2022 and this
will continue into 2023. As part of this
process, the Nomination Committee will
review the composition and tenure of the
Board, including plans for me as I approach
my ninth year of appointment on 1 August
2024. The Committee will recruit and
induct a Non-Executive Director following
the stepping down of Supriya Uchil and
review the talent pipeline within the
business as part of its broader review
of management succession planning.
This report was approved by the Board
and signed on its behalf by:
Robin Freestone
Chair of the Nomination Committee
15 February 2023
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Audit Committee Report
Maintaining the Group’s
financial integrity
G
o
v
e
r
n
a
n
c
e
The Committee has ensured the integrity and
quality of the Group’s disclosures by providing
objective, constructive challenge of management’s
assumptions and independent oversight of its
internal control environment.
Caroline Britton
Chair of the Audit Committee
On behalf of the Board, I am pleased to
share the Audit Committee’s Report for the
year ended 31 December 2022. I have set
out our role and activities in ensuring
appropriate challenge and governance
around accounting treatment and the
internal control environment and ensuring
that the Annual Report as a whole is fair,
balanced and understandable.
Furthermore, I look forward to attending
the AGM on 4 May 2023 to answer any
questions on the work of the Committee.
The Committee membership was
refreshed in 2022, following Sally James
stepping down post our AGM on 5 May
2022, the resignation of James Bilefield
on 31 May 2022 and the appointment of
Rakesh Sharma on 3 October 2022. The
Committee continues to comprise a wide
range of business and financial experience,
including competence relevant to the
sector in which the Company operates in
compliance with Code Provision 24. Lesley
Jones, appointed Risk and Sustainability
Committee Chair on 6 May 2022, remains
a member to ensure the work of both
Committees continues to be co-ordinated.
Role and responsibilities
The primary role of the Audit Committee
is to monitor the integrity of the financial
statements of the Group and other
financial information prior to publication
and review the significant reporting
judgements contained therein. The
Committee achieves this by overseeing the
financial reporting and audit processes
and monitoring the effectiveness of the
Group’s internal control and risk
management systems. This includes:
• monitoring the integrity of the financial
statements of the Company, and
discussing formal announcements
relating to the Company’s financial
performance and any significant issues
and judgements contained in them;
• reviewing the Group’s financial
statements and the material financial
reporting judgements contained in them;
• advising the Board on whether the
Committee believes this Annual Report
and the financial statements contained
within it, when taken as a whole, is fair,
balanced and understandable and
provides the information necessary
for shareholders to assess the Group’s
position and performance, business
model and strategy (please see pages
16 and 17 for further information);
• reviewing and monitoring the external
auditor’s independence and objectivity
and the effectiveness of the audit
process, taking into consideration
relevant UK professional regulatory
requirements;
• developing and implementing a policy
on the level, amount and pre-approval
of non-audit services provided by
the external auditor;
• advising the Board on the appointment,
reappointment and removal of the
external auditor and the remuneration
and terms of engagement of the
external auditor;
• monitoring the effectiveness of the
Group’s internal control and risk
management systems, including
whistleblowing and fraud controls;
• reviewing the scope, activities and
results of the Group’s Internal
Audit function;
• reviewing the Audit Committee’s Terms
of Reference, carrying out an annual
performance evaluation exercise and
noting the satisfactory operation
of the Committee; and
• reporting to the Board how it has
discharged its responsibilities.
The Committee has an annual schedule
of work, developed from its Terms of
Reference (available on our website at
https://corporate.moneysupermarket.
com), with standing items that it considers
at each meeting, in addition to any specific
matters upon which the Committee has
decided to focus.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
89
Audit Committee Report continued
Role and responsibilities continued
Committee activities in 2022
Reviewed and approved the 31 December 2022 Annual Report and Financial
Statements and the half-year statement to 30 June 2022, together with reports from
the external auditor, examining key points of disclosure and presentation to ensure
adequacy, clarity and completeness.
Committee priorities for 2023
Oversee management’s preparations and
responses to the changing control landscape,
including in response to the BEIS consultation.
Reviewed and challenged management’s assessments, conclusions and disclosures
in relation to goodwill and impairment.
Continued focus on assurance over the Group’s
data management and protection controls.
Reviewed and approved the Internal Audit Charter.
Oversaw the work of our Internal Audit function, ensuring it retained the right
expertise and experience to provide effective challenge throughout the
organisation and measured the effectiveness and value of the function, including
co-source arrangements, through questionnaires, metrics and assessments,
including with reference to the IIA Code of Practice.
Oversee the onboarding of the new Group
Chief Financial Officer.
Work with the Risk and Sustainability
Committee to determine the approach to be
taken to any assurance required in respect of
ESG metrics.
Considered management’s and Internal Audit’s assessment of the effectiveness of key
controls (across finance, operational and information security risks), in particular
ongoing improvements made to the documentation and evidence of controls.
Continued oversight of the integration of
acquired businesses into Group reporting
and internal control processes.
Reviewed, considered and approved the scope and methodology of the audit work
to be undertaken by the external auditor, including the terms of engagement and
fees to be paid to the external auditor for the audit of the 2022 financial statements.
Make initial preparations ahead of holding
a formal tender for the provision of external
audit services in the medium term.
Considered management’s progress in relation to finance integration of the 2021
acquisitions in relation to systems, controls and process alignment to Group.
Evaluated the independence, objectivity and effectiveness of the external auditor
and made a recommendation to the Board on the reappointment of KPMG as the
external auditor.
Received summary reports on the progress of the Revenue Assurance function.
Reviewed and approved the rolling 12-month Internal Audit plan for appropriate risk
coverage, including quarterly in-year updates for any changes, and considered the
different sources of assurance against the Group’s key risks to ensure there is
comprehensive risk and assurance coverage. Agreed and monitored the balance
of audit focus across strategic, operational, third-party and core assurance areas.
Received updates in relation to the Group’s Treasury and Tax Policies and strategies.
Received reports from management in relation to the Group’s anti-bribery and
corruption processes, including whistleblowing, fraud and gifts and hospitality.
Reviewed, approved and recommended to the Board the Group’s going concern
and long-term Viability Statements as contained on pages 59 and 60.
Reviewed and approved the Committee’s updated Terms of Reference to reflect
best practice.
Considered Internal Audit reports, including any unsatisfactory audit findings, root
causes and related actions plans, and satisfied ourselves that management had
resolved or was in the process of resolving them.
Reviewed reports from the external auditor, KPMG, on the results of its controls
testing as part of the external audit, including recommendations made by the external
auditors in management letters and the adequacy of management’s response.
Received updates from management on continuous improvement of the Finance
function as well as key projects such as finance data migration.
Considered the proposals from the Government on "Restoring Trust in Audit and
Corporate Governance" and reviewed the Group’s readiness for the new requirements.
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Financial statements
and reports
The Committee is responsible for reviewing
the appropriateness of the Group’s
half-year reporting and annual financial
statements. We do this by considering,
among other things: the accounting
policies and practices adopted by the
Group; the correct application of
applicable reporting standards
and compliance with broader governance
requirements; the approach taken
by management to report the key
judgemental areas of reporting; and
the comments of the external auditor
on management’s chosen approach.
Significant financial statement
reporting matters
We identified the matters below as being
significant in the context of the 2022
financial statements. We consider these
areas to be significant taking into account
the level of materiality and degree of
judgement exercised by management. We
discussed the issues in detail to ensure
that the approaches taken were
appropriate. This included reviewing
presentations and reports from both
management and the external auditor.
Issue
Committee review
Recoverability of goodwill,
the Cashback CGU
We reviewed and challenged management’s impairment modelling approach and outcomes
in relation to the Cashback CGU including:
As described in our impairment
review in note 13 to the accounts,
as expected the estimated
recoverable amount for the
Cashback cash generating unit
(“CGU”) provides relatively low
headroom compared to the
Group’s other CGUs as this
CGU was only acquired by
the Group in November 2021.
The value in use calculation,
which represents the estimated
recoverable amount, is subjective
due to the inherent uncertainty
involved in selecting appropriate
key assumptions. The model
is sensitive to changes to the
key assumptions, such as the
revenue growth rate and the
discount rate (which is more
uncertain due to the macro-
economic environment). The
Financial Statements (note 13)
disclose the sensitivities
estimated by the Group.
Capitalisation of software
and development costs
As more fully described on
page 140 of the Group’s
financial statements, the Group
holds intangible asset balances
arising from the capitalisation
of certain software and
development costs principally
relating to developments in the
Group’s front-end platforms
and back-office data platforms.
• The approach taken for the goodwill impairment assessment including the appropriateness
of inputs to the model such as the board approved long term plan and the growth rates.
• The discount rate and the appropriateness of the risk premium applied for the Cashback CGU.
• The key assumptions to the model, being revenue growth and the discount rate, and the
sensitivity analysis.
• The associated disclosures (note 13) to confirm they provide adequate transparency and are fair,
balanced and understandable.
We also heard from KPMG on the procedures they have performed to test these balances
(see page 125).
Our conclusions upon review are aligned with management and the auditors that the Cashback
CGU goodwill is not impaired. We concluded that the disclosures give relevant information about the
estimation uncertainty, including the risk of a reduction in the headroom as a result of a reasonably
possible change in one or more of the key assumptions.
The judgements in relation to software and development assets largely relate to the future economic
benefits associated with the assets and confirm that capitalisation is in accordance with the relevant
accounting standards. We assessed the operation of key financial controls relating to investment
appraisal, capitalisation and ongoing monitoring of intangible assets and we were comfortable with
their integrity as reported by management. Sample testing was also conducted by the Internal Audit
team on the related controls as part of the core assurance programme. We are also reassured by the
fact that business plans in relation to the capitalised assets receive either direct Board approval or
approval via appropriate delegated authority within pre-agreed limits.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
91
Governance Audit Committee Report continued
Significant financial statement reporting matters continued
We also reviewed and considered the following areas due to their materiality and the application of judgement.
Issue
Committee review
Intangible assets
impairment testing
Revenue recognition
We reviewed the judgements, assumptions and estimates made by management in preparing the
impairment review to ensure that they were appropriate. We also obtained the external auditor's
views on the appropriateness of the approach and conclusions. The results of this review were
that we were satisfied with the conclusions reached.
We reviewed and challenged the judgements, assumptions and estimates made by management
regarding variable consideration under new and existing contracts. We also obtained the external
auditor's views on the appropriateness of the approach and conclusions. The results of this review
were that we were satisfied with the conclusions reached.
Going concern and viability
statements
In assessing the validity of the statements detailed on pages 59 and 60, we reviewed and challenged
management’s assessment of the Group’s resilience to the principal risks under various scenarios
and gained appropriate assurance that sufficient rigour was built into the process. We also obtained
the external auditor's views on the work undertaken by management.
Fair, balanced and
understandable Annual Report
and Financial Statements
One of the Committee’s key roles is to
recommend to the Board that the Annual
Report and Financial Statements, taken
as a whole, is fair, balanced and
understandable and provides the
information necessary for shareholders
to assess the Group’s position and
performance, business model and
strategy. Ensuring this standard is met
requires continuous assessment of the
financial reporting issues affecting the
Group, in addition to the focused exercises
which take place during the production of
the Annual Report and Financial
Statements. These focused exercises
can be summarised as follows:
• a qualitative review of disclosures
and a review of internal consistency
throughout the Annual Report and
Financial Statements;
• a review by the Committee of all material
matters, as reported elsewhere in this
Annual Report and Financial Statements;
• a risk comparison review, which
assesses the consistency of the
presentation of risks, and significant
judgements throughout the main areas
of risk disclosure in this Annual Report
and Financial Statements;
• a review of the balance of good and
bad news; and
• ensuring it correctly reflects:
– the Group’s position and performance
as described on pages 54 to 59;
– the Group’s business model, as
described on pages 16 and 17; and
– the Group’s strategy, as described
on pages 18 to 22.
The Directors’ Statement on a fair,
balanced and understandable Annual
Report and Financial Statements is set
out on page 123.
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External auditor
The Committee is responsible for making
recommendations to the Board in relation
to the appointment of the external auditor.
We also approve the terms of engagement
and fees of the external auditor, ensuring
they have appropriate audit plans in place
and that an appropriate relationship is
maintained between the Group and the
external auditor.
Independence and
non‑audit services
The Committee evaluated the
independence and objectivity of the
external auditor, having regard to: (a) a
report from the external auditor
describing its arrangements to identify,
report and manage conflicts of interest; (b)
the extent and nature of non-audit
services provided by the external auditor;
and (c) the tenure of the audit partner, who
is required to rotate every five years in line
with ethical standards.
There are policies and procedures in place
in relation to the provision of non-audit
services by the external auditor which are
reviewed regularly. These ensure that the
Group benefits in a cost-effective manner
from the cumulative knowledge and
experience of its auditor, whilst also
ensuring that the auditor maintains the
necessary degree of independence and
objectivity. The external auditor is not
permitted to perform any work which it
may later be required to audit, or which
might affect its objectivity and
independence or create a conflict of
interest. Key points from our internal
procedure for approval of work given
to the external auditor are:
• no non-audit work may be placed with
the external auditor without the specific
approval of the Committee;
• any approved non-audit services must
be in line with the cap limits as enforced
by the Financial Reporting Council ('FRC');
• the non-audit fees are reported
regularly to the Committee; and
• various services are prohibited,
including the provision of most types
of tax services, valuation services,
appraisals or fairness opinions,
outsourcing of Internal Audit services,
management functions, recruitment
services and legal services.
During the year, the value of non-audit
services provided by the external auditor
amounted to £0.06m (2021: £0.05m). The
non-audit services during 2022 and 2021
related to the review of the Group’s half year
reporting, which is not part of the audit fee
cap. No other non-audit services were
provided by the external auditor, therefore
the Group was within required cap limits.
The assurance provided by the external
auditor on this item is considered by the
Group as strictly necessary in the interests
of the Group. The non-audit services
offered reflect the auditor’s knowledge
and understanding of the Group. The
Group has also continued with the
appointment of other accountancy firms
to provide certain non-audit services to
the Group in connection with internal
audit, tax, systems and regulatory advice
and anticipates that this will continue in 2023.
The external auditor was not engaged
during the year to provide any services
which may have given rise to a conflict of
interest. The Committee is satisfied that
the overall levels of audit and non-audit
fees are not material, relative to the
income of the external auditor as a whole,
and therefore that the objectivity and
independence of the external auditor
were not compromised.
External audit effectiveness
The Committee considered the quality and
effectiveness of the external audit process.
We worked with KPMG to understand its
judgements about materiality and
considered the way it communicated key
accounting and audit judgements. This
approach was supplemented by members
of the Committee completing a detailed
questionnaire. The questionnaire evaluated
the overall effectiveness of the external
auditor including the audit partner’s and
his team’s approach, communication,
independence, objectivity, and reporting.
We also assessed the value for money of
the audit process, including KPMG’s
existing and proposed audit fees. The
results of the questionnaire were then
reported to and discussed by the
Committee and the findings reporting to
the Board as part of our recommendation.
As in prior years, at the planning meetings
for the half-year review and year end audit,
the external auditor was required to
explain its understanding of significant
risks to audit quality, by reference to the
Company’s specific circumstances and
changes in the risks and reasons for those
changes. We explored the auditor’s
understanding of our business and
industry knowledge which informed its
approach to identifying risks. We also
considered the auditor's use of specialists
in its work to support its core team.
The Committee held private meetings with
the external auditor as necessary after
Committee meetings to review key issues
within its sphere of interest and responsibility.
Reappointment of the
external auditor
KPMG has acted as the auditor to the
Group since 2004 and was appointed as
the auditor to the Company on its flotation
in 2007. The lead audit partner rotates
every five years to ensure independence,
with the last rotation in 2020. Following a
formal competitive tender exercise during
2016, in relation to the audit for the Group
for the year ended 31 December 2017, the
Board approved the Audit Committee’s
recommendation to put a resolution to
shareholders at the 2017 Annual General
Meeting to reappoint KPMG, which
shareholders subsequently approved.
We have therefore complied with the
requirement to ensure the external audit
contract is tendered within the ten years
prescribed by EU and UK legislation and
the Code’s recommendation. We confirm
we have complied with the provisions of
The Statutory Audit Services for Large
Companies Market Investigation
(Mandatory Use of Competitive Tender
Processes and Audit Committee
Responsibilities) Order 2014.
Since KPMG’s reappointment, we have
considered further the length of KPMG’s
tenure and have conducted detailed
stakeholder surveys on its performance
to assess its continued effectiveness and
independence. We continue to remain
satisfied with the work of KPMG and that
it continues to remain independent and
objective. In accordance with ISA (UK)
260 and Ethical Standard 1 issued by
the Financial Reporting Council, and as
a matter of best practice, the external
auditor has confirmed its independence
as auditor of the Company, in a letter
addressed to the Directors. It will therefore
be proposed at the 2023 AGM that KPMG
be reappointed as the Group’s auditor for
the financial year ended 31 December 2023.
The Committee will conduct a formal audit
tender process during 2024 with a view to
proposing a resolution to shareholders at
the 2025 Annual General Meeting.
objectivity and reporting. The results of the
questionnaire were then reported to and
discussed by the Committee. Additionally,
the Head of Internal Audit undertakes an
annual self-assessment of the Internal
Audit function against the Chartered
Institute of Internal Audit Standards and
reports the results to the Audit Committee.
Internal control
The Committee is responsible for
monitoring and reviewing the effectiveness
of the Group’s internal control and risk
management systems. The Committee
delivers on this objective by reviewing
management’s reports on internal control
effectiveness via self-assessment and
first line testing of key financial controls,
including monitoring of control improvement
plans and consideration of the mitigating
controls in operation. The Committee also
receives assurance reports on key financial
controls from independent testing by
Internal Audit, as well as management
control points from External Audit. Through
monitoring the effectiveness of its internal
controls and risk management, the
Committee is able to maintain a good
understanding of business performance,
key judgemental areas and management’s
decision-making processes. The Committee
was pleased to receive a report from
finance on their continuous improvement
project which had delivered ongoing
control enhancements and efficiencies
during 2022.
We consider the adequacy of
management’s response to matters raised
and the implementation of
recommendations made. The Board’s
statement on internal control and risk
management can be found on page 79.
Internal Audit
The Group has an Internal Audit function
which, together with a PwC co-source
arrangement, delivers a risk-based Internal
Audit plan to provide independent
assurance over the Group’s key risks. In
2022, the Internal Audit team continued to
utilise the PwC co-source relationship to
deliver specialist reviews. These reviews
were more technical in nature and related
to the ISMS and Cyber Red Team
assessments. The Audit Committee meets
with the Head of Internal Audit without
management present on an annual basis.
In addition, the Head of Internal Audit
meets separately with the Chair of the
Committee throughout the year to discuss
internal audit objectives.
Internal Auditor effectiveness
The Committee considered the quality and
effectiveness of the Internal Audit function
by way of completing a detailed
questionnaire. In 2022 the questionnaire
evaluated the overall effectiveness of the
Internal Audit function including the team’s
approach, communication, independence,
The Committee approves the Internal Audit
Charter on an annual basis and reviews
and monitors progress against the annual
Internal Audit plan. The Committee further
seeks confirmation from the Head of
Internal Audit that the Internal Audit
function has the requisite expertise and
resources to successfully fulfil its role.
Whistleblowing
The Group has established procedures by
which all employees may, in confidence,
report any concerns. Our whistleblowing
process sets out the ethical standards
expected of everyone that works for and
with us and includes the procedures for
raising concerns in strict confidence. Our
workforce can raise concerns through their
manager or senior management and
through our confidential and independent
whistleblowing helpline. All investigations
are carried out independently with findings
being reported to the Committee.
The Board, as a whole, monitors and
reviews the effectiveness of the Group’s
whistleblowing arrangements annually, to
ensure that it has sufficient oversight of
whistleblowing to support its work on
culture, risk and stakeholder engagement.
The Committee receives reports on
investigations and all significant
whistleblowing matters are reported
directly to the Board. The Board has
reviewed the whistleblowing arrangements
and is satisfied that they are effective,
facilitate the proportionate and
independent investigation of reported
matters and allow appropriate follow-up
action to take place.
Audit Committee effectiveness
In 2022, we carried out an internal evaluation
of Committee effectiveness which involved
the completion of a questionnaire, with the
results being analysed and presented at
the October Board meeting for discussion.
The Committee determined it continues
to be effective in fulfilling its role and
remains independent.
This report was approved by the Board
and signed on its behalf by:
Caroline Britton
Chair of the Audit Committee
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
93
Governance Risk and Sustainability Committee Report
Balancing Risk
and Opportunity
The Committee expanded its remit in 2022 to
incorporate oversight of the Group’s sustainability
framework, further embedding the achievement
of our sustainability goals within our risks
and opportunities.
Lesley Jones
Chair of the Risk and Sustainability Committee
Having been appointed as Risk and
Sustainability Committee Chair in May
2022, I am pleased to present the
Committee’s Report for the year ended
31 December 2022. I have set out our role
and activities in overseeing the Group’s
risk management framework, ensuring
risks are appropriately identified, managed
and mitigated, and advising the Board on
risk appetite, strategy and culture. In
September 2022 the Committee assumed
responsibility for the oversight of the
Group’s Sustainability Framework
implementation and embedding, with
the Board approving updated Terms of
Reference in December 2022.
The Risk and Sustainability Committee
maintains close links with the Audit
Committee, with the Chair of each
Committee being a member of the other.
This cross-membership and liaison
between the Committees, on agenda items
and reports, facilitate effective linkage
between both Committees and ensure that
any matters relating to internal control and
financial reporting are considered in an
effective and timely manner. Commencing
in 2023 I, as Chair of the Risk and
Sustainability Committee, will provide
assurance to the Remuneration Committee
on the performance of the business and
control functions on an annual basis to
allow the Remuneration Committee to
satisfy itself on the appropriateness of its
remuneration decisions.
94
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Role and responsibilities
The primary role of the Risk and
Sustainability Committee is to assist the
Board in its oversight of risk management
and delivery of its sustainability strategy
within the Group. The Committee achieves
this by:
• advising the Board on the overall risk
appetite, tolerance, strategy and culture;
• overseeing and advising the Board on
the current risk exposures and future
risk strategy;
• overseeing the application of the risk
management framework;
• overseeing the management of key risks,
including strategic, operational,
regulatory, conduct and data risks
across the Group;
• reviewing reports received from
management, the Risk and Compliance
function and, where appropriate,
Internal Audit or third parties on the
identification, management and
mitigation of risks;
• reviewing reports from the legal team
in relation to legal matters affecting
the Group;
• receiving "deep dive" updates into
key risk areas including cyber, data
protection and third-party risks;
• overseeing compliance with relevant
legal and regulatory requirements;
• overseeing and monitoring the Group’s
sustainability and environmental
initiatives; and
• considering and approving the remit of
the Risk and Compliance function and
ensuring it has adequate resources.
The Committee held three meetings in
2022 and has an annual schedule of work,
developed from its Terms of Reference
(available on our website at https://
corporate.moneysupermarket.com), with
standing items that it considers at each
meeting, in addition to any specific matters
upon which the Committee has decided to
focus. This schedule of work evolved in
September 2022 to include oversight of
the Group’s Sustainability Framework, with
regular reporting commencing in 2023.
The Risk and Sustainability Committee
receives regular reports from the
management team, the Chief Risk Officer
and the General Counsel and
Company Secretary.
Committee activities in 2022
Committee priorities for 2023
Received reports from management on risks associated with the
strategic initiatives and received ad hoc reports relating to new
or emerging risks.
Approved the renaming of the Committee to the Risk and
Sustainability Committee and the updating of its Terms of
Reference to include oversight of the delivery of the Group’s
Sustainability Framework and outcomes.
Oversaw compliance with evolving regulating including the
Group’s FCA Consumer Duty Plan preparation, recommending
the same to the Board for approval.
Focus on management of risks associated with the delivery of the
strategic initiatives.
Oversight of enhanced controls relating to the Group’s financial
crime and data protection risks.
Oversight and monitoring of the Group’s sustainability
and environmental initiatives.
Oversaw the ongoing embedding of enhanced controls in respect
of cyber security, data privacy and third-party management.
Oversight of regulatory change including FCA, ICO, CMA
and energy market.
Received reports on actions and progress against the Group’s risk
acceptances, including whether these continued to be appropriate.
Approve the Risk and Compliance plan and monitor
management’s progress against the same.
Received progress updates on management third-party oversight
through the embedding of the Supplier Management Framework.
Provide assurance to the Remuneration Committee on the
performance of the business and control functions on an annual
basis to allow the Remuneration Committee to satisfy itself on
the appropriateness of its remuneration decisions.
Oversaw the progress of integration of acquisitions into the
Group’s risk management framework.
Reviewed and approved the Risk and Compliance plan
and monitored management’s progress against the same.
Reviewed the resources and considered the effectiveness of the
Risk and Compliance function.
Reviewed the conduct scorecards and oversaw related actions
to ensure we are putting customers at the heart of the business.
Risk and Compliance
The Group has a Risk and Compliance function, led by the Chief Risk Officer, which oversees the Group’s risks and controls together with
the Group’s compliance with the requirements of the various bodies that regulate the Group’s activities. These regulatory bodies include
the CMA, the FCA and the ICO as well as Ofgem and Ofcom (which operate voluntary price comparison codes in the energy and home
communications sectors to which brands in the Group subscribe). The Chief Risk Officer is a member of the Executive Team, reflecting
the importance of the risk management and internal control processes to the Group. The Chief Risk Officer meets with the Risk and
Sustainability Committee members without members of the executive present at the conclusion of each meeting to discuss
pertinent matters.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
95
Governance Risk and Sustainability Committee Report continued
Risk and Compliance continued
The Group has a Risk and Compliance plan,
which defines the scope of the work that
the function will undertake, including
compliance monitoring and assurance
activities across the Group. In 2022 this
focused on extending and embedding the
Group risk framework to acquisitions and
enhancing control in respect of data
protection and business continuity.
Principal and emerging risks
The Committee undertook an assessment
of the Group’s principal and emerging
risks, including those which had the
potential to impact delivery of our
strategy, culture and future performance.
Details of the Group’s principal risks and
uncertainties, including their type, link
to the Group’s strategy and trend
information, are provided on pages 66
and 67.
In accordance with the 2018 UK Corporate
Governance Code Principle O and
Provision 29, following a detailed review by
the Committee, the Directors can confirm
that the Group’s key risks have been
robustly assessed by management and
the related key controls are effective.
The key risks are managed by one or more
control owner across the Group and are
recorded in the Operational Risk Log.
Controls are documented within a Control
Brief, which summarises how the control
works, the frequency, who is responsible
and how effectiveness will be evidenced.
Quarterly reviews of controls are
conducted by control owners to confirm
whether they have been operating
correctly, they are mitigating the risk as
expected and they can be appropriately
evidenced. Where enhancements to
controls are identified via assurance
activities, actions are agreed to strengthen
them to ensure they continue to effectively
mitigate the risk. Control owners and the
relevant Executive member attest to the
effectiveness of their controls biannually
at the half and full year. The Risk and
Compliance Team reports changes in the
effectiveness of controls to the Executive
and Audit Committees. An independent
annual review of internal controls is
undertaken by the Internal Audit function.
Opportunities
Our risk management framework
underpins the strategy of the Group, as it is
only by understanding the level of risk the
Board is willing to take that we can identify
and pursue strategic opportunities. The
Risk and Compliance function’s monitoring
and assurance of in-flight strategic
programmes enable the early detection
of execution risks. For further details
regarding the principal and emerging
risk assessment, including details of the
Board’s appetite in relation to its strategic
objectives, please see pages 62 to 67.
Risk and Sustainability
Committee effectiveness
In 2022, we carried out an internal evaluation
of the Risk and Sustainability Committee's
effectiveness which involved the completion
of a questionnaire, with the results being
analysed and presented at the October
Board meeting for discussion. The Committee
determined it continues to be effective in
fulfilling its role and remains independent.
Overview of Committee
activities for 2023
In 2023 the Committee will monitor the
management of risks associated with the
delivery of the strategic initiatives, the
Group’s FCA Consumer Duty Plan and the
Group’s sustainability and environmental
initiatives. Further, we will oversee the
Group’s response to regulatory change
including the FCA, ICO, CMA and energy
market and the ongoing enhancement of
the Group’s cyber security and third-party
management arrangements.
This report was approved by the Board
and signed on its behalf by:
Lesley Jones
Chair of the Risk and
Sustainability Committee
15 February 2023
96
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
G
o
v
e
r
n
a
n
c
e
Remuneration Committee Report
Incentivising our
most valuable
asset
The Remuneration Committee’s key
responsibility is to determine and apply
the Remuneration Policy to ensure it promotes
the delivery of our strategy and the
long‑term success of the Group.
Rakesh Sharma
Chair of the Remuneration Committee
As a Committee we ensure that our remuneration framework continues to align with our Group strategy.
How we performed in the year
Group revenue
Group adjusted EBITDA
£387.6m
(2021: £316.7m)
£115.5m
(2021: £100.5m)
Net promoter score
(MSM and MSE)
72
(2021: 72)
How performance links to Executive Directors’ Annual Bonus
Performance targets are set each year by the Remuneration Committee by reference to factors such as the budget and strategic objectives
for the year, progress against the prior year and market expectations. Personal targets for 2022 included continued delivery of the Group
strategy, leadership objectives and our focus on delivery at pace across the Group.
