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Helping households

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC Annual Report and Accounts 2022
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

Our purpose is to help households save money by
giving them access to free online tools that enable

a marketplace business model, matching consumers

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


It’s never been more important for




Peter Duffy
Chief Executive Officer
» Read more on pages 10 and 11



01
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Contents
Strategic Report
02
Highlights
04
At a Glance
06
Investment Case
08
Chair’s Statement
10

Review
12
Our Market and Trends
16
Business Model
18
Our Strategy
23
Strategy in Action
29 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
66
Principal Risks

Governance
68
Chair’s Introduction

70
Board of Directors
72
Corporate Governance
Statement
83 Employee Champion
Report
85
Nomination Committee
Report
89
Audit Committee Report
94
Risk and Sustainability
Committee Report
97
Remuneration
Committee Report
118
Directors Report
123 Statement of Directors’
Responsibilities in
respect of the Annual
Report and the

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

137
Notes to the
Consolidated Financial
Statements
166
Company Balance Sheet
167
Company Statement

168
Notes to the Company
Financial Statements
172
Glossary
173 Shareholder Information
IBC 2023 Financial Calendar
Kit’s story
Our work has felt

With the onset of the cost of living crisis, MSE can play a very
important role as a trusted source of advice for consumers...


» 

Lisa’s story






and to all of us as customers.
» 

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Highlights


Insurance

2021: £158.7m


2021: £10.6m
Travel

2021: £4.1m
Home Services

2021: £68.1m
Money

2021: £75.2m
Consistent strategic execution and strong results.
Operational highlights
Revenue 
performance in Money and Travel channels, and despite closed

Gross margin 



  of £104.4m

Full-year dividend maintained at 11.71p

tech-led savings platform:


innovation









03
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Financial highlights

Revenue (£m)


316.7
344.9
388.4
355.6



70.2
87. 8
116.0
106.9

1
m)


100.5
107.8
141.5
129.4
2022
2021
2020
2019
2018
2022
2021
2020
2019
2018
2022
2021
2020
2019
2018



9.8
12.9
17.7
16.2

1
(p)


11.9
13.1
18.2
17. 4



11.71
11.71
11.71
11.05
2022
2021
2020
2019
2018
2022
2021
2020
2019
2018
2022
2021
2020
2019
2018
Revenue



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



after the lifting of pandemic-related restrictions.
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
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



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

offset declines in the retail and services segments. Retail moderated as the high online penetration



2021: £10.6m

2021: £1.8m
 
04
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
At a Glance


Cutting your costs,
fighting your corner

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

recommended by its users.

More ways to save



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.


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.
Who we are
Moneysupermarket

business driven

helping households
save money.

The Group operates a tech-led savings




lnsurance, Money, Home Services and


giving them access to free online tools that


matching consumers to providers in an






access millions of customers.
05
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Our brands help households to save money,



» Read more from Peter on pages 10 and 11.

the Moneysupermarket Group

Revenue per active user (MSM)

“Compare millions of

icelolly.com is a holiday comparison


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.




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.
Looking for a great

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.

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Investment Case
Why invest in

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


We have a Group net promoter score





We offer users the tools, services and



fee revenue model gives our providers and

















Strategic Report
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC



strongly cash generative and capital light.































Chair

in tough times
Our Group purpose of helping


Spiralling energy prices, the cost of living
crisis and an uncertain economic outlook
have only heightened the financial strain


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

The breadth and diversity of our

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

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.
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.

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Chair’s Statement
Read more in the Sustainability
Report on pages 36 to 54
Our role in society

culture that encourages our people to









employees, in order to ensure they remain










of environmental, social and governance







Whilst the impact of climate change has

and strategy in the short to medium term,







Succession planning has continued to





see page 70.





and operational direction of the Group.














regulatory requirements suppressed





in consumer savings in 2022. Group






dividends of £62.8m to shareholders.
Read more about our Strategy



platform continued at pace in 2022. At the

consumer propositions. We launched a





Revenue (£m)







cheapest car and home insurance for
customers: this is a clearly differentiating













Strategy on pages 18 to 22.
Capital allocation



a final dividend of 8.61p per share






future prospects of the Group and recognise


the forthcoming Annual General Meeting, the








significant surplus capital and there are no
material short-term organic or acquisitive

consider returning these surplus funds to











of helping households save money.

Chair


Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
10
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC


of our platform




performance shows the


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.



results despite headwinds in several



Revenue per active user (MSM)

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


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

11
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Our platform
At the heart of the Group is our technology






level. That means a single, common platform













requires less resource for maintenance and





















users to save more and offer improved


returning customers. Traditionally price
comparison focused on getting the information

compared. We have pivoted this so the focus is


across more channels. For users that means an




set for each product. Soon, 12 of the 16








use this as the foundation to add innovative
















to its highest level since 2018.














tips and tools to millions of users. MSE has

consumers through the energy and cost of
living crisis, and it is an authority in personal





personalised opportunities to save and has







good progress integrating it into the Group. It


colleagues moving into the main Group office



operations to leading customer engagement


Services, Travel and pet and car insurance.










post-pandemic recovery in Travel.

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




and to deliver to our purpose.

promoting diversity, inclusion and equal







Social impact
Helping households save money and








can to reduce our emissions. In the meantime,







Trust, our charity partner, including the
proceeds from colleague fundraising activities.


impact and support those most in need. MSE


not-for-profit groups that provide education,
information and support to help people

Outlook


purpose to help households save money at its
core. That gives us a strong foundation for an

propositions. This foundation sets us up for





Chief Executive Officer


Annual Report and Accounts 2022
Moneysupermarket.com Group PLC


chosen markets
Price Comparison (overall market) Link to strategy
Regulatory focus


Greater focus from governmental


Impact

increasingly important feature
of the price comparison sector.
Opportunities












Impact
Simultaneous comparison

challenging to present clearly

Opportunities
Today price comparison focuses heavily on price. The cheapest

sites can improve the additional information they provide to
help users assess value. We incorporate independent quality






Propositions that recommend


started to emerge.
Impact

could disrupt the status quo
and rapidly gain scale.
Opportunities
Advisory propositions are generally more heavily regulated

long-term evolution of the price comparison model to one




Rising inflation and interest



Impact


Opportunities



13
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Insurance Link to strategy
FCA pricing regulations



introduced regulations to stop




insurance products offer

Impact

less attractive compared to

higher customer retention


Opportunities





Insurance premiums



In 2022 premiums entered an
inflationary cycle for the first
time since 2019 as insurers
reflected the higher cost


Impact
Premium inflation


Opportunities
An inflationary environment should drive higher enquiries



Travel insurance



The overall demand for travel
and therefore the demand for
travel insurance are recovering
as pandemic-related travel


could put pressure on
consumer spending.
Impact
We have seen a recovery in the

have eased and consumer
confidence returns. A recession
could result in a reduction in
demand for discretionary

Opportunities



 


 Icelolly.com

Strategic priority



14
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
continued
Money Link to strategy
Interest rate rises




economies are starting to rise

Impact

credit more costly.
Opportunities




Home Services Link to strategy






remained high and volatile in

and supply issues.


the introduction of the Energy
Price Guarantee, meant there


Impact



Opportunities





In addition, MSE editorial is uniquely positioned to guide consumers

15
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
 Link to strategy




The pandemic accelerated


reopening of the high street


moderate these trends.
Impact

returned to trends

Opportunities

everyday purchases amid the rising cost of living. The greater


Travel Link to strategy






economic uncertainty could

Impact
As the largest discretionary

demand for travel may soften
under macroeconomic pressures.



more resilient compared to

Opportunities



  
  Icelolly.com
 Our strategy


Retain &
grow

offer

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC

» Read more on pages 


save money
Our value cycle

users make meaningful savings across their



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
3


4


5


 
Our key strengths

Technology









generate real-time performance
information, and provide relevant,

Relationships



» Read more about how we engage
.
People


» Read more about how we support
.



» Read about our brands on pages .
Marketing platforms


» Read more about the effectiveness
.

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Risk management framework


delivery of our strategic goals and the



have considered them as part of our




Group and create the insight required for






appropriately mitigated.

» Read more on pages 


Minimising our environmental impact
Our social responsibility
Robust governance and ethics
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How we share value

Our customers

personalised information


(2021: £1.6bn)




5,000+
(2021: 4,500+)
Our people



(2021: 71%)
Our communities




(2021: £0.2m)

Full year dividend maintained


(2021: 62.8m)

 
 
 

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our Strategy

save money












Further channels



















set of tools and processes for content production
that increase our agility and speed. This has


organic search results for most channels.








level since 2018.

and tools to guide and support consumers to get
















returning users.


in more than one of our seven core channels.


average, active users enquired in 1.2 channels.



















effort needed to get to a quote. The core of


users enquire across more channels. This is


the channels that use the shared profile and






technology to identify potential saving



MSE content and also the start of a suite of




Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report



integrating our 2021 acquisitions, released














prominent positions on the site. And








early steps to offer providers the opportunity to





designated advertising spots on our sites.






offering across channels.
The mortgage proposition remains an attractive



innovate to deliver enhanced, digitised
mortgage comparison services to customers.


of the strengths of the Group. We offer the












simpler to manage and reducing maintenance


home communications.












maintain a culture of diversity and inclusion,





organisation to deliver greater innovation

We remain deeply committed to investing




Culture

  

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our Strategy continued
Progress against our
strategic priorities
Strategic
initiatives  Our future

uncertainties 




use of data and transition to



faster and more agile approach


price promise guaranteeing the

car and home insurance

of proprietary data to
optimise the effectiveness



MoneySuperSeven creative



for customers

and consumer demands


Economic conditions
Regulation
Relevance to partners
 


greater analytical processing
More effective and efficient

turnaround times and








populated enquiries


enquiries using shared




features in the MSE app






Relevance to partners
Economic conditions
Regulation
 
app data into Group Google





propositions using rich,







Strengthen Ice Travel





and consumer demands

Relevance to partners
Regulation
     Icelolly.com


Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
The quotations you supplied were excellent
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






authoritative source of advice on

year-on-year. It maintains its position of



mention MSE as their first port of call for


for users to access helpful information.

guides to help consumers understand

MoneySuperMarket

campaign featuring a squad of seven saving
specialists that help customers to

save: car insurance, home insurance,

insurance and pet insurance. In 2022















pressure for numerous households and







Money




circumstances. We have also improved


improvements and other optimisations.
Mortgages
We have significantly enhanced our


customers to retrieve their last results


Our focus

Cutting your costs,


Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our Strategy continued
Cutting your costs



independent and committed to helping its
users cut their costs and fighting their

sessions on the site in 2022, and around
70 million on the MSE Forum, our online


and around 8 million people receive our

Much of our effort remains focused on
helping people manage the impact of

their finances: our detailed analysis of the
impact of dramatic rises in energy costs
and guides to reduce energy consumption





Fighting your corner


In 2022 MSE released its report calling





The site also highlighted in its report, the

had lapsed for those roaming in Europe as






Government to include scams in the

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


resources in our platforms and content






insurance proposition and relaunched



Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Strategy in Action

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
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

featuring a squad of smart, eclectic, cool
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




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
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


Since launching the campaign our share of

at the highest levels since 2018.






save money. If you find the same product



Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Retain 

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
easier, simpler and more personalised.
To offer attractive deals in any of our
verticals it is necessary to collect a lot of
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information required for the specific product
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shared across our different channels.
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richer as they enquire across more channels.
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
your specific needs and purpose. For






information is already there and you












Strategy in Action continued
 

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report




gives users the opportunity to save on
purchases across a range of categories




from them.



of their everyday purchases.


purchases and save across a range of

























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.







