Moneysupermarket.com chairman Bruce Carnegie-Brown to step down

PA

Moneysupermarket.com’s Bruce Carnegie-Brown is to step down as chairman after five years at the group.

Mr Carnegie-Brown, who has chaired the price comparison website’s board since 2014, was appointed chairman of insurance market Lloyd’s of London in 2017 and is also vice-chairman of Spanish lender Banco Santander.

He will be replaced by Robin Freestone at the company’s annual general meeting on May 9.

Mr Freestone has been a non-executive director of Moneysupermarket since 2015 and was previously chief financial officer of media company Pearson.

Mr Carnegie-Brown said: “It has been a privilege to chair Moneysupermarket group over the last five years and to have served on the board for nine years.

“Robin is the ideal person to work with the management team on the next phase of the company’s development. I am confident of the company’s continuing success.”

The news comes as the FTSE 250-listed firm reported a double-digit increase in profits due to higher sales from customers switching energy providers.

Moneysupermarket also said that it will return another £40 million to shareholders this year.

Pre-tax profit for 2018 increased 11% to £106.9 million as revenue rose 8% to £355.6 million.

The company estimates that it saved customers a record £2.1 billion in 2018, up from £2 billion a year earlier.

While the number of active customers on its website slipped to 12.9 million from 13.2 million, revenue per active user grew to £15.90 from £14.88.

The company said trading in the first six weeks of the new year has been “encouraging” and it expects to meet market expectations for 2019.

Chief executive Mark Lewis said: “In 2018 we made great progress on our Reinvent strategy. As well as growing the business, we helped save customers a record £2.1 billion. Our investment in optimising our sites means we have made saving even easier.

“In 2019 we are taking price comparison to the next stage by offering people more personalised ways to save and on more of their household bills.”