Total remuneration received by our Executive Directors
Board member
Peter Duffy
CEO
Scilla Grimble
CFO
Salary
Taxable Benefits
Pension
Annual Bonus
LTIP/Other
592,300
23,313
29,615
771,431 1
434,800
14,000
76,000
— 2
0
0
1 One-third of annual bonus deferred into shares.
2 Scilla Grimble was not entitled to an annual bonus for 2022 following her resignation.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
97
Remuneration Committee Report continued
Number of meetings of the
Remuneration Committee
5
Quick facts
All members of the Committee
in 2022 were independent
Non-Executive Directors.
• Only members of the Committee
have the right to attend Committee
meetings. Other individuals may be
invited to attend meetings as and
when appropriate, including the
Chair of the Board, the CEO, the
CFO, the Chief People Officer, the
Head of Reward, the General Counsel
and the Company Secretary and the
external remuneration consultant.
• The members of the Remuneration
Committee can, where they judge it
necessary to discharge their
responsibilities, obtain independent
professional advice at the
Company’s expense.
• The Committee’s Terms of
Reference were updated in
December 2022 and are available
on the Investor section of the
Group’s website at http://corporate.
moneysupermarket.com.
Chair’s letter
Attendance for each of the Committee
meetings can be found on page 74 in
the Corporate Governance section.
2022 highlights
• Undertook a comprehensive review
of the Directors’ Remuneration
Policy in order to ensure that it
continues to operate effectively and
aligns with the strategic priorities
and direction of the Group.
• Developed the proposed
Remuneration Policy, including the
replacement of the existing LTIP
with Restricted Share Awards.
• Reviewed and approved executive
bonus outcomes for 2022, which
reflect the strong financial and
strategic performance of the Group
over the year.
98
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Dear Shareholder
I am pleased to present the Directors’
Remuneration Report for the year ended
31 December 2022, my first Directors’
Remuneration Report as Remuneration
Committee Chair of Moneysupermarket.
com Group. James Bilefield stepped
down from the Board in May 2022,
with Sarah Warby assuming the role
of Interim Chair of the Committee.
I was appointed to the Board and
Remuneration Committee as Chair
Designate in October 2022 and assumed
the role of Chair of the Committee from
January 2023. I would like to extend mine
and the Board’s thanks to both James
and Sarah for their respective periods
chairing the Committee.
Whilst I was not Chair of the Committee
during the entirety of the review of the
Directors’ Remuneration Policy (as
discussed below), I have been involved in
discussions both internally and with our
shareholders since my appointment to
the Committee as Chair Designate, and
am fully supportive of the proposals which
I believe will support the implementation
of the Group’s strategy and the creation of
sustainable shareholder value during the
Policy life cycle in what continues to be an
unpredictable external market environment.
Wider workforce context
Throughout 2022 the Committee has
been mindful of the challenging
economic environment which has seen
high inflation levels with lower paid
employees disproportionately impacted.
We are acutely aware that this is a
challenging time for many of our
colleagues who are experiencing
significant increases to their cost of living.
The Company has taken a number of
actions during the year in response to this,
including a £2,000 cost of living payment to
any colleagues earning below £55,000 p.a.
in September 2022 in order to support our
lowest paid colleagues during this time, as
well as regularly reviewing our benefits
packages to ensure that they remain most
appropriate for employees during this
period. In addition to an increase in the
overall budget allocated to salary increases
in the 2022 annual pay review, for the prior
year pay review (allocated in March 2022)
we increased the proportion of the overall
budget which is allocated to lower paid
employees such that junior employees
received a higher percentage increase
than more senior colleagues. Therefore
colleagues earning under £40,000
received a minimum salary increase of
£1,200. The salary increase budget for
2023 is 6.5%.
The Group is also a real living wage
employer and implemented the most
recent increase immediately (employers
have 8 months to implement) in order
to support our lowest paid employees.
Outside of the cost of living crisis, focus
areas for 2022 included our Diversity,
Equity, Inclusion and Belonging strategy.
From a remuneration perspective we
continued to focus on understanding the
drivers of gender and multi-ethnic pay gaps
internally in order to take tangible action.
Remuneration Policy review
Our existing Remuneration Policy was
approved by shareholders at the 2020
AGM. In line with the normal three-year
renewal cycle, we will be seeking
shareholder approval for a new Policy,
set out on pages 101 to 108, at the AGM
in 2023.
During the year, the Remuneration
Committee has undertaken a
comprehensive review of the overall
remuneration framework to ensure that
it continues to be aligned with our
strategy and the interests of all of our
stakeholders. The outcome of this review
is that is that two key changes to the
Policy are proposed and these changes
are outlined below.
Introduction of Restricted
Share Awards
As a marketplace business, the Group is
very reliant on end-market dynamics and
these have experienced substantial levels
of dislocation in recent years, including:
1.
2.
3.
Our Travel-related business channels
(insurance, car hire, holidays) were all
closed during the COVID-19
pandemic and, whilst travel
insurance has now recovered, other
Travel channels are still materially
impacted by continuing disruption. It
is not currently possible to forecast
when these will return to their
pre-pandemic levels.
Our energy switching business is
currently significantly depressed
whilst market prices remain volatile
and at unprecedented levels. We
currently have extremely limited
visibility on when energy providers
will come back to the market for
customer acquisition and hence
when energy switching can resume.
The general insurance related
FCA regulations which took effect
in January 2022 resulted in a
contraction in the car and home
insurance switching markets. Whilst
we believe the impact of these
regulatory reforms have since
stabilised, there may be further
regulatory changes that will
be introduced and will
alter end‑markets.
Whilst we remain confident in our long‑
term business model and in our ability
to deliver shareholder value, against an
unpredictable market backdrop, the
Committee does not believe it is possible to
set robust, fair and meaningful three-year
financial targets under the LTIP. The
Committee has therefore concluded that
the LTIP is not currently functioning as
intended and that an alternative incentive
model would be more appropriate at
this time.
The Committee therefore believes that a
restricted share model (i.e. shares which
are not subject to traditional performance
conditions) will provide a more appropriate
mechanism for the Group’s long-term
share-based reward.
Restricted Share Awards (RSAs) will provide
a simple and transparent award which
can support the creation of significant
long-term equity ownership. The
Committee believes that, at this current
time, a simpler pay structure, with less
reliance on long-term performance
conditions, and a greater focus on large
long-term shareholdings, will have a
positive impact on investment, innovation,
long-term decision making and long-term
sustainable value creation. RSAs will
encourage management to make the best
long-term decisions for the business.
The RSAs will sit alongside our annual
bonus plan, which will continue to drive
short-term performance against the
Group’s key financial and strategic
objectives each year.
We already use RSAs as a form of long‑term
reward within the business, and therefore
adopting RSAs at our Executive Director
level will deliver alignment across the Group.
The appropriateness of RSAs will be kept
under review and during the next review of
the Directors’ Remuneration Policy the
Committee will assess whether greater
market visibility is evident and may seek to
return to a performance-based long-term
scheme in the future.
The Remuneration Committee undertook an
extensive consultation with our shareholders
and proxy voting agencies in respect of the
proposed framework and overall investors
were generally supportive of the approach.
We thank our shareholders for the time they
took to provide their feedback as part of
the review, which helped us shape the
final proposals.
Restricted Share Awards –
award parameters aligned to
best practice
The proposed parameters for the RSA
awards fully align with established best
practice guidance in the UK-listed market.
Awards will be:
• based on a “haircut” of 50% from current
LTIP award levels, resulting in awards of
87.5% of salary for the CEO and 75% of
salary for the CFO;
• earned over a vesting period of three
years, followed by a further two-year
post-vesting holding period;
• subject to robust underpins to provide
an appropriate safeguard for our
shareholders. Should any of the
underpins not be met, the Committee
would consider whether, and to what
extent, a discretionary reduction in the
vesting of awards was required
(Committee discretion can be used only
to reduce the vesting outcome). The
underpins for 2023 are as follows:
– performance against the Group’s key
strategic priorities (including an ESG
objective) over the vesting period;
– whether there is a material
weakness in the underlying financial
health or sustainability of the
business. Factors such as, (but not
limited to), long-term revenue,
profitability, cash generation and
dividend cash cover would be
considered; and
– whether there has been a materially
serious conduct, reputational or
regulatory event which could have
been reasonably foreseen.
Further details of the operation of the
underpins for 2023 are set out on page 108
and a full explanation of the Committee’s
decisions regarding the vesting of RSAs,
including assessment of the underpin
conditions, will be provided in the relevant
Directors’ Remuneration Report.
Post-employment
shareholding guidelines
Under the existing Policy, Executive
Directors must retain their full
in-employment shareholding guideline
(200% of salary) for one year following
cessation of employment and 50% of
the guideline (100% of salary) for the
second year.
We are proposing to strengthen our
post-employment shareholding guideline
so that Executive Directors will be required
to hold their full in-employment guideline
for two years following cessation of
employment, in line with the Investment
Association’s guidance and best practice.
The Committee believes that RSAs in
combination with the in-employment
shareholding guideline and our
strengthened post-shareholding guideline
strongly aligns management with
shareholder interests, incentivising our
Executives to make the best long-term
decisions for the business.
2022 remuneration outcomes
As described elsewhere in the Annual
Report and Accounts, 2022 was a year
of good strategic progress and result
delivery. Whilst challenging conditions
remained in some of our main markets,
particularly energy, the diversity of our
product offering proved a major strength
in the face of such disruption. Our Money
vertical performed robustly, with our
brands providing useful advice and savings
tips to millions of people amidst the cost of
living crisis. We helped households save an
estimated £1.8bn and MoneySavingExpert
has become the foremost authority in the
energy crisis.
We continued to deliver well against
our strategy, finalising the rollout of our
modernised marketing tech stack, with
more of our products migrating to the new
Group tech platform, all connected to the
new data infrastructure. We delivered
improved PPC bidding capabilities and
introduced our new MoneySuperMarket
brand campaign.
Taking into account all of the above, the
overall bonus outcome for Peter Duffy was
130.2% of base salary out of a maximum
opportunity of 150% of salary i.e. 86.8% of
maximum. The Committee considers that
this overall outcome is appropriate in the
context of the strong business
performance (both financial and strategic)
and wider stakeholder experience. In line
with the existing Remuneration Policy,
one-third of this award will be deferred into
shares which vest after two years. Further
details of performance achieved are set out
on page 114.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
99
Governance Annual bonus opportunity levels are
unchanged for 2023; Peter Duffy’s
maximum award is 150% of salary and Niall
McBride’s maximum award is 135% of
salary (pro-rated for time in role).
Restricted Share Awards
RSAs will operate in line with the proposed
Remuneration Policy as outlined above,
with award levels of 87.5% of salary for the
CEO and 75% of salary for the CFO. Awards
will be subject to underpin conditions (as
set out above) and should any of the
underpins not be met, the Committee
would consider whether, and to what
extent, a discretionary reduction in the
vesting of awards was required. Further
details of the operation of the underpins
for 2023 are set out on page 108.
2023 AGM
We consulted extensively with our major
shareholders as part of the review of the
Remuneration Policy, listening carefully to
a wide range of views, and incorporating
feedback where we felt it was in the best
interests of the business. We will be
submitting the Policy and Annual Report
on Remuneration to our shareholders at
the 2023 AGM where the Policy will be
subject to a binding shareholder vote and
the Report subject to an advisory
shareholder vote. I very much look forward
to receiving your support and will be
available to answer any questions.
Rakesh Sharma
Chair of the Remuneration Committee
15 February 2023
Remuneration Committee Report continued
2022 remuneration outcomes
continued
Scilla Grimble was not eligible for an
annual bonus in respect of 2022 following
her resignation.
The 2020 LTIP award was based on a
combination of stretching targets of adjusted
basic EPS, revenue and comparative total
shareholder return over the three-year
performance period to 31 December 2022.
The targets for this award were set before
the on-set of the COVID-19 pandemic and
given the disruption in the market during this
period, these stretching targets have not
been met. The Committee has not exercised
discretion in relation to the outcome.
Chief Financial Officer transition
As announced last year, Niall McBride was
appointed to the role of Chief Financial
Officer on 20 February 2023, replacing
Scilla Grimble who stepped down from the
Board on 17 February. Niall has been
appointed on a salary of £435,000 (in line
with that paid to Scilla), his pension is
aligned with the wider workforce at 5%
of base salary and other elements of the
package are in line with the Policy. No
additional awards were made to buy-out
forfeited remuneration. Niall will be eligible
for a pro-rated annual bonus in respect of
2023 (pro-rated for time in role) and will be
granted an RSA award subject to the
approval of the proposed Policy.
Scilla is not eligible for an annual bonus in
respect of 2023 and will not receive an RSA
award for 2023. Scilla’s remaining in-flight
LTIP awards have lapsed and any unvested
deferred bonus awards will vest in line with
the original timescales. Scilla will also be
subject to the post-employment shareholding
guideline within our 2020 Policy.
Approach to remuneration
in 2023
Salary, pension and benefits
Peter Duffy received a salary increase of 4%
to £615,992 effective 1 January 2023. This is
below the average awarded to the wider
workforce where a salary increase budget
pot of 6.5% was distributed. When
awarding Peter a salary increase for 2023,
the Committee was conscious of the
continuing cost of living crisis which has
disproportionately impacted our lower paid
employees, therefore the increase awarded
was below the average level provided to the
wider workforce in order to reflect this.
Niall McBride joined the business on 20
February and was therefore not eligible for
a salary increase for 2023.
Pension and benefits will operate in line
with the Remuneration Policy. All Executive
Directors receive a pension contribution of
5% of salary, in line with that available to
the wider workforce.
Annual bonus
During 2022 the Committee reviewed the
operation of the annual bonus, including
the performance measures and relative
weightings. Whilst it was considered that
the financial measures of EBITDA and
revenue (and their relative weightings
of 50% and 20% respectively) remain
appropriate, it is proposed to simplify the
approach for non-financial measures in
order to improve the overall line of sight
for the senior leadership and the collective
focus on driving the key strategic
objectives for the year.
For 2023, the non-financial measures have
been simplified as follows: 5% based on
each of customer and ESG measures, with
20% based on shared strategic objectives.
Personal objectives have been replaced
with collective strategic objectives in order
to create a collective focus on
collaboration and delivering the key
priorities for the Group during the year.
For 2023 the shared strategic objectives
have been focused on strategic,
technology operations and leadership
objectives. The Committee is conscious
that the weighting on ESG has been
reduced relative to previous years,
however given that progress against our
ESG objectives is included as part of the
strategic underpin for the Restricted Share
Awards, on balance, we believe that
sufficient focus is placed on ESG.
100 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Directors’ Remuneration Policy
Set out below is the Company’s Directors’
Remuneration Policy, which will be put to a
binding shareholder vote and become
formally effective from the 2023 Annual
General Meeting.
The design and implementation of the
Remuneration Policy is the responsibility of
the Company’s Remuneration Committee.
Further information on the composition
and operation of the Remuneration
Committee is set out on page 74 and 98.
In developing the proposed Policy, the
Committee followed a robust process which
included discussions on the content of the
Policy at Remuneration Committee
meetings during the year. Input was
received from the Company Chair and
management while ensuring that conflicts of
interest were suitably mitigated. Input was
also provided by the Committee’s appointed
independent advisers throughout the
process. The Committee also sought
feedback from shareholders and feedback
has been reflected in final proposals.
Changes from the
previous Policy
The key changes to this Remuneration
Policy, from the previous Policy approved
by shareholders at the 2020 AGM, and as
described in the Chair’s introductory
statement, are as follows:
• introduction of Restricted Share Awards
(RSAs) under the Company’s Restricted
Share Plan in place of the LTIP to better
support the Company’s strategy.
• strengthened post-employment
shareholding guidance, with Executive
Directors required to hold their full
in-employment guideline for two years
following cessation, in line with
best practice.
Other minor changes have been made to
the wording of the Policy to aid operation
and to increase clarity.
Remuneration Policy table
Base salary
Purpose and link
to strategy
Operation
To provide competitive fixed remuneration to attract and retain Executive Directors of the calibre
required to deliver the business strategy for shareholders.
The base salary for Executive Directors will normally be reviewed annually by the Committee. Individual
salary adjustments may take into account each Executive Director’s performance and experience in role,
changes in role or responsibility, the Group’s financial performance, and external market data.
Maximum
There is no prescribed maximum base salary or maximum salary increase.
Salary increases are ordinarily in line with the broader employee population but increases may be above
this level in certain circumstances, for example, an increase in the scale, scope or responsibility of the
role, an increase in the size and complexity of the Company, developments in the wider competitive
market or significant change in market practice and other exceptional circumstances.
Current base salary levels are set out on page 107.
Performance targets
No specific targets although the Committee will take into account individual performance when
considering salary increases.
Pension
Purpose and link
to strategy
Operation
Maximum
To provide an appropriate retirement benefit that is competitive in the relevant market.
Executive Directors may participate in the Company’s defined contribution pension scheme and/or
receive salary supplements, or such other allowance as the Committee considers appropriate.
Maximum contribution or cash supplement in line with that available to the majority of the wider
workforce (currently 5% of base salary).
Performance targets
Not applicable.
Benefits
Purpose and link
to strategy
Operation
To provide market competitive benefits.
Current benefit provision includes a car allowance, life insurance and private medical insurance. Other
benefits may be provided where appropriate including, for example, one-off or on-going relocation
benefits, travel expenses and reimbursed business expenses (including any associated tax liability)
incurred when travelling in performance of duties.
Maximum
There is no prescribed maximum monetary value for benefit provision. Benefits are set at a level which
the Committee determines is reasonable and appropriate and the value may vary depending on the
benefit provided and the market cost of the benefit given the individual’s personal circumstances.
Performance targets
Not applicable.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
101
Governance Remuneration Committee Report continued
Remuneration Policy table continued
Annual bonus
Purpose and link
to strategy
Incentivises the delivery of stretching financial, operational and strategic performance. Deferral into
Moneysupermarket.com Group PLC shares increases long-term alignment with shareholders.
Operation
The annual bonus is based on performance against performance targets set by the Committee.
A proportion of any annual bonus earned (at least one-third) will normally be deferred into an award
of Moneysupermarket.com Group PLC shares under the terms of the Deferred Bonus Plan (DBP). DBP
awards will normally vest at least two years after grant. The remainder will be paid in cash following the
year end.
Malus and clawback provisions apply for a period of two years following the payment of a cash bonus
and the grant of any DBP award.
Maximum
The maximum annual bonus opportunities in respect of a financial year will be:
Performance targets
• CEO: 150% of base salary; and
• CFO: 135% of base salary.
Where considered appropriate in exceptional circumstances, the Committee may determine that the
maximum annual bonus opportunity in respect of a particular financial year is up to 200% of base salary.
Payment is determined by reference to performance assessed over a financial year. The Committee shall
determine performance measures for the bonus each year which the Committee considers to be aligned
to the strategy and the creation of shareholder value. These may include financial measures and other
metrics linked to the delivery of the business strategy, operations or personal performance targets.
The Committee determines the weightings of the performance measures each year. The overall
framework will normally be weighted towards financial measures of performance. The performance
measures and weightings for the 2023 financial year are shown on page 107. The Committee retains
discretion to use different or additional measures or weightings in future years to ensure that the bonus
framework appropriately supports the business strategy and objectives for the relevant year.
Performance targets are set each year by the Committee by reference to factors such as the budget and
strategic objectives for the year and market expectations. Pay-out will be based on a scaled performance
target schedule, with the level of pay-out in aggregate for threshold performance being no higher than
15% of the maximum. The target schedule will normally be disclosed retrospectively in the Annual
Remuneration Report.
The Committee has the discretion to adjust performance targets for any exceptional events that may
occur during the year.
In addition, the Committee may determine that it is appropriate to adjust the bonus payouts outcome if,
for example, outcomes are not considered to be reflective of underlying performance of the business or
the performance of the individual, where performance targets are no longer considered appropriate or
where the outcome is not considered appropriate in the context of the experience of shareholders or
other stakeholders.
102 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Restricted Share Awards (RSAs)
Purpose and link
to strategy
Operation
To reward our Executive Directors for driving the sustainable long-term growth of the Company
and shareholder value and to encourage and enable substantial long‑term share ownership.
Awards will normally vest at the end of a three-year period, subject to continued employment
and assessment of the underpin.
Following vesting, an additional two-year holding period will normally apply, such that vested shares
are normally released five years from grant.
Malus and clawback provisions apply until 2 years from the date of vesting.
Maximum
Under normal circumstances, the maximum award levels granted in respect of a financial year will be:
Performance targets
• CEO: 87.5% of base salary; and
• CFO: 75% of base salary.
Under exceptional circumstances (as determined by the Committee), the maximum award level that
may be granted in respect of a financial year will be 100% of base salary.
No specific performance conditions are required for the vesting of RSAs, although the awards will
normally be subject to one or more underpin conditions over the vesting period. Should any of the
underpins not be met, the Committee would consider whether a discretionary reduction in the vesting of
awards was required. The underpins applying to each award will be determined by the Committee each
year but may include measures related to key financial, strategic, governance, ESG or share price metrics.
In addition, the Committee may determine that it is appropriate to reduce the vesting outcome if, for
example, outcomes are not considered to be reflective of underlying performance of the business or the
performance of the individual, where underpins are no longer considered appropriate or where the outcome
is not considered appropriate in the context of the experience of shareholders or other stakeholders.
All employee share plans
Purpose and link
to strategy
Operation
Maximum
To encourage wider employee share ownership and thereby increase alignment with shareholders.
Executive Directors are eligible to participate in all employee share plans, which are offered on similar
terms to all employees, such as HMRC-approved Sharesave plans and Share Incentive Plans.
The maximum which applies to all employees, which includes the limits for any HMRC-approved plans,
are as defined by HMRC from time to time.
Performance targets
Not applicable.
Share ownership guidelines
Purpose and link
to strategy
To increase long-term alignment between Executives and shareholders, including after they have
stepped down from the Board.
Operation
In-employment
Executive Directors are normally expected to build up and maintain a substantial holding of
Moneysupermarket.com Group PLC shares of 200% of base salary.
To achieve this, Executive Directors are normally expected to retain 50% of the net of tax vested legacy
LTIP shares and RSA shares until the guideline is met. Unvested deferred bonus shares, unvested RSAs
subject to an underpin and vested RSA shares or legacy LTIP shares subject to a holding period will
count towards the guideline (on a net of tax basis).
Post-employment
Following stepping down from the Board, Executive Directors will normally be expected to maintain a
minimum shareholding of 200% of salary (or their actual shareholding on cessation if lower) for 2 years.
The Committee retains discretion to waive this guideline if it is not considered to be appropriate in the
specific circumstance.
Maximum
Not applicable.
Performance targets
Not applicable.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
103
Governance Remuneration Committee Report continued
Remuneration Policy table continued
Non-Executive Director fees
Purpose and link
to strategy
Operation
Maximum
To provide market competitive fees which reflect the time commitment and responsibilities of each role.
The fees for the Non-Executive Directors (excluding the Chair) are determined by the Board and
comprise a base fee with additional fees payable to reflect additional responsibilities or time
commitment. The fees for the Chair are determined by the Committee and are structured as a
single fee.
Fees may be reviewed on an annual basis.
The Non-Executive Directors do not participate in any Company pension arrangements, nor do they
currently receive any benefits.
Non-Executive Directors may be reimbursed for business expenses (and any associated tax liabilities)
incurred when travelling in performance of duties.
Additional benefits may be introduced if considered appropriate.
There is no prescribed maximum annual increase. The Board is guided by increases for the broader
employee population but on occasions may need to recognise, for example, an increase in the scale,
scope or responsibility of the role, as well appropriate market data.
Current fee levels are set out on page 108 and will not exceed the aggregate maximum levels set out
in the Company’s Articles of Association.
Performance targets
Not applicable.
Non-Executive Directors do not participate in variable pay arrangements.
Notes:
(1) Awards under any of the Company’s share plans referred to in this report may:
a)
be granted as conditional share awards or nil-cost options or in such other form that the Committee determines has the same economic effect;
b)
incorporate the right to receive an amount (in cash or additional shares) equal to the value of dividends which would have been paid on the shares under an award that vest
up to the time of vesting. Under the DBP this amount may be calculated assuming that the dividends have been reinvested in the Company’s shares on a cumulative basis;
c)
be settled in cash at the Committee’s discretion (this provision would only be applied for Executive Directors in exceptional circumstances); and
d)
be adjusted in the event of any variation of the Company’s share capital or any demerger, delisting, special dividend or other event that may affect the Company’s share price.
(2) The choice of the performance measures applicable to the annual bonus reflects the Committee’s belief that any incentive compensation should be appropriately challenging
and aligned to the Group’s financial and strategic objectives, and the creation of shareholder value. Underpins applying to RSAs have been selected as they are considered to be
an appropriate measure of the success of the business over the period.
(3) Malus and clawback provisions exist on all variable components of the package. The Committee has discretion to reduce the vesting of a DBP award or RSA prior to vesting and/
or require the participant to return the value of the cash bonus, DBP award or RSA which has been received (within the timescales shown in the table) in certain circumstances.
These circumstances include, in summary: a misstatement of financial results; an error in the assessment of a performance underpin; a significant breach of regulatory
obligations; misconduct justifying summary dismissal; corporate failure; being responsible for a failure of risk management; contributing to a material loss for the Company or
any member of the Group; or acting in a manner which has (or could have) caused serious reputational damage to the Company or any member of the Group.
(4) The Committee reserves the right to make any remuneration payments and payments for loss of office (including exercising any discretions available to it in connection with such
payments) notwithstanding that they are not in line with the Policy set out above where the terms of the payment were agreed (i) before the Policy set out above came into effect
provided that the terms of the payment were consistent with any shareholder-approved Directors’ Remuneration Policy in force at the time they were agreed or (ii) at a time
when the relevant individual was not a Director of the Company or other person to whom this policy applies and, in the opinion of the Committee, the payment was not in
consideration for the individual becoming a Director of the Company or other such person. For these purposes “payments” includes the Committee satisfying awards of variable
remuneration and, in relation to an award over shares, the terms of the payment are “agreed” at the time the award is granted.
(5) The Committee may make minor amendments to the Policy (for regulatory, exchange control, tax or administrative purposes or to take account of a change in legislation)
without obtaining shareholder approval.
(6) References in this Policy to Executive Directors includes any other individual who is required to be treated as an Executive Director under the applicable regulations.
104 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Illustrations of Application of Remuneration Policy
The chart below illustrates how the composition of the Executive Directors’ remuneration packages varies at different levels
of performance under the annual remuneration framework in the 2023 Policy, both as a percentage of total remuneration
opportunity and as a total value.
Chief Executive Officer
Chief Financial Officer
£2,500k
£2,000k
£1,500k
£2,403k
£2,500k
£2,133k
34%
25%
£2,000k
43%
38%
£1,500k
£1,671k
32%
£1,000k
28%
£670k
100%
40%
31%
28%
Minimum
Mid
Maximum
Maximum
(+50%
increase in
share
price)
Fixed pay
Annual Bonus
RSAs
£500k
0
Notes:
£1,000k
£500k
0
£1,439k
£1,629k
35%
£1,145k
26%
33%
26%
41%
41%
36%
33%
29%
£471k
100%
Minimum
Mid
Maximum
Maximum
(+50%
increase
in share
price)
(1) Minimum includes the value of fixed pay components – annual base salary effective in 2023; pension (5% of base salary) and benefits (based on 2022 actual).
(2) Mid includes fixed pay; an annual bonus of 50% of maximum and full vesting of RSAs.
(3) Maximum includes fixed pay; maximum annual bonus (CEO: 150% of salary, CFO 135% of salary) and full vesting of RSAs (CEO: 87.5% of salary, CFO: 75% of salary).
(4) Maximum (+50% increase in share price) includes fixed pay; maximum annual bonus (CEO: 150% of salary, CFO 135% of salary) and full vesting of RSAs (CEO: 87.5% of salary,
CFO: 75% of salary) assuming a 50% increase in the share price over the period.
Service agreements for Executive Directors
The service agreements of the Executive Directors are not fixed term and are terminable by either the Company or the Director on
12 months’ notice and make provision, at the Board’s discretion, for early termination by way of payment of salary, benefits and pension
in lieu of 12 months’ notice. Under these service agreements, the Committee has discretion to make such payments on a phased basis,
subject to mitigation.
Approach to leavers
In calculating the amount payable to a Director on termination of employment, the Committee would consider the circumstances on
a case‑by‑case basis, taking into account the relevant contractual terms, the circumstances of the termination, any applicable duty
to mitigate and the commercial interests of the Company. The treatment of any share awards held by an Executive Director under the
Company’s share plans will be determined based on the relevant plan rules. The following table summarises the leaver provisions under
each incentive plan.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
105
Governance Remuneration Committee Report continued
Approach to leavers continued
Summary of leaver provisions
Plan
Annual
bonus
The default treatment is that an annual bonus with respect to performance in the financial year of cessation, or any
annual bonus in respect of prior financial years which has not yet been paid at the date of cessation of employment,
will not be paid unless the Committee determines otherwise.
If the Committee determines that it is appropriate, an annual bonus may be payable with respect to performance in the
financial year of cessation (pro-rated for time, unless the Committee determines otherwise) and in respect of any annual
bonus for prior financial years which had not yet been paid at the date of cessation of employment. The Committee
retains discretion to deliver any such bonus solely in cash and to pay it at the normal date.