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searches.
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

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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continued interest in furthering this partnership, primarily due to
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Our new
Strategy in Action continued

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
Having occupied my current role throughout
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more in demand than at any point in its near
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has needed to step up and pull together as a
team. Each of us has had a role in ensuring
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



reassurance for me that our messaging has



mortgage outgoings.




that can help them save £100s or even






discount successes.




full-time students or live-in carers, to those












Patricia

harder than ever, millions more people





doing this is easier said than done, especially

harder at present for some people.



ensure the guide remains as up-to-date and





that our advice on credit reports and scores

accepted for credit in the first place.
Kit helps households
save money




Annual Report and Accounts 2022
Moneysupermarket.com Group PLC




tremendously important to me and




from our friends, to our family, and to all of
us as customers.






understand the current climate from an










informed decisions really is the true
foundation of the role.
The Money Team has had tremendous














paramount to delivering all our outcomes.




partners and help provide insight into

gaps into potential offers or products. We


influencing our position to move our
strategies further.













changing factors throughout this year and
this has emphasised ever more so the need

deliver to our customers products and

to their overall lives, to help give certainty in

immune to the difficulties that our customers







prudent financial decisions.


these outcomes for our customers and it










continue to focus on the importance of each



continue to deliver products and offers that
can truly help and support all our customers.
I know how my role helps and supports
our purpose to help households save
money, and I feel I am making a

Lisa helps households
save money



intrinsically connected to

Strategy in Action continued

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report

Who are the Group’s

Customers
Why it is
important



differentiating us from our competitors.
Customers

Products and services


Range of products and services
Ease of use and convenience
Accurate and up-to-date information
How we engage



perception across a range of indicators including
customer satisfaction, functional drivers such as
ease of use and emotional drivers.








opportunity to receive responses to queries in real






How the

Indirect engagement:





gained from quantitative and qualitative customer
research used to inform our strategy.


Significant




saving offers, and quantity of products. It also

such as clearer communication in certain areas.











maintaining good communications and










suppliers and providers, shareholders and









this duty, having regard to a range of

the need to maintain a reputation for high


30
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Customers continued
Outcomes 

could capture and report more meaningful data.

channels to give customers the opportunity to
receive responses to queries in real time.




response, and in many cases a one-contact resolution.


















Why it is
important










Employee engagement
Training and development

Health and safety
Equality
How we engage






employee engagement to ensure that all employee
voices are heard.
We continued to run a fortnightly all-employee












We have nine active Employee Resource Groups















understanding of the reaction of employees to


continued
31
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
 continued
How the






during 2022, offering employees in each of these





Employee Resource Groups.



Indirect engagement:







employee engagement survey.


concerns confidentially.

received regular updates on our diversity and
inclusion progress.
Significant










in the cost of living crisis and the performance of the


event that career development opportunities for




relevant senior leaders, as appropriate.
Outcomes







order to enhance career progression.




ensure that a there is a programme of employee

on different areas.



seminars to employees to help them to understand

We made a one-off payment of £2,000 to all



Why it is
important







Financial performance, economic impact and

Governance and transparency




Strategic progress
Total shareholder return

Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
 continued
How we engage 

investors and analysts throughout the year to

any ad hoc queries.
We held an informal dinner for our analysts to meet

of our strategy and the different areas of our


in-person meetings for our shareholder meetings
and results presentations to provide a greater level
of engagement.
How the










Indirect engagement:




Investor Relations Team during specific consultation







Significant












Outcomes








and progress.

Why it is
important





Suppliers




Efficient customer acquisitions


How we engage





successful initiative that has increased engagement
and had a positive impact on our trading.



identify any areas for improvement, and to inform


tender processes and more informal meetings and


We conducted revenue audits on selected providers
and third party audits on a sample of our suppliers.







continued
33
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report
 continued
How the

Indirect engagement:


either in terms of value or strategic importance to
the Group.

understand the level of supplier engagement and

supplier management activities.


and in the annual strategy sessions.
Significant


survey that additional data propositions to sit





Outcomes


We have significantly improved the data and insights



We have improved engagement in our Money


offerings to customers as a result, especially through


and contract approval limits to ensure a more

oversight and rigour.

Why it is
important


communities and groups local to our offices and consider the environmental and social impacts of our operations.


Communities


Health and safety performance

and reporting

How we engage
We provide support to charities local to our offices



initiative to support the local community and reduce


year to provide meaningful support to deprived
young people over the long term, via fundraising
initiatives including a Future Steps challenge and



participated in a panel discussion on allyship.
How the






Indirect engagement:

charities and communities initiatives from the


climate-related commitments, including a revision




Significant



34
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
 continued
Outcomes 

To encourage our colleagues to help in their
community, a charity, or an initiative that supports


We have continued to reduce our greenhouse gas

We supported local families and our communities
and helped several groups to restart their

We donated £100,000 to the Princes Trust,





Regulators/Government
Why it is
important



Regulators’




Treating customers fairly
Impact on the environment
How we engage




annual reporting that includes information on sales,
complaints and regulatory capital. This reporting is





emerging regulatory developments, including GI



developments to ensure our implementation

We provide training and support colleagues on the





various campaigns including the future of the

How the

Indirect engagement:






for the Group.




Significant


implementation of GI pricing rules.
Outcomes


continued
35
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Strategic Report





and reserves to itself specific matters

direction of the Group, M&A activity



received presentations on specific


management, determined strategic
priorities and the development of





throughout the year, including specific

regulatory changes and changes to the










that promotes integrity and transparency.








governance and compliance, and the
identification and management of

received regular governance updates

























acceptance of a move to Restricted Share








discretion upon vesting.






as regards those underpins applied at
Scheme grant and provide a detailed







Sustainability
I am so proud of the strides we




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





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

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,

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

with cross-functional representation.
During 2023 we will introduce a new set



We have undertaken a number of projects
across the year to help our employees

providing workshops for our employees


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

environmental impact, focus on our social
responsibility to our communities and our
employees and ensure we have robust

always striving to deliver on our purpose

Sustainability
for success
36
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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


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

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

the Group, with the purpose of taking
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.
We build our culture through nurturing
and promoting high performance and

communities. Our Company behaviours


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


(‘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

autism, suicide prevention, Pride, and
Crohn’s and colitis – invisible illnesses,


In 2022 we also established a new ERG


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


MSMG Sustainability Framework
Our purpose




Minimising our
environmental impact
Our social responsibility


Robust governance

1. Net zero and beyond 1. Benefiting our communities 
2. Reporting our progress




2. Looking after our employees 2. Good business ethics
3. Our environmental initiatives 3. Being a fair and socially

3. Sustainable governance

across teams with a focus

Engagement survey comment
(November 2022)
Strategic Report
37
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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

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


Some of the highlights we’re proud of are:
91% of respondents believed their
manager created an environment

89% said their manager valued their
perspective even if different from

85% agreed they knew how their

We keep our employees actively involved
and consulted about Group activities and
business performance through a range of
internal communication channels. These


Executive-led virtual and hybrid floor briefs,
where employees can ask questions or give

monthly functional all-hands meetings led

Microsoft Teams posts and corporate
announcement emails. Following the
appointment of Sarah Warby as Non-
Executive Director Employee Champion





direct and unfiltered feedback to our

Sustainability continued
Minimising our environmental impact
Whilst the Group is not a major energy

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.
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

circumstances and the criteria and
recommendations of the SBTi, and we


Operational Net Zero by 2030
We are firmly committed to reaching


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

climate crisis.
We are making good progress towards our

Report on page 42 for details) and in 2022
we undertook a review of our operational


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).

commitment, we:
measure all of the Group’s carbon
emissions, including Scope 3, and

publish details on our corporate website
on how we plan to reach operational

continue to be a Beyond Carbon

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

report on our progress against our short
and medium-term targets to the Board

provide updates on our progress via


commit to having a member of our
Executive Team responsible for our

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


disclosure for companies, cities, states


1
which

Awareness bracket, in line with the average
score for our sector. We are committed to
improving our climate governance in line

provide updated CDP disclosures annually
going forward.
1 On an eight-point A–D scale.
38
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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.
Emissions removed over
project’s lifetime
7m tonnes
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


indoor air pollution and provides
decent work and economic growth.
Gyapa efficient
stoves, Ghana
This project introduces families

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

saves families as much as $100
annually, while protecting Ghana’s
tree cover, which has decreased 19%
since 2000 according to Global

Project 1 Project 2 Project 3
Stoves installed to date

3m
A family can save up to
$100
on their annual fuel bill
Key initiatives in 2022

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:




in-office communications, including

In conjunction with our proactive and
passionate Green Team, which devises

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

worked with Giki to educate employees
both on their personal environmental
impact, and on how to have a sustainable

improved our reporting on the waste

provided battery charging points and

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

environment, as a Beyond Carbon

This year, we were keen to ensure that

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

Strategic Report
39
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

understanding of their own carbon
footprints, and on the steps to take

everyday lives. This included an
introduction to Giki’s science-based
platform, a workshop on how to have



Case study
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.
Case study
Sustainability continued
40
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Minimising our environmental impact continued
Helping customers to make
sustainable choices
In addition to helping our employees

environment, we also live our purpose


customers who want to make low-carbon
and sustainable choices, and save money in
a sustainable way. On MoneySuperMarket,
we provide customers with information

generated. We also provide functionality

we will continue to promote when the
energy market conditions improve.
Firmly aligned to our purpose of


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

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

remain Beyond Carbon Neutral whilst
making further progress against our

alongside our Green Team, further
engage our employees on climate
change issues and share how to

challenges, events and provision

continue our climate-related


finalise and obtain validation for our

continue to provide guidance to


Strategic Report
41
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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 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

Emissions reported correspond with

Set out in the paragraphs below is our total
annual carbon intensity in tCO
2
e 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


We recognise that 2022 has been another
unusual year and as such our carbon
reduction plans will continue to be based

assessment was carried out.
We report annually on our carbon intensity
in tCO
2
e 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

We also measure the metric of intensity
ratio of kgCO
2
e 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.