DBP
Awards will normally continue to vest on the original vesting date, subject to the clawback provisions (unless the
individual is summarily dismissed in which case DBP awards will lapse).
RSAs
The default treatment is that any unvested awards lapse on cessation of employment.
However, in certain circumstances, such as death, ill health, injury, disability, retirement, the sale of the participant’s
employing company or business out of the Group, or in any other circumstances at the discretion of the Committee,
‘good leaver’ status may be applied.
For good leavers, awards will normally vest on their normal vesting date, to the extent the Committee determines taking
into account the satisfaction of the relevant underpins and, unless the Committee determines otherwise, the proportion
of the vesting period served.
In the case of death, awards will vest immediately, to the extent the Committee determines, taking into account the
satisfaction of the relevant underpins.
RSAs granted in the form of nil-cost options may be exercised for six months following vesting, or such other period
as may be determined by the Committee.
For both DBP awards and RSAs, the Committee retains discretion to vest/release awards before the end of the original vesting period
where appropriate (e.g. in circumstances of death).
On a change of control of the Company, unvested awards under the DBP would vest. Unvested RSAs would normally vest, taking into
account the extent to which any underpin conditions have been satisfied at that time and, unless the Committee determines otherwise,
the proportion of the vesting period which has elapsed.
The Committee reserves the right to make any other payments in connection with a Directors’ cessation of office or employment where
such payments are made in good faith in discharge of an existing legal obligation (or by way of damages for breach of such an obligation) or
by way of settlement or compromise of any claim arising in connection with the termination of a Director’s office or employment. Any such
payments may include but are not limited to paying any fees for outplacement assistance and for the Directors’ legal and/or professional
advice fees in connection with his cessation of office or employment. Incidental expenses may also be payable where appropriate.
Approach to recruitment and promotions
The remuneration package for a new Executive Director, including the maximum level of variable remuneration, would be set in
accordance with the terms of the Company’s Remuneration Policy table above. Salaries would be set at an appropriately competitive level
to reflect the skills and experience of the individual. Where an Executive Director has been appointed to the Board at a lower than typical
market salary to allow for growth in the role, larger increases may be awarded to move salary positioning closer to typical market level as
the Executive Director gains experience.
Where an individual forfeits outstanding variable pay opportunities or contractual rights at a previous employer as a result of appointment
to the Company, the Committee may offer compensatory payments or awards to facilitate recruitment. Any such payments or awards
would be in such form as the Committee considers appropriate to be in the best interests of the Company and would, where appropriate,
reflect the nature, time horizons and performance requirements attaching to that remuneration. There is no limit on the value of such
compensatory awards, but the Committee’s intention is that broadly the value awarded would be no higher than the value forfeited.
For an internal Executive Director appointment, any variable pay element awarded in respect of the prior role may be allowed to pay out
according to its terms. In addition, any other continuing remuneration obligations existing prior to appointment may continue.
For external and internal appointments, the Committee may agree that the Company will meet certain relocation and/or incidental
expenses as appropriate.
Other appointments
The Executive Directors may accept outside appointments, with prior Board approval, provided these opportunities do not negatively
impact on the individual’s ability to perform their duties at the Company. Whether any related fees are retained by the individual or are
remitted to the Company will be considered on a case by case basis.
Non-Executive Directors
Non-Executive Directors are appointed under arrangements that may generally be terminated by either the Company or the Director on
up to three months’ notice and their appointment is reviewed annually. The remuneration package for a newly appointed Non-Executive
Director would normally be in line with the structure set out in the Remuneration Policy table.
Differences from the remuneration policy for other employees
The remuneration policy framework for other employees is based on broadly consistent principles as described in the Policy table above.
106 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
All Executives and senior managers are generally eligible to participate in an annual bonus plan, based on consistent performance
measures and targets. Participation in RSAs, or in other share-based plans, is extended to Executives and certain senior managers which
may be on different terms to participation by Executive Directors. Individual salary levels and percentage levels of awards in the annual
bonus and RSAs vary according to employees’ level of responsibility. All UK-based employees are eligible to participate in the Company’s
HMRC approved Sharesave plan on similar terms.
Consideration of shareholder views
The Committee undertook an engagement with major shareholders in respect of the changes to the Remuneration Policy and the
feedback received was taken into account in finalising the proposals. During each year, the Committee considers shareholder feedback
received in relation to the Annual General Meeting (AGM), plus any additional feedback received during any meetings from time to time.
The Committee also regularly reviews the policy in the context of published shareholder guidelines.
Consideration of employment conditions elsewhere in the Group
The Committee considers the pay and conditions of employees throughout the Company when determining the remuneration
arrangements for Executive Directors, and is provided with relevant information and updates by the management. The Company
regularly carries out engagement surveys which enable employees to share their views with management. To the extent that
employees are shareholders, they can vote on Directors’ remuneration at the AGM.
Implementation of the Remuneration Policy for the year ending 31 December 2023
A summary of how the proposed Directors’ Remuneration Policy will be applied during the year ending 31 December 2023 is set out below.
Base salary
The Remuneration Committee has determined base salaries for the Executive Directors, with effect from 1 January 2023, as set out below.
Board member
Peter Duffy
Niall McBride (from 20 February 2023)
2023
£
615,992
435,000
2022
£
592,300
—
% increase
4%
—
The Group’s budgeted salary increase pot for employees for 2023 is 6.5%. When awarding Peter Duffy a salary increase for 2023,
the Committee was conscious of the continuing cost of living crisis which has disproportionately impacted our lower paid employees,
therefore the increase awarded was below the average level provided to the wider workforce in order to reflect this. Scilla Grimble’s
salary during 2022 was £434,800 and she did not receive a salary increase for 2023 following her resignation. Niall McBride joined the
business on 20 February 2023 and was therefore not eligible for a salary increase for 2023.
Pension
All Executive Directors receive a pension contribution of 5% of base salary in line with that available to the wider workforce. Scilla Grimble
previously received a fixed pension allowance of £76,000 which represented 17.5% of base salary – in line with shareholder guidance, this
has been reduced for 2023 to align with that available to the wider workforce (5% of base salary).
Annual bonus
For the year ending 31 December 2023, the maximum annual bonus opportunities will be in line with the Policy, as shown in the following table:
Peter Duffy
Niall McBride (pro-rated for time in role)
Scilla Grimble is not eligible for an annual bonus in respect of 2023.
% of salary
150%
135%
Awards will be determined based on a balanced combination of financial and non-financial performance, directly aligned to our KPIs and
strategic objectives. For 2023, the Board will continue to focus on adjusted EBITDA and revenue growth as key financial metrics for our
strategic delivery. As set out earlier, we have simplified the weightings of the non-financial performance measures and individual objectives
have been replaced by shared strategic objectives. For 2023 the shared strategic objectives will focus on delivering against the strategy to
help households save money; continuous development of advanced data capabilities; common technology solutions; scalable platforms
and build out of a strong cyber framework and environment; and leadership of an effective and engaged organisation. We have also
retained our customer and Group-wide ESG (Diversity & Inclusion) metrics – both of these metrics align to the Group’s strategic objectives
and KPI reporting (see page 57). D&I performance will be assessed by the Committee at the year-end taking into account the Company’s
overall delivery of key D&I objectives and our progress towards key objectives. The weightings for the various metrics are set out below:
Adjusted EBITDA
Revenue growth
Customer
ESG: Diversity & Inclusion
Shared strategic objectives
Weighting
(% of bonus)
50%
20%
5%
5%
20%
Maximum bonus will only be payable when performance has significantly exceeded expectations. The Committee believes that the
underlying targets are commercially sensitive and cannot be disclosed at this stage. To the extent that they are no longer commercially
sensitive, they will be disclosed in next year’s Report.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
107
Governance Remuneration Committee Report continued
Annual bonus continued
In line with the Remuneration Policy, one-third of any bonus earned will be deferred into Moneysupermarket.com Group PLC shares
for a period of two years.
Restricted Share Awards
The Committee intends to make the first awards of RSAs to Executive Directors shortly after the completion of the 2023 AGM (subject
to shareholder approval of the Policy and plan). For the year ending 31 December 2023, RSAs will be in line with the proposed Policy,
as shown in the following table:
Peter Duffy CEO
Niall McBride CFO
% of salary
87.5%
75%
Scilla Grimble will not receive an award of RSAs for 2023.
Awards will be subject to a three-year vesting period followed by a two-year holding period.
No specific performance conditions are required for the vesting of RSAs, although the awards will be subject to underpin conditions.
Should any of the underpins not be met, the Committee would consider whether, and to what extent, a discretionary reduction in the
vesting of awards was required. The underpins for 2023 are as follows:
• performance against the Group’s key strategic priorities (including our ESG objectives) over the vesting period;
• whether there is a material weakness in the underlying financial health or sustainability of the business. Factors such as, (but not
limited to), long-term revenue, profitability, cash generation and dividend cash cover would be considered; and
• whether there has been a materially serious conduct, reputational or regulatory event which could have been reasonably foreseen.
In addition, the Committee may determine that it is appropriate to reduce the vesting outcome if, for example, outcomes are not
considered to be reflective of underlying financial or non-financial performance of the business or the performance of the individual,
or where the outcome is not considered appropriate in the context of the experience of shareholders or other stakeholders. When
considering this the Committee will also take into account whether management have been considered to benefit from any ‘windfall
gains’ during the vesting period which misalign their remuneration outcomes with the experience of the wider shareholder base.
The Committee has selected the three underpins outlined above to reflect a good overall balance and safeguard the financial stability
of the business whilst providing sufficient focus on our strategic priorities, ESG performance and regulatory compliance.
When assessing whether the strategic underpin has been met the Committee may consider whether appropriate progress has been
made against a wide range of key strategic priorities and initiatives of the Group over the three-year period (including those which are
developed during this period) including:
• efficient acquisition – development of our brands and focus on search engine optimisation;
• retain and grow – simplification and improvement of the user experience;
• expand our offer – optimisation, integration and extension of Quidco and further expansion into mortgages;
• climate – the Group’s commitment to become operational net zero by 2030 and to remain Beyond Carbon Neutral; and
• diversity and inclusion – initiatives to improve diversity and inclusion in the business, as well as employee engagement, work-life
balance and employee wellbeing.
Similarly with the financial health underpin, the Committee may consider a range of factors such as (but not limited to), long-term
revenue, profitability, cash generation and dividend cash cover throughout the vesting period. The Committee has not set specific
thresholds for these metrics below which RSAs would be scaled back, as it considers that it is important that we continue to retain
flexibility to assess performance in the round taking into account the market circumstances and all other relevant factors.
The Committee takes the role of the underpin (to act as a safeguard against payment for underperformance) seriously and would actively
use it to scale back awards where it did not consider that the full vesting of the RSAs was appropriate. A full explanation of the Committee’s
decisions regarding the vesting of RSAs, including assessment of the underpin conditions will be provided in the relevant Directors’
Remuneration Report.
Non-Executive Directors
The fees for the Non-Executive Directors for 2023 will be increased in line with the increase given to the Executive Director as follows:
Board member
Chair
Base fee
Additional fees:
Senior Independent Director
Committee Chair fee
Committee membership fee per Committee
Employee Champion fee
108 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2023
£
268,871
65,129
16,068
11,783
1,607
8,034
2022
£
258,530
62,624
15,450
11,330
1,545
7,725
% increase
4
4
4
4
4
4
Remuneration received by Directors for the year ended 31 December 2022 (audited)
Directors’ remuneration for the year ended 31 December 2022 was as follows:
Salary/fees
(£)
Taxable
benefits 1
(£)
Pension 2
(£)
Total fixed
(£)
Annual
bonus 3
(£)
Vesting
LTIPs
(£)
Total
variable
(£)
Total
(£)
Peter Duffy
2022
2021
Scilla Grimble
2022
2021
Robin Freestone
2022
2021
James Bilefield
(leaver 31 May 2022)
2022
2021
Sally James
(leaver 5 May 2022)
2022
2021
Sarah Warby
2022
2021
Caroline Britton
2022
2021
Supriya Uchil
2022
2021
Lesley Jones
(appointed 1 September 2021)
2022
2021
Rakesh Sharma
(appointed 3 October 2022)
2022
2021
Total
2022
2021
592,300
23,313
29,615
645,228
771,431
575,000
18,690
28,750
622,440
162,202
434,800
399,100
14,000
14,000
76,000
524,800
—
76,000
489,100
130,059
258,530
251,000
32,745
76,300
32,771
91,300
81,792
74,300
88,181
74,800
68,804
66,800
73,671
21,767
19,557
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— 258,530
—
251,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
32,745
76,300
32,771
91,300
81,792
74,300
88,181
74,800
68,804
66,800
73,671
21,767
19,557
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0
0
0
0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
771,431 1,416,659
162,202
784,642
— 524,800
130,059
619,159
— 258,530
—
251,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
32,745
76,300
32,771
91,300
81,792
74,300
88,181
74,800
68,804
66,800
73,671
21,767
19,557
—
1,683,151
37,313
105,615 1,826,079
771,431
— 771,431 2,597,510
1,630,367
32,690
104,750
1,767,807
292,261
—
292,261 2,060,068
1
Taxable benefits for the Executive Directors incorporate all benefits and expense allowances arising from employment and relate to the provision of a car allowance and
health insurance.
2
Pension payments reflect defined contribution and/or salary supplement arrangements. The Company provided salary supplements for our Executive Directors during 2022.
3
Annual bonus – the amounts shown in the table above represent the full value of the annual bonus earned in respect of the year. One-third of any amount shown is deferred
into shares for three years.
Annual bonus
Maximum bonus entitlement for the year ended 31 December 2022 as a percentage of base salary was 150% for Peter Duffy and 135%
for Scilla Grimble for the achievement of stretching targets specific to growth in revenue, adjusted EBITDA, Diversity & Inclusion and
customer satisfaction (YouGov Brand Index) as well as specific personal objectives.
The performance targets, weightings, and actual performance against those targets for Peter Duffy are set out below. Scilla Grimble
was not eligible for an annual bonus in 2022 following her resignation.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
109
Governance Remuneration Committee Report continued
Annual bonus continued
Performance targets
Group
revenue
Group
adjusted
EBITDA
£366.6m
£374.3m
£381.9m
£397.2m
£387.6m
£101.5m
£105.1m
£108m
£114.5m
£115.5m
Customer
satisfaction
Measured by ranking NPS results (from the YouGov Brand Index survey)
with MSE and MSM as standalone brands, versus the peer group.
Achievement of stretch as both brands reached 1 and 2 positions
for NPS against the peer group.
Payout
(% of
maximum)
0%
33%
67%
100%
Actual
17%
44%
67%
100%
Actual
Actual
Diversity &
Inclusion
Increase the multi-ethnic colleague representation average (self-declaring from
a multi‑ethnic background) across MSM and MSE to align to the Tech Nation 2021
benchmark of 15.2% (Measured by Threshold: 14.8%; Target: 15.2% Stretch: 15.6%) .
Significant progress on our D&I agenda was made (see below), however staff exits
meant that the threshold target of 14.8% was not hit. Achievements to improve the
diversity of talent at all levels, create an inclusive, fair and equitable environment
and participate in education and awareness activities included:
• collected data from the Quidco acquisition and when included, our end of year
multi-ethnic metric is an average of 14.2% for the year and 14.3% in December 2022);
• at the end of December 2022, we were above the FTSE Women Leaders Review
2021 benchmark of 40% women in senior leadership roles: 66.7% of our Non-
Executive Directors were female; 44.4% of our Executive were female and; 51.2%
of our Executive -1 were female;
• overall commitment dimension in our latest engagement survey +11 points from
November 2021);
• 80.7% ethnicity disclosure rate (including Quidco) across MSM and MSE at
December 2022;
• trained 101 leaders in inclusive language via our partner UNLRN; and
• recognised at number 33 in the Inclusive Top 50 UK Employer List 2022, as
measured by Inclusive Companies.
Personal
The personal targets were set individually for each Executive Director based on the
key objectives for the year in their area of responsibility, and include a shared
objective related to D&I – see tables below.
Total
Peter
Duffy
20%
79%
50%
100%
7%
100%
7%
Weighting
(% of bonus)
Payout
(% of
maximum)
Weighting
(% of bonus)
Payout
(% of
maximum)
Weighting
(% of bonus)
Payout
(% of
maximum)
Weighting
(% of bonus)
Payout
(% of
maximum)
Weighting
(% of bonus)
Payout
(% of
maximum)
Payout
(% of
maximum)
Payout
(% of salary)
0%
16%
87.5%
86.8%
130.2%
110 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
In accordance with the Remuneration Policy, to ensure fair and consistent performance measurement, the Group financial performance
targets may be adjusted to reflect exceptional one-off and unanticipated items. No adjustments were made.
In line with the Directors’ Remuneration Policy, one-third of Peter Duffy’s bonus award was deferred into shares for two years, with the
balance paid in cash.
The personal targets set for Peter Duffy were based on key areas of strategic focus for the year. The table below highlights the key
objectives and achievements against those personal targets.
Peter Duffy
Objective
Leadership delivery, at pace
Maximum
opportunity
(% of salary)
12%
Execution and Focus
12%
Performance outcome and key achievements
The benefits of Peter’s highly accessible leadership style were demonstrated
in the annual engagement survey, where significant improvements were
made across nearly all metrics, but particularly colleagues’ understanding
of our strategy, which he had personally led.
The strategy began to deliver, with big progress on re-platforming our
technology, particularly the areas of data, marketing technology, aggregation
and question sets. There was an equally large focus on improving our cyber
posture. This is all change which is hard to deliver, but has broadly been
delivered on time and within planned budgets; it sets us up well for future
consumer-facing innovation and delivery.
As processes improved and became more automated, Peter’s continued
drive for a leaner more integrated and efficient organisation saw the closure
of two offices and further reduction in headcount, which like for like is now
26% less than when he joined the Group in 2020.
Whilst we made significant progress on our D&I agenda with multi‑ethnic
hiring hitting over 20%; and the delivery of an exciting colleague-inclusion
programme, staff exits meant that the overall threshold of 14.8% of the
population self-declaring from a multi-ethnic background was not hit.
Across the year, last year’s acquisitions (CYTI, ITG and Quidco) were
integrated into the Group and now sit on finance and people systems. Where
appropriate, deeper integrations are in train.
The MSE app was soft-launched, as was the MSE Compare + car insurance
proposition, the Moneysupermarket Price Guarantee, new tenancy and data
enrichment propositions for providers as well as ongoing improvements in
the marketing programmes of all brands. Significant improvements to our
cyber posture were delivered moving to an overall EY audited score of 3.4
in 2022, up from 2.9 in 2021, and an improvement in 15 of the 21
identified areas.
Peter brings a more ‘tech’ type delivery culture which is embedding into
the Group and evidenced by strong financial delivery in the year as well
as momentum in our car insurance market share.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
111
Governance Remuneration Committee Report continued
Vesting of LTIP awards
The LTIP award granted on 28 March 2020 was based on performance to the year ended 31 December 2022. The performance targets
for this award, and actual performance against those targets, was as follows:
Weighting
Performance condition
Threshold
Maximum
Actual
Vesting %
Metric
Vesting
Compound annual
growth in adjusted
earnings per share
Compound
annual growth in
Group revenue
50%
30%
Comparative total
shareholder return
20%
Compound annual growth in adjusted
earnings per share from 1 January 2020 to 31
December 2022.
Compound annual growth in Group revenue
from 1 January 2020 to 31 December 2022.
Comparative total shareholder return against
the constituents of the FTSE 250 Index
(excluding Investment Trusts) from 1 January
2020 to 31 December 2022. Comparative total
shareholder return measured with a three-
month average at the start and end of the
performance period.
20%
5%
100%
15%
(7)%
4%
9%
0%
Median
Upper
quartile
Below
median
0%
0%
0%
Note: Vesting is determined on a straight-line basis between threshold and maximum.
Long-term incentives granted during the year (audited)
During the year, the following share awards were made to the Executive Directors:
Executive Director
Type of award
Basis of award granted
Face value
of award 1
£
% of maximum
that would vest
at threshold
performance
Peter Duffy
Scilla Grimble
2022 LTIP
2022 LTIP
175% of salary
£1,036,523.32
150% of salary
£652,199.18
20%
20%
Total vesting
0%
Vesting determined
by performance over
Three financial years to
31 December 2024
1
Face value for the LTIP awards was determined using the average share price over the preceding five trading days prior to the date of grant. The grant date was 31 March 2022
with an average share price of £1.9880.
The performance targets for the 2022 LTIP awards are as follows:
Metric
Vesting (% of maximum)
Compound annual growth
in adjusted earnings
per share
Compound annual growth
in Group revenue
Comparative total
shareholder return
Weighting
(% of award)
Performance condition
50%
30%
20%
Compound annual growth in adjusted basic EPS over
the three‑year performance period.
Compound annual growth in Group revenue over the
three-year performance period.
Comparative total shareholder return against the
constituents of the FTSE 250 Index (excluding Investment
Trusts) over the three-year performance period. Three-
month averaging is applied at the start and end of the
performance period.
Threshold
Maximum
20%
5%
100%
15%
4%
9%
Median
Upper
quartile
Note: Vesting is determined on a straight-line basis between threshold and maximum.
Payments to past Directors (audited)
There were no payments to past Directors during the year.
112 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Statement of Directors’ shareholdings and share interests (audited)
Director
Peter Duffy
Scilla Grimble
Robin Freestone
Sally James
Caroline Britton
Sarah Warby
James Bilefield
Lesley Jones
Supriya Uchil
Rakesh Sharma
Beneficially
owned at
31 December
2022
48,462
87,016
209,403
20,000
—
—
10,000
—
—
10,689
Outstanding
LTIP
awards
1,136,007
749,908
—
—
—
—
—
—
—
—
Outstanding
share awards
under all
employee
share plans
Unvested
deferred bonus
shares 1
8,866
0
—
—
—
—
—
—
—
—
14,367
11,520
—
—
—
—
—
—
—
—
Total
interest
in shares
1,207,777
848,444
209,403
20,000
—
—
10,000
—
—
10,689
Beneficial shares
(including DBP net
of tax) owned
as a % of
base salary at
31 December
2022 2
20%3
43%3
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1 Estimated number of shares net of tax, NI and fees payable on vesting.
2
Includes the value of deferred bonus shares on a net of tax basis.
3 Percentage is the beneficially owned plus the unvested deferred bonus shares.
Executive Directors are required to hold shares in the Company worth 200% of base salary and are normally expected to retain 50%
of the net of tax value of any vested LTIP shares until the guideline is met.
In the period from 31 December 2022 to the date of this report, there has been no change in the Directors’ interests in shares in
the Company.
Outstanding share awards
The table below sets out details of outstanding share awards held by the Executive Directors.
Granted
during
the year
Vested
during
the year
Lapsed
during
the year
No. of
shares at
31 December
2022
End of
performance
period
Vesting/
exercise
date
Executive
Director
Peter Duffy
Scheme
Grant date
Exercise
price
Scilla Grimble
LTIP 01/09/2020
31/03/2021
31/03/2022
DBP 31/03/2022
LTIP1 01/04/2020
LTIP1 31/03/2021
LTIP1 31/03/2022
DBP 31/03/2022
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
No. of
shares at
1 January
2022
236,555
378,062
—
—
—
—
521,390
27,194
203,400
218,440
—
—
— 328,068
21,805
—
1 Scilla Grimble’s outstanding shares have lapsed following her resignation.
—
—
—
—
—
—
—
—
—
—
—
—
—
—
31/12/2022 01/09/2023
236,555
378,062 31/12/2023 31/03/2024
31/12/2024 31/03/2025
521,390
27,194
31/03/2024
31/12/2022 01/04/2023
203,400
218,440 31/12/2023 31/03/2024
31/12/2024 31/03/2025
328,068
31/03/2024
21,805
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
113
Governance Remuneration Committee Report continued
Performance graph
The following graph shows the cumulative total shareholder return of the Company over the last ten financial years relative to the FTSE
250 Index (excluding Investment Trusts). The Remuneration Committee considers the FTSE 250 Index (excluding Investment Trusts)
to be an appropriate index for total shareholder return and comparison disclosure as it represents a broad equity market index in
which the Company is a constituent member.
This graph shows the value, by 31 December 2022, of £100 invested in Moneysupermarket.com Group PLC on 31 December 2012
compared with the value of £100 invested in the FTSE 250 Index (excluding Investment Trusts) on the same date, assuming the
reinvestment of dividends. The other points plotted are the values at intervening financial year ends.
350
300
250
200
150
100
50
0
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Moneysupermarket.com Group PLC
FTSE 250 Index (excluding Investment Trust)
114 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Total remuneration for Chief Executive Officer
The total remuneration figures for the Chief Executive Officer during each of the last ten financial years are shown in the table below.
The total remuneration figure includes the annual bonus based on that year’s performance and LTIP awards based on three‑year
performance periods ending in the relevant year. The annual bonus payout and LTIP vesting level as a percentage of the maximum
opportunity are also shown for each of these years.
2013
2014
2015
2016
2017
2017
2018
2019
2020
2020
2021
2022
Year ended 31 December
CEO
Peter
Plumb
Peter
Plumb
Peter
Plumb
Peter
Plumb
Peter
Plumb
Mark
Lewis
Mark
Lewis
Mark
Lewis
Mark
Lewis
Peter
Duffy
Peter
Duffy
Peter
Duffy
Total remuneration (£)
3,059,163 3,365,277 2,715,342 2,391,627 1,064,634 841,030
1,156,842 1,244,266 459,651
206,546
784,642
1,416,659
Annual bonus (% of maximum)
83%
85%
95%
72%
60%
47%
61%
55.8%
n/a
LTIP vesting (% of maximum)
100%
98%
85%
81%
68%
n/a
n/a
9.6%
n/a
n/a
n/a
18.8%
86.8%
n/a
0%
Pay ratio
The table below discloses the ratio of CEO pay for 2022, using the single total figure of remuneration (‘STFR’) of the CEO (as disclosed on
page 109) to the comparable earnings of the rest of the employees in the Group, at a number of prescribed data points (25th, 50th and
75th percentiles).
Year
2022
2021
2020
2019
2018
Notes:
Method
Option A
Option A
Option A
Option A
Option A
25th percentile
(P25) pay ratio
Median (P50)
pay ratio
75th percentile
(P75) pay ratio
37:1
20:1
19:1
35:1
35:1
24:1
14:1
14:1
25:1
24:1
18:1
11:1
10:1
18:1
17:1
The ratios are calculated using option A in the disclosure regulations. The employees at the lower quartile, median and upper quartile (P25, P50, and P75, respectively) were
determined based on total remuneration for 2022 using a valuation methodology consistent with that used for the CEO in the single figure table. This option was selected on
the basis that it provided the most accurate means of identifying the median, lower and upper quartile employees. The calculation is undertaken on a full‑time equivalent basis.
The total remuneration in respect of 2022 for the employees identified at P25, P50 and P75 is £38,169, £59,705, and £80,285 respectively. The base salary in respect of 2022 for
the employees identified at P25, P50 and P75 is £34,835, £55,000, and £74,358 respectively.
The Committee considers pay ratios as one of many reference points when considering remuneration. Throughout the Company, pay is
positioned to be fair and market competitive in the context of the relevant talent market, fairly reflecting market data and other relevant
benchmarks for the role. The Committee notes the limited comparability of pay ratios across companies and sectors, given the diverse
range of business models and employee population profiles which exist across the market. A significant proportion (over 70%) of the
CEO’s total remuneration is delivered in variable remuneration, and particularly via long-term share awards under the DBP and LTIP. In
order to drive alignment with investors, the value ultimately received from LTIP awards is linked to stretching Company performance
targets and long-term share price movement. As a result, the pay ratio is likely to be driven largely by the CEO’s LTIP outcome and may
therefore fluctuate significantly on a year-to-year basis.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
115
Governance Remuneration Committee Report continued
Percentage change in the Directors’ remuneration
The table below shows the percentage change in the Executive Directors and Non-Executive Directors salary, benefits and annual bonus
compared to that of the average percentage change for all employees of the Group for each of these elements of pay, in respect of the
relevant financial year.
2022
Taxable
benefits
%
Salary
%
Peter Duffy
Scilla Grimble
Robin Freestone
Sally James
(leaver 5 May 2022)
Sarah Warby1
Caroline Britton2
Supriya Uchil
James Bilefield
(leaver 31 May 2022)
Lesley Jones3
(appointed 1 September 2021)
Rakesh Sharma
(appointed 3 October 2022)
Other employees
3
3
3
—
16
26
3
—
18
—
10
25
0
—
—
—
—
—
—
—
—
22
Annual
bonus
%
376
(100)
—
—
—
—
—
—
—
70
All employees have been selected in the comparator pool.
1 Reflects increase in responsibilities as interim Chair of the Remuneration Committee.
2 Reflects increase in responsibilities as Senior Independent Director.
3 Reflects increase in responsibilities as Chair of the Risk and Sustainability Committee.
2021
Taxable
benefits
%
5
(1)
—
—
—
—
—
—
—
—
3
Salary
%
0
8.9
0
0
0
0
0
0
0
—
3
Annual
bonus
%
100
100
—
—
—
—
—
—
—
—
100
2020
Taxable
benefits
%
Salary
%
2
2
2
1
0
1
—
—
—
—
3
0
0
—
—
—
—
—
—
—
—
2
Annual
bonus
%
(100)
(100)
—
—
—
—
—
—
—
—
(100)
Employee engagement
The Remuneration Committee reviews workforce remuneration and related policies and the alignment of incentives and rewards
with culture, taking these into account when setting the policy for Executive Director remuneration.
Relative importance of spend on pay
The following table shows the Company’s actual spend on pay (for all employees) relative to dividends, tax and retained profits:
Staff costs (£m)
Dividends (£m)
Tax (£m)
Profit after tax (£m)1
1 2021 after adjusting for non-controlling interest of (£0.6m) previously referred to as retained profits.
2021
57.6
62.8
18.1
52.1
2022
61.4
62.8
15.9
69.3
Change %
7
0
(12)
33
116 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Consideration by the Directors of matters relating to Directors’ remuneration
During 2022 the following Independent Non-Executive Directors were members of the Remuneration Committee: Rakesh Sharma
(appointed to the Committee as Chair Designate on 3 October 2022 and Chair of the Committee on 1 January 2023), Sarah Warby (who
also served as Interim Chair of the Committee from 17 June to 31 December 2022), Caroline Britton, Supriya Uchil and James Bilefield
(Chair of the Committee until his resignation on 31 May 2022). Biographies of the current members of the Remuneration Committee
are set out on pages 70 and 71.
The Remuneration Committee’s duties include:
• determining the policy for the remuneration of the Chair, Executive Directors and Executive management;
• determining the remuneration package of the Chair, Executive Directors and Executive management, including, where appropriate,
bonuses, incentive payments and pension arrangements within the terms of the agreed framework and policy;
• ensuring the remuneration practices and policies for the wider workforce are aligned to our strategy and culture; and
• determining awards under the Company’s long-term incentive schemes.
In 2022, we carried out the annual evaluation of the Remuneration Committee’s effectiveness as part of an internally facilitated Board
evaluation process. The outcome of the review determined that it continues to be effective in fulfilling its role and that actions
implemented in response to previous reviews had been successfully implemented.
During 2022, the Remuneration Committee and the Company received advice from Deloitte LLP, who are independent remuneration
consultants, in connection with remuneration matters including the Group’s performance related remuneration policy. Deloitte LLP is
a member of the Remuneration Consultants Group and is committed to that group’s voluntary code of practice for remuneration
consultants in the UK. Deloitte LLP has no other connection or relationship with the Group. During 2022, Deloitte LLP also provided
services to the Group in respect of corporate tax and VAT advice and risk advisory work. The fees paid to Deloitte LLP for providing advice
which materially assisted the Committee in relation to Executive remuneration over the financial year under review was £126,050.
Outside appointments
Executive Directors are permitted to accept outside appointments on external boards so long as these are not deemed to interfere with
the business of the Group. During 2022, Peter Duffy was a Non-Executive Director of Close Brothers Group plc and was President of ISBA
– the UK trade body for leading British advertisers. Scilla Grimble was a Non‑Executive Director of Taylor Wimpey plc.
Statement of voting at general meeting
The following votes were received from shareholders in respect of the Directors’ Remuneration Report (excluding Policy) at last year’s
Annual General Meeting:
Remuneration Report
(2022 AGM)
Votes
403,006,046
18,833,099
421,839,145
10,368,000
%
95.52
4.48
Votes cast in favour1
Votes cast against
Total votes cast
Abstentions2
1
Includes Chair’s discretionary votes.
2 A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes validly cast.
This report was approved by the Board and signed on its behalf by:
Rakesh Sharma
Chair of the Remuneration Committee
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
117
Governance Directors’ Report
Our responsibilities
as a listed company
Our additional statutory information.
Shazadi Stinton
General Counsel and Company Secretary
Annual General Meeting
The Annual General Meeting (‘AGM’) of
Moneysupermarket.com Group PLC (the
‘Company’) will be held at Exchange House,
Primrose Street, London EC2A 2EG on
Thursday 4 May 2023 at 10.00am. The
notice convening the meeting, with details
of the business to be transacted at the
meeting and explanatory notes, is set out in
a separate AGM circular which will be issued
to all shareholders on 23 February 2023.
Dividend
The Directors recommend a final dividend
of 8.61p (2021: 8.61p) per ordinary share in
respect of the year ended 31 December
2022. If approved by shareholders at the
forthcoming AGM, this will be paid on
11 May 2023 to shareholders on the
register at close of business on 31 March
2023. The final dividend and the interim
dividend of 3.10p per ordinary share paid
on 2 September 2022 give a total dividend
for the year of 11.71p (2021: 11.71p) per
ordinary share.
Issued share capital
and control
As at 31 December 2022, the issued share
capital of the Company was £107,372
comprising 536,861,647 ordinary shares of
0.02p each. Full details of the share capital
of the Company and changes to share
capital during the year are set out in
note 22 to the Group financial statements
on page 157.
The information in note 10 is incorporated
by reference and forms part of this
Directors’ Report.
At the 2022 AGM, shareholders authorised
the Directors to allot up to 357,545,000
ordinary shares in the capital of the
Company. Directors will again seek
authority from shareholders at the
forthcoming AGM to allot up to
357,907,764 ordinary shares.
Holders of ordinary shares are entitled
to receive dividends when declared, to
receive the Company’s Annual Report, to
attend and speak at general meetings of
the Company, to appoint proxies and to
exercise voting rights.
On a show of hands at a general meeting
of the Company, every holder of ordinary
shares present in person or by proxy, and
entitled to vote, has one vote and, on a
poll, every holder of ordinary shares
present in person or by proxy, and entitled
to vote, has one vote for every ordinary
share held. Electronic and paper proxy
appointments and voting instructions
must be received not later than 48 hours
before the meeting. A holder of ordinary
shares can lose the entitlement to vote
and the right to receive dividends where
that holder fails to comply with a disclosure
notice issued under section 793 of the
Companies Act 2006. There are no issued
shares in the Company with special rights
with regard to control of the Company.
The Company operates a Share Incentive
Plan which entitles all employees to
purchase ordinary shares in the Company
using money deducted from their pre-tax
salary. Plan shares are held in trust for
participants by Equiniti Share Plan
Trustees Limited (‘the Trustee’).
Voting rights are exercised by the
Trustee in accordance with participants’
instructions. If a participant does not
submit an instruction to the Trustee, no
vote is registered. In addition, the Trustee
does not vote on any unawarded or forfeit
shares held under the Plan as surplus
assets. As at the date of this report, the
Trustee held 0.06% of the issued ordinary
share capital in the Company.
118 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
The Company operates a Long Term
Incentive Plan (the ‘Plan’) and shares
are held by the Trustee, Ocorian Limited
(‘Ocorian’), pending vesting of the shares
awarded under the Plan. Ocorian does not
vote on any shares held in trust. As at the
date of this report, Ocorian held 0.02%
of the issued ordinary share capital in
the Company.
Full details of the rights and obligations
attaching to the Company’s share capital
are contained in its Articles of Association
which are published on our website.
All of the Company’s share schemes
contain provisions relating to a change of
control. Outstanding options and awards
normally vest and become exercisable on
a change of control subject to satisfaction
of any performance conditions at that
time. Save in respect of provisions of the
Company’s share schemes, there are no
agreements between the Company and
its Directors or employees providing
compensation for loss of office or
employment (whether through resignation,
purported redundancy or otherwise) that
occurs because of a takeover bid.
The Company has entered into two
significant agreements which would be
terminable upon a change of control: the
bank loan to fund the acquisition of Quidco
and the extension of its credit facility
agreement to October 2024, both with
Barclays Bank PLC, the Bank of Ireland
and Silicon Valley Bank.
Restrictions on the transfer
of securities
Whilst the Board has the power under the
Articles of Association to refuse to register
a transfer of shares, there are no restrictions
on the transfer of shares other than:
• certain restrictions may from time to
time be imposed by laws and regulations
(for example insider trading laws); and
• pursuant to the Listing Rules of the
Financial Conduct Authority whereby
certain Directors, officers and
employees of the Group require the
approval of the Company to deal in
ordinary shares of the Company.
The Company is not aware of any
agreements between shareholders that
may result in restrictions on the transfer
of securities and/or voting rights.
Authority to purchase
own shares
The Company was authorised at the 2022
AGM to purchase up to 53,686,000 of its
own shares in the market. No shares were
purchased under this authority in 2022.
Directors will seek authority from
shareholders at the forthcoming AGM for
the Company to purchase, in the market,
up to 53,686,164 shares. The Directors
have no present intention of conducting
purchases of the Company’s shares but
consider it prudent to obtain the flexibility
this authority provides. The Directors will
only use this power after careful
consideration, taking into account the
financial resources of the Company, the
Company’s share price and future funding
opportunities. The Directors will only
purchase such shares after taking into
account the effects on earnings per share
and the interests of shareholders generally.
Major shareholders
As at 31 December 2022, the Company had been notified of the following significant holdings of voting rights in its ordinary shares
in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules:
Shareholder
Gruppo MutuiOnline SpA
BlackRock, Inc.
Prudential plc Group of Companies
Jupiter Fund Management PLC
Allianz Global Investors GmbH
Ameriprise Financial, Inc. and its group
Heronbridge Investment Management LLP
Standard Life Investments Holdings Limited
FIL Limited
State Street Nominees
Massachusetts Financial Services Company
Number of
shares/voting
rights notified
43,050,000
27464174
27,061,089
27,078,002
26,794,299
27,199,089
26,517,435
25,417,919
24,758,460
20,581,165
26,749,045
Percentage of
shares/voting
rights notified
8.02
6.05
5.07
5.04
4.99
4.94
4.94
4.60
4.52
3.76
4.98
All interests disclosed to the Company in accordance with Rule 5 of The Disclosure Guidance and Transparency Rules that have occurred
since 31 December 2022 can be found of the Group’s website.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
119
Governance Directors’ Report continued
Directors
The Directors who served during the financial year were as follows:
Director
Robin Freestone
James Bilefield
Caroline Britton
Peter Duffy
Scilla Grimble
Sally James
Lesley Jones
Sarah Warby
Supriya Uchil
Rakesh Sharma
Position
Chair
Service in the year ended
31 December 2022
Served throughout year
Independent Non-Executive Director
Until 31 May 2022
Independent Non-Executive Director1
Served throughout year
Chief Executive Officer
Served throughout year
Chief Financial Officer
Served throughout year
Senior Independent Non-Executive Director
Until 5 May 2022
Independent Non-Executive Director
Served throughout year
Independent Non-Executive Director
Served throughout year
Independent Non-Executive Director
Served throughout year
Independent Non-Executive Director
Appointed 3 October 2022
1 Was appointed Senior Independent Director in 5 May 2022.
Their biographical details are set out on
pages 70 and 71. Further details relating
to Board and Committee composition are
disclosed in the Corporate Governance
Report on page 80.
The Articles of Association provide that a
Director may be appointed by an ordinary
resolution of shareholders or by the
existing Directors, either to fill a vacancy
or as an additional Director. All eligible
Directors will retire and offer themselves
for election or re-election at the 2023 AGM
in accordance with the 2018 UK Corporate
Governance Code.
The Executive Directors serve under
rolling contracts that are terminable upon
12 months’ notice from either party. The
Non-Executive Directors serve under
letters of appointment. Copies of service
contracts and letters of appointment are
available for inspection at the Company’s
registered office during normal business
hours and will be available for inspection
at the Company’s AGM.
The Directors’ Remuneration Report,
which includes the Directors’ interests
in the Company’s shares, is set out on
page 118. During the year, no Director
had any material interest in any contract
of significance to the Group’s business.
Directors’ powers
The Board of Directors may exercise all
the powers of the Company subject to
the provisions of relevant legislation, the
Company’s Articles of Association and
any directions given by the Company
in general meeting.
Directors’ indemnities
During the financial year ended
31 December 2022 and up to the date
of this Directors’ Report, the Company has
maintained appropriate liability insurance
for its Directors and officers.
The Company has granted indemnities to
each of its Directors and the Company
Secretary to the extent permitted by law
and its Articles of Association. These
indemnities were in force throughout the
year ended 31 December 2022 and remain
in force as at the date of this report in
relation to certain losses and liabilities
which the Directors or Company Secretary
may incur in the course of acting as Directors,
Company Secretary or employees of the
Company or of any associated company.
In addition, the Company grants similar
indemnities to senior managers of the
Group who are subject to the provisions
of the Senior Managers and Certification
Regime (‘SM&CR’).
Conflicts of interest
As permitted by the Companies Act 2006,
the Company’s Articles of Association
enable Directors to authorise potential
conflicts of interest. The Company has a
formal procedure for notification and
authorisation to be sought, prior to the
appointment of any new Director or prior
to a new conflict arising. This procedure
enables non-conflicted Directors to
impose limits or conditions when giving
or reviewing authorisation. It also requires
the Board to review the register of
Directors’ conflicts annually and on an ad
hoc basis when necessary. The Board has
complied with this procedure during
the year.
120 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Information required by Listing Rules 9.8.4R
Information required to be disclosed by LR 9.8.4R:
Interest capitalised
Publication of unaudited financial information
Details of long-term incentive schemes
Waiver of emoluments by a Director
Waiver of future emoluments by a Director
Non-pre-emptive issues of equity for cash
Not applicable
Not applicable
112
Not applicable
Not applicable
Not applicable
Item (7) in relation to major subsidiary undertakings
Not applicable
Parent participation in a placing by a listed subsidiary
Not applicable
Contracts of significance
Provision of services by a controlling shareholder
Shareholder waivers of dividends
Shareholder waivers of future dividends
Agreements with controlling shareholders
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Employees
The Group places considerable value on
the involvement of its employees and
uses a number of ways to engage with
employees on matters that impact them
and the performance of the Group. These
include formal business performance
updates by members of Executive
management for all employees, informal
fortnightly floor briefs with the CEO, regular
update briefings for all employees, regular
team meetings, the Group’s intranet site
and Teams channels which enable easy
access to the latest information and
policies, and the circulation to employees
of results and other corporate
announcements. This also helps to achieve
a common awareness amongst employees
of the financial and economic factors
affecting the performance of the Group.
The Board appointed Sarah Warby, one of
our Independent Non-Executive Directors,
as our “Employee Champion” in 2018 and
has provided the opportunity for
employees to engage directly with our
Non-Executive Directors in order to give
them the opportunity to understand more
about our employees. Employees were
also offered breakfasts and coffees with
members of the Executive management
and small group sessions with the Chief
Executive Officer.
A robust employee engagement survey
process is also in place to ensure that
employees are given a voice in the
organisation and that the Group can take
action based on employee feedback. All
employees are able to participate in both
the Company’s Share Incentive Plan and
Save As You Earn Scheme which provide
employees with the opportunity to
purchase ordinary shares in the Company,
actively encouraging their interest in the
performance of the Group. Further
information on employee engagement
can be found on pages 83 and 84.
Equal opportunities
The Group is committed to providing
equality of opportunity to all employees
without discrimination and applies fair and
equitable employment policies which seek
to promote entry into and progression
within the Group. Appointments are
determined solely by application of job
criteria, personal ability, behaviour
and competency.
In 2022 the Group has continued to
commit to the Race at Work Charter which
we originally signed up to in 2020. This is
a public commitment to prioritising action
on race equity as part of the Group’s Race
Equity Plan. The plan includes a specific
commitment at Board level to zero
tolerance of racial harassment or bullying.
This means that all allegations of racial
bullying or harassment will be taken
seriously, and managed consistently and
in line with the Group’s Anti‑Bullying and
Harassment Policy, with formal action
taken where necessary.
In the opinion of the Directors, all
employee policies are deemed to be
effective and in accordance with their
intended aims.
Disabled persons have equal opportunities
when applying for vacancies, with due
regard to their skills and abilities.
Procedures ensure that disabled
employees are fairly treated in respect
of training and career development. For
those employees that become disabled
during the course of their employment,
the Group is supportive so as to provide
an opportunity for them to remain with the
Group, wherever reasonably practicable.
Business Relationships with
Suppliers, Customers
and Others
You can read about how our Directors had
regard to the need to foster the Group’s
business relationships with suppliers,
customers and others and the effect
of that regard on pages 29 to 35.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
121
Governance Directors’ Report continued
Borrowings
In October 2021, the Group entered into a
new £50m amortising term loan that matures
in October 2024. We also have a revolving
credit facility (‘RCF’) of £90m, now extended
to October 2024, with an accordion option
to apply for up to £100m of additional funds
during the term of the RCF. As at
31 December, the Group owed £40m
on the term loan and £4.0m on the RCF.
Political donations
During the financial year ended
31 December 2022, the Group did not
make any political donations (2021: £nil).
Post balance sheet events
There have been no events that either
require adjustment to the financial
statements or are important in the
understanding of the Company’s
current position.
Auditor and disclosure
of information
The Directors who held office at the date
of this report confirm that, so far as they
are each aware, there is no relevant audit
information of which the Company’s auditor
is unaware; and each such Director has taken
all the steps that he or she ought to have
taken as a Director to make himself or herself
aware of any relevant audit information, and
to establish that the Company’s auditor is
aware of that information.
Auditor
The Board approved the Audit
Committee’s recommendation to put a
resolution to shareholders recommending
the reappointment of KPMG LLP as the
Company’s auditor, and KPMG LLP has
indicated its willingness to accept
reappointment as auditor of the Company.
The audit partner was rotated in April 2020
in accordance with the FRC’s Ethical
Standard 3 (Revised).
The Audit Committee, in its recommendation,
confirmed that: (1) the recommendation
was free from influence by a third party;
and (2) no contractual term of the kind
mentioned in Article 16(6) of the EU
Regulation 537/2014 has been imposed
on the Company.
A resolution proposing the reappointment
of KPMG is contained in the notice of the
forthcoming AGM and will be proposed to
shareholders at that meeting.
Reporting requirements
The following sets out the location of additional information forming part of the Directors’ Report:
Reporting requirement
Location
Strategic Report – Companies Act 2006 section 414A-D
Strategic Report on pages 02 to 67
DTR4.1.8R – Management Report – the Directors’ Report
and Strategic Report comprise the “Management Report”
Directors’ Report on pages 118 to 122 and Strategic Report
on pages 02 to 67
Likely future developments of the business and Group
Strategic Report on pages 02 to 67
Statement on corporate governance
Details of use of financial instruments and specific policies
for managing financial risk
The Board’s assessment of the Group’s internal
control systems
Greenhouse gas emissions
Directors’ remuneration including disclosures required
by Schedule 5 and Schedule 8 of SI2008/410 – Large and
Medium-sized Companies and Groups (Accounts and
Reports) Regulations 2008
Corporate Governance Report, Audit Committee Report, Risk and
Sustainability Committee Report, Nomination Committee Report
and Directors’ Remuneration Report on pages 72 to 122
Note 21 to the Group financial statements on page 156
Corporate Governance Report on pages 72 to 82, Audit
Committee Report on pages 89 to 93 and Risk and Sustainability
Committee Report on pages 94 to 96
Sustainability and Stakeholder Engagement Report on pages 29
to 53
Directors’ Remuneration Report on pages 97 to 117
Directors’ Responsibility Statement
Directors’ Responsibility Statement on page 123
Directors’ interests
Directors’ Remuneration Report on pages 97 to 117
The Strategic Report comprising the inside cover and pages 02 to 67 and this Directors’ Report comprising pages 118 to 122 have been
approved by the Board and are signed on its behalf by:
Shazadi Stinton
General Counsel and Company Secretary
15 February 2023
Registered office: Moneysupermarket House, St. David’s Park, Ewloe, Chester CH5 3UZ
122 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Statement of Directors’ Responsibilities in respect of the Annual Report
and the Financial Statements
The Directors are responsible for
preparing the Annual Report and Accounts
and the Group and Parent Company
financial statements in accordance with
applicable law and regulations.
• use the going concern basis of
accounting unless they either intend
to liquidate the Group or the Parent
Company or to cease operations, or
have no realistic alternative but to do so.
Responsibility statement of
the Directors in respect of
the annual financial report
We confirm that to the best of our knowledge:
Company law requires the Directors to
prepare Group and Parent Company
financial statements for each financial year.
Under that law they are required to
prepare the Group financial statements in
accordance with UK-adopted international
accounting standards and applicable law
and have elected to prepare the Parent
Company financial statements in
accordance with UK accounting standards
and applicable law, including FRS 102 The
Financial Reporting Standard applicable in
the UK and Republic of Ireland.
Under company law the Directors must not
approve the financial statements unless
they are satisfied that they give a true and
fair view of the state of affairs of the Group
and Parent Company and of the Group’s
profit for that period. In preparing each of
the Group and Parent Company financial
statements, the Directors are required to:
• select suitable accounting policies and
then apply them consistently;
• make judgements and estimates that are
reasonable, relevant, reliable and prudent;
• for the Group financial statements, state
whether they have been prepared in
accordance with UK-adopted
international accounting standards;
• for the Parent Company financial
statements, state whether applicable UK
accounting standards have been followed,
subject to any material departures
disclosed and explained in the Parent
Company financial statements;
• assess the Group and Parent Company’s
ability to continue as a going concern,
disclosing, as applicable, matters related
to going concern; and
The Directors are responsible for keeping
adequate accounting records that are
sufficient to show and explain the Parent
Company’s transactions and disclose with
reasonable accuracy at any time the
financial position of the Parent Company
and enable them to ensure that its
financial statements comply with the
Companies Act 2006. They are responsible
for such internal control as they determine
is necessary to enable the preparation of
financial statements that are free from
material misstatement, whether due to
fraud or error, and have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the Group and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations, the
directors are also responsible for preparing
a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and
Corporate Governance Statement that
complies with that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the corporate
and financial information included on the
Company’s website. Legislation in the UK
governing the preparation and
dissemination of financial statements may
differ from legislation in other jurisdictions.
In accordance with Disclosure Guidance
and Transparency Rule 4.1.14R, the financial
statements will form part of the annual
financial report prepared using the single
electronic reporting format under the TD
ESEF Regulation. The Auditor’s Report on
these financial statements provides no
assurance over the ESEF format.
• the financial statements, prepared in
accordance with the applicable set of
accounting standards, give a true and fair
view of the assets, liabilities, financial
position and profit or loss of the
Company and the undertakings included
in the consolidation taken as a whole; and
• the Annual Report and Accounts include
a fair review of the development and
performance of the business and the
position of the issuer and the
undertakings included in the
consolidation taken as a whole, together
with a description of the principal risks
and uncertainties that they face.
We consider the Annual Report and Accounts,
taken as a whole, is fair, balanced and
understandable and provides the information
necessary for shareholders to assess the
Group’s position and performance, business
model and strategy.
Peter Duffy
Chief Executive Officer
15 February 2023
Scilla Grimble
Chief Financial Officer
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
123
Governance Independent Auditor’s Report
to the members of Moneysupermarket.com Group plc
1. Our opinion is unmodified
We have audited the Financial Statements of Moneysupermarket.com Group plc (“the Company”) for the year ended 31 December 2022
which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position Consolidated
Statement of Changes in Equity, Consolidated Statement of Cash Flows, and the related notes, including the accounting policies in note 2
to the Group Financial Statements, and the Company Balance Sheet and Company Statement of Changes in Equity, and the related notes
including the accounting policies in note 1 to the Parent Company Financial Statements.
In our opinion:
• the Financial Statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2022
and of the Group’s profit for the year then ended;
• the Group Financial Statements have been properly prepared in accordance with UK-adopted international accounting standards;
• the Parent Company Financial Statements have been properly prepared in accordance with UK accounting standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
• the Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities
are described below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit
opinion is consistent with our report to the Audit Committee.
We were first appointed as auditor by the Company before 9 July 2007. The period of total uninterrupted engagement is for the 16
financial years ended 31 December 2022. Prior to that we were also auditor to the Group’s previous Parent Company, but which, being
unlisted, was not a public-interest entity. We have fulfilled our ethical responsibilities under, and we remain independent of the Group in
accordance with, UK ethical requirements including the FRC Ethical Standard as applied to listed public interest entities. No non-audit
services prohibited by that standard were provided.
Overview
Materiality: group Financial Statements as a whole
£3.9m (2021: £4.2m)
Coverage
Key audit matters
Recurring risks
4.45% (2021: 4.55%) of Group Profit before tax
(2021: 3 year average Group profit before tax)
88% (2021: 96%) of group profit before tax
New: Recoverability of Goodwill in respect
of the Cashback CGU
Recoverability of Parent Company investments
and debt due from group companies
vs 2021
124 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2. Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the Financial
Statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us,
including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the
efforts of the engagement team. We summarise below the key audit matters, in decreasing order of audit significance, in arriving at our
audit opinion above, together with our key audit procedures to address those matters and, as required for public interest entities, our
results from those procedures. These matters were addressed, and our results are based on procedures undertaken, in the context of,
and solely for the purpose of, our audit of the Financial Statements as a whole, and in forming our opinion thereon, and consequently are
incidental to that opinion, and we do not provide a separate opinion on these matters.
The risk
Our response
Recoverability of Goodwill:
Cashback cash
generating unit
(£68.3 million; 2021:
£68.8 million)
Refer to pages 89 – 93
(Audit Committee Report),
page 140 (accounting policy)
and pages 150 – 152
(financial disclosures).
Forecast based assessment:
The Cashback cash generating unit (“CGU”) was
acquired by the Group in November 2021. The
estimated recoverable amount provides relatively
low headroom compared to the Group’s other
CGUs where there is significant headroom between
the recoverable amount and the carrying value of
CGU assets.
The value in use calculation, which represents the
estimated recoverable amount, is subjective due
to the inherent uncertainty involved in selecting
appropriate key assumptions. Changes to the key
assumptions, such as the revenue growth rate and
the discount rate, could have a material impact on
the recoverable amount of the associated goodwill.
Estimation uncertainty in the UK has increased as
a result of inflationary pressures from the
macroeconomic and geo-political environment.
This has a proportionally more significant effect
on the Cashback CGU due to the limited headroom
available following the recent acquisition in 2021.
The effect of these matters is that, as part of our
risk assessment, we determined that the
recoverability of the Cashback CGU goodwill has
a high degree of estimation uncertainty, with a
potential range of reasonable outcomes greater
than our materiality for the Financial Statements
as a whole.
The Financial Statements (note 13) disclose the
sensitivities estimated by the Group. These
disclosures give relevant information about the
estimation uncertainty, including the risk of
a reduction in the headroom as a result of a
reasonably possible change in one or more of
the key assumptions.
We performed the tests below rather than seeking
to rely on any of the Group’s controls because the
nature of the balance is such that we would expect
to obtain audit evidence primarily through the
detailed procedures described.
Our procedures included:
• Benchmarking assumptions: We assessed and
challenged the operating cash flow assumptions
used by the Group, such as the revenue growth
rate, through comparing growth rates to external
industry forecasts, analysis of analysts’ reports
and historic trends;
• Our sector experience: We challenged the
appropriateness of the discount rate by deriving
our own independent range with input from our
corporate finance professionals;
• Sensitivity analysis: We performed sensitivity
analysis on the key assumptions (revenue growth
rate and discount rate) and assessed whether the
Directors have identified appropriate scenarios in
their own sensitivity analysis; and
• Assessing transparency: We assessed whether
the disclosures about the sensitivity of the
outcome of the impairment assessment to
changes in key assumptions reflect the risks
inherent in the recoverable amount of the
Cashback CGU goodwill.
Our results
We found the Group’s conclusion that there is no
impairment of the Cashback CGU goodwill to be
acceptable (2021: acceptable).
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
125
Financial Statements Independent Auditor’s Report continued
2. Key audit matters: our assessment of risks of material misstatement continued
Recoverability of Parent
Company’s investment in
subsidiary and debt due
from Group companies
Investment in subsidiary
(£181.7 million; 2021:
£181.7 million)
Amounts due from
subsidiary undertakings
(£215.0 million; 2021:
£223.3 million)
The risk
Low risk, high value:
The carrying amount of the Parent Company’s
investment in subsidiary and debt due from Group
entities represents 99.7% (2021: 99.8%) of the
Parent Company’s total assets. Their recoverability
is not a high risk of significant misstatement or
subject to significant judgement.
However, due to their materiality in the context of
the Parent Company Financial Statements, this is
considered to be the area that had the greatest
effect on our overall Parent Company audit.
Our response
We performed the tests below rather than seeking
to rely on any of the Group’s controls because the
nature of the balance is such that we would expect
to obtain audit evidence primarily through the
detailed procedures described.
Our procedures included:
• Test of detail: We compared the carrying
amount of the investment in subsidiary and debt
due from Group entities with the net assets of
the relevant subsidiary included within the Group
consolidation, to identify whether the net asset
value, being an approximation of its minimum
recoverable amount, was in excess of its carrying
amount;
• Assessing subsidiary audits: We assessed the
results of our procedures over the subsidiaries
that were in scope for the group audit and
considered the results of that work on those
subsidiaries’ profits and net assets, including
assessing the liquidity of the assets, and
therefore the ability of the subsidiary to fund the
repayment of the receivable; and
• Comparing valuations: We compared the
carrying amount of the investment and debt due
from Group entities to the Group’s market
capitalisation to assess whether there are any
indicators of impairment.
Our results
We found the Company’s conclusion that there is no
impairment of its investment in subsidiary and debt
due from Group entities to be acceptable (2021:
acceptable).