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:
kWh
Energy from: 2022 2021
Scope 1: heating fuels 431,719 220,939
Scope 2: purchased electricity 605,232 785,815
Scope 3: employee mileage 41,702 14,622
Total energy 1,078,653 1,021,376
SECR Greenhouse gas (‘GHG’) emissions in tonnes of CO
2
e:
Tonnes of CO
2
e
Emissions from: 2022 2021
Scope 1 (direct) 79 
Scope 2 (indirect) 9 135
Scope 3 (indirect) 13 3
Total gross emissions 101 183
150% carbon removal (152) (274.5)
Total net emissions (51) (91.5)
SECR Intensity ratios:
2022 2021
Floor area: kWh/sq.ft/year 10.38 9.78
Employees: tCO
2
e/employee/year 0.14 0.29
Revenue: tCO
2
e/£m/year 0.26 0.58
Sustainability continued
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

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.
Priority 2 – Looking

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

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

further examples our approach on
pages 44 and 45 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

commitment to:
 
(2) comply with relevant laws

(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

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

Priority 2 – good

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





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

In 2022, we undertook a review of all our
Group policies, to ensure they remain

understand the application of these
policies whilst they are working for

Priority 3 –

In 2022, we formed a 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:


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.
Strategic Report
43
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
People and culture
Our colleagues are the heart of our
business. We are proud to deliver on

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


and mental wellbeing as well as ensuring
that our colleagues remain informed

bringing teams together once again for
collaboration and all colleague events and
we have held over 30 small group in-

with our colleagues and CEO Peter Duffy




John Barrett, Lead Product Manager, Manchester.
Living with disabilities can be an isolating experience especially when it comes to

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.

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


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 Ive 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

MSMG will be supporting me every step of the way.
Case study
Diversity, equity
inclusion, belonging
Sustainability continued

candid and it feels like he


Engagement survey comment

Diversity, Equity, Inclusion

Diversity, Equity, Inclusion and


We are committed to embracing

equal opportunity and are proud that



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

were ranked at number five on the FTSE
250 Women Leaders Review for females

female overall leadership. In December,


62.5% of our Non-Executive Directors


51% of our Executive -1 were female.
44
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
In May we launched our Family Wellbeing
Support guidelines covering Menopause

Pregnancy/baby loss and Domestic

transparency on the Group’s approach to
supporting colleagues to ensure consistency
and fair treatment from both a colleague
and manager perspective, whilst taking


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

We also partnered with Dyslexia Box

e-learning from a neurodiversity and
disability perspective. The purpose is

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

been recognised at number 33 on the
Inclusive Top 50 UK Employer List 2022

built on our Race Equality Action Plan and
Race at Work Charter commitments
through a focus on ethnicity representation

sponsored Black Business Week’s


celebrated International Women’s Day,


taken part in London Pride Parade with
27 colleagues and their partners
celebrating the day and representing

held awareness sessions and invited
outside speakers on multiple topics
from suicide prevention to baby loss

introduced multi-faith leave, allowing
colleagues to take additional leave for



trained 53 colleagues in British Sign

welcomed our first support dog,

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


representation in these areas trend

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,

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.


groups, the ethnicity pay gap is in favour

highest ethnic representation within



hires in 2022 who disclosed their ethnicity
were from multi-ethnic backgrounds.
At December 2022, 20% (three out of 15)


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

accredited leadership programme.


the programme mid 2023. LEAD is funded
by the Apprenticeship Levy and provides
our managers and leaders with holistic
development through a combination

activities, and one-to-one coaching

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.

opportunities to grow here,
which I have taken. This is
one of the areas that this
Company does very well

Engagement survey comment

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.
Strategic Report
45
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Life at MSMG
Case study


Sustainability continued
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





Engagement survey comment

Our charity partnership

At the end of 2021 we took a decision to
extend our three-year charity partnership
with The Prince’s Trust by 12 months,

fundraising efforts in years two and

As with each of our previous years, our first

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

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




Over the year, our employees raised

activities with the Group, including company
matching. Towards the end of the year,

£22,000 to the Trust, rounding up our

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.

donated since becoming partners at the
beginning of 2019 and of the volunteer
work we have been able to complete

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,

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



46
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Our .Community efforts

drive, (where teams in Belfast visited

the day helping package, bag and wrap
presents for the local families, as well as


donation to a family support shelter


Several members of staff asked if there
was anything we could do to help with


office in collaboration with the local Polish
support group, PCIS. After collecting items
all week we headed to the collection centre

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

awareness of the cause, we posted on


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




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

As 2022 drew to a close, increasing costs

many families in the UK. In a direct link

households through support for food
banks and fuel poverty charities.

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,

Paul Cartwright, .Community Lead
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

organisations, from small grassroots
groups to more mainstream charities,


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


This year’s summer round, themed on

earlier than usual in response to the cost


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.
Strategic Report
47
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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.
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
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 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 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



recommended disclosures from the
recommendations of the TCFD (taking




Sustainability continued
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

reducing our carbon emissions and
production of waste, and sourcing
responsibly. We consider environmental
and sustainability issues in aspects of

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

identifying and dealing with climate-
related risks and opportunities, and how
they impact our strategic and financial

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:



to report our progress to our

to seek and implement new
environmental initiatives in our



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 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

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


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

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

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.
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

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.
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

ambition of the Group is to minimise our
environmental impact and our three priority
areas centre around our operational net

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

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

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,

Committee, to becoming the Risk &
Sustainability Committee. Therefore,

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

and we have continued to assess climate
change as an emerging risk to our business,
rather than a principal risk. See pages 94


Reporting to the Executive Risk and
Sustainability Committee is our new
Sustainability Steering Committee,






communications, Board engagement



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

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

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

updated through the Employee


updates to reporting on the Group’s
emissions and targets, through an external
consultant who assists the Company with its

updates. Both the General Counsel 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

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

Managements role in assessing


Our employee-led Green Team is

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

Management Framework described on
pages 62 to 67. In considering this risk
assessment, we defined the

short term (up to three years) reflecting
the period over which we prepare
financial projections which are used to

medium term (period to 2030) reflecting
the period over which we committed to

long term (period beyond 2030) reflecting
the period over which longer term
climate, consumer and structural trends
will take place.
Strategic Report
49
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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

physical risk: chronic – longer-term shifts
in climate patterns such as sea level rise

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,

requirements, car ownership and
international travel.
We have assessed the potential impact from
major climate change that could affect the


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.

opportunities assessment, we do not
anticipate any specific opportunities for

products become more available (and
potentially more desirable, particularly


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


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.

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


analysis exercise to understand the
potential impact that climate changes of

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
Group Green Team
MSMG PLC Board

Environment


GC & CoSec
Social
Our social purpose

Governance
Robust governance

GC & CoSec
Sustainability Steering Committee

Executive Risk and Sustainability Committee

Risk and Sustainability Board Committee


Sustainability continued
Task Force on Climate-Related Financial Disclosures (TCFD’) continued
50
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
will result in average atmospheric

by the end of the century. Whilst the climate
outlook shows the UK is expected to face
average temperature increases between

on our long-term strategy. Based on our
current analysis scenarios and initiatives,

to any physical risks which may materialise.

however, this is predominantly an indirect
risk due to providers modifying their
products and services.
3. Risk management
Our processes for identifying

and integrating climate-related


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

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,


operational resilience to climate-related
risks by reducing our emissions across our
activities. We have already implemented

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

identified additional opportunities such as
delivering a carbon emissions awareness
campaign to our employees and moving
our remaining offices to renewable

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

management processes
We are committed to our plan for

and have made a commitment to limit our
Companys 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.

emissions and our intensity ratio metrics
can be found on page 42.
Due to the limited risks and opportunities

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

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

by 2030. This means for Scope 1 and 2,

pathway), there will be a 90% reduction

In terms of our longer-term plans, to


decarbonisation pathway, and that our
targets are sufficiently ambitious, we

targets in 2022. As a result of this review,
we have also increased our target for
reducing Scope 3 emissions by 2030

Our long-term targets are more ambitious
again: we have increased our targets to
reduce Scopes 1, 2 and 3 emissions by

emissions across these scopes by 90% by
2050 (2021: 80% by 2050) and therefore

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

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

modelling, the Greenhouse Gas Protocol.
The baseline year chosen is 1 January to

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,

disclosures to provide meaningful
information for our stakeholders.
Greenhouse gas (‘GHG’) emissions




emissions for Scope 1 and Scope 3, we
have also chosen to publicly disclose our

description of the methodologies used

For the emissions that we have not yet
been able to eliminate, we mitigate 150%
of these emissions through investing in


Strategic Report
51
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Sustainability continued
Non-Financial Information Statement



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 Framework
Sustainability disclosure pages 36 to 53
Employees Code of Conduct
Equal Opportunities & Diversity Policy

Whistleblowing Policy and Framework

Sustainability disclosure pages 36 to 53
Employee Champion Report pages 83 and 84
Human rights 
Code of Conduct
Corporate Governance Statement pages 72 to 82
Social matters 
Volunteering Guide (Time-Off Policy)
Sustainability disclosures pages 36 to 53
Directors’ Report pages 118 to 122
Anti-corruption and bribery Anti-Bribery & Corruption Policy and Procedure
Competition Law Policy
Conflicts of Interest Policy and Procedure

Fraud Investigation Policy
Share Dealing Policy and Code

Directors’ Report pages 118 to 122
Principal risks and impact

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
Description of

Business model pages 16 and 17
52
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
People
At Moneysupermarket Group,


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

communicated to all employees through

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:

comply with relevant laws

do the right thing.
Human rights
Our Code of Conduct also confirms that

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’



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.