The valuation of intangible assets arising from the purchase of Maple Syrup Media Limited (Quidco) in 2021 was an event driven significant
risk and consequently, a key audit matter in the prior period. Therefore as the significant risk and key audit matter relates only to the prior
year this has not been separately identified in our audit report this year.
3. Our application of materiality and an overview of the scope of our audit
Materiality for the Group Financial Statements as a whole was set at £3.9 million (2021: £4.2 million), determined with reference to a
benchmark of Group profit before tax of £85.2 million (2021: Group profit before tax of £92.5 million normalised by averaging over the
last 3 years due to fluctuations in the business cycle), of which it represents 4.6% (2021: 4.5%).
Materiality for the Parent Company Financial Statements as a whole was set at £3.8 million (2021: £3.6 million), determined with reference
to a benchmark of Parent Company total assets, limited to be less than materiality for the group as a whole. It represents 1.0% (2021: 0.5%)
of the stated benchmark.
In line with our audit methodology, our procedures on individual account balances and disclosures were performed to a lower threshold,
performance materiality, so as to reduce to an acceptable level the risk that individually immaterial misstatements in individual account
balances add up to a material amount across the Financial Statements as a whole.
Performance materiality for the Group and Parent Company was set at 75% (2021: 75%) of materiality for the Financial Statements as a
whole, which equates to £2.9 million (2021: £3.2 million) for the Group and £2.9 million (2021: £2.7 million) for the Parent Company. We
applied this percentage in our determination of performance materiality because we did not identify any factors indicating an elevated
level of risk.
We agreed to report to the Audit Committee any corrected or uncorrected identified misstatements exceeding £0.2 million (2021: £0.2 million),
in addition to other identified misstatements that warranted reporting on qualitative grounds.
Of the Group’s fifteen (2021: fifteen) reporting components, we subjected five (2021: four) to full scope audits for group purposes and
one (2021: one) to specified risk-focused audit procedures. The component for which we performed specified risk-focused procedures
was not financially significant enough to require an audit for group reporting purposes, but did present specific individual risks that
needed to be addressed. Work on all components, including the audit of the Parent Company, was performed by the Group audit team.
The components within the scope of our work accounted for the percentages illustrated opposite.
126 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
3. Our application of materiality and an overview of the scope of our audit continued
For the residual components, we performed analysis at an aggregated group level to re-examine our assessment that there were no
significant risks of material misstatement within these.
The scope of our audit work performed was predominantly substantive as we placed limited reliance upon the Group’s internal control
over financial reporting.
Group profit before tax
£85.2m (2021: £92.5m)
Group materiality
£3.9m (2021: £4.2m)
9595++55++II
£3.9m
Whole financial statements
materiality (2021: £4.2m)
£2.9m
Whole financial statements
performance materiality
(2021: £3.2m)
£3.4m
Range of materiality at
5 components (£1.5m
to £3.4m) (2021: £1.5m
to £3.6m)
Group PBT
Group materiality
£0.2m
Misstatements reported to the
audit committee (2021: £0.2m)
Full scope for group audit purposes 2022
Full scope for group audit purposes 2021
Group revenue
5
7
5
11
95
(2021: 95%)
Group PBT
93%
89%
93+93+
939595+
89+89+
899595+
94+94+
949999+
94%
Group total assets
(2021: 99%)
(2021: 95%)
6
1
99
95
Specified risk-focused audit procedures 2021
Residual components
4. The impact of climate change on our audit
In planning our audit, we have considered the potential impact of risks arising from climate change on the Group’s business and its
Financial Statements.
The Group has set out its commitments under the Paris accord to be operational net zero by 2030. Further information is provided in the
Group’s Task Force for Climate-Related Financial Disclosures (‘TCFD’) recommended disclosures on pages 48 to 51.
As a part of our audit we have performed a risk assessment, including making enquiries of management, reading board meeting minutes
and applying our knowledge of the Group and sector in which it operates to understand the extent of the potential impact of climate
change risk on the Group’s Financial Statements. Taking into account the nature of the business and the limited impact of climate change
on the assumptions in impairment testing, we have not assessed climate related risk to be significant to our audit this year. There was no
impact on our key audit matters.
We have read the Group’s TCFD in the front half of the annual report and considered consistency with the Financial Statements and our
audit knowledge.
We have not been engaged to provide assurance over the accuracy of the climate risk disclosures set out on pages 48 to 51 in the
Annual Report.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
127
Financial Statements7
7
+
+
I
I
+
5
+
5
+
I
I
11
11
+
+
I
I
+
5
+
5
+
I
I
6
6
+
+
I
I
+
1
+
1
+
I
I
Independent Auditor’s Report continued
5. Going concern
The Directors have prepared the Financial Statements on the going concern basis as they do not intend to liquidate the Group or the Parent
Company or to cease their operations, and as they have concluded that the Group’s and the Parent Company’s financial position means
that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their
ability to continue as a going concern for at least a year from the date of approval of the Financial Statements (“the going concern period”).
We used our knowledge of the Group, its industry and the general economic environment to identify the inherent risks to its business
model and analysed how those risks might affect the Group’s and the Parent Company’s financial resources or ability to continue
operations over the going concern period. The risks that we considered most likely to adversely affect the Group’s and the Parent
Company’s available financial resources and metrics relevant to debt covenants over this period were:
• The competitive environment and a reduction in consumer demand;
• The impact of increased economic uncertainty and inflation in the wider economy;
• The potential impact of a significant data breach or cyber-attack, the resulting fines and damage to brand strength and reputation; and
• The impact of regulatory changes and government policy reducing the availability of attractive products to customers.
We considered whether these risks could plausibly affect the liquidity or covenant compliance in the going concern period by assessing
the Directors’ sensitivities over the level of available financial resources and covenant thresholds indicated by the Group’s financial
forecasts taking account of severe, but plausible adverse effects that could arise from these risks individually and collectively.
Our procedures included:
• Critically assessing assumptions in the base case and severe, but plausible, downside scenarios relevant to liquidity and covenant
metrics, in particular by comparing to economic forecasts, approved budgets and our knowledge of the Group and the sector in which
it operates;
• We also compared past budgets to actual results to assess the Directors’ track record of budgeting accurately; and
• We evaluated the achievability of the actions the Directors consider they would take to improve the position should the risks
materialise, which included a reduction in the ordinary dividend payment, a reduction in operating expenses or the slowdown of
capital expenditure, taking into account the extent to which the Directors can control the timing and outcome of these.
We also assessed the completeness and adequacy of the going concern disclosure.
Our conclusions based on this work:
• we consider that the Directors’ use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate;
• we have not identified, and concur with the Directors’ assessment that there is not, a material uncertainty related to events or
conditions that, individually or collectively, may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a
going concern for the going concern period;
• we have nothing material to add or draw attention to in relation to the Directors’ statement in note 2 to the Financial Statements on the
use of the going concern basis of accounting with no material uncertainties that may cast significant doubt over the Group and Parent
Company’s use of that basis for the going concern period, and we found the going concern disclosure in note 2 to be acceptable; and
• the related statement under the Listing Rules set out on page 59 is materially consistent with the Financial Statements and our
audit knowledge.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent
with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the
Parent Company will continue in operation.
128 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
6. Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or
pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Enquiring of Directors, the Audit Committee, the Risk and Sustainability Committee, Internal Audit and inspection of policy
documentation as to the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function,
and the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.
• Reading Board, Audit Committee, and Risk and Sustainability Committee meeting minutes;
• Considering remuneration incentive schemes and performance targets for Directors including the revenue growth, Adjusted EBITDA
and Adjusted EPS growth targets for remuneration.
• Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, and taking into account possible pressures to meet profit targets, we perform procedures to address
the risk of management override of controls, in particular the risk that Group management may be in a position to make inappropriate
accounting entries and the risk of bias in accounting estimates and judgements such as the recoverable amount of Goodwill attributed to
the Cashback cash generating unit. On this audit we do not believe there is a fraud risk related to revenue recognition because the
degree of estimation subjectivity for the revenue accrual is low and revenue generated throughout the period converts to cash within a
reasonably short period.
We did not identify any additional fraud risks.
We performed procedures including:
• Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting
documentation. These included those posted to unusual accounts and those posted by senior finance management; and
• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the Financial Statements from
our general commercial and sector experience, through discussion with the Directors and other management (as required by auditing
standards), and from inspection of the Group’s regulatory correspondence and discussed with the Directors and other management the
policies and procedures regarding compliance with laws and regulations.
As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s
procedures for complying with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance
throughout the audit.
The potential effect of these laws and regulations on the Financial Statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the Financial Statements including financial reporting legislation
(including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of
compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material
effect on amounts or disclosures in the Financial Statements, for instance through the imposition of fines or litigation. We identified the
following areas as those most likely to have such an effect: data protection laws and laws and regulations of various bodies that regulate
the Group’s activities including the Competition and Marketing Authority (CMA), the Financial Conduct Authority (FCA), the Information
Commissioners Office (ICO), the Office of Gas and Electricity (Ofgem) and the Office of Communications (Ofcom). Auditing standards limit
the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other
management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not
disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
We assessed the legality of the distribution in the period based on assessing the level of distributable profits.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in
the Financial Statements, even though we have properly planned and performed our audit in accordance with auditing standards. For
example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the Financial
Statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We
are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
129
Financial Statements Independent Auditor’s Report continued
7. We have nothing to report on the other information in the Annual Report
The Directors are responsible for the other information presented in the Annual Report together with the Financial Statements. Our opinion
on the Financial Statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as
explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our Financial Statements audit work, the
information therein is materially misstated or inconsistent with the Financial Statements or our audit knowledge. Based solely on that work
we have not identified material misstatements in the other information.
Strategic report and Directors’ report
Based solely on our work on the other information:
• we have not identified material misstatements in the strategic report and the Directors’ report;
• in our opinion the information given in those reports for the financial year is consistent with the Financial Statements; and
• in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Directors’ remuneration report
In our opinion the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies
Act 2006.
Disclosures of emerging and principal risks and longer-term viability
We are required to perform procedures to identify whether there is a material inconsistency between the Directors’ disclosures in respect of
emerging and principal risks and the viability statement, and the Financial Statements and our audit knowledge.
Based on those procedures, we have nothing material to add or draw attention to in relation to:
• the Directors’ confirmation within the Risk Management report on pages 60 – 61 that they have carried out a robust assessment of the
emerging and principal risks facing the Group, including those that would threaten its business model, future performance, solvency
and liquidity;
• the Principal Risks and Uncertainty disclosures describing these risks and how emerging risks are identified, and explaining how they
are being managed and mitigated; and
• the Directors’ explanation in the Viability Statement of how they have assessed the prospects of the Group, over what period they have
done so and why they considered that period to be appropriate, and their statement as to whether they have a reasonable expectation
that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment,
including any related disclosures drawing attention to any necessary qualifications or assumptions.
We are also required to review the Viability Statement, set out on pages 60 – 61 under the Listing Rules. Based on the above procedures, we
have concluded that the above disclosures are materially consistent with the Financial Statements and our audit knowledge.
Our work is limited to assessing these matters in the context of only the knowledge acquired during our Financial Statements audit.
As we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with
judgements that were reasonable at the time they were made, the absence of anything to report on these statements is not a guarantee
as to the Group’s and Parent Company’s longer-term viability.
Corporate governance disclosures
We are required to perform procedures to identify whether there is a material inconsistency between the Directors’ corporate
governance disclosures and the Financial Statements and our audit knowledge.
Based on those procedures, we have concluded that each of the following is materially consistent with the Financial Statements and our
audit knowledge:
• the Directors’ statement that they consider that the annual report and Financial Statements taken as a whole is fair, balanced and
understandable, and provides the information necessary for shareholders to assess the Group’s position and performance, business
model and strategy;
• the section of the annual report describing the work of the Audit Committee, including the significant issues that the audit committee
considered in relation to the Financial Statements, and how these issues were addressed; and
• the section of the annual report that describes the review of the effectiveness of the Group’s risk management and internal
control systems.
We are required to review the part of the Corporate Governance Statement relating to the Group’s compliance with the provisions of the
UK Corporate Governance Code specified by the Listing Rules for our review. We have nothing to report in this respect.
130 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
8. We have nothing to report on the other matters on which we are required to report by exception
Under the Companies Act 2006, we are required to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received
from branches not visited by us; or
• the Parent Company Financial Statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with
the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 123, the Directors are responsible for: the preparation of the Financial
Statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the
preparation of Financial Statements that are free from material misstatement, whether due to fraud or error; assessing the Group and
Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going
concern basis of accounting unless they either intend to liquidate the Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of
assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of the Financial Statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
The Company is required to include these financial statements in an annual financial report prepared using the single electronic
reporting format specified in the TD ESEF Regulation. This auditor’s report provides no assurance over whether the annual financial
report has been prepared in accordance with that format.
10. The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our
audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an
auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Suvro Dutta (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London
E14 5GL
15 February 2023
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
131
Financial Statements Consolidated Statement of Comprehensive Income
for the year ended 31 December 2022
Revenue
Cost of sales
Gross profit
Distribution expenses
Administrative expenses
Operating profit
Profit on disposal of property, plant and equipment
Finance income
Finance expense
Share of post-tax loss of equity accounted investees
Change in fair value of financial instruments
Profit before tax
Taxation
Profit for the year
Other comprehensive income – items that will not be reclassified to profit and loss:
Change in fair value of financial instruments
Total comprehensive income for the year
Profit/(loss) attributable to:
Owners of the Company
Non-controlling interest
Profit for the year
Total comprehensive income attributable to:
Owners of the Company
Non-controlling interest
Total comprehensive income for the year
All profit and other comprehensive income relate to continuing operations.
Earnings per share
Basic earnings per ordinary share (p)
Diluted earnings per ordinary share (p)
Year ended
31 December
2022
£m
Year ended
31 December
2021
£m
387.6
(125.1)
262.5
(40.1)
(133.4)
89.0
0.0
0.3
(3.8)
(0.3)
0.0
85.2
(15.9)
69.3
(2.0)
67.3
68.3
1.0
69.3
66.3
1.0
67.3
12.7
12.7
316.7
(93.8)
222.9
(29.5)
(120.0)
73.4
0.1
0.1
(2.1)
(0.6)
(0.7)
70.2
(18.1)
52.1
1.4
53.5
52.7
(0.6)
52.1
54.1
(0.6)
53.5
9.8
9.8
Note
4
6
8
8
14
9
15
29
29
10
10
132 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Consolidated Statement of Financial Position
at 31 December 2022
Assets
Non-current assets
Property, plant and equipment
Intangible assets and goodwill
Equity accounted investments
Other investments
Total non-current assets
Current assets
Trade and other receivables
Prepayments
Cash and cash equivalents
Total current assets
Total assets
Liabilities
Non-current liabilities
Other payables
Borrowings
Deferred tax liabilities
Total non-current liabilities
Current liabilities
Trade and other payables
Borrowings
Current tax liabilities
Total current liabilities
Total liabilities
Equity
Share capital
Share premium
Reserve for own shares
Retained earnings
Other reserves
Equity attributable to the owners of the Company
Non-controlling interest
Total equity
Total equity and liabilities
31 December
2022
£m
31 December
2021
£m
Note
12
13
14
15
16, 28
21
17
18
19
17, 28
18
20
29
35.4
279.9
—
5.5
320.8
63.5
8.3
16.6
88.4
39.8
288.4
0.0
7.5
335.7
65.3
9.3
12.5
87.1
409.2
422.8
27.7
30.0
22.5
80.2
99.5
14.0
0.8
114.3
194.5
0.1
205.4
(2.4)
(58.1)
63.7
208.7
6.0
214.7
409.2
38.3
40.0
25.3
103.6
93.9
17.5
0.2
111.6
215.2
0.1
205.4
(2.6)
(64.7)
65.1
203.3
4.3
207.6
422.8
The Financial Statements were approved by the Board of Directors and authorised for issue on 15 February 2023. They were signed
on its behalf by:
Peter Duffy
Chief Executive Officer
Scilla Grimble
Chief Financial Officer
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
133
Financial Statements Consolidated Statement of Changes in Equity
for the year ended 31 December 2022
At 1 January 2021
Profit/(loss) for the year
Other comprehensive income
for the year
Total comprehensive income
for the year
Acquisition of subsidiary with
non-controlling interest
Purchase of shares by
employee trusts
Exercise of LTIP awards
New shares issued
Equity dividends
Share-based payments
Realisation of fair value gains
At 31 December 2021
Profit for the year
Other comprehensive income
for the year
Total comprehensive income
for the year
Acquisition of subsidiary with
non-controlling interest
Purchase of shares by
employee trusts
Exercise of LTIP awards
Equity dividends
Share-based payments
Note
15
11
23
15
15
29
11
23
0.1
—
—
—
—
—
—
0.0
—
—
—
0.1
—
—
—
—
—
—
—
—
Share
capital
£m
Share
premium
£m
Reserve for
own shares
£m
Retained
earnings
£m
205.0
—
(2.8)
—
(57.2)
52.7
Equity
attributable
to the
owners of
the Company
£m
Non-
controlling
interest
£m
208.5
52.7
—
(0.6)
Other
reserves
£m
63.4
—
Total
equity
£m
208.5
52.1
—
—
—
—
—
0.4
—
—
—
205.4
—
—
—
—
—
—
—
—
—
—
—
(0.3)
0.5
—
—
—
—
(2.6)
—
—
—
—
(0.3)
0.5
—
—
—
52.7
—
—
(0.5)
—
(62.8)
1.4
1.7
(64.7)
68.3
1.4
1.4
2.0
—
—
—
—
—
(1.7)
65.1
—
(0.3)
—
0.4
(62.8)
1.4
—
203.3
68.3
(0.6)
(1.4)
(2.0)
67.7
(1.4)
66.3
—
—
(0.5)
(62.8)
2.2
—
—
—
—
—
—
(0.3)
—
(62.8)
2.2
1.4
—
1.4
54.1
(0.6)
53.5
2.0
4.9
6.9
—
—
—
—
—
—
4.3
1.0
—
1.0
0.7
—
—
—
—
(0.3)
—
0.4
(62.8)
1.4
—
207.6
69.3
(2.0)
67.3
0.7
(0.3)
—
(62.8)
2.2
At 31 December 2022
0.1
205.4
(2.4)
(58.1)
63.7
208.7
6.0
214.7
Reserve for own shares
The reserve for the Company’s own ordinary shares comprises the cost of the Company’s ordinary shares held by the Group through
employee trusts. At 31 December 2022, the Group held 339,657 (2021: 343,328) ordinary shares at a cost of 0.02p per share (2021: 0.02p)
through a Share Incentive Plan trust for the benefit of the Group’s employees.
The Group also held 151,723 (2021: 253,886) shares through an Employee Benefit Trust at an average cost of 204.80p per share
(2021: 239.19p) for the benefit of employees participating in the various Long Term Incentive Plan schemes.
Other reserves
Fair value reserve
Merger reserve
Revaluation reserve
Total
31 December
2022
£m
31 December
2021
£m
5.0
16.9
41.8
63.7
6.4
16.9
41.8
65.1
The fair value reserve of £5.0m (2021: £6.4m) represents amounts recognised in other comprehensive income in relation to changes
in fair value of investments and amounts recognised directly in equity on initial recognition of non-controlling interest.
The merger and revaluation reserve balances relate to the acquisition of Moneysupermarket.com Financial Group Limited by the
Company. The merger reserve of £16.9m (2021: £16.9m) represents 45% of the book value of assets and liabilities transferred and
the revaluation reserve of £41.8m (2021: £41.8m) represents 45% of the fair value of the intangible assets transferred, net of amounts
recycled to retained earnings.
134 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Consolidated Statement of Cash Flows
for the year ended 31 December 2022
Cash flows from operating activities
Profit for the year
Adjustments to reconcile Group profit to net cash flow from operating activities:
Amortisation of intangible assets
Depreciation of property, plant and equipment
Profit on disposal of property, plant and equipment
Share of post-tax loss of equity accounted investees
Change in fair value of financial instruments
Net finance expense
Equity-settled share-based payment transactions
Income tax expense
Change in trade and other receivables
Change in trade and other payables
Income tax paid
Net cash from operating activities
Cash flows from investing activities
Interest received
Acquisition of property, plant and equipment
Acquisition of intangible assets
Acquisition of subsidiaries, net of cash acquired
Acquisition of investments
Proceeds from disposal of property, plant and equipment
Proceeds from disposal of investments
Net cash used in investing activities
Cash flows from financing activities
Dividends paid
Proceeds from share issue
Purchase of shares by employee trusts
Proceeds from borrowings
Repayment of borrowings
Interest paid
Repayment of lease liabilities
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Year ended
31 December
2022
£m
Year ended
31 December
2021
£m
Note
69.3
21.7
4.8
(0.0)
0.3
(0.0)
3.5
2.2
15.9
3.0
1.7
(18.0)
104.4
0.0
(0.8)
(10.6)
(5.3)
(0.2)
0.0
—
(16.9)
(62.8)
—
(0.3)
62.0
(75.5)
(3.7)
(3.1)
(83.4)
4.1
12.5
16.6
52.1
19.0
4.5
(0.1)
0.6
0.7
2.0
1.4
18.1
3.6
(20.6)
(15.6)
65.7
0.1
(0.6)
(9.2)
(59.3)
(0.7)
0.4
2.1
(67.2)
(62.8)
0.4
(0.3)
105.6
(48.1)
(2.1)
(2.3)
(9.6)
(11.1)
23.6
12.5
13
12
14
8
23
9
11
21
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
135
Financial Statements Changes in liabilities from financing activities
At 1 January 2021
Changes from financing cash flows
Proceeds from borrowings
Repayment of borrowings
Interest paid
Repayment of lease liabilities
Total changes from financing cash flows
Other changes
Interest expense
Lease liability adjustment
Acquisition of lease liabilities through business combinations
Balance at 31 December 2021
At 1 January 2022
Changes from financing cash flows
Proceeds from borrowings
Repayment of borrowings
Interest paid
Repayment of lease liabilities
Total changes from financing cash flows
Other changes
Interest expense
At 31 December 2022
Borrowings
£m
—
105.6
(48.1)
(1.2)
—
56.3
1.2
—
—
57.5
57.5
62.0
(75.5)
(2.6)
—
(16.1)
2.6
44.0
Lease
liabilities
£m
32.8
—
—
(0.9)
(2.3)
(3.2)
0.9
(0.5)
1.7
31.7
31.7
—
—
(1.1)
(3.1)
(4.2)
1.1
28.6
Total
£m
32.8
105.6
(48.1)
(2.1)
(2.3)
53.1
2.1
(0.5)
1.7
89.2
89.2
62.0
(75.5)
(3.7)
(3.1)
(20.3)
3.7
72.6
136 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements
1. Corporate information
The Consolidated Financial Statements of Moneysupermarket.com Group PLC, a public company incorporated and domiciled in England
(registered at Moneysupermarket House, St David’s Park, Ewloe, Chester, CH5 3UZ), and its subsidiaries (together referred to as the
‘Group’) for the year ended 31 December 2022, were authorised for issue in accordance with a resolution of the Directors on 15 February 2023.
The Consolidated Financial Statements have been prepared in accordance with UK-adopted international accounting standards. The
presentation currency of these Consolidated Financial Statements is sterling. All amounts in the Consolidated Financial Statements have
been rounded to the nearest £100,000. The Company has elected to prepare its Company Financial Statements in accordance with FRS 102
– The Financial Reporting Standard applicable in the UK and Republic of Ireland; these are presented on pages 166 and 167.
The principal activity of the Group is to provide price comparison and lead generation services to customers across a wide range
of products including Money, Insurance and Home Services through its websites.
2. Summary of significant accounting policies
The Group has consistently applied the following accounting policies to all periods presented in these Consolidated Financial Statements,
unless mentioned otherwise.
Basis of preparation
The Consolidated Financial Statements are prepared on the historical cost basis, except where otherwise stated. Comparative figures
presented in the Consolidated Financial Statements represent the year ended 31 December 2021.
In light of new information obtained since the acquisition of Quidco Limited (formerly known as Maple Syrup Media Limited) (‘Quidco’)
about facts and circumstances that existed at the date of acquisition, and in accordance with IFRS 3 – Business Combinations, an
adjustment to the previously reported balance sheet at 31 December 2021 has been included in these Consolidated Financial
Statements. Further information on this is included in note 28.
Going concern
The Directors have prepared the Financial Statements on a going concern basis for the following reasons. As at 31 December 2022, the
Group’s external debt comprised an amortising loan (with a balance outstanding of £40m, repayable over the period to October 2024)
and a revolving credit facility (‘RCF’), (of which £4m of the £90m available was drawn down). No further amounts have been drawn down
since the year end. The operations of the business have been impacted by regulatory changes in general insurance, COVID-19 recovery in
Travel related channels and the current conditions affecting the energy market. However, the Group remains profitable, cash generative
and compliant with the covenants of the bank loan and RCF.
The Directors have prepared cash flow forecasts for the Group, including its cash position, for a period of at least 12 months from the
date of approval of the Financial Statements. The Directors have also considered the effect of potential cost of living trading headwinds
and recession and higher competition, including potential new entrants, upon the Group’s business, financial position, and liquidity in
severe, but plausible, downside scenarios. The scenarios modelled take into account the potential downside trading impacts from
recession, sustained cost-of-living pressures, competitive pressures and potential one-off cash impacts on top of a base scenario derived
from the Group’s latest forecasts. The severe, but plausible, downside scenarios modelled, under a detailed exercise at a channel level,
included minimal recovery over the period of the cash flow forecasts and in the most severe scenarios reflected some of the possible
cost mitigations that could be taken. The impact these scenarios have on the financial resources, including the extent of utilisation of the
available debt arrangements and impact on covenant calculations has been modelled. The possible mitigating circumstances and actions
in the event of such scenarios occurring that were considered by the Directors included cost mitigations such as a reduction in the
ordinary dividend payment, a reduction in operating expenses or the slowdown of capital expenditure. A reverse stress test has also
been performed, which assumes the maximum available drawdown of borrowings, whilst maintaining covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Company will be able to operate at adequate levels of
liquidity for at least the next 12 months from the date of signing the Financial Statements. The Directors, therefore, consider that the
Group and the Company have adequate resources to continue in operational existence for at least 12 months from the date of approval
of the Financial Statements and have prepared them on a going concern basis.
Use of estimates and judgements
The preparation of Consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised and in any future periods affected.
Information about assumptions and estimation uncertainties at 31 December 2022 that may have a risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following note:
• Note 13 intangible assets and goodwill (impairment assessment of goodwill of the cashback cash generating unit).
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised
in the Consolidated Financial Statements is included in the following notes:
• Note 13 intangible assets and goodwill (capitalisation of software and development costs).
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
137
Financial Statements Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Basis of consolidation
These Consolidated Financial Statements incorporate the Financial Statements of the Company and all its subsidiaries.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date
is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated
Financial Statements from the date that control commences until the date that control ceases.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating
policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the
arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes
transaction costs. Subsequent to initial recognition, the Consolidated Financial Statements include the Group’s share of the profit or loss
and other comprehensive income (OCI) of equity accounted investees, until the date on which significant influence or joint control ceases.
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.
Non-controlling interest is measured at the proportionate share of the entity’s net assets. On initial recognition this includes the
proportionate share of the pre-acquisition net assets of Travelsupermarket Limited and the net assets arising on the acquisitions
of Icelolly Marketing Limited and Podium Solutions Limited.
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 – Business Combinations (2008) in accounting for business combinations using
the acquisition method. The change in accounting policy has been applied prospectively.
Acquisitions on or after 1 January 2010
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as:
• the fair value of the consideration transferred; plus
• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
• the net recognised amount (fair value) of the identifiable assets acquired and liabilities assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are
generally recognised in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in
connection with a business combination are expensed as incurred.
Any contingent amount payable is recognised at fair value at the acquisition date. If the contingent amount is classified as equity, it is not
remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent amount are
recognised in profit or loss. Where the contingent amount is dependent on future employment, it is treated as a cost of continuing
employment, and therefore is recognised as an expense over the relevant period.
Deferred consideration comprises obligations to pay specified amounts at future dates, i.e. there is no uncertainty about the amount
to be paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred.
The unwinding of any interest element or deferred consideration is recognised in the Income Statement.
Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010
For acquisitions between 22 June 2007 and 1 January 2010, goodwill represents the excess of the cost of the acquisition over the Group’s
interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When
the excess was negative, a bargain purchase gain was recognised immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection
with business combinations were capitalised as part of the cost of the acquisition.
138 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2. Summary of significant accounting policies continued
Acquisitions between establishment of the Group (22 June 2007) and 1 January 2010 continued
The Group was established via a series of transactions that occurred concurrently on 22 June 2007. These comprised the incorporation
of the Company with Simon Nixon as sole shareholder, the acquisition by the Company using a share for share exchange of Simon Nixon’s
45% interest in Moneysupermarket.com Financial Group Limited and the acquisition by the Company of all other shares in
Moneysupermarket.com Financial Group Limited from third parties. The acquisition of Simon Nixon’s shares was between two parties,
being Simon Nixon and the Company, who were under common control at the time of the transaction. The acquisition was of an interest
in a company which gave the investor a significant influence in the Company and it was concluded that this arrangement was a common
control transaction and not within the scope of IFRS 3 – Business Combinations.