modern slavery, and are committed to
acting ethically and with integrity in all our
business dealings and relationships, and

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

We believe we should treat all of these
groups with honesty and integrity.

clear guidelines and processes for giving
and accepting gifts and hospitality from

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




Alongside this, we want to make our
contributions to the communities that

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

investment needs to sustain the long-term


and the level of dividend cover.
Moneysupermarket.com Group PLC,

non-trading investment holding company,
which derives its distributable reserves
from dividends paid by subsidiary
companies. The Board reviews the level

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

The Strategic Report on pages 02 to 67


Peter Duffy

15 February 2023
Strategic Report
53
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Review



Scilla Grimble

Strong performance and
strategic momentum
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.
54
Annual Report and Accounts 2022
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
2022
£m
2021
£m
Growth
%
Revenue 387.6 316.7 22
Cost of sales (125.1) (93.8) 33
Gross profit 262.5 222.9 18
Operating costs (173.5) (149.5) 16
Operating profit 89.0 73.4 21
Amortisation and depreciation 26.5 23.5 13
EBITDA 115.5 96.9 19
Profit after tax 69.3 52.1 33
Earnings per share:
– basic (p) 12.7 9.8 30
– diluted (p) 12.7 9.8 30
Reconciliation to adjusted EBITDA:
2022
£m
2021
£m
Growth
%
EBITDA 115.5 96.9 19
Deal fees and associated costs 0.0 3.6 n.m.
Adjusted EBITDA 115.5 100.5 15
Adjusted earnings per share
1
:
– basic (p) 14.4 11.9 21
– diluted (p) 14.3 11.9 20
1 A reconciliation to adjusted EPS is included within the adjusting items on page 57.
Revenue
for the year ended 31 December
2022
£m
2021
£m
Growth
%
Insurance 172.0 158.7 8
Money 103.3 75.2 37
 39.8 68.1 (42)
Travel
2
14.9 4.1 265
Cashback 57.6 10.6 n.m.
Total 387.6 316.7 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

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.
Strategic Report
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Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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

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


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

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

affected by the closure of the energy market and lower switching volumes in car and home insurance.
Gross profit

Cashback, which has structurally lower margins, Group gross margin would have been about 4.5%pts higher. The loss from July 2021

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

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


Operating costs
for the year ended 31 December
2022
£m
2021
£m
Growth
%
Distribution expenses 40.1 29.5 36
Administrative expenses 133.4 120.0 11
Operating costs 173.5 149.5 16
Within administration expenses
Amortisation of technology related intangible assets 10.4 14.6 (29)
Amortisation of acquisition related intangible assets
3
11.3 4.4 160
Depreciation 4.8 4.5 7
Amortisation and depreciation 26.5 23.5 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

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

Financial Review continued
56
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Adjusting items
4
for the year ended 31 December
2022
£m
2021
£m
Growth
%
Deal fees and associated costs 3.6 n.m.
Amortisation of acquisition related intangible assets 11.3 4.4 160
Adjusting items included in administrative expenses 11.3 8.0 42
Change in fair value of financial instrument (0.0) 0.7 n.m.
Total 11.3 8.7 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

31 December
2022
31 December
2021
Estimated Group customer savings £1.8bn £1.6bn
Group marketing margin 57% 61%
MSM and MSE net promoter score 72 72
MSM active users 11.1m 10.0m
Revenue per active user £16.40 £16.90
MSM cross-channel enquiry 21% 19%
Estimated Group customer savings: 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

Group marketing margin: The inverse relationship between Group revenue and total marketing spend represented

MSM and MSE net promoter score: 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

MSM active users: 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)

MSM revenue per active user: The revenue for the core seven MSM channels divided by the number of active users for

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.
Strategic Report
57
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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)

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

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

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

The final dividend will be paid on 11 May 2023 to shareholders on the register on 31 March 2023, subject to approval by shareholders

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

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)

The working capital inflow of £4.7m was mainly driven by tighter receivables working capital management but also benefited from

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

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.
Financial Review continued
58
Annual Report and Accounts 2022
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

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

arrangements and impact on covenant calculations has been modelled. The possible mitigating circumstances and actions in the event

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

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

15 February 2023
Strategic Report
59
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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


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.


the Group relies on customer
transactions for its revenues and


the Group makes money when its
customers find the product they want,

customers will continue to see value in
shopping around for products and
services and will aim to save money by

providers will have strategies of new
customer acquisition and develop
products and services to fulfil

The Group’s strategy continues to focus

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

and reviews progress against three time

performance against the Annual Plan and

Annual Plan and Budget that will deliver

Strategic Plan reassessed annually, to

The Board noted the commentaries issued
by the Financial Reporting Council
suggesting that Viability Statements should
be extended beyond a period of three

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


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,

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

attractive products for customers.

(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

factor in existing borrowings, including
debt repayments, the deferred consideration

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

recovery for the period of the cash

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

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


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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


regular assessments of current and
emerging risks being faced by the Group
including internal control effectiveness

risk metrics and thresholds which are

scenario planning based on the principal

oversight from Risk and Compliance

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.
Strategic Report
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Moneysupermarket.com Group PLC
Risk Management
Risk management process
Risk management governance and oversight
Framework, policy and procedures
Three lines of defence
Risk appetite
Risk registers and risk assessment
Risk management culture
Values, behaviours and communication
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
Risk management
with a customer lens



Matt Whittle

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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,

Governance and oversight
A governance and oversight structure is in place, with clearly defined
lines of responsibility, accountability and delegation of authority.
The Board is ultimately responsible for the overall effectiveness


responsibility to Executive management. Executive management
owns the Group risks, is responsible for ensuring that the business
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.

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 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.
 

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

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.

(1st Line of Defence)
Ensure risk management is an integral part of implementing the business strategy.
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.

(2nd Line of Defence)
Implementation of Group Risk Framework and risk appetite and assess internal control effectiveness
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.

(3rd Line of Defence)
Monitor effectiveness of risk management processes.
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.
Strategic Report
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Moneysupermarket.com Group PLC
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

management and internal controls

independent third parties, including

assessment of the extent, frequency and
quality of risk management and internal

review of the resolution of issues arising
from internal control failings or

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 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.
Risk identification

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

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


to have access to detailed information to
enable root cause analysis and identification

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.

will be determined by the level and nature
of the risk and the Group’s risk appetite.
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

operational resilience, and consumer
behaviours, as well as enabling the
identification and mitigation of

The Group recognises that regulation, in
particular the activities of the FCA, the ICO,
Ofgem and the CMA will continue to be

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

management framework in 2023, in
particular ongoing embedding of enhanced
controls in respect of data protection and
third-party management.
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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).
1
Competitive environment

2
Brand strength and reputation
3
Data processing and protection
4
Data security and cyber
5
Relevance to partners
6
Economic conditions
7
Regulation
Impact
Strategic and operational/conduct

1
2
5
3
4
6
7
Strategic priorities
Efficient acquisition
Retain and grow
Expand our offer
Strategic Report
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Moneysupermarket.com Group PLC
1
Competitive environment and consumer demands
Strategic risk Link to strategy
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

products easier.
Developments in 2022
The Group has invested in a price match offer

customers cheaper quotes than our competitors


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
Link to strategy
Description
The Group must maintain consumer
awareness of and engagement with
its key brands.
Mitigating activities
Investment in marketing across a range of media to
maintain the Group’s brands in consumers’ minds.
Our strong relationships with our providers allow

Developments in 2022
In May, the MoneySuperSeven featured Dame Judi

MoneySavingExpert has been uniquely positioned

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 Link to strategy
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.
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

the Group.
MoneySuperMarket enhanced and delivered its
mandatory training across the Group.
4
Data security and cyber risk
Operational/conduct risk Link to strategy
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

Developments in 2022
The Group continues to invest in our cyber
governance framework and ‘ISMS’ – this includes




Principal Risks and Uncertainties
66
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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

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 Link to strategy
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.
Mitigating activities
Maintaining a diversified business across a range

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.
Developments in 2022
The Group has continued to diversify and

appropriate channels where necessary as a

7
Regulation
Strategic risk Link to strategy
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

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

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.
Strategic priority
Efficient acquisition
Retain and grow
Expand our offer
Risk trend
Increasing
Decreasing
Stable
Strategic Report
67
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
68
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Chair’s Introduction to Governance
Leadership
and governance
Dear fellow shareholder
I am pleased to present the Group’s
Corporate Governance Statement

Board focus areas in 2022:
appointment and induction of a new
Independent Non-Executive Director
and the sourcing of a new Chief

robust assessment of the Group’s

monitored and reviewed the Group’s

monitored progress against the Group’s

assessment of environmental initiatives,
including progress made against the
plan to become operational net zero by

approved the acquisition of additional
share capital in Podium, bringing our

monitored the embedding of Quidco

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

In this report, we describe how our purpose,
values and strategy are aligned with our
culture and how we consider all our

Governance improvements
during 2022
dedicated Board session reviewing risk
management processes, including risk

reviewed and enhanced the Board and
Committee reporting templates, action

reviewed and approved all governance
policies and training, ensuring they
remained aligned with Group values


the enhancement of governance
controls in relation to our Sustainability
Framework including clarity of roles and
responsibilities and an additional review

updated and approved the Matters
Reserved for the Board and the Board

Purpose and culture
The cultural tone of the business begins

households save money is enabled by the
behaviours that are embedded into our

Together, these help to create a culture
which optimises performance and

The Board endeavours to promote
integrity and diversity of thought at all

developing a diverse workforce and an

commitment is demonstrated in the
implementation of our diversity and
inclusion initiatives, including our

Further details on our culture, purpose
and values can be found in our Strategic

We delivered well against our strategy.


Robin Freestone
Chair
69
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Board changes
The Board spent a significant amount of time
considering succession planning during the

resigned from the Board on 31 May 2022,



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


role of Chair of the Risk and Sustainability
Committee and Caroline Britton was

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

As described in my Chair's Statement



and took over the role of Remuneration

brings with him a wealth of experience in
technology, cyber and industry and further
strengthens the diversity and experience of

1 February 2023 and will take over as Chief

strong digital and consumer experience and I
am looking forward to working with him as we

For further information regarding the formal,
rigorous and transparent selection process in
relation to Rakesh and Niall, please see our


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

Dividend
I am delighted to report that the Board has


Looking forward

high standards of corporate governance
across the Group, underpinning the delivery

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

Robin Freestone
Chair
15 February 2023
The table below shows where shareholders can evaluate how the Company has

Section Further information
Board leadership and Company purpose
The cultural tone of the business begins in
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
taking into account the interests of our wider

and processes are in place to ensure that

Business model – pages 16 and 17
Board activities – pages 74 to 76
Risk management – pages 62 to 65
Shareholder engagement – page 73
Section 172 Statement – pages 29

Sustainability Report – pages 36 to 53
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Division and responsibilities
The respective roles and responsibilities of
the Executive and Non-Executive Directors
are clear and consistently applied, providing
for effective and constructive dialogue and

Board of Directors – pages 70 and 71
Division of responsibilities – pages 77

Nomination Committee Report

Composition, succession and evaluation
The Group has a strong Board with a balance

The appointment process is rigorous and
carefully applied, with annual evaluation
keeping the effectiveness of the Board and

Nomination Committee Report



Audit, risk and internal control
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

ensure that the Company’s financial
statements are fair, balanced and


Risk management – pages 62 to 65
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
Risk and Sustainability Committee
Report – pages 94 to 96
Board activities – pages 74 to 76
Remuneration
Remuneration supports the Company’s
strategy and is appropriate to the size,
nature, complexity and ambitions of the



Business model – pages 16 and 17
Remuneration Committee Report –
pages 97 to 117
Compliance with the 2018 UK Corporate Governance Code

During the year ended 31 December 2022, we have applied the principles and complied

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


governance duties and outlines the governance initiatives we have undertaken during

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




The Board also reviewed its governance framework to ensure it remains fit for

70
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Board of Directors
and focusExperience
Selection process


and transparent selection process for the

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

Induction and onboarding

the Chair and Company Secretary to ensure that
all newly appointed Directors receive a full and
formal induction, which is tailored to their

includes a comprehensive overview of the

and senior management, as well as guidance


01 Robin Freestone
Chair of the Board
Committees
N
Term of office: Appointed as Non-Executive

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



Robin has also held senior financial positions at


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

financial insight as well as an understanding of
how to attract and retain talent as Chair of the

External appointments: Robin is Lead Director


and Chair of the Audit and Risk Committee of

02 Peter Duffy
Chief Executive Officer
Term of office:
Peters 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





Peter has an excellent overall track record, as
well as very relevant experience in driving digital

Read more about key Board
activities on pages 74 to 76
Read more about employee
engagement on pages 83 and 84
01 02
03 04
05 06
07 08
09 10
71
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
well rounded from a sector perspective having
worked in financial services, airlines, automotive

plenty of exposure to operating within

External appointments: Peter is a Non-Executive
Director of Close Brothers Group plc, where he is a
member of the Risk Committee and Remuneration


03 Sarah Warby
Independent Non-Executive Director and
Non-Executive Director Employee Champion
Committees
A
N
RS
RE
Term of office:
Sarah’s contribution to the Board, key
strengths, skills and reasons for re-election:
Sarah has experience of building valuable






fellow of the Marketing Society and Marketing

A proven leader, with strong people and
communications skills, Sarah brings valuable
experience to her role as Non-Executive Director

External appointments: Sarah is

04 Caroline Britton
Senior Independent Director
Committees
A
N
RS
RE
Term of office:
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

Caroline is an FCA of the Institute of Chartered


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

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

Director of Revolut Limited where she is Chair

Risk and Remuneration Committees and of




05 Supriya Uchil
Independent Non-Executive Director
Committees
A
N
RS
RE
Term of office:


Supriya’s contribution to the Board, key
strengths and skills: Supriya is the product-







External appointments: Supriya is a




06 Rakesh Sharma
Independent Non-Executive Director
Committees
A
N
RS
RE
Term of office:
Rakesh’s contribution to the Board, key
strengths, skills and reasons for election:

brings to the Board over 30 years’ broad


policy updates as Remuneration Committee
Chair at PayPoint plc, he brings valuable
experience to the Board as Chair of the

External appointments: Rakesh is currently
the Senior Independent Director and
Remuneration Committee Chair at PayPoint plc

07 Scilla Grimble
Chief Financial Officer
Term of office:


Scilla’s contribution to the Board, key
strengths and skills: Scilla has a strong
financial background and extensive consumer



Scilla previously held senior finance roles at
Tesco PLC and was a Managing Director at UBS


External appointments: Scilla is a Non-

she is a member of the Audit Committee and the

08 Lesley Jones
Independent Non-Executive Director
Committees
A
N
RS
Term of office:
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

Northern Bank Limited and Close Brothers



roles in relationship and risk management over

years at RBS Group plc as Group Chief Credit

risk appetite, established a market-leading credit
function and led its credit quality assurance

global credit risk manager operating at both
executive and board level means that she is

Committee and brings her broader financial
services expertise to the Audit and Nomination

External appointments: Chair of Sainsbury’s
Bank and Non-Executive Director of Moody’s

09 Shazadi Stinton
General Counsel and Company Secretary
Term of office:
Shazadi’s contribution to the Board,
Shazadi has over



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

External appointments:
10 Niall McBride
Chief Financial Officer
Term of office:
Niall’s contribution to the Board, key
strengths, skills and reasons for election:

consumer and corporate finance experience to


he was a Managing Director at Rothschild & Co,

External appointments:
A
Audit Committee
N
Nomination Committee
RS
Risk and Sustainability
Committee
RE
Remuneration Committee
Denotes Chair
72
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Corporate Governance Statement
Governance framework
The Board
The Board is responsible for the long-term sustainable success of the Group, with


providing entrepreneurial leadership within an effective risk management


Audit Committee
The Audit Committee

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

Risk and
Sustainability
Committee
The Risk and
Sustainability
Committee is
responsible for
overseeing the Group’s
risk management and
sustainability

Committee ensures
that risks are
appropriately
identified, managed
and mitigated, and
advising the Board on
risk appetite, structure


monitor the embedding
of the sustainability
framework, monitoring


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

Nomination
Committee
The Nomination
Committee is
responsible for
reviewing the Board’s
size, structure and
composition, including
the recommendation


planning and
development plans

overseeing the Group’s

Audit
Committee Report
Pages 
Risk and
Sustainability
Committee Report
Pages 94 to 96
Remuneration
Committee Report
Pages 97 to 117
Nomination
Committee Report
Pages 
CEO and Executive Team
Responsibility for the development and implementation of the


Executive Team is responsible for day-to-day operations, for delivering
results and for driving growth, ensuring this is done in a sustainable

Information and reporting
Each Committee has an annual forward agenda planner based upon
the duties and responsibilities documented within its Terms of

Secretariat conducted a detailed review of the Terms of Reference
during the year, with updated versions being approved by the Board in

meetings take place to ensure that members have adequate time to

Read more about the Board
on pages 70 and 71
Read more about key Board
activities on pages 74 to 76
Read more about division of
responsibilities on pages 77 and 78
73
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
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

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



implementation of the strategy and overall


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


2022 whereby the future year’s strategy




Stakeholder engagement
The success of the Group’s strategy is

Board is focused on driving long-term
sustainable performance for the benefit





chooses the course of action which is


Group engages with its stakeholders and
the Group’s Section 172 Statement can

Shareholder engagement
The Board actively seeks and encourages



and institutional shareholders to keep
them informed of significant developments
and to develop an understanding of their
views which are then discussed with the


potential and current investors, and
attended four investor conferences,
meeting a broad range of investors in



Formal presentations are given to analysts
and shareholders covering the full-year
and half-year results, and briefings are






which monitor the Company’s governance

Relations Director generally deals with ad


shareholders after the Annual Report and
Accounts is published to invite them to
engage prior to the Annual General

discuss important matters such as our

Chair also engages in discussion with
shareholders on significant matters
relating to Executive remuneration, in
particular any amendments or material


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


Director is available to shareholders if they
have concerns which contact through the



All Directors receive formal reports and
briefings during the year about the

Directors also receive detailed feedback
obtained by the Companys brokers after
meetings, allowing them to develop an




investor feedback reports on




the Company’s issued share capital voted


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

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
74
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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 1 3 1 3 3 4 3
Robin
Freestone    
Scilla
Grimble  
Caroline
Britton        
Sally James
1
       
Sarah
Warby        
Supriya
Uchil        
James
Bilefield
2
       
Lesley Jones      
Peter Duffy  
Rakesh
Sharma
3
       
 
 
 
Ad hoc Committee meetings were convened to deal with specific matters which required attention between scheduled meetings,


Key Board activities
 Links
Strategy:
undertook a review of the Group’s strategy at a number of meetings attended by the Board and







reviewed the Group’s plans against the Board’s risk appetite to ensure that our ambitions for


held "deep dives" at our Board meetings into various aspects of the business including our



Links to strategy
Links to risks
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75
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
 Links
Governance, risk management and regulatory:
reviewed and revised our annual programme of business for the Board and each

progressed the actions from the 2021 Board evaluation and conducted an internal Board

reviewed, within the Remuneration Committee, the Group’s Remuneration Policy

reviewed our governance framework to ensure it remains fit for purpose and compliant



oversaw the implementation of digital enhancements, including those pertaining to our cyber

reviewed our application and compliance of the Code including receiving a stakeholder

agreed the Group’s principal risks and uncertainties, and identifying emerging risks which



ensured compliance with the requirements of the TCFD, receiving regular updates throughout

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Links to risks
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Leadership, employees and culture:


appointed Rakesh Sharma as an Independent Non-Executive Director and Chair of the






assessed progress against the Group’s diversity and inclusion strategy, including the

received updates on the Group’s people and culture, organisational structure, diversity, talent
management and employee engagement including reviewing results of employee surveys and


Links to strategy
Links to risks
1 2 5 6 7
Budget, financing and investor relations:

approved audited financial statements for the year ended 31 December 2022, confirming


reviewed capital allocation options including approving the interim dividend and recommending


Links to strategy
Links to risks
6 7
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 Links
Business performance:

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


Links to strategy
Links to risks
1 2 5 6
Section 172: how we bring the stakeholder voice into the Boardroom:
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










at the annual strategy meeting between the Board and Executive Team, potential impacts to




customer and user updates are provided to the Board by the senior management team


regulatory updates are provided to the Risk and Sustainability Committee and, where appropriate,


Links to strategy
Links to risks
1 2 5 7
Looking forward to 2023:
implementation of the FCA’s Consumer Duty Plan and embedding of the Consumer Duty


recruiting and inducting a new Non-Executive Director following the resignation of Supriya Uchil

oversight of management's preparedness for the implementation of the BEIS recommendations,
including internal control enhancements and upcoming changes to the Corporate