As a result the Company accounted for this 45% interest in Moneysupermarket.com Financial Group Limited at original carrying value rather
than fair value at the date of the acquisition. The acquisition of the remaining shares in Moneysupermarket.com Financial Group Limited was
accounted for in accordance with IFRS 3 – Business Combinations applying the accounting guidance for a business combination achieved in
stages. This resulted in the fair value of the identifiable assets, liabilities and contingent liabilities of Moneysupermarket.com Financial Group
Limited being recognised in full and the goodwill in respect of the acquisition from third parties being recognised.
Revenue
Revenue is derived from the Group’s principal activity of providing price comparison and lead generation services on the internet.
The Group generates fees from internet lead generation and commissions from brokerage sales through a variety of contractual
arrangements.
Revenue is recognised when the Group has satisfied its performance obligations relating to a transaction. IFRS 15 – Revenue from
Contracts with Customers requires the Group to allocate the transaction price to separate performance obligations within a contract.
The following table provides information about the nature and timing of the satisfaction of performance obligations and the related
revenue recognition policies.
Type of sales transaction
Nature and timing of satisfaction of performance obligations
Revenue recognition policies
Price comparison services
The performance obligation is the provision of
an internet lead to a provider’s website.
Revenue is recognised in the period in which the
lead is provided.
Cashback services
The trigger for the transaction price to become
receivable is usually a completed sale on the
provider’s website. However, for some contracts
the trigger is the point at which the lead is provided.
The transaction price is either a fixed amount per
completed sale or a variable amount derived from
the terms of the completed sale.
Revenue is generated from rendering services
to the merchant. The performance obligation is
the provision of an internet lead to a
merchant’s website.
The trigger for the transaction price to become
receivable is a completed sale on the
merchant’s website.
The transaction price is derived from the terms
of the completed sale.
At the period end an estimate of accrued revenue
is made for leads provided that have resulted in
completed sales. This is based on the volume of
leads provided in the period, historic conversion
rates and the expected price per completed sale.
For some contracts, an estimate of accrued revenue
is also made for leads that will result in completed
renewals. This is based on expected renewal rates
and premiums.
Revenue is recognised in the period in which the
lead is provided.
At the period end an estimate of accrued revenue
is made for leads provided that will result in
completed sales. This is based on the volume of
leads provided in the period, historic conversion
rates and the expected price per completed sale.
From historical experience and post year end confirmation, the Group does not expect there to be a material difference between the
revenue accrued at the year end and the amount subsequently billed. Also, given there is a large volume of low value transactions, the
risk of a significant reversal in the amount of cumulative revenue recognised is unlikely.
Judgement is applied in defining the customer for the cashback services. The customer is the merchant and the service provided is the
delivery of an internet lead to their website. Accordingly, the cashback provided to members is not consideration payable to a customer
and is recognised in cost of sales.
Cost of sales
The Group recognises associated costs of internet lead generation in the period that the lead is generated. Costs in respect of cashback
and incentive payments made by the Group to users and members of our websites and revenue share for B2B partnerships are also
included in cost of sales.
Unclaimed cashback balances in respect of Cashback members who have had no account activity for a consecutive 12-month period
are released as a credit to cost of sales. This is in accordance with the terms and conditions agreed with members.
Advertising costs
The Group incurs costs from advertising via several different media. Costs associated with the production of adverts are recognised
as an expense once the advert is aired or displayed.
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139
Financial Statements Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses. Subsequent
expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property,
plant and equipment.
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis over the estimated useful life of each part of
an item of property, plant and equipment. Assets under construction are not depreciated until brought into use. The estimated useful
lives are as follows:
Land and buildings
Plant and equipment (including IT equipment)
Office equipment
Fixtures and fittings
10–50 years
3 years
5 years
5 years
The useful lives and depreciation rates are reassessed at each reporting date and adjusted if appropriate.
Intangible assets and goodwill
Goodwill
Goodwill is measured at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least
annually, and whenever there is an indication that the carrying value may be impaired.
Other intangible assets
The cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition. After initial recognition,
intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All the Group’s
intangible assets (other than goodwill) have been identified as having finite useful lives. As such, they are amortised on a straight-line
basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at
each reporting date and adjusted if appropriate. The amortisation expense on intangible assets with finite lives is recognised in the
Statement of Comprehensive Income. The estimated useful lives are as follows:
Market-related
Customer/member relationships
Technology
10 years
10 years
3–5 years
Internally generated and other intangible assets are amortised under the same method as noted above.
Market-related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services,
for example trademarks, trade names and internet domain names.
Customer-related intangible assets acquired by the Group consist of customer lists, customer contracts and relationships, and non-
contractual customer relationships. For accounting purposes, customer relationships and customer lists have been identified separately.
Relationships with high-profile customers provide the Group with prominence in the marketplace, create volume and traffic on the
website, and enhance the reputation of the brand. Customer lists allow the Group to undertake targeted marketing activities.
Member relationships relate to the Cashback vertical and are deemed to have value as they provide direct access to potential leads that
can be transferred to the merchants’ websites.
Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented
technology, databases and trade secrets. Costs that are directly attributable to projects of a capital nature are recognised as technology-
based intangible assets controlled by the Group and are recognised when the following criteria are met:
• it is technically feasible to complete the project so that it will be available for use;
• management intends to complete the project and use it;
• there is an ability to use or sell the project;
• it can be demonstrated how the project will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use output of the project are available; and
• the expenditure attributable to the project during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the project can include employee and contractor costs. Other development
expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and
enhancements, are recognised as an expense as incurred.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it
relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in profit or loss as incurred.
140 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2. Summary of significant accounting policies continued
Financial instruments
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial
liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument.
Fixed asset and short-term investments in equity securities held by the Group are classified as fair value through other comprehensive
income (‘FVOCI’) – equity instruments and are stated at fair value, with any resultant gain or loss being recognised directly in other
comprehensive income (in the fair value reserve).
Cash and cash equivalents comprise cash balances and call deposits.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair
value plus, for an item not at fair value through profit or loss (‘FVTPL’), transaction costs that are directly attributable to its acquisition
or issue. A trade receivable without a significant financing component is initially measured at the transaction price.
Classification and subsequent measurement
Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing
financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the
change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
• it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all
derivative financial assets.
Financial assets – subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest
or dividend income, are recognised in profit or loss.
Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method.
Debt investments at FVOCI
Equity investments at FVOCI
The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains
and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition
is recognised in profit or loss.
These assets are subsequently measured at fair value. Interest income calculated using the
effective interest method, foreign exchange gains and losses and impairment are recognised
in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains
and losses accumulated in OCI are reclassified to profit or loss.
These assets are subsequently measured at fair value. Dividends are recognised as income
in profit or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are never reclassified to profit
or loss.
Financial instruments and contract assets
The Group recognises loss allowances for Expected Credit Losses (‘ECLs’) on financial assets measured at amortised cost. The Group
measures loss allowances at an amount equal to lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets
are always measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating
ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This
includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit
assessment and including forward-looking information. The Group uses an allowance matrix to measure the ECLs of trade receivables
from individual customers and assumes that the credit risk of default on a financial asset has increased significantly if it is more than
120 days past due.
The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
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141
Financial Statements Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Classification and subsequent measurement continued
Financial instruments and contract assets continued
At each reporting date, the Group assesses whether financial assets carried at amortised cost and debt securities at FVOCI are credit-
impaired. A financial asset is “credit-impaired” when one or more events that have a detrimental impact on the estimated future cash
flows of the financial asset have occurred.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof. For individual customers, the Group has a policy of writing off the gross carrying amount when
the financial asset is 180 days past due based on historical experience of recoveries of similar assets.
ECLs’ are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the
difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to
receive). ECLs are discounted at the effective interest rate of the financial asset.
Financial liabilities – classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as
held for trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised
in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
Derecognition
Financial asset
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the
rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it
does not retain control of the financial asset.
Financial liability
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group also
derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in
which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including
any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
Fair value measurement
“Fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The transaction is assumed to take place in the principal or, in its absence, the most advantageous
market to which the Group has access at that date.
A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial
assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active
market for that instrument. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency
and volume to provide pricing information on an ongoing basis.
If there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable
inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates factors that market participants
would take into account in pricing a transaction. In doing so, the Group consults with appropriate internal and external specialists to
determine the fair valuation. Key assumptions are benchmarked against other comparable companies and sensitised to gain assurance
that they fall within a reasonable range.
Impairment
Impairment of non-financial assets
The carrying amounts of the Group’s assets are reviewed annually to determine whether there is any indication of impairment. If such
indication exists, the asset’s recoverable amount is estimated.
For the purposes of impairment reviews, the recoverable amount of the Group’s assets is taken to be the higher of their fair value less
costs to sell and their value in use.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (‘CGU’) exceeds its recoverable
amount. Impairment losses are recognised in the Consolidated Statement of Comprehensive Income.
See note 13 for full disclosure of how goodwill and impairment losses are allocated across the CGUs.
142 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2. Summary of significant accounting policies continued
Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement
of Comprehensive Income as the related service is provided.
Share-based payment transactions
The Group’s share schemes allow certain Group employees to acquire ordinary shares in the Company. The fair value of share awards
made is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at the award date and
spread over the period during which the employees become unconditionally entitled to the awards. The fair values of the share awards
are measured using the Monte Carlo method for options subject to a market-based condition and the Black-Scholes model for all others,
taking into account the terms and conditions upon which the awards were made. The amount recognised as an expense is adjusted to
reflect the number of share awards expected to vest.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are recognised as an expense in the Consolidated
Statement of Comprehensive Income as the related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or deferred bonus plan if the Group has a
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can
be estimated reliably. The Group’s deferred bonus plans currently do not have any ongoing performance obligations and are therefore
provided for as described above in the period to which they related.
Finance income
Finance income comprises interest receivable from bank deposits and loan notes.
Finance costs
Finance costs comprise interest charged on borrowings, leases (recognised under IFRS 16 – Leases) and the unwind of discount
on deferred consideration.
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16 – Leases.
Leased items are recognised on the balance sheet as an asset valued at its right of use and a corresponding liability that reflects the
present value of future lease payments.
The asset is initially measured at its right-of-use value which reflects the total cost of lease payments, the direct costs incurred to bring
the asset into use and an estimate of the cost that will be incurred when dismantling or uninstalling the item. The asset is then
depreciated through the profit and loss account on a straight-line basis over the contract term of the lease.
The liability is initially recognised at the present value of future lease payments using the discount rate implicit in the lease if it can
be determined or otherwise using the incremental borrowing rate of the Group.
Leased items with a value of less than £5,000 and items leased over a term of less than 12 months are not recognised on the balance sheet
as an asset and liability. The cost of lease payments is recognised in the profit and loss account as they fall due on an accrued basis.
Dividends
Dividends payable to the Company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the period
in which the shareholders’ right to receive payment is established.
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the Consolidated Statement of Comprehensive Income
except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to tax
payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill;
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount
of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities,
using tax rates enacted or substantively enacted at the balance sheet date.
Research and development tax credits are accounted for as a government grant in accordance with IAS 20 – Accounting for Government
Grants and Disclosure of Government Assistance. The credit is recognised once a reasonable estimate of the amount can be made.
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143
Financial Statements Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Taxation continued
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised.
Deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives which are
acquired through business combinations representing the tax effect of the amortisation of these assets in future periods.
These liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in
the Statement of Comprehensive Income in accordance with IAS 12 – Income Taxes.
Reserve for own shares
The Group has a number of equity-settled, share-based employee incentive plans. In connection with these, shares in the Company are
held by an Employee Benefit Trust (‘EBT’). The assets and liabilities of the EBT are required to be consolidated within these accounts as it
is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise Moneysupermarket.com Group PLC shares,
which are shown as a deduction from total equity at cost.
Standards, amendments and interpretations issued but not yet effective
A number of new standards are effective for annual periods beginning after 1 January 2022 and earlier adoption is permitted; however,
the Group has not early adopted the new or amended standards in preparing these Consolidated Financial Statements.
The following amended standards and interpretations are not expected to have a significant impact on the Group’s Consolidated
Financial Statements and are either not yet effective or not yet adopted by the UK Endorsement Board. The below standards are those
that are relevant to the Group.
Standard
Summary of changes
Amendments to IAS 1
Amendments to IAS 8
Amendments to IAS 1 – Presentation of Financial Statements to update requirements on determining
the classification of liabilities as current or non-current; and disclosure of material accounting policies
rather than significant accounting policies. Effective date 1 January 2023.
Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors to introduce
a new definition of accounting estimates and clarifying the relationship between accounting policies
and accounting estimates. Effective date 1 January 2023.
Amendments to IAS 12
Amendments to IAS 12 – Income Taxes to provide clarification of accounting treatment in relation
to deferred tax assets and liabilities arising from a single transaction. Effective date 1 January 2023.
Amendments to IFRS 17
Amendments to IFRS 17 – Insurance Contracts establishes the principles for the recognition,
measurement, presentation and disclosure of insurance contracts within the scope of the standard.
Effective date 1 January 2023.
3. Acquisitions and disposals
Podium Solutions Limited (‘Podium’)
On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was
accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted
the Group’s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then,
the Group has been in control of Podium and has accounted for it as a subsidiary undertaking. For further information see note 28.
4. Revenue
All revenue is derived from the Group’s principal activity and is generated in the UK.
Revenue from price comparison services
Revenue from cashback services1
Total revenue
2022
£m
330.0
57.6
387.6
2021
£m
306.1
10.6
316.7
1
Revenue from cashback services in 2021 related to November and December only as we acquired Quidco Limited (formerly known as Maple Syrup Media Limited) on 1 November 2021.
144 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
5. Segmental information
Business segments
Below we report a measure of profitability at segment level that reflects the way performance is assessed internally. The Group has a
number of teams, capabilities and infrastructure which are used to support all verticals, e.g. data platform and brand marketing. These
are shared costs of the Group rather than “central costs”. We have concluded there is no direct or accurate basis for allocating these
costs to the operating segments and therefore they are disclosed separately, which is how they are presented to the Chief Operating
Decision Maker.
The Group’s reportable segments are Insurance, Money, Home Services, Travel and Cashback. These segments represent individual
trading verticals which are reported separately for revenue and directly attributable expenses. Net finance expense, share of loss of
equity accounted investments, tax and net assets are only reviewed by the Chief Operating Decision Maker at a consolidated level and
therefore have not been allocated between segments. All assets held by the Group are located in the UK.
Travel includes revenue and directly attributable expenses from TravelSupermarket prior to 1 September 2021 and then the combined
Ice Travel Group thereafter.
Cashback covers revenue and directly attributable expenses from Quidco Limited (formerly known as Maple Syrup Media Limited)
following its acquisition on 1 November 2021.
The following summary describes the products and services in each segment.
Segment
Insurance
Products and services
Customer completes transaction for insurance policy on any of the following: provider website, our website
or a telephone call.
Money
Customer completes transaction for money products such as credit cards, loans and mortgages on provider website.
Home Services
Customer completes transaction for home services products such as energy and broadband on provider website.
Travel
Cashback
Customer completes transaction for travel products on provider website or our website.
Customer completes transaction for retail, telecommunications, services and travel products with a cashback
incentive on merchant website. Customer receives confirmed cashback incentive on our site.
Segment
Year ended 31 December 2022
Revenue
Directly attributable expenses
Adjusted EBITDA contribution
Adjusted EBITDA contribution margin1
Depreciation and amortisation
Profit on disposal of property, plant and equipment
Net finance expense
Share of loss of equity accounted investments
Change in fair value of financial instruments
Profit before tax
Taxation
Profit for the year
Insurance
£m
Money
£m
Home
Services
£m
Travel
£m
Cashback
£m
172.0
(73.7)
98.3
57%
103.3
(31.0)
72.3
70%
39.8
(14.6)
25.2
63%
14.9
(10.0)
4.9
33%
57.6
(48.1)
9.5
16%
Shared
costs
£m
—
(94.7)
(94.7)
—
Total
£m
387.6
(272.1)
115.5
30%
(26.5)
0.0
(3.5)
(0.3)
0.0
85.2
(15.9)
69.3
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
145
Financial Statements Notes to the Consolidated Financial Statements continued
5. Segmental information continued
Business segments continued
Segment
Year ended 31 December 2021
Revenue
Directly attributable expenses
Adjusted EBITDA contribution
Adjusted EBITDA contribution margin1
Depreciation and amortisation
Deal fees and associated costs
Profit on disposal of property, plant and equipment
Net finance expense
Share of loss of equity accounted investments
Change in fair value of financial instruments
Profit before tax
Taxation
Profit for the year
Insurance
£m
Money
£m
158.7
(64.0)
94.7
60%
75.2
(24.4)
50.8
68%
Home
Services
£m
68.1
(34.9)
33.2
49%
Travel
£m
Cashback
£m
4.1
(5.0)
(0.9)
(21%)
10.6
(8.8)
1.8
17%
Shared
costs
£m
—
(79.1)
(79.1)
—
Total
£m
316.7
(216.2)
100.5
32%
(23.5)
(3.6)
0.1
(2.0)
(0.6)
(0.7)
70.2
(18.1)
52.1
1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue.
Insurance margin decreased from 60% to 57% year on year. This has been driven by the recovery in the lower margin travel insurance
channel and the impact of FCA GI regulation on car and home, particularly in the first half.
In Money, margin improved by 2ppt mainly due to the strong performance in banking which benefited from the consistent availability
of attractive products.
In Home Services, margin improved by 14ppt primarily due to the loss of a large but low margin B2B contract in July 2021 and the decline
of the lower margin energy business.
Travel trading rebounded driven by market recovery enabling it to return to profit in 2022.
Margin for Cashback is significantly lower than other verticals as a large proportion of commission is paid out to members as cashback;
margin finished broadly in line year on year. In the first full year as part of the Group, contribution increased significantly compared to
the two months of ownership in 2021.
Shared costs increased due to investments in the Group’s data platforms and security, as well as media and production spend in support
of the early delivery of advertising campaigns and from inflationary pressures.
6. Operating profit
Operating profit is stated after charging items detailed in the table below.
Depreciation of property, plant and equipment
Amortisation of intangible assets
Auditor’s remuneration:
Audit of these Consolidated Financial Statements
Audit of subsidiaries’ Financial Statements
2022
£m
4.8
21.7
0.5
0.4
2021
£m
4.5
19.0
0.3
0.3
Non-audit related services provided by KPMG constituted a review opinion on the financial statements for the six-month period ended
30 June 2022 which amounted to £0.06m (2021: £0.05m).
146 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
7. Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year, analysed by category, was as follows:
Technology and product operations
Administration
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Compulsory social security contributions
Contributions to defined contribution plans
Share-based payment transactions
Social security contributions related to share awards and options
Capitalised staff costs
8. Net finance expense
Finance income
Loan notes
Bank deposits
Total finance income
Finance expense
Revolving credit facility
Bank loan
Leases
Deferred consideration
Total finance expense
Net finance expense
9. Taxation
Current tax
Current tax on income for the year
Adjustment in relation to prior period
Total current tax
Deferred tax
Origination and reversal of temporary differences
Adjustments due to changes in corporation tax rate
Adjustment in relation to prior period
Total deferred tax
Taxation
2022
No.
265
468
733
2022
£m
50.6
6.2
2.1
2.2
0.3
(3.4)
58.0
2022
£m
0.3
0.0
0.3
(1.2)
(1.4)
(1.1)
(0.1)
(3.8)
(3.5)
2022
£m
18.3
0.4
18.7
(1.9)
(0.2)
(0.7)
(2.8)
15.9
2021
No.
290
461
751
2021
£m
49.4
5.5
1.9
1.4
(0.6)
(4.0)
53.6
2021
£m
0.0
0.1
0.1
(0.7)
(0.2)
(1.1)
(0.1)
(2.1)
(2.0)
2021
£m
15.9
(0.3)
15.6
(1.1)
3.5
0.1
2.5
18.1
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
147
Financial Statements Notes to the Consolidated Financial Statements continued
9. Taxation continued
Reconciliation of the effective tax rate
The effective tax rate for the year is lower (2021: higher) than the standard rate of corporation tax in the UK of 19% (2021: 19%).
The differences are explained below.
Profit before tax
Standard rate of tax at 19% (2021: 19%)
Effects of:
Expenses not deductible for tax purposes
Investments chargeable to tax not included in reported profit before tax
Movement related to share-based payments
Change in fair value of financial instruments
Impact of changes in tax rate
Adjustments in relation to prior periods
Taxation
2022
£m
85.2
16.2
0.1
—
0.1
(0.0)
(0.2)
(0.3)
15.9
2021
£m
70.2
13.3
0.9
0.3
0.2
0.1
3.5
(0.2)
18.1
In March 2021, an increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted.
The deferred tax liability at the balance sheet date has been calculated based on a rate of 25%.
10. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the Company,
by the weighted average number of ordinary shares outstanding during the year. The Company’s own shares held by employee trusts
are excluded when calculating the weighted average number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the Company,
by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares
that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings per share
Basic and diluted earnings per share have been calculated on the following basis:
Profit after taxation attributable to the owners of the Company (£m)
Basic weighted average shares in issue (millions)
Dilutive effect of share-based instruments (millions)
Diluted weighted average shares in issue (millions)
Basic earnings per share (p)
Diluted earnings per share (p)
Adjusted basic and diluted earnings per share have been calculated as follows:
Profit before tax
Adjusted for (profit)/loss before tax attributable to non-controlling interest
Profit before tax attributable to the owners of the Company
Amortisation of acquisition related intangible assets
Amortisation of acquisition related intangible assets attributable to non-controlling interest
Deal fees and associated costs
Deal fees and associated costs attributable to non-controlling interest
Change in fair value of financial instruments
Estimated taxation at 19% effective rate (2021: 19%)
Profit for adjusted earnings per share purposes
Adjusted basic earnings per share (p)
Adjusted diluted earnings per share (p)
2022
68.3
536.5
2.4
538.9
12.7
12.7
2022
£m
85.2
(1.2)
84.0
11.3
(0.2)
—
—
(0.0)
95.1
(18.1)
77.0
14.4
14.3
2021
52.7
536.4
0.1
536.5
9.8
9.8
2021
£m
70.2
0.7
70.9
4.4
(0.1)
3.6
(0.6)
0.7
78.9
(15.0)
63.9
11.9
11.9
148 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
11. Dividends
Declared and paid dividends on ordinary shares:
Prior year final dividend
Interim dividend
Total dividend paid in the year
Proposed for approval (not recognised as a liability at 31 December):
Final dividend
2022
pence per
share
8.61
3.10
11.71
8.61
Total
£m
46.2
16.6
62.8
46.2
2021
pence per
share
8.61
3.10
11.71
8.61
12. Property, plant and equipment
Cost:
At 1 January 2021
Acquisitions through business combinations
Additions
Disposals
At 31 December 2021
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation:
At 1 January 2021
Depreciation for the year
Disposals
At 31 December 2021
At 1 January 2022
Depreciation for the year
Disposals
At 31 December 2022
Carrying value:
At 31 December 2021
At 31 December 2022
Land and
buildings
£m
Plant and
equipment
£m
Office
equipment
£m
Fixtures and
fittings
£m
49.5
1.7
—
(1.6)
49.6
49.6
—
(2.0)
47.6
9.8
3.6
(0.6)
12.8
12.8
4.0
(2.0)
14.8
36.8
32.8
20.2
0.4
0.6
(0.5)
20.7
20.7
0.4
—
21.1
18.4
0.6
(0.5)
18.5
18.5
0.6
—
19.1
2.2
2.0
1.5
—
0.0
—
1.5
1.5
0.0
—
1.5
0.7
0.1
—
0.8
0.8
0.1
—
0.9
0.7
0.6
2.1
—
0.0
—
2.1
2.1
—
(0.0)
2.1
1.8
0.2
—
2.0
2.0
0.1
(0.0)
2.1
0.1
0.0
Total
£m
46.2
16.6
62.8
46.2
Total
£m
73.3
2.1
0.6
(2.1)
73.9
73.9
0.4
(2.0)
72.3
30.7
4.5
(1.1)
34.1
34.1
4.8
(2.0)
36.9
39.8
35.4
Land and buildings includes right-of-use assets of £22.4m (2021: £25.4m) related to leased properties that do not meet the definition
of investment property (see note 24).
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
149
Financial Statements Notes to the Consolidated Financial Statements continued
13. Intangible assets and goodwill
Cost:
At 1 January 2021
Acquisitions through business combinations
Additions internally developed
Disposals
At 31 December 2021
At 1 January 2022
Acquisitions through business combinations
Additions internally developed
Transfers
At 31 December 2022
Amortisation:
At 1 January 2021
Amortisation charge for the year
Disposals
At 31 December 2021
At 1 January 2022
Amortisation charge for the year
At 31 December 2022
Carrying value:
At 31 December 2021
At 31 December 2022
Market
related
£m
155.3
14.3
—
—
169.6
169.6
—
—
—
169.6
148.5
2.0
—
150.5
150.5
2.8
153.3
19.1
16.3
Customer/
member
relationship
£m
Technology
related
£m
Goodwill
£m
—
21.2
—
—
21.2
21.2
—
—
—
21.2
—
0.4
—
0.4
0.4
2.1
2.5
20.8
18.7
101.5
15.4
9.2
(2.7)
123.4
123.4
3.2
10.0
0.5
137.1
75.8
16.6
(2.7)
89.7
89.7
16.8
106.5
33.7
30.6
212.6
76.5
—
—
289.1
289.1
—
—
(0.5)
288.6
74.3
—
—
74.3
74.3
—
74.3
214.8
214.3
Total
£m
469.4
127.4
9.2
(2.7)
603.3
603.3
3.2
10.0
—
616.5
298.6
19.0
(2.7)
314.9
314.9
21.7
336.6
288.4
279.9
Acquisitions through business combinations
Details of acquisitions through business combinations can be found in note 28.
Additions internally developed
Included within the technology related intangible assets are technology related intangible assets under development with a net carrying
value of £3.7m (2021: £5.6m).
In order to accurately quantify the value of internally generated technology assets the Group undertakes project tracking to record the
cost of both internal and contract staff wholly assigned to each project. Third party costs incurred are allocated to investment projects and
recognised at purchase cost. This approach ensures that technology related intangible assets accurately reflect the cost of development.
As highlighted in note 2, there is a degree of judgement regarding the recognition of costs incurred in developing technology related intangible
assets. This is due to the asset recognition criteria being predicated on future economic benefit flowing from that asset. The Directors
are satisfied that any spend capitalised meets the criteria of IAS 38 – Intangible Assets and, where relevant, SIC-32 Intangible Assets –
Web Site Costs. On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for
impairment. See below for this assessment for goodwill and technology related assets.
Disposals
Disposals in the prior year include assets with a combined gross book value of £2.7m and carrying value of £nil that were no longer in use
and were therefore retired. There was no impact on profit or loss arising from this.
Intangible assets and goodwill
The Group employs the services of appropriately qualified and experienced experts to value the intangible assets acquired as part of
any business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties
to assist our in-house team. At 31 December 2022, the Group had significant balances relating to goodwill as a result of acquisitions of
businesses in the current and previous years. Goodwill balances are tested annually for impairment or if events or changes in circumstances
indicate that the carrying amount of these assets may not be recoverable.
150 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
13. Intangible assets and goodwill continued
Intangible assets and goodwill continued
The Group is required to allocate goodwill between its cash generating units (‘CGUs’) that represent the lowest level within the Group at
which goodwill is monitored for internal management purposes. These CGUs are Insurance, Money, Home Services, Travel and Cashback.
The Group has performed impairment testing at a CGU level for all CGUs.
Goodwill is allocated to each CGU as follows:
Insurance
Money
Home Services
Travel
Cashback
Goodwill
Impairment review
31 December
2022
£m
31 December
2021
£m
46.5
33.2
54.8
11.5
68.3
46.5
33.2
54.8
11.5
68.8
214.3
214.8
For all CGUs the present value of the future cash flows has been calculated using management’s best estimate of future cash flows,
which are based on the Group’s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation of
overhead costs. The forecast assumes continued growth in each CGU; with many change programmes delivered in 2022 we expect to see
the benefits in future years with market growth in a number of channels. In accordance with IAS 36 – Impairment of Assets, the Group
is required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash
flows, derived from the latest budget and long term plan, to the carrying value of the total assets. The value in use method requires the
Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over
the strategic plan period, the long-term growth rate to be applied beyond this period and the risk-adjusted pre-tax discount rate used
to discount the assumed cash flows to present value:
• Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7%
(2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period
of 7 years per the Office for Budget Responsibility forecast average for growth in the UK’s GDP.
• The pre-tax discount rate for the Group has been determined as 13.5% (2021: 13.5%). Management estimate discount rates using
pre-tax rates that reflect current market assessments of the time value of money and the risks specific to a CGU. In the prior year the
Group discount rate was at the higher end of our range and reflected uncertainty in key channels, particularly within Insurance due
to the regulatory changes introduced in early 2022 and in the travel sector due to COVID-19 disruption at the time. Now with reduced
uncertainty in key channels, maintaining the rate the same this year incorporates the current rising rates environment and increases
to the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify
more than a small adjustment to the risk premium applied to each CGU (these are described below).
Our assessment confirms there is headroom across all CGUs and the Directors have therefore concluded no impairment of goodwill is
required (after considering sensitivities there is no reasonable change in assumptions to cause an impairment in any CGU). The
headroom in the Cashback CGU is more sensitive than the other CGUs to assumptions on the discount rate and revenue growth as
explained below).