Links to strategy
Links to risks
1 2 3 4 5 6 7
Corporate Governance Statement continued
Key Board activities continued
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Governance
Division of responsibilities
Roles and responsibilities
Board members have clearly defined roles
and responsibilities, as set out in the table

pages 70 and 71, each member of the
Board has a range of skills and experience
that is relevant to the successful operation

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


Time commitment
All Non-Executive Directors are required to
devote sufficient time to meet their Board
responsibilities and demonstrate

the Nomination Committee considered the
time commitment of all the Directors and
agreed that the required time commitment



External appointments
In accordance with the Code, full Board
approval is sought prior to a Director


appointments, the Board considers


of the selection process for any new

commitments are considered before

Access to advice

seek independent legal advice about the
performance of their duties with the
Company, they are entitled to do so at the

access to the advice and services of the

Roles and responsibilities table
Role Name Responsibility
Chair Robin
Freestone



facilitating effective contribution of Non-Executive Directors and encouraging active

ensuring the Board receives accurate, timely and clear information and is consulted

ensuring the Board considers the interests of stakeholders and reviews mechanisms

ensuring the Company maintains effective communication with shareholders and

CEO Peter Duffy




leading, motivating and monitoring performance of the Companys Executive management,

CFO Scilla Grimble





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

acting as a sounding board for the Chair and as an intermediary for the other Directors


78
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Role Name Responsibility
Non-
Executive
Directors
Caroline
Britton
Lesley Jones
Supriya Uchil
Sarah Warby
Rakesh Sharma


constructively challenging the Executive Directors and senior management team


Non-
Executive
Director
Employee
Champion
Sarah Warby
(Rakesh
Sharma
appointed on

helping the Board to establish what channels of engagement are appropriate, in order

working with the Board to take appropriate steps to evaluate, and where possible mitigate,

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

giving feedback to employees, where appropriate, on steps taken to address their concerns

Non-
Executive
Consumer
Champion
Sarah Warby
(appointed

ensuring that the Consumer Duty is discussed in a meaningful way regularly and raised

representing the interests of consumers in Board discussions and decision making,

working with the Board to take appropriate steps to evaluate, and where possible mitigate,

General
Counsel and
Company
Secretary
Shazadi Stinton



advising the Board and its Committees on corporate governance and compliance within

Corporate Governance Statement continued
Division of responsibilities continued
Roles and responsibilities table continued
79
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Risk management and

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

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

and Sustainability Committee and the
Audit Committee assist us in discharging

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

The main features of the Group’s risk
management and internal controls in
respect of financial reporting and the

a comprehensive annual business
planning and budgeting process,
requiring Board approval, through

a comprehensive financial reporting
system, regularly enhanced, within
which actual and forecast results are
compared with approved budgets and
the previous years figures on a monthly

a review of Group policies relating to

transaction reporting and key financial

an investment evaluation procedure to
ensure an appropriate level of approval
for all capital expenditure and other

monthly finance team meetings which
include reviews of internal financial
reporting and financial control

ongoing training and development


business in accordance with our Group

an annual strategy meeting to discuss
and approve the Group’s strategic


a schedule of matters reserved for
approval by the Board to ensure it
maintains control over appropriate
strategic, financial, organisational,

an organisational governance structure
with clearly defined lines of responsibility

a formal risk management framework
with supporting policies and

regular reviews of the principal risks
facing the Group to ensure they are
being identified, evaluated and

a process for regular assessment of the
effectiveness of key internal controls

a Risk and Compliance function
responsible for overseeing the
implementation of the Group

an Internal Audit function providing
assurance over key risks, processes

a whistleblowing hotline which
employees can use to report any


assessed through the performance of
regular checks, which in 2022 included

reviewing and testing the Group’s

completion of the Group’s Internal

performing risk business partnering and
monitoring activities including financial

assessment of the identification and
management of risks connected to the

assessment of the Group’s processes


assessment of the identification and
management of technology risks across
the Group, including cyber risk, data

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

Risk review and assessment
The Group’s systems and procedures

where practicable, reduce and mitigate


eliminate such risk, but the Group seeks


Twice a year the Group’s principal risks and
the Group Risk Framework and Statement

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

The risk register is a key element in our



management works alongside the Risk and
Compliance function to ensure the risk
register incorporates any new risks and

managed by the Risk and Compliance

owned by a member of the Executive

effectiveness assessment and the delivery

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,


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

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

Team and Risk and Sustainability
Committee provides clear visibility of the
most significant risks, identifies areas of


Reporting to the Risk and Sustainability
Committee enables the Directors to have


and ensure actions to potentially mitigate
the impact of new risks are taken in a

80
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Risk review and assessment
continued
Process for review of effectiveness
The Risk and Sustainability Committee is
responsible for reviewing the effectiveness

it takes in relation to the review are set out

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


promoted to the Executive Team, reflecting
the importance of internal control and risk

review of the effectiveness of the Group’s
risk management and internal control

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


expect to continue to embed enhanced
controls in respect of cyber security and

have taken in 2022 is set out in the Risk
and Sustainability Committee Report on

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

Composition, succession

Board composition and appointments


Independent Non-Executive Directors and

their career background, relevant skills,
Committee membership, tenure and
external appointments are set out on

role of the Chair and members of the

The Chair, Senior Independent Director
and Non-Executive Directors are


following consideration of the annual

composition of our Board continued

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

appointments to the Board result from

procedure, responsibility for which is
delegated to the Nomination Committee,
although decisions on appointment are

information on the work of the Nomination

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,

constructive challenge and promote

within the Nomination Committee Report

Board induction and training


includes one-to-one meetings with the
Chair and each of the existing Non-


Company Secretary along with other

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

briefing on the key duties of being a
Director of a listed company as well as the

review the induction programme, building
in feedback from new appointees and





executed his tailored plan in good order,
meeting with senior management
promptly and attending meetings and
colleague events at both our London and

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


collective training plan, the 2023 plan
having been approved by the Board in

Directors received briefings from the
Company Secretary during 2022 on
governance and compliance matters

was also provided with training materials
on digital markets and regulatory and
competition law developments for

Training was also provided on
environmental regulations and diversity

Directors receive tailored training where
beneficial or required in order for them

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

The Directors also have available to them

Centre" acting as a Board manual which
includes extensive information including
financial and analyst reports, current

Group codes and policies, organisational
structure documentation, and

Directors may, in the furtherance of their
duties, take independent professional

Directors’ skills and experience
An effective Board requires the right mix

diverse and effective team focused on
promoting the long-term success of the

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

evolve our Board Skills Matrix criteria and
assessment process in 2023 to keep pace

our Board Skills Matrix and process, please
see our Nomination Committee Report on

Corporate Governance Statement continued
81
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Board, Committee and Directors’ effectiveness evaluation cycle
Year 1 Year 2 Year 3
Internal effectiveness
evaluation conducted

Internal effectiveness
evaluation conducted

Externally facilitated
evaluation process
conducted by third

Board evaluation
The annual Board evaluation provides

opportunity to consider and reflect on





please see our Nomination Committee

Individual Director evaluations
In 2022, each of the Directors was
appraised individually in the form of

account feedback received as part of the

discussions, the Chair has confirmed that
each Director continues to make a valuable
contribution to the Board and devotes

The Chair’s evaluation was undertaken


Directors obtained as part of the Board

Director provided feedback to the Chair

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

questionnaires which were completed
anonymously by individual Directors and

Executive Team were invited to complete
questionnaires on the performance of the

The results were then collated and
analysed by Company Secretariat and

results and actions of the Board and
Committee evaluation were scrutinised



The review of the Chair’s effectiveness was
conducted by the Senior Independent
Director, who met individually with Board
members to garner feedback against


Chair present and then fed back by the
Senior Independent Director outside

The Chair met with individual Directors
during December 2022 to discuss their
performance against agreed criteria,
following which the Board’s collective

82
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Corporate Governance Statement continued
Composition, succession
 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

Members considered that they understood
the views and requirements of the Group’s
customers and were well supported by both


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

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

The Chair’s performance was highly

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

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


Some of the focus areas for enhancement

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

the establishment of a Board
Sponsorship Programme whereby

within the Senior Leadership Team in

a more structured and detailed Board
training plan to be implemented, with
dedicated sessions at least four times

the development and implementation




Progress against the 2021 evaluation action plan


Action item 
Stakeholder engagement
To increase the Board’s visibility of key
stakeholder groups and their feedback


The Board and Committee reporting templates were updated in Q4 2022 to ensure
that paper writers considered the impact of proposals upon relevant stakeholder

stakeholder engagement strategy is being developed and will be approved by the

feedback questionnaire results to the Board directly during 2022, increasing its


Culture
Further articulation of the Group’s culture
and values to ensure clarity across all levels

The Senior Leadership Team developed a set of leadership behaviours underneath the
key pillars of Leading with Simplicity, Innovation, Inclusion and Accountability and were

have been enhanced to encourage participation and knowledge sharing across all
levels of the business and offer colleagues the opportunity to submit questions

with feedback on culture via colleague surveys and NED breakfasts as well as via the

Talent and succession planning
To ensure a healthy pipeline of talent
throughout the Executive and Senior

The Board re-baselined the Group’s succession plans following restructuring within


83
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Moneysupermarket.com Group PLC
Governance
Employee Champion Report
As Employee Champion, I am pleased to
report on the progress that we have made
this year on bringing our employee voice to

As a Group, we have a desire to genuinely
engage with employee views and recognise
the benefits that such engagement can

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

Role of the Employee
Champion
I was appointed the designated NED

to draw on my experience of bringing
stakeholder voices into the Boardroom
gained through a career in customer-

was reappointed to this role by our Board

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


of years, I have established strong
connections with our network of employee
resource groups, and am a familiar face in

culture of openness and ensures that I am
in a strong position to bring an honest


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

allow us to raise discussion topics which
come from employees, it also draws focus
onto the voice of our employees early in the

In the last 12 months, we have
consolidated our ways of working and
inducted several new NEDs into a regular

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

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,

diversity and inclusion discussions and
understanding the capacity and capability

Employee Voice
in the Boardroom



Sarah Warby
NED Employee Champion
84
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Moneysupermarket.com Group PLC
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

NED breakfasts: Along with my fellow
NEDs, we have held interactive "NED

held in each of our core office locations to
ensure that the employee voice reflects
the geography and demographics of our

incorporate a mix of specific discussion
topics and open dialogue to ensure that
we capture the general sentiment,

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

events have included innovation,
leadership, hybrid working, strategy,

pay gap reporting, wellbeing, recruitment

Employee engagement surveys: These
provide for regular and structured input
from our employees, especially during




Employee Resource Groups: ERGs are
voluntary, colleague-led self-managed
groups that connect those who share
common challenges, interests and

as an open forum to meet and support
one another in creatively addressing our
internal inclusion challenges and champion

from our ERGs twice a year to gain an
understanding of their views and any


Ad-hoc engagement: Throughout the
year, NEDs meet with colleagues around



group meetings to share experience in

meets with members of the Product teams


See pages 29 to 35 for further details on
how the Board has engaged with our

Key outcomes
Much of the insight that our direct
connection with colleagues gives us serves
to inform Board discussions, by bringing

clear colleague voice in the room generally
informs how we approach discussions




Embracing hybrid working

the pros and cons of hybrid working,
helpfully bringing to life the challenges and

allowed the Board to work with
management to agree the approach and
expectations as MSMG moved into a new


landed and are being used to good effect

Strategy to implementation

been a key theme in our engagement this

highlighted how much progress has been
made, making many employees feel
empowered and able to push the

the year showed us that capacity for
implementation clearly varied across
different functions, with some areas
concerned about being able to keep up

feedback informed our Board discussions
around quarterly milestones, recruitment

Focus areas for 2023

Champion immensely, it was agreed on


I would therefore need to relinquish the

to Rakesh Sharma, who having recently

perspective and I've no doubt there will


A full programme of meetings has been


understanding and commitment to
strategy, leadership impact, colleague
wellbeing, implementation pace,
integration of new businesses and

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

Sarah Warby
NED Employee Champion
15 February 2023
85
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Nomination Committee Report
As Chair of the Nomination Committee,

Committee’s Report for the year ended

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 Committee is comprised of all
Independent Non-Executive Directors,
with the exception of myself as Chair


Committee have the right to attend


senior management and external advisers
may be invited to attend meetings as and

membership was refreshed in 2022,

our AGM on 5 May 2022, the resignation



Committee’s membership and attendance

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

of whether the balance of skills,
experience, knowledge and independence
of the Board is appropriate to enable it to

assisted the Board in its consideration of
conflicts of interest and independence

independence issues were identified

The Board supports the recommendations

gender diversity and the Parker Review on


this currently stands at five female

Non-Executive Directors from ethnic

change following the stepping down of
Supriya Uchil as Non-Executive Director

The Committee has an annual schedule



com), with standing items that it considers
at each meeting, in addition to any specific
matters upon which the Committee has

Resourcing for
sustainable success





Robin Freestone
Chair of the Nomination Committee
86
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Board composition
The Board supports the recommendations


diversity, and the Parker Review on ethnic

recommended composition and is
committed to maintaining at least 33%
female Board membership and a minimum

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

As at the review date of this statement, the

skill set of the Non-Executive Directors
includes financial, economic, financial
services, banking, digital, technology,

All appointments to the Board will be made

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


into account, such as independence,


Combined, this will form part of the role

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

The Nomination Committee will work

understand and agree with the Group’s
approach to diversity and inclusion,
including this Board Diversity Statement,


Committee activities in 2022 Committee priorities for 2023
Conducted a search for, considered and recommended to the



position from Scilla Grimble to Niall McBride, including relevant

Continued to review talent within the Group, with an increased
focus on succession planning and development at the level below

Develop and progress a plan for the succession of the Chair,

Reviewed the composition of the Board, including the balance


Recruit and induct a Non-Executive Director following the

Reviewed progress made against the Board Diversity Policy,
including a target of 33% female representation and a target of

Continue to support management in navigating the challenging
market environment to successfully recruit and retain women

Considered the ongoing contribution of each Board Director,
including their time commitments, and recommended to the Board


Group's medium-term ambition of offering a graduate

Reviewed the Group’s Conflicts of Interest Policy and process and



 Monitor progress against the newly appointed Non-Executive

Reviewed the size, structure and composition of the Board

Board skills matrix

Caroline
Britton
Peter
Duffy
Robin
Freestone
Scilla
Grimble
Rakesh
Sharma
Lesley

Sarah

Supriya
Uchil
Banking/insurance industry experience

Finance and accounting
International experience
Governance
Risk and regulation

Marketing
Strategy
        
Nomination Committee Report continued
Role and responsibilities continued
87
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Moneysupermarket.com Group PLC
Governance
Board effectiveness evaluation
An internal Board, Committee and
Individual Director evaluation was


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

summarised their performance and
development areas, identifying whether
there was internal talent able to fulfil


This included information pertaining to
each individual’s current performance and

The Committee considered the tenure of
each of the Directors and noted that the
Chair would be the next member to rotate

Independent Director will commence the
process of seeking a new Chair by
discussing with each Non-Executive
Director the position and potential


Director will then prepare a plan for the

The Committee will recruit a new Non-
Executive Director in early 2023 to replace
Supriya Uchil who will step down following

Talent development

developing our people and, as such, the
talent pipeline within our business remains

leadership population is a source of future
Executive talent, with two members of our


LEAD Programme, launched in April 2020,
is one of the key investments we are
making into developing senior leadership


each participant gaining the CMI Level 5

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


number of persons who were Directors of


2006), and other employees is set out later

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

The Board’s Statement on Diversity is

importance of diversity in its broadest
sense as one of the key drivers of Board

diversity of perspective, insight,
experience, educational and professional
background, and personal demographics
such gender identity, race and ethnicity,
age, disability, neurodiversity, social

Diverse membership of the Board
supports better decision making and
reduces the risk of groupthink by providing

The Committee received an update on the


of our approach and offerings and will
work with us to build our diversity strategy


inclusion and belonging, with a networked

also appointed a talent and inclusion
partner to further our organisational


Inclusion and Diversity Strategy "Create

The Committee discussed the employee
survey results in relation to diversity and
inclusion, noting that they remained
strong, with a 77% favourable score which

technology sector and ahead of that within

The Board's diversity and inclusion

approach to how we attract and source
talent with a focus on delivering real


broadening our approach to


launching guidelines, conducting


designing a Technology Apprenticeship
Scheme for young and underrepresented


Group-wide inclusive language learning

making net positive improvements in the
multi-ethnic representation across the


lots of work was undertaken in this area,
with an average of 21% of Group hires
being from multi-ethnic backgrounds

Supporting racial equity
The Group has been an official signatory


on race equity, as part of the Group’s Race



the capturing of our ethnicity data

a Board-level commitment to zero

that equity, diversity and inclusion are
made the responsibility of all our leaders

actions that support Black, Asian,


The Board has committed that all allegations
of racial bullying or harassment will be taken
seriously, and managed consistently and



will be reported to the Audit Committee via


progress we have made under the five
principles of the 2020 Charter and are
pleased to reconfirm our commitment

88
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Nomination Committee Report continued
Board appointments
The Nomination Committee has a formal,
rigorous and transparent procedure for
the appointment of new Directors to the

Director is identified, we prepare a
candidate profile indicating the skills,
knowledge and experience required,

composition and the relevant experience
and understanding of our stakeholder

search consultants and consider the
gender, nationality, educational and
professional background of candidates, as
well as individual characteristics which will

Suitable candidates are interviewed by


proposed appointees have enough time
available to devote to the role and that

experience on the Board, with regard to
experience and understanding of our

the Nomination Committee has identified
a suitable candidate, we then make a
recommendation to the Board with the


for the search for the our new Chief

Director, engaging Russell Reynolds
Associates and Audeliss Limited as
external executive search consultants for

Reynolds Associates and Audeliss Limited

Conduct for Executive Search Firms on
gender diversity and best practice and
have no other connection with the

Limited is a market-leading firm
specialising in the representation of LGBT+,

Committee briefed the search consultants
on our diversity expectations, and we
considered and interviewed a wide and

The Board was unanimous in its decision
to appoint Niall McBride as Chief Financial


appointment of Rakesh, the Board’s
gender balance has been updated to

Gender diversity % as

Group employees
44%
Senior leadership – Group
49%
Board diversity % as

Gender split
62%
Ethnic minority background split
20%
Director conflicts

The Committee conducted its annual review
of individual Director conflict authorisation
as recorded in the Conflicts of Interest

Board and Committee consider conflicts of

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

authorisations, the Committee considers
any other appointments held by the
Director as well as the findings of the

review, the Committee recommended to
the Board that each conflict authorisation

The independence of the Non-Executive
Directors is formally reviewed annually

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


of the eligible Directors will retire at this
year’s AGM and submit themselves


Directors seeking reappointment are
considered to be independent in

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

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

Nomination Committee
effectiveness
In 2022, we carried out an internal
evaluation of Nomination Committee
effectiveness which involved the
completion of a questionnaire, with the


determined it continues to be effective in

In response to required actions identified in
the 2022 evaluation, the Committee will
continue to ensure that succession planning

Overview of Committee
activities for 2023
Succession planning has been an area of
focus for the Committee in 2022 and 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

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

This report was approved by the Board

Robin Freestone
Chair of the Nomination Committee
15 February 2023
89
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Audit Committee Report

share the Audit Committee’s Report for the

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,

Furthermore, I look forward to attending
the AGM on 4 May 2023 to answer any

The Committee membership was

stepping down post our AGM on 5 May



Committee continues to comprise a wide
range of business and financial experience,
including competence relevant to the
sector in which the Company operates in


Committee Chair on 6 May 2022, remains


Role and responsibilities
The primary role of the Audit Committee

statements of the Group and other
financial information prior to publication
and review the significant reporting

Committee achieves this by overseeing the
financial reporting and audit processes
and monitoring the effectiveness of the
Group’s internal control and risk

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

reviewing the Group’s financial
statements and the material financial

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

position and performance, business


reviewing and monitoring the external

and the effectiveness of the audit
process, taking into consideration


developing and implementing a policy
on the level, amount and pre-approval


advising the Board on the appointment,
reappointment and removal of the
external auditor and the remuneration
and terms of engagement of the

monitoring the effectiveness of the
Group’s internal control and risk
management systems, including

reviewing the scope, activities and
results of the Group’s Internal

reviewing the Audit Committee’s Terms
of Reference, carrying out an annual
performance evaluation exercise and
noting the satisfactory operation

reporting to the Board how it has

The Committee has an annual schedule



com), with standing items that it considers
at each meeting, in addition to any specific
matters upon which the Committee has