Insurance, Money, Home Services and Travel CGUs
The present value of the future cash flows has been calculated with the following key assumptions:
• A 3 year Board approved cash flow forecast, incorporating past experience, based on market growth, visitor volumes, source
of visitors, revenue per transaction/visitor and marketing spend.
• A pre-tax discount rate of 13.5% (2021: 13.5%) for Insurance and Money in line with the Group rate.
• A pre-tax discount rate of 15.5% (2021: 16.5%) for the Travel and Home Services CGUs, which incorporates a risk premium of 2%
to reflect management’s assessment of specific risks related to this CGU.
The assessment concludes that the recoverable amount of the assets allocated to the Insurance, Money, Home Services and Travel CGUs
exceeds their carrying value by in excess of 100% (2021: in excess of 100%). No reasonable possible change to a key assumption would
therefore result in an impairment.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
151
Financial Statements Notes to the Consolidated Financial Statements continued
13. Intangible assets and goodwill continued
Cashback CGU
The present value of the future cash flows has been calculated with the following key assumptions:
• A 5 year Board approved cash flow forecast based on market growth, active member transactions, revenue per purchase, gross profit,
member drawdowns and marketing spend. A longer forecast time frame (5 years) has been used for the Cashback CGU to reflect the
synergies expected from being part of the Group.
• A pre-tax discount rate of 15.5% has been applied to the Cashback CGU, which reflects a 2% risk premium to the Group discount rate
to reflect management’s assessment of specific risks related to this CGU.
The recoverable amount of the assets allocated to the Cashback CGU exceeds the carrying value by £13m, or 16%. The value in use
calculation is sensitive to key assumptions such as the discount rate and revenue growth. As reasonable sensitivities, with all other
assumptions unchanged, increasing the discount rate to 16.0% would reduce the headroom to £9.4m and decreasing the revenue growth
forecast by an average of 5% each year would reduce the headroom to £5.1m. An increase in the discount rate to 17.4% or a decrease
in the revenue growth by an average of 9% each year would reduce the headroom to nil.
Group impairment testing
As explained in note 5, in our segmental reporting we allocate costs across our operating segments where they can be allocated
directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated
either directly or on a reasonable and consistent basis to the CGUs. These shared costs are reviewed at that level by the Group’s Chief
Operating Decision Maker. Therefore the cash flows estimated for these CGUs include all of the Group’s forecast segmental profit
contributions and an allocation of the Group’s forecast shared costs.
The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous
years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill
and other corporate assets, to the recoverable amount.
The recoverable amount has been estimated based on the present value of its future cash flows, which has been calculated with a set
of assumptions consistent with those set out above in relation to the individual operating segment calculations.
The analysis performed calculates that the recoverable amount of the Group’s assets exceeds their carrying value by in excess of 100%
(2021: in excess of 100%), and as such, no impairment was identified.
The Group has completed sensitivity analysis as part of its impairment testing procedures by flexing both cash flow and discounting
assumptions significantly. The headroom on goodwill is such that there are no foreseeable scenarios in which the Group would need
to consider an impairment.
In conclusion, no reasonably possible change to a key assumption would result in an impairment (2021: same).
Impairment testing of technology and market related intangible assets
Technology and market related intangible assets in use by the Group are tested for impairment if there is an indication that the asset
may be impaired. In line with IAS 36 – Impairment of Assets, the Group also conducts annual impairment testing of significant technology
related intangible assets under development and not yet available for use. The impact of travel recovery and the current conditions
affecting the energy switching market were deemed to be indicators of a potential impairment of the technology assets in the Travel CGU
and in the Home Services CGU. Impairment testing was therefore performed, which determined that the recoverable amounts of these
assets exceed their carrying values.
14. Equity accounted investments
The carrying amounts of equity accounted investments as at 31 December 2022 was £nil (2021: £0.0m). The Group’s share of post-tax
loss of equity accounted investees for the year was £0.3m (2021: £0.6m). Equity accounted investments in both the current and prior
years relate solely to Podium Solutions Limited (‘Podium’).
In March 2018, the Group obtained joint control and a 50% ownership interest in Podium, which it accounted for as a joint venture.
Podium is a financial technology business, principally engaged in developing digital solutions in the mortgages sector. Podium is not
publicly listed and is registered at Fourth Floor, Market Square House, St James Street, Nottingham, Nottinghamshire, NG1 6FG. On
23 December 2022, the Group increased its shareholding to 52% and thereby gained control of Podium. This investment has
subsequently been accounted for as a subsidiary undertaking (see notes 3 and 28).
152 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
15. Other investments
The carrying amounts of other investments as at 31 December 2022 are shown in the table below. The investments are held at fair value
with gains and losses being recognised through other comprehensive income (see note 21).
Investments in equity securities
At 1 January 2021
Disposals in the year
Change in fair value
At 31 December 2021
At 1 January 2022
Change in fair value
At 31 December 2022
Truelayer
Limited
£m
Flagstone
Group Limited 1
£m
By
Miles Ltd
£m
Plum Fintech
Limited
£m
1.4
(2.1)
0.7
—
—
—
—
3.6
—
—
3.6
3.6
0.6
4.2
2.6
—
—
2.6
2.6
(2.6)
0.0
0.6
—
0.7
1.3
1.3
—
1.3
Total
£m
8.2
(2.1)
1.4
7.5
7.5
(2.0)
5.5
1 Name of company changed from Flagstone Investment Management Limited to Flagstone Group Limited on 28 July 2022.
The total charge to other comprehensive income in respect of changes in fair value of other investments was £1.4m (2021: £1.4m credit).
In December 2022, the fair value of the Group’s investment in By Miles Ltd was deemed to be £0.0m (2021: £2.6m). The original cost of
the investment was £0.6m and accumulated fair value uplifts of £2.0m had been recognised in the fair value reserve (within other
reserves) in prior years. £2.0m was therefore deducted from other reserves and £0.6m was charged to retained earnings.
During the year, a fair value uplift of £0.6m was also recognised in respect of the Group’s investment in Flagstone Group Limited. This has
been recognised in the fair value reserve within other reserves.
In May 2021, the Group disposed of its investment in Truelayer, receiving sales proceeds on an arm’s length basis of £2.1m. This resulted
in a fair value uplift immediately prior to disposal of £0.7m which was recognised as other comprehensive income. On disposal, £1.7m of
fair value gains were transferred from the fair value reserve (in other reserves) to retained earnings.
During the prior year, the Group also recognised a fair value uplift of £0.7m in respect of Plum Fintech Limited.
Sensitivity analysis
For the fair value of investments, a 5% movement in share price would have an effect of £0.3m (2021: £0.4m) on the total value.
16. Trade and other receivables
Trade and other receivables
All receivables fall due within one year.
31 December
2022
£m
31 December
2021
£m
63.5
65.3
The comparative trade and other receivables balance as at 31 December 2021 has been restated from £61.5m to £65.3m (see note 28).
From historical experience and post year end confirmation, the Group expects any differences between the amounts accrued at year
end and those amounts subsequently billed to not be materially different. The under and overestimates on accrued revenue are
typically in a region of -1% to +3%; historically this has been an under estimate of accrued revenue. A -1% to +3% difference on the £53.7m
(2021 restated: £51.1m) revenue accrual would equate to approximately (£0.5m) to £1.6m (2021: (£0.5m) to £1.5m).
The assumptions used to calculate the revenue accrual have been disclosed within note 2.
At 31 December 2022, trade receivables are shown net of a provision for credit losses of £1.6m (2021: £1.6m), which represents a judgement made
by management of which receivables balances are unlikely to be recovered taking into consideration the ageing of the debt, evidence of poor payment
history or financial position of a particular customer. The balance is largely related to energy providers which ceased trading in the prior year.
Movements in the provision for credit losses were as follows:
At 1 January
Provisions made in the year
Provisions utilised in the year
At 31 December
31 December
2022
£m
31 December
2021
£m
1.6
0.0
(0.0)
1.6
0.2
1.6
(0.2)
1.6
At 31 December, the analysis of trade and other receivables that were past due but not impaired was as follows:
At 31 December 2021
At 31 December 2022
Neither past
due nor
impaired
£m
Past due not impaired
0–30 days
£m
30–60 days
£m
60–90 days
£m
90–120 days
£m
>120 days
£m
57.7
60.1
4.5
2.5
2.2
0.4
0.7
0.3
0.2
0.2
0.0
0.0
Total
£m
65.3
63.5
The Group’s standard payment terms are typically 15 days (2021: 15 days) from the invoice date.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
153
Financial Statements Notes to the Consolidated Financial Statements continued
17. Trade and other payables
Non-current
Lease liabilities
Deferred consideration
Amounts owed to non-controlling interest
Other payables
31 December
2022
£m
31 December
2021
£m
25.9
—
1.8
27.7
28.5
9.8
—
38.3
Deferred consideration relates to amounts payable for the acquisition of Quidco. At 31 December 2022, all amounts outstanding
are presented within current liabilities.
Amounts owed to non-controlling interest includes balances acquired as part of the acquisition of Podium in December 2022 (see note 28).
Current
Trade payables
Non-trade payables and accrued expenses
Other payables
Lease liabilities
Deferred income
Deferred consideration
Trade and other payables
31 December
2022
£m
31 December
2021
£m
36.4
2.8
47.0
2.7
0.8
9.8
99.5
35.9
2.3
47.3
3.2
0.4
4.8
93.9
As a result of click-based revenue being recognised in the period that the lead is generated, an accrual for cost of sales, such as partner
revenue share agreements, relating to the revenue accrued at the year end is included within trade payables (see note 16).
The comparative other payables balance as at 31 December 2021 has been restated from £43.5m to £47.3m (see note 28).
Other payables relate to amounts due to Cashback members. This balance is net of an estimated cancellation rate (i.e. clicks which do not
result in completed sales), based on historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt change in
this cancellation rate would equate to approximately £0.4m (2021: £0.5m). This balance is payable once the sale has been completed, the
cash has been received from the merchant and the member has requested payment.
Deferred consideration has been discounted to its present value and the unwind is treated as a finance expense (see note 8).
18. Borrowings
Non-current
Loan
Current
Revolving credit facility
Loan
Total
31 December
2022
£m
31 December
2021
£m
30.0
40.0
31 December
2022
£m
31 December
2021
£m
4.0
10.0
14.0
7.5
10.0
17.5
The revolving credit facility provides £90m in committed funds with £47m provided by Barclays, £38m by BOI and £5m by SVB. The £50m
term loan was taken out in October 2021 is repayable in instalments over the period to October 2024. It was funded £28m by Barclays,
£7m by BOI and £15m by SVB.
Interest is payable on the facilities at a rate of SONIA plus an applicable margin based on the adjusted leverage of the Group. At
31 December 2022, the Group had £40.0m (2021: £50.0m) outstanding on the term loan and £4.0m (2021: £7.5m) drawn down on the
revolving credit facility. The remaining balance of the upfront arrangement fees, totalling £0.3m (2021: £0.4m), is held within prepayments.
154 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
19. Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
Goodwill related to MoneySavingExpert.com
Intangible assets and goodwill relating to other acquisitions
Share schemes
Accelerated capital allowances
Losses
Deferred tax liability
The following table illustrates the movement in the deferred tax liabilities during the year:
At 1 January
Temporary differences on:
Goodwill related to MoneySavingExpert.com
Intangible assets and goodwill relating to other acquisitions
Share schemes
Accelerated capital allowances
Losses
At 31 December
31 December
2022
£m
31 December
2021
£m
13.2
11.3
(0.5)
(0.2)
(1.3)
22.5
2022
£m
25.3
(0.1)
(1.3)
(0.3)
(0.2)
(0.9)
22.5
13.3
12.2
(0.2)
0.4
(0.4)
25.3
2021
£m
11.4
3.0
11.2
—
0.1
(0.4)
25.3
Deferred tax liabilities arose from the recognition of the intangible assets and goodwill upon the acquisition of Moneysupermarket.com
Financial Group Limited, MoneySavingExpert.com Limited, Decision Technologies Limited, CYTI (Holdings) Limited, Ice Travel Group
Limited, Quidco Limited (formerly known as Maple Syrup Media Limited) and Podium Solutions Limited.
Deferred tax assets arise on share option schemes based on the expected tax deduction on vesting. Deferred tax assets have also been
recognised for unused tax losses to the extent that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at the balance sheet date of 25% (2021: 25%).
20. Called up share capital
The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled to returns of capital, receive a dividend
and vote.
Issued and fully paid
Number of ordinary shares
At the beginning of the year
Issued on exercise of SAYE options
At the end of the year
Nominal value of ordinary shares
At the beginning of the year
Issued on exercise of SAYE options
At the end of the year
2022
No.
2021
No.
536,861,647
—
536,700,541
161,106
536,861,647
536,861,647
2022
£
107,372
—
107,372
2021
£
107,340
32
107,372
The Group operates a Long Term Incentive Plan under which conditional nil cost awards of ordinary shares in the Company have been
made to certain Directors and employees of the Group, and an HMRC approved Save As You Earn scheme (‘Sharesave’) is eligible to all
employees (see note 23).
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
155
Financial Statements Notes to the Consolidated Financial Statements continued
21. Financial instruments
Interest rate risk
The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned therefore closely follows movements in
the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of £0.1m (2021: £0.1m)
based on Group cash, cash equivalents and financial instruments at 31 December 2022. At the balance sheet date, £6.3m (2021: £5.3m)
was invested with Barclays Bank, this being the most invested with any one bank in both years.
Fair values
The Group’s financial assets and liabilities are principally short term in nature, and therefore their fair value is not materially different
from their carrying value. The valuation method for the Group’s financial assets and liabilities can be defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3:
Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
All investments and derivatives fall under Level 3 as the fair value is measured using the latest unquoted share price of recent
transactions, with updates made as required considering market conditions at year end. A reconciliation is provided in note 15. All other
financial assets and liabilities are held at amortised cost and other financial liabilities respectively in accordance with IFRS 9 – Financial
Instruments. There have been no transfers between levels in the year.
The Directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial
statements approximate their fair values.
Effective interest rates
In respect of interest-earning financial assets, the following table indicates their effective interest rates at the year end date:
Cash and cash equivalents
Credit risk
31 December 2022
31 December 2021
Effective
interest rate
0.09%
£m
16.6
Effective
interest rate
0.07%
£m
12.5
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The
Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating risk of financial loss from default.
The Group’s exposure is regularly monitored by the credit control team and finance management.
Of the top 75% of the Group’s providers by revenue, approximately 28% (2021: 26%) of these are UK quoted companies with the
remainder being a mixture of larger UK independent companies and overseas owned or quoted companies. At the balance sheet date,
the five largest trade and other receivables, by provider, accounted for 31% (2021: 18% restated) of the total trade and other receivables
balance of £63.5m (2021: £65.3m restated) and the largest individual balance was £6.4m (2021: £4.8m). The comparatives have been
restated to reflect the prior year adjustment to trade and other payables (see note 28).
The Directors do not consider there to be any material contracts with providers in the Group.
Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual
cash flows. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risks are set out below:
Unsecured borrowings facilities
– amount drawn
– amount undrawn
For details of the Group’s unsecured borrowings facilities see note 18.
The covenants in place in relation to the facilities are outlined below:
31 December
2022
£m
31 December
2021
£m
44.0
86.0
57.5
82.5
Adjusted leverage is calculated by dividing adjusted EBITDA by net debt, which consists of cash less borrowings, lease liabilities
and deferred consideration. Interest cover is calculated by dividing adjusted EBITDA by net finance charges. The Group continues
to have significant headroom over the covenants.
156 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
21. Financial instruments continued
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
At 31 December 2022
120.6
(120.6)
(40.8)
(22.2)
(32.8)
31 December 2022
Non-derivative financial liabilities
Deferred consideration
Trade payables
Borrowings
Lease liabilities
– undiscounted cash flows
– discounting
Amounts owed to non-controlling interest
Carrying
amount
£m
9.8
36.4
44.0
33.7
(5.1)
1.8
31 December 2021
Non-derivative financial liabilities
Deferred consideration
Trade payables
Borrowings
Lease liabilities
– undiscounted cash flows
– discounting
Carrying
amount
£m
14.6
35.9
57.5
37.8
(6.1)
Total
£m
<2 months
£m
2–12 months
£m
1–2 years
£m
2–5 years
£m
>5 years
£m
Contractual cash flows
(9.8)
(36.4)
(44.0)
(33.7)
5.1
(1.8)
—
(36.4)
(4.0)
(0.6)
0.2
—
(9.8)
—
(10.0)
(3.2)
0.8
—
—
—
(30.0)
(3.7)
0.9
—
—
—
—
(11.0)
2.0
—
(9.0)
—
—
—
(15.2)
1.2
(1.8)
(15.8)
Total
£m
<2 months
£m
2–12 months
£m
1–2 years
£m
2–5 years
£m
>5 years
£m
Contractual cash flows
(14.6)
(35.9)
(57.5)
(37.8)
6.1
(0.9)
(35.9)
(7.5)
(0.7)
0.2
(3.9)
—
(10.0)
(3.5)
0.9
(16.5)
(9.8)
—
(10.0)
(3.8)
0.9
(22.7)
—
—
(30.0)
(11.1)
2.3
(38.8)
—
—
—
(18.7)
1.8
(16.9)
At 31 December 2021
139.7
(139.7)
(44.8)
The lease liability cash flows are spread evenly between 2-5 years.
22. Group management of capital
The Group’s objectives when managing capital are:
• to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits
for other stakeholders; and
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in
the light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital all
components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable). The table below
summarises the carrying value of each component.
Carrying value
Share capital
Retained earnings and reserves
Non-controlling interest
Total
31 December
2022
£m
31 December
2021
£m
0.1
208.6
6.0
214.7
0.1
203.2
4.3
207.6
In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a
number of financial institutions to reduce credit risk. The table below summarises the credit rating of each financial institution that held
cash at 31 December 2022.
Credit rating
Barclays Bank PLC
Lloyds Bank Plc
HSBC Bank Plc
Natwest Bank Plc
Silicon Valley Bank
2022
A
A
AA-
A
BBB+
2021
A
A
AA-
A
BBB+
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 18.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
157
Financial Statements Notes to the Consolidated Financial Statements continued
22. Group management of capital continued
Management of capital focuses around the Group’s ability to generate cash from its operations. In order to maintain or adjust the capital
structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell
assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing capital as funds are available for
reinvestment where necessary as well as being in a position to make returns to shareholders where this is felt appropriate.
There were no changes to the Group’s approach to capital management during the year.
23. Share-based payments
The share-based payment charge in the Consolidated Statement of Comprehensive Income relates to the following types of share option
and share award:
Long Term Incentive Plan
Restricted Share Awards
Sharesave Scheme
Share Incentive Plan
Share-based payment transactions
Long Term Incentive Plan (‘LTIP’)
31 December
2022
£m
31 December
2021
£m
1.0
0.7
0.5
—
2.2
0.6
0.3
0.5
—
1.4
Each year conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC Long Term Incentive Plan
(‘LTIP’) schemes to senior employees. Under each scheme, the awards vest at the end of a three-year period dependent on certain
performance criteria being met, as outlined below:
• achievement of a specified average growth rate in adjusted basic EPS at the end of the vesting period;
• the total shareholder return (‘TSR’) of the Company relative to a comparator group of defined companies; and/or
• Group revenue performance.
Restricted Share Award (‘RSA’)
Conditional awards are made over ordinary shares under the Moneysupermarket.com Group PLC Restricted Share Award (`RSA’) Plan
schemes to senior employees that vest over either one or two years. Under the two year schemes, 50% of the award vests at the end of
a one-year period and 50% of the award vests at the end of a two-year period. Vesting on all schemes is subject to the participant being
employed on the relevant vesting date, and not, on or prior to that vesting date, having been issued with or having given notice to
terminate employment with the Group.
Sharesave Scheme
The Group grants options under the HMRC approved Moneysupermarket.com Group PLC Sharesave Scheme which is available to all
employees. The scheme allows employees to save an amount of their net pay into a savings account each month and, at the end of the
three-year period, choose to either receive back their savings or use them to buy ordinary shares in the Company at a discounted
exercise price.
Share Incentive Plan (‘SIP’)
Upon listing, the Company granted £3,000 of ordinary shares at the price of £1.70 per ordinary share to each eligible employee free of
charge. If an employee left within one year of listing, all these ordinary shares were forfeited; between one and two years of listing, 50%
were forfeited; between two and three years of listing, 20% were forfeited; and after three years of listing, none were forfeited. 948,184
shares were issued under the Share Incentive Plan scheme in 2007. On 31 July 2010 eligible employees became entitled to receive their
allocation of free shares. There are 55 active participants (2021: 31) in the HMRC approved SIP scheme, who can subscribe for up to
£150 of shares each month. At 31 December 2022, the total number of shares that remain in trust was 339,657 (2021: 343,328).
158 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
23. Share-based payments continued
LTIP and RSA schemes
The table below summarises the current LTIP and RSA schemes and the performance criteria elements:
Number of ordinary shares
Performance criteria:
– adjusted basic EPS (%)
– total shareholder return (%)
– revenue performance (%)
Weighted average share price at the date of exercise (£)
Sharesave Scheme
2022
LTIP
2022
RSA
2021
LTIP
2021
RSA
2020
LTIP
2019
LTIP
2,275,280
224,355 1,880,072
401,243 1,644,847 1,514,690
50
20
30
n/a
—
—
—
n/a
50
20
30
n/a
—
—
—
n/a
50
20
30
n/a
80
20
—
n/a
During 2022, the Group granted options to employees on the same basis as the grants in previous years. The exercise price for the
options under each active scheme was fixed at the prices below:
Sharesave 2022
Sharesave 2021
Sharesave 2020
Sharesave 2019
Movements in the year
Exercise price
156.0p
203.0p
244.0p
294.0p
The following table illustrates the number and weighted average exercise price (‘WAEP’) of, and movements in, share options during the year.
Outstanding at 1 January 2021
Awards made during the year
Awards vested and exercised during the year
Awards forfeited during the year
Outstanding at 31 December 2021
Awards made during the year
Awards vested and exercised during the year
Awards forfeited during the year
Outstanding at 31 December 2022
Number
2,926,130
2,281,315
(209,589)
(1,412,843)
3,585,013
2,499,635
(282,956)
(972,862)
4,828,830
WAEP
£0.00
£0.00
£0.00
£0.00
£0.00
£0.00
£0.00
£0.00
£0.00
The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended
31 December 2022:
Fair value at grant date (£)
Share price (£)
Exercise price (£)
Expected volatility (%)
Expected life of option/award
(years)
Weighted average remaining
contractual life (years)
Expected dividend yield (%)
Risk-free interest rate (%)
2022
Sharesave
2021
Sharesave
2020
Sharesave
0.98
1.95
1.56
90.2
3.0
2.8
6.0
4.4
1.31
2.54
2.03
91.8
3.0
1.8
4.6
0.4
1.61
3.04
2.44
92.2
3.0
0.8
3.9
0.0
2022
LTIP
1.98
1.98
0.0
92.2
3.0
2.3
0.0
1.4
2022
RSA
1.91
1.91
0.0
92.8
1.1
0.5
0.0
1.0
2021
LTIP
2.66
2.66
0.0
93.0
3.0
1.3
0.0
0.2
2021
RSA
2.71
2.71
0.0
102.9
2.0
0.3
0.0
0.0
2020
LTIP I
2.86
2.86
0.0
85.4
3.0
0.3
0.0
0.2
2020
LTIP II
3.04
3.04
0.0
89.3
3.0
0.7
0.0
0.0
Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies.
Staff attrition has been assessed based on historical retention rates.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
159
Financial Statements Notes to the Consolidated Financial Statements continued
24. Leases
Leases as lessee
The Group holds leases over property for its offices. The London office lease was signed on 22 July 2016 for a period of 15 years, with
a lease start date of 1 June 2017. There was an 18-month rent-free period included in the agreement. The Manchester office lease was
signed on 7 May 2019 for a period of 15 years, with a lease start date of 7 May 2019. There was a 36-month rent-free period included in
the agreement. There is a break clause available at 7 May 2029 and the lease liabilities have been recognised up to this date. In 2021,
the Group also acquired some other smaller leases with the acquisitions of CYTI (Holdings) Limited, Ice Travel Group Limited and Quidco
Limited (formerly known as Maple Syrup Media Limited).
i. Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property,
plant and equipment.
Balance at 1 January 2021
Depreciation charge for the year
Acquisitions through business combinations
Reduction in right-of-use assets
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Balance at 31 December 2022
ii. Amounts recognised in profit or loss
Depreciation charge for the year
Interest on lease liabilities
iii. Amounts recognised in statement of cash flows
Interest paid
Repayment of lease liabilities
Land and
buildings
£m
27.1
(2.9)
1.7
(0.5)
25.4
25.4
(3.0)
22.4
2021
£m
2.9
1.1
4.0
2021
£m
0.9
2.3
3.2
2022
£m
3.0
1.1
4.1
2022
£m
1.1
3.1
4.2
During 2019, the Group entered into an agreement to sub-lease a proportion of its London office. The sub-lease is for a period of 4.5
years and as such does not reflect a transfer of substantially all of the risk and reward of the underlying asset, which in this case is the
15-year head lease or right-of-use asset. Consequently, the Group has classified the sub-lease as an operating lease under IFRS 16.
The rental income for the year was £0.6m (2021: £0.6m).
25. Pensions and other post-employment benefit plans
The Group operates a defined contribution pension scheme calculated on base salary. The assets of the scheme are held separately
from those of the Group in an independently administered fund. The contributions payable to the scheme in respect of the current year
were £2.1m (2021: £1.9m). In the year ended 31 December 2022, £2.0m (2021: £1.8m) of contributions were charged to the Consolidated
Statement of Comprehensive Income and £0.1m (2021: £0.1m) were included in amounts capitalised (see note 7). As at 31 December
2022, pension contributions of £0.4m (2021: £nil) were outstanding and have been settled post year end.
160 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
26. Commitments and contingencies
At 31 December 2022, the Group was committed to incur capital expenditure of £0.3m (2021: £0.9m).
Comparable with most companies of our size, the Group is a defendant in a small number of disputes incidental to its operations and
from time to time is under regulatory scrutiny. As a leading website operator, the Group occasionally experiences operational issues
as a result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows.
The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this.
There is a cross-guarantee held between Moneysupermarket.com Group PLC, MoneySavingExpert.com Limited, Moneysupermarket.com
Limited, Moneysupermarket.com Financial Group Limited and Moneysupermarket.com Financial Group Holdings Limited in relation to
balances owed under the revolving credit facility and the term loan. The maximum amount owed during the year was £89.0m (2021: £89.6m)
and the amount owed at 31 December 2022 was £44.0m (2021: £57.5m).
The contingencies outlined above are not expected to have a material adverse effect on the Group.
27. Related party transactions
The Group has the following investments in all of its subsidiaries which are all included in the Consolidated Financial Statements:
Country of
incorporation
Ownership
interest %
Principal activity
Moneysupermarket.com Financial Group
Holdings Limited
UK
Moneysupermarket.com Financial Group Limited UK
Moneysupermarket.com Limited
UK
MoneySavingExpert.com Limited
UK
Quidco Limited1
UK
Decision Technologies Limited
UK
CYTI (Holdings) Limited
UK
CYTI Limited
UK
Mortgage 2000 Limited
UK
Sellmymobile.com Limited
UK
Townside Limited
UK
Ice Travel Group Limited
UK
Travelsupermarket Limited
UK
Icelolly Marketing Limited
UK
Express Rooms Limited
UK
Icelolly Limited
UK
Icelolly.co.uk Limited
UK
Icelolly Investments Limited
UK
Icelolly.com Limited
UK
Sunsave Travel Limited
UK
Podium Solutions Limited
UK
100
100
100
100
100
100
100
100
100
100
100
67
67
67
67
67
67
67
67
67
52
Holding company
Holding company
Internet price comparison through lead generation
Personal finance website
Cashback services through lead generation
Internet price comparison through lead generation
Holding company
Internet price comparison through lead generation
Dormant
Dormant
Dormant
Holding company
Internet price comparison through lead generation
Internet price comparison through lead generation
Dormant
Dormant
Dormant
Dormant
Dormant
Dormant
Technology platform provider
1 Company name changed from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
161
Financial Statements Notes to the Consolidated Financial Statements continued
27. Related party transactions continued
Aggregate
capital
reserves
£m
Profit/
(loss) for
the year
£m Registered office address
Class of
shares
held
Ownership
31 December
2022
Ownership
31 December
2021
267.0
65.0 MoneySuperMarket House, St David’s Park,
Ordinary
100%
100%
Ewloe, Chester, UK, CH5 3UZ
Moneysupermarket.com
Financial Group
Holdings Limited
Moneysupermarket.com
Financial Group Limited
Moneysupermarket.com
Limited
MoneySavingExpert.com
Limited
Quidco Limited1
Decision Technologies Limited
CYTI (Holdings) Limited
CYTI Limited
Mortgage 2000 Limited
Sellmymobile.com Limited
Townside Limited
Ice Travel Group Limited
Travelsupermarket Limited
Icelolly Marketing Limited
18.0
45.6
39.7
11.8
21.4
0.0
3.4
0.0
0.0
0.0
21.8
14.2
1.0
Podium Solutions Limited
(2.7)
59.4 MoneySuperMarket House, St David’s Park,
Ordinary
100%
100%
Ewloe, Chester, UK, CH5 3UZ
36.3 MoneySuperMarket House, St David’s Park,
Ordinary
100%
100%
Ewloe, Chester, UK, CH5 3UZ
29.7 One Dean Street, London, UK, W1D 3RB
Ordinary
100%
100%
8.2 MoneySuperMarket House, St David’s Park,
Ordinary
100%
100%
Ewloe, Chester, UK, CH5 3UZ
14.0 One Dean Street, London, UK, W1D 3RB
0.0 One Dean Street, London, UK, W1D 3RB
2.8 One Dean Street, London, UK, W1D 3RB
(0.5) MoneySuperMarket House, St David’s Park,
Ewloe, Chester, UK, CH5 3UZ
0.4 One Dean Street, London, UK, W1D 3RB
0.2 One Dean Street, London, UK, W1D 3RB
1.0 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
1.0 Park Row House, 19-20 Park Row, Leeds,
Ordinary
West Yorkshire, UK, LS1 5JF
0.3 Park Row House, 19-20 Park Row, Leeds,
Ordinary
West Yorkshire, UK, LS1 5JF
(0.6) 4th Floor, Market Square House,
St James Street, Nottingham,
Nottinghamshire, UK, NG1 6FG
Ordinary
100%
100%
100%
100%
100%
100%
67%
67%
67%
52%
100%
100%
100%
100%
100%
100%
67%
67%
67%
50%
1 Company name change from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023.
The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly-owned subsidiaries are eliminated on
consolidation as per the exemption offered in IAS 24 – Related Party Disclosures. The list above represents all companies within the
Group. All companies within the Group are registered at the addresses shown above. The Company’s registered office is disclosed
on page 137. All shareholdings with all subsidiaries are ordinary shares.
The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management,
if required.
Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive
Officers also participate in the Group’s Long Term Incentive Plan.
Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received dividends from the Group totalling £41,649
(2021: Peter Duffy, Robin Freestone, Scilla Grimble, James Bilefield and Sally James in total received £30,389).
There were no amounts or any future commitments outstanding to the Company as at 31 December 2022 (2021: none).
Key management personnel compensation
Key management, defined as the Executive management team, received the following compensation during the year:
Short-term employee benefits
Share-based payments
Post-employment benefits
Key management personnel compensation
31 December
2022
£m
31 December
2021
£m
2.7
1.0
0.2
3.9
3.3
0.6
0.2
4.1
In addition to the above, the Executive management team received a bonus of £1.4m (2021: £1.0m) in relation to the reporting period.
162 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
27. Related party transactions continued
Other related party transactions
During the year, Moneysupermarket.com Limited purchased £1.0m (2021: £0.4m) worth of services from Podium Solutions Limited in
relation to the development of digital solutions for the mortgages channel journey on the Group’s website. No balances were outstanding
as at 31 December 2022 in relation to these purchases (2021: £nil). Moneysupermarket.com Financial Group Limited acquired £0.3m
(2021: £0.6m) of loan notes from Podium with a repayment term of ten years and an annual interest rate of 10%. These amounts were
included in the carrying amount of the Group’s equity accounted investment in Podium until it was reclassified as a subsidiary in
December 2022. Since then, these amounts have been eliminated on consolidation. During the year, the Group has recognised interest
income of £0.3m (2021: £nil) in respect of these loan notes. At 31 December 2022, the balance outstanding was £1.8m (2021: £1.3m).
During the year, Travelsupermarket Limited provided internet leads to CYTI Limited, the company that powers its travel insurance
journey. Travelsupermarket Limited charged net commissions of £0.6m (2021: £nil) to CYTI Limited in respect of the services provided
by the two companies. No balances were outstanding as at 31 December 2022 in relation to these transactions (2021: £nil).
28. Acquisition of subsidiaries
Quidco Limited (formerly known as Maple Syrup Media Limited) (‘Quidco’)
On 1 November 2021, the Group acquired 100% of the share capital and voting rights of Quidco for total consideration payable of
£104.6m. On acquisition a new Cashback vertical was created for this business.
Due to the proximity of the acquisition date to the year end and in accordance with IFRS 3 – Business Combinations, a disclosure was
included in the Group’s 2021 Annual Report indicating that if new information obtained within one year of the date of acquisition about
facts and circumstances that existed at the date of acquisition identifies adjustments to the amounts recognised, or any additional
provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised. Since the year end we have
identified new information about facts and circumstances that existed at the date of acquisition which has resulted in an increase in both
accrued income (within trade and other receivables) and other payables (within trade and other payables) of £3.8m. There is no impact
on total identifiable net assets acquired and therefore no impact on previously reported goodwill. The comparative balance sheet as
at 31 December 2021 has been restated in these financial statements accordingly.
Podium Solutions Limited (‘Podium’)
On 23 December 2022, the Group gained control of Podium. Prior to this the Group had held a 50% investment in Podium which was
accounted for as a joint venture. On completion of the transaction, the other shareholders of Podium exercised options which diluted
the Group’s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then,
the Group has been in control of Podium and has accounted for it as a subsidiary undertaking.
The fair value of total consideration was £1.6m which comprised the following:
Fair value of existing interest
Fair value of additional equity interest
Fair value of non-controlling interest
Fair value of total consideration
The fair value of the total identifiable net assets acquired was £1.6m:
Intangible assets
Trade and other receivables
Cash
Trade and other payables
Amounts due to non-controlling interest
Deferred tax
Fair value of total identifiable net assets acquired
£m
0.7
0.2
0.7
1.6
£m
3.2
1.0
0.1
(0.1)
(1.8)
(0.8)
1.6
Intangible assets relate to technology expenditure that had not been capitalised in Podium prior to acquisition. The fair value of these
assets has been determined using a rebuild cost valuation method. This was developed in consultation with senior technology professionals
and using a cost assumption for developers inclusive of a profit margin as would be the case in an external build contracted to develop
an equivalent platform. When valuing assets of this nature we take into account any obsolescence arising from advancements in
technology since they have been built.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
163
Financial Statements Notes to the Consolidated Financial Statements continued
28. Acquisition of subsidiaries continued
Podium Solutions Limited (‘Podium’) continued
There was no goodwill arising from the acquisition as the fair value of total consideration was equal to the fair value of total identifiable
net assets acquired.
In the period from completion of the deal to the year end, Podium contributed revenue and profit before tax of £0.0m to these
Consolidated Financial Statements.
As part of the transaction the Group has a call option to acquire the remaining 48% of Podium in three years’ time. The consideration
payable will equate to the fair value of Podium at that date. No value has therefore been attributed to this call option in these
financial statements.
29. Non-controlling interest
In December 2022, the Group acquired control of Podium Solutions Limited which had previously been accounted for as a joint venture.
Podium is now consolidated as a subsidiary undertaking and non-controlling interest is recognised within equity (see note 28).
The Group also recognises non-controlling interest in respect of Ice Travel Group Limited and its two wholly owned subsidiaries
Travelsupermarket Limited and Icelolly Marketing Limited (together ‘Ice Travel Group’).
The following table summarises the financial performance and position of these companies at the year end before any intra-group eliminations.
Non-controlling interest
Non-current assets1
Current assets
Non-current liabilities
Current liabilities
Net assets
Net assets attributable to non-controlling interest
Revenue
Profit
Other comprehensive income
Total comprehensive income
Profit attributable to the non-controlling interest
Other comprehensive income attributable to non-controlling interest
Total comprehensive income attributable to non-controlling interest
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net increase in cash and cash equivalents
31 December 2022
Ice Travel
Group
Podium
Solutions
Limited
48%
£m
3.2
0.3
(1.8)
(0.1)
1.6
0.7
—
—
—
—
—
—
—
—
—
—
—
33%
£m
14.5
8.3
(4.9)
(2.0)
15.9
5.3
14.6
3.1
—
3.1
1.0
—
1.0
4.5
(0.4)
—
4.1
Total
£m
17.7
8.6
(6.7)
(2.1)
17.5
6.0
14.6
3.1
—
3.1
1.0
—
1.0
4.5
(0.4)
—
4.1
1
Non-current assets for Ice Travel Group include £7.4m (2021: £7.4m) of goodwill in respect of Travelsupermarket Limited that was recognised on the Group’s balance sheet prior
to the acquisition of Ice Travel Group.
164 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
29. Non-controlling interest continued
Non-controlling interest
Non-current assets1
Current assets
Non-current liabilities
Current liabilities
Net assets
Net assets attributable to non-controlling interest
Revenue
Loss
Other comprehensive income
Total comprehensive income
Loss attributable to the non-controlling interest
Other comprehensive income attributable to non-controlling interest
Total comprehensive income attributable to non-controlling interest
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net increase in cash and cash equivalents
31 December 2021
Podium
Solutions
Limited
Ice Travel
Group
—
£m
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
33%
£m
14.8
3.8
(3.4)
(2.5)
12.7
4.3
2.2
(1.8)
—
(1.8)
(0.6)
—
(0.6)
(1.9)
—
4.0
2.1
Total
33%
£m
14.8
3.8
(3.4)
(2.5)
12.7
4.3
2.2
(1.8)
—
(1.8)
(0.6)
—
(0.6)
(1.9)
—
4.0
2.1
1
Non-current assets for Ice Travel Group include £7.4m of goodwill in respect of Travelsupermarket Limited that was recognised on the Group’s balance sheet prior to the
acquisition of Ice Travel Group.
Ice Travel Group’s profit (2021: loss) and total comprehensive income for the year of £3.1m (2021: £1.8m) includes £nil (2021: £1.8m)
of deal fees and associated costs and £0.6m (2021: £0.2m) of amortisation of intangibles relating to the acquisition of Ice Travel Group
by the Group. Included in the profit (2021: loss) and total comprehensive income attributable to the non-controlling interest of £1.0m
(2021: £0.6m) are £nil (2021: £0.6m) of deal fees and associated costs and £0.2m (2021: £0.1m) of amortisation of intangibles.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
165
Financial Statements Company Balance Sheet
at 31 December 2022
Fixed assets
Investments
Total fixed assets
Current assets
Debtors – including amounts falling due in more than one year of £0.3m (2021: £0.3m)
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year
Net current assets
Creditors: amounts falling due in more than one year
Net assets
Capital and reserves
Share capital
Share premium
Reserve for own shares
Other reserves
Profit and loss account
Shareholders’ funds
31 December
2022
£m
31 December
2021
£m
Note
4
5
6
7
10
181.7
181.7
215.8
0.2
216.0
(30.2)
185.8
(30.0)
337.5
0.1
205.4
(2.4)
16.9
117.5
337.5
181.7
181.7
224.3
0.0
224.3
(25.8)
198.5
(40.0)
340.2
0.1
205.4
(2.6)
16.9
120.4
340.2
No profit and loss account is presented for the Company as permitted by section 408 of the Companies Act 2006. The profit after tax
for the Company was £59.9m (2021: £71.4m) which included dividends received of £65.0m (2021: £75.0m).
The Financial Statements were approved by the Board of Directors and authorised for issue on 15 February 2023. They were signed
on its behalf by:
Peter Duffy
Chief Executive Officer
Scilla Grimble
Chief Financial Officer
Registered number: 6160943
166 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Company Statement of Changes in Equity
for the year ended 31 December 2022
At 1 January 2021
Profit for the year
Total comprehensive income
New shares issued
Purchase of shares by employee trusts
Exercise of LTIP awards
Equity dividends
Share-based payments
At 31 December 2021
Profit for the year
Total comprehensive income
Purchase of shares by employee trusts
Exercise of LTIP awards
Equity dividends
Share-based payments
Share
capital
£m
0.1
—
—
0.0
—
—
—
—
0.1
—
—
—
—
—
—
Share
premium
£m
205.0
—
—
0.4
—
—
—
—
205.4
—
—
—
—
—
—
At 31 December 2022
0.1
205.4
Reserve for own shares
Reserve for
own shares
£m
(2.8)
—
—
—
(0.3)
0.5
—
—
(2.6)
—
—
(0.3)
0.5
—
—
(2.4)
Other
reserves
£m
16.9
—
—
—
—
—
—
—
16.9
—
—
—
—
—
—
16.9
Profit and
loss account
£m
112.1
71.4
71.4
—
—
(0.5)
(62.8)
0.2
120.4
59.9
59.9
—
(0.5)
(62.8)
0.5
117.5
Total
£m
331.3
71.4
71.4
0.4
(0.3)
—
(62.8)
0.2
340.2
59.9
59.9
(0.3)
—
(62.8)
0.5
337.5
The reserve for the Company’s own ordinary shares comprises the cost of the Company’s ordinary shares held by the Group through
employee trusts. At 31 December 2022, the Group held 343,328 (2021: 343,328) ordinary shares at a cost of 0.02p per share (2021: 0.02p)
through a Share Incentive Plan trust for the benefit of the Group’s employees.
The Group also held 151,723 (2021: 253,886) shares through an Employee Benefit Trust at an average cost of 204.80p per share
(2021: 239.19p) for the benefit of employees participating in the various Long Term Incentive Plan schemes.
Other reserves
The other reserves balance represents the merger reserve of £16.9m (2021: £16.9m) generated upon the acquisition of
Moneysupermarket.com Financial Group Limited by the Company and a capital redemption reserve for £19,000 (2021: £19,000) arising
from the acquisition of 95,294,118 deferred shares of 0.02p by the Company from Simon Nixon.
Upon the acquisition of Moneysupermarket.com Financial Group Limited, a merger reserve of £16.9m for 45% of the book value
transferred from a company under common control was recognised.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
167
Financial Statements Notes to the Company Financial Statements
1. Accounting policies
Basis of preparation
Moneysupermarket.com Group PLC (the ‘Company’) is a public company limited by shares and incorporated and domiciled in England,
UK. The registered office is disclosed on page 137.
These Financial Statements were prepared in accordance with Financial Reporting Standard 102 – The Financial Reporting Standard
Applicable in the UK and Republic of Ireland (‘FRS 102’). The presentation currency of these Financial Statements is sterling. All amounts in
the Financial Statements have been rounded to the nearest £100,000. These Financial Statements are prepared on the historical cost basis.
In these Financial Statements, the Company is considered to be a qualifying entity for the purposes of this FRS and has applied the
exemptions available under FRS 102 in respect of the following disclosures:
• Cash Flow Statement and related notes; and
• key management personnel compensation.
As the Consolidated Financial Statements include the equivalent disclosures, the Company has also taken the exemptions under FRS 102
available in respect of the following disclosures:
• certain disclosures required by FRS 102.26 – Share Based Payments;
• the disclosures required by FRS 102.11 – Basic Financial Instruments and FRS 102.12 – Other Financial Instrument Issues in respect
of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1; and
• the disclosures required by FRS 102.33.1A – Related Party Disclosures.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these
Financial Statements.
Use of estimates and judgements
The preparation of Financial Statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised and in any future periods affected.
There are no significant estimates or judgements made in preparation of these Financial Statements.
Investments
Investments are shown at cost less provision for impairment.
Basic financial instruments
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors
are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured
at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement
constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present
value of future payments discounted at a market rate of interest for a similar debt instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral
part of the Company’s cash management are included as a component of cash and cash equivalents for the purpose only of the Cash
Flow Statement.
168 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
1. Accounting policies continued
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received. Finance charges, including direct issue costs, are
accounted for on an accruals basis in profit or loss using the effective interest method and are added to the carrying amount of the
instrument to the extent that they are not settled in the period in which they arise.
Own shares held by Employee Benefit Trust
Transactions of the Company-sponsored Employee Benefit Trust are treated as being those of the Company and are therefore reflected
in the Company Financial Statements. In particular, the trust’s purchases and sales of shares in the Company are debited and credited
directly to equity.
Share-based payment transactions
The Company’s share schemes allow employees to acquire ordinary shares in the Company. The fair value of share awards made is
recognised as an employee expense with a corresponding increase in equity. The fair value is measured at award date and spread over
the period during which the employees become unconditionally entitled to the awards. The fair value of the awards made is measured
using an option valuation model, taking into account the terms and conditions upon which the awards were made. The Company’s
share-based payment expenses relate solely to employees of the Company. Share-based payment expenses in respect of other Group
employees are recognised in the company that employs them.
Dividends
Dividends receivable are recognised when the Company’s right to receive payment is established. Dividends payable to the Company’s
shareholders are recognised as a liability and deducted from shareholders’ equity in the period in which the shareholders’ right to
receive payment is established.
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the profit and loss account except to the extent that it relates
to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates in force for the year, and any adjustment to tax
payable in respect of previous years.
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods
different from those in which they are recognised in the Financial Statements. Deferred tax is not recognised on permanent differences
arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or
allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or
substantively enacted at the balance sheet date. Deferred tax balances are not discounted.
Deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax
liabilities or other future taxable profits.
2. Share-based payments
The analysis and disclosures in relation to share-based payments are given in the Consolidated Financial Statements in note 23.
3. Staff numbers and cost
The average number of persons employed by the Company (including Directors) during the year, analysed by category, was as follows:
Administration
The aggregate payroll costs of these persons were as follows:
Wages and salaries
Social security costs
Other pension costs
Share-based payments
2022
No.
2
2022
£m
1.1
0.1
0.1
0.5
1.8
2021
No.
2
2021
£m
1.0
0.1
0.1
0.2
1.4
In addition to the above, bonuses of £0.8m (2021: £0.3m) were payable in relation to the reporting period. Neither Director exercised
share options during the period (2021: one) and the total gain on exercise of these options was £nil (2021: £61,145). Directors’
remuneration is disclosed on pages 97 to 117.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
169
Financial Statements Notes to the Company Financial Statements continued
4. Investments
Cost and net book value:
At 31 December 2021 and 31 December 2022
Shares in
subsidiary
undertakings
£m
181.7
The investment represents the Company’s holding in Moneysupermarket.com Financial Group Holdings Limited, which was obtained via
a share for share exchange during 2012 in which the Company exchanged its existing shareholding in Moneysupermarket.com Financial
Group Limited for the entire share capital of Moneysupermarket.com Financial Group Holdings Limited.
5. Debtors
Amount due from subsidiary undertakings
Prepayments
Deferred tax asset (note 8)
6. Creditors: amounts falling due within one year
Borrowings
Amount owed to subsidiary undertakings
Accruals
7. Creditors: amounts falling due after one year
Borrowings
8. Deferred tax asset
Short-term timing differences
9. Dividends
31 December
2022
£m
31 December
2021
£m
215.0
0.5
0.3
215.8
223.3
0.7
0.3
224.3
31 December
2022
£m
31 December
2021
£m
14.0
15.1
1.1
30.2
17.5
7.0
1.3
25.8
31 December
2022
£m
31 December
2021
£m
30.0
40.0
31 December
2022
£m
31 December
2021
£m
0.3
0.3
Declared and paid dividends on ordinary shares:
Prior year final dividend
Interim dividend
Total dividend paid in the year
Proposed for approval (not recognised as a liability at 31 December): final
dividend
pence per
share
31 December
2022
£m
pence per
share
31 December
2021
£m
8.61
3.10
11.71
8.61
46.2
16.6
62.8
46.2
8.61
3.10
11.71
8.61
46.2
16.6
62.8
46.2
170 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
10. Called up share capital
The following rights attached to the shares in issue during the year:
Ordinary shares
The holders of ordinary shares were entitled to returns of capital, receive a dividend and vote.
Issued and fully paid
Number of ordinary shares
At the beginning of the year
Issued on exercise of SAYE options
At the end of the year
Nominal value of ordinary shares
At the beginning of the year
Issued on exercise of SAYE options
At the end of the year
2022
2021
536,861,647
—
536,700,541
161,106
536,861,647
536,861,647
2022
£
107,372
—
107,372
2021
£
107,340
32
107,372
The Group has a Long Term Incentive Plan under which conditional nil cost awards of ordinary shares in the Company have been made to
certain Directors and employees of the Group, and an HMRC approved Save As You Earn scheme (‘Sharesave’) is eligible to all employees
(see note 23 of the Consolidated Financial Statements).
11. Operating lease commitments
Future minimum lease payments under non-cancellable operating leases total £27.2m (2021: £29.9m). All lease payments are settled
by subsidiary undertakings.
All rental expenses are recharged to subsidiary undertakings and therefore there is no impact on the profit and loss account of the
Company. During the year, rental expenses of £2.4m (2021: £2.4m) were recharged.
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
171
Financial Statements Glossary
2018 Code – means the UK Corporate Governance Code
published by the FRC in July 2018.
ISA (UK and Ireland) – means International Standard(s) on
Auditing in the UK and Ireland.
Adjusted EBITDA – means earnings before interest, tax,
depreciation, amortisation and Adjusting Items.
Adjusting items – means items that are considered
exceptional or non-underlying in nature and are either added back
or deducted from performance measures such as EBITDA, EPS
and profit before tax to enable like-for-like comparison between
reporting periods.
Adjusted EPS – means earnings per share excluding
Adjusting items. A calculation of this is provided in note 10
to the Consolidated Financial Statements.
B2B – means business to business.
B2C – means business to consumer.
Beyond Carbon Neutral – means offsetting greater
than 100% of the Group’s carbon emissions.
CAGR – means compound annual growth rate.
Capital expenditure or Capex – means expenditure
on property, plant and equipment or intangible assets. These
amounts are recognised on the Consolidated Statement of
Financial Position.
Carbon emissions (Scope 1 and 2) – means emissions
of CO2 and other greenhouse gases from fuel combustion and
energy used in the Group’s direct operations.
Carbon Neutral – means offsetting 100% of the Group’s
carbon emissions.
CGU – means cash generating units.
Company – means Moneysupermarket.com Group PLC, a
company incorporated in England and Wales with registered
number 6160943 whose registered office is at Moneysupermarket
House, St David’s Park, Ewloe, Chester CH5 3UZ.
Corporate website – means https://corporate.
moneysupermarket.com/.
CRM – means Customer Relationship Management.
Directors – means the Directors of the Company whose names
and biographies are set out on pages 66 and 67 or the Directors
of the Company’s subsidiaries from time to time as the context
may require.
EBITDA – means earnings before interest, tax, depreciation and
amortisation. It equates to operating profit before depreciation
and amortisation.
EPS – means earnings per share.
Executive Team – means senior management responsible
for managing the day-to-day operations of the business.
GDPR – means General Data Protection Regulation.
GHG – means greenhouse gas(es).
Group – means Moneysupermarket.com Group PLC, its
subsidiaries, significant undertakings and affiliated companies
under its control or common control.
IAS – means International Accounting Standard(s).
IBOR – means interbank offered rates.
IFRIC – means International Financial Reporting Standards
Interpretations Committee.
IFRS – means International Financial Reporting Standard(s).
ITG – means Ice Travel Group.
KPI – means key performance indicator.
LTIP – means the Company’s Long Term Incentive Plan for
Executive Directors and selected senior managers.
Marketing margin – means total marketing expenditure
recognised in distribution expenses and cost of sales divided
by revenue.
MoneySuperMarket.com – means MoneySuperMarket’s
price comparison site.
MoneySavingExpert.com – means MoneySavingExpert’s
consumer site.
MSE – means MoneySavingExpert.com.
MSM – means MoneySuperMarket.com.
Net finance costs – means finance income less finance
costs. Finance income is composed of bank interest. Finance cost
is composed principally of interest, arrangement and commitment
fees relating to borrowings and interest on lease liabilities.
Net debt – means cash and cash equivalents less borrowings
and deferred consideration. It does not include lease liabilities.
Net zero – means the reduction of emissions and using offsets
to neutralise any residual emissions.
Operating expenditure or Opex – means distribution
expenses and administrative expenses, both of which are
recognised in the Consolidated Statement of Comprehensive
Income.
Operational net zero – a 90% reduction in Scope 1
and Scope 2 emissions.
PCW – means price comparison website.
PPC – means pay-per-click.
R&D – means research and development.
RCF – means revolving credit facility.
SEM – means Search Engine Marketing.
SEO – means Search Engine Optimisation.
Sharesave Scheme or SAYE Scheme – means the
Moneysupermarket Group employee savings-related share option
plan approved by HMRC.
SIP – means the Share Incentive Plan.
SM&CR – means the Financial Conduct Authority’s Senior
Managers and Certification Regime.
SONIA – means the Sterling Overnight Index Average.
TCFD – means Task Force on Climate-Related Financial
Disclosures.
TravelSupermarket – means TravelSupermarket’s price
comparison site.
TSM – means TravelSupermarket.
TSR – means total shareholder return – the growth in value of
a shareholding over a specified period, assuming that dividends
are reinvested to purchase additional shares.
Working capital – means current assets minus current
liabilities excluding financing and investment activities.
172 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Shareholder Information
Registered office
Moneysupermarket House
St David’s Park
Ewloe
Chester CH5 3UZ
Telephone: +44 (0)1244 665700
Website: http://corporate.moneysupermarket.com
Registered number
No. 6160943
Company Secretary
Shazadi Stinton
Financial advisers/stockbrokers
Credit Suisse Securities (Europe) Limited
One Cabot Square
London E14 4QJ
Barclays Bank PLC
1 Churchill Place, Canary Wharf
London E14 5HP
Auditor
KPMG LLP
15 Canada Square
London E14 5GL
Solicitors
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London EC2A 2EG
Principal bankers
Barclays Bank PLC
1 Churchill Place, Canary Wharf
London E14 5HP
Bank of Ireland
Floor 3A, Baggot Plaza
27–33 Upper Baggot Street
Ballsbridge
Dublin 4
Silicon Valley Bank
Alphabeta
14–18 Finsbury Square
London
EC2A 1BR
Financial PR
The Maitland Consultancy Limited
3 Pancras Square
London N1C 4AG
Registrar
Equiniti Group
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
173
Financial Statements Shareholder Information continued
Enquiring about your shareholding
If you want to ask, or need any information, about your
shareholding, please contact our registrar, Equiniti Group, by:
Telephone: 0371 384 2564 (UK) (calls are charged at the standard
geographic rate and will vary by provider. Lines are open 8.30am–
5.30pm Monday–Friday).
Electronic communications
You can elect to receive shareholder communications electronically
by contacting our registrar (see contact details opposite). This will
save on printing and distribution costs, creating environmental
benefits. When you register, you will be sent a notification to say
when shareholder communications are available on our website
and you will be provided with a link to that information.
Cautionary note regarding forward-looking
statements
This Annual Report includes statements that are forward looking in
nature. Forward-looking statements involve known and unknown
risks, assumptions, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Group to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Except as required by the Listing
Rules, Disclosure Guidance and Transparency Rules and applicable
law, the Company undertakes no obligation to update, revise or
change any forward-looking statements to reflect events or
developments occurring on or after the date of this Annual Report.
+44 (0) 371 384 2564 (overseas).
Email: customer@equiniti.com.
Alternatively, if you have internet access, you can access the
Group’s shareholder portal at www.shareview.co.uk where you can
view and manage all aspects of your shareholding securely.
Investor relations website and share price
information
The investor relations section of our website, http://corporate.
moneysupermarket.com, provides further information for anyone
interested in the Group. In addition to the Annual Report and
share price, Company announcements including the half-year and
full-year results announcements and associated presentations are
also published there.
Dividend mandates
If you wish to have dividends paid directly into a bank or building
society account, you should contact our registrar (see contact details
above) or visit the Group’s shareholder portal at www.shareview.com
where you can set up or amend a dividend mandate. This method of
payment removes the risk of delay or loss of dividend cheques in the
post and ensures that your account is credited on the due date.
Dividend reinvestment plan (‘DRIP’)
You can choose to reinvest dividends received to purchase further
shares in the Company through a DRIP. A DRIP application form is
available from our registrar (see contact details above).
Share dealing service
You can buy or sell the Company’s shares in a simple and
convenient way via the Equiniti share dealing service either online
(www.shareview.co.uk) or by telephone (0371 384 2564). Calls are
charged at the standard geographic rate and will vary by provider.
Lines are open 8.00am–4.30pm Monday–Friday.
Please note that the Directors of the Company are not seeking to
encourage shareholders to either buy or sell shares in the Company.
Shareholders in any doubt about what action to take are
recommended to seek financial advice from an independent financial
adviser authorised by the Financial Services and Markets Act 2000.
174 Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
2023 Financial Calendar
Declaration date of 2022 final dividend
Announcement of 2022 full-year results
Ex-dividend date of 2022 final dividend
Record date of 2022 final dividend
Trading update
Annual General Meeting
Payment date of 2022 final dividend
Half year end
Announcement of 2023 half-year results
Trading update
Financial year end
Announcement of 2023 full-year results
16 February 2023
16 February 2023
30 March 2023
31 March 2023
18 April 2023
4 May 2023
11 May 2023
30 June 2023
20 July 2023
October 2023
31 December 2023
February 2024
Moneysupermarket.com Group PLC’s commitment to
environmental issues is reflected in this Annual Report,
which has been printed on Amadeus Silk, an FSC® certified
material. This document was printed by Pureprint Group
using its environmental print technology, with 99% of dry
waste diverted from landfill, minimising the impact of
printing on the environment. The printer is a CarbonNeutral®
company. Both the printer and the paper mill are registered
to ISO 14001.
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Moneysupermarket.com Group PLC
Telephone: 01244 665700
Web: http://corporate.moneysupermarket.com
Registered in England No. 6160943
Registered Office: Moneysupermarket House,
St David’s Park, Ewloe, Chester CH5 3UZ