Maintaining the Group’s






Caroline Britton
Chair of the Audit Committee
90
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Committee activities in 2022 Committee priorities for 2023
Reviewed and approved the 31 December 2022 Annual Report and Financial

the external auditor, examining key points of disclosure and presentation to ensure


responses to the changing control landscape,

Reviewed and challenged management’s assessments, conclusions and disclosures

Continued focus on assurance over the Group’s

 


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,


Committee to determine the approach to be
taken to any assurance required in respect of




Continued oversight of the integration of
acquired businesses into Group reporting

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

Make initial preparations ahead of holding


Considered management’s progress in relation to finance integration of the 2021





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



Received reports from management in relation to the Group’s anti-bribery and

Reviewed, approved and recommended to the Board the Group’s going concern

Reviewed and approved the Committee’s updated Terms of Reference to reflect

Considered Internal Audit reports, including any unsatisfactory audit findings, root
causes and related actions plans, and satisfied ourselves that management had


testing as part of the external audit, including recommendations made by the external

Received updates from management on continuous improvement of the Finance

Considered the proposals from the Government on "Restoring Trust in Audit and

Audit Committee Report continued
Role and responsibilities continued
91
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Financial statements

The Committee is responsible for reviewing
the appropriateness of the Group’s
half-year reporting and annual financial


policies and practices adopted by the

applicable reporting standards






Significant financial statement
reporting matters

significant in the context of the 2022

areas to be significant taking into account
the level of materiality and degree of

discussed the issues in detail to ensure
that the approaches taken were

presentations and reports from both

Issue Committee review
Recoverability of goodwill,
the Cashback CGU
As described in our impairment
review in note 13 to the accounts,
as expected the estimated
recoverable amount for the
Cashback cash generating unit

headroom compared to the
Group’s other CGUs as this
CGU was only acquired by


which represents the estimated

due to the inherent uncertainty
involved in selecting appropriate


key assumptions, such as the
revenue growth rate and the

uncertain due to the macro-


disclose the sensitivities



The approach taken for the goodwill impairment assessment including the appropriateness


The key assumptions to the model, being revenue growth and the discount rate, and the









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


benefits associated with the assets and confirm that capitalisation is in accordance with the relevant

appraisal, capitalisation and ongoing monitoring of intangible assets and we were comfortable with


fact that business plans in relation to the capitalised assets receive either direct Board approval or

92
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Significant financial statement reporting matters continued

Issue Committee review
Intangible assets
impairment testing




Revenue recognition 



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


Fair, balanced and
understandable Annual Report
and Financial Statements

recommend to the Board that the Annual
Report and Financial Statements, taken

understandable and provides the
information necessary for shareholders

performance, business model and

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


a qualitative review of disclosures

throughout the Annual Report and

a review by the Committee of all material
matters, as reported elsewhere in this

a risk comparison review, which
assesses the consistency of the
presentation of risks, and significant

of risk disclosure in this Annual Report

a review of the balance of good and


the Group’s position and performance

the Group’s business model, as

the Group’s strategy, as described

The Directors’ Statement on a fair,
balanced and understandable Annual
Report and Financial Statements is set

External auditor
The Committee is responsible for making
recommendations to the Board in relation


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

Independence and

The Committee evaluated the


report from the external auditor
describing its arrangements to identify,

the extent and nature of non-audit


is required to rotate every five years in line

There are policies and procedures in place
in relation to the provision of non-audit
services by the external auditor which are

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

permitted to perform any work which it
may later be required to audit, or which

independence or create a conflict of

procedure for approval of work given

no non-audit work may be placed with
the external auditor without the specific

any approved non-audit services must
be in line with the cap limits as enforced

the non-audit fees are reported

various services are prohibited,
including the provision of most types

appraisals or fairness opinions,
outsourcing of Internal Audit services,
management functions, recruitment

During the year, the value of non-audit
services provided by the external auditor

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

provided by the external auditor, therefore

The assurance provided by the external
auditor on this item is considered by the
Group as strictly necessary in the interests

offered reflect the auditor’s knowledge

Group has also continued with the
appointment of other accountancy firms

the Group in connection with internal
audit, tax, systems and regulatory advice

The external auditor was not engaged
during the year to provide any services
which may have given rise to a conflict of

the overall levels of audit and non-audit
fees are not material, relative to the
income of the external auditor as a whole,

independence of the external auditor

External audit effectiveness
The Committee considered the quality and



considered the way it communicated key

approach was supplemented by members
of the Committee completing a detailed

the overall effectiveness of the external
Audit Committee Report continued
93
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
auditor including the audit partner’s and
his team’s approach, communication,




results of the questionnaire were then
reported to and discussed by the
Committee and the findings reporting to

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

understanding of our business and
industry knowledge which informed its

considered the auditor's use of specialists

The Committee held private meetings with
the external auditor as necessary after
Committee meetings to review key issues

Reappointment of the


Group since 2004 and was appointed as
the auditor to the Company on its flotation

every five years to ensure independence,

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



requirement to ensure the external audit
contract is tendered within the ten years


we have complied with the provisions of
The Statutory Audit Services for Large
Companies Market Investigation

Processes and Audit Committee



tenure and have conducted detailed
stakeholder surveys on its performance








auditor has confirmed its independence



be reappointed as the Group’s auditor for

The Committee will conduct a formal audit
tender process during 2024 with a view to
proposing a resolution to shareholders at

Internal control
The Committee is responsible for
monitoring and reviewing the effectiveness
of the Group’s internal control and risk


management’s reports on internal control
effectiveness via self-assessment and

including monitoring of control improvement
plans and consideration of the mitigating

receives assurance reports on key financial
controls from independent testing by
Internal Audit, as well as management

monitoring the effectiveness of its internal
controls and risk management, the
Committee is able to maintain a good
understanding of business performance,


was pleased to receive a report from
finance on their continuous improvement

control enhancements and efficiencies


management’s response to matters raised
and the implementation of

statement on internal control and risk

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

2022, the Internal Audit team continued to
utilise the PwC co-source relationship to

were more technical in nature and related
to the ISMS and Cyber Red Team




meets separately with the Chair of the
Committee throughout the year to discuss

Internal Auditor effectiveness
The Committee considered the quality and
effectiveness of the Internal Audit function
by way of completing a detailed

evaluated the overall effectiveness of the
Internal Audit function including the team’s
approach, communication, independence,

questionnaire were then reported to and


annual self-assessment of the Internal
Audit function against the Chartered
Institute of Internal Audit Standards and

The Committee approves the Internal Audit
Charter on an annual basis and reviews
and monitors progress against the annual


Internal Audit that the Internal Audit
function has the requisite expertise and

Whistleblowing
The Group has established procedures by
which all employees may, in confidence,

process sets out the ethical standards
expected of everyone that works for and
with us and includes the procedures for

workforce can raise concerns through their
manager or senior management and
through our confidential and independent

are carried out independently with findings

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

The Committee receives reports on
investigations and all significant
whistleblowing matters are reported

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

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




This report was approved by the Board

Caroline Britton
Chair of the Audit Committee
15 February 2023
94
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Risk and Sustainability Committee Report

Sustainability Committee Chair in May
2022, I am pleased to present the
Committee’s Report for the year ended

and activities in overseeing the Group’s
risk management framework, ensuring
risks are appropriately identified, managed
and mitigated, and advising the Board on

September 2022 the Committee assumed
responsibility for the oversight of the
Group’s Sustainability Framework
implementation and embedding, with


The Risk and Sustainability Committee
maintains close links with the Audit
Committee, with the Chair of each

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

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

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


advising the Board on the overall risk

overseeing and advising the Board on
the current risk exposures and future

overseeing the application of the risk

overseeing the management of key risks,
including strategic, operational,
regulatory, conduct and data risks

reviewing reports received from
management, the Risk and Compliance
function and, where appropriate,
Internal Audit or third parties on the
identification, management and

reviewing reports from the legal team


receiving "deep dive" updates into


overseeing compliance with relevant

overseeing and monitoring the Group’s
sustainability and environmental

considering and approving the remit of
the Risk and Compliance function and

The Committee held three meetings in
2022 and has an annual schedule of work,
developed from its Terms of Reference


standing items that it considers at each
meeting, in addition to any specific matters
upon which the Committee has decided to

September 2022 to include oversight of
the Group’s Sustainability Framework, with

The Risk and Sustainability Committee
receives regular reports from the

and the General Counsel and

Balancing Risk






Lesley Jones
Chair of the Risk and Sustainability Committee
95
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
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

Focus on management of risks associated with the delivery of the

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




Group’s FCA Consumer Duty Plan preparation, recommending







Received reports on actions and progress against the Group’s risk

Approve the Risk and Compliance plan and monitor

Received progress updates on management third-party oversight

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



Reviewed and approved the Risk and Compliance plan

Reviewed the resources and considered the effectiveness of the

Reviewed the conduct scorecards and oversaw related actions

Risk and Compliance





Sustainability Committee members without members of the executive present at the conclusion of each meeting to discuss

96
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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

focused on extending and embedding the
Group risk framework to acquisitions and
enhancing control in respect of data

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


uncertainties, including their type, link

information, are provided on pages 66



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 key risks are managed by one or more
control owner across the Group and are

Controls are documented within a Control
Brief, which summarises how the control
works, the frequency, who is responsible

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

controls are identified via assurance
activities, actions are agreed to strengthen
them to ensure they continue to effectively

relevant Executive member attest to the
effectiveness of their controls biannually

Compliance Team reports changes in the
effectiveness of controls to the Executive

annual review of internal controls is

Opportunities

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

Risk and Compliance function’s monitoring
and assurance of in-flight strategic
programmes enable the early detection

regarding the principal and emerging

Board’s appetite in relation to its strategic

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


determined it continues to be effective in

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

Group’s response to regulatory change

market and the ongoing enhancement of
the Group’s cyber security and third-party

This report was approved by the Board

Lesley Jones
Chair of the Risk and

15 February 2023
Risk and Sustainability Committee Report continued
Incentivising our
most valuable
asset
The Remuneration Committees key




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
£387.6m
(2021: £316.7m)
Group adjusted EBITDA
£115.5m
(2021: £100.5m)
Net promoter score

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 Salary Taxable Benefits Pension Annual Bonus LTIP/Other
Peter Duffy
CEO 592,300 23,313 29,615 
1
0
Scilla Grimble
CFO 434,800 14,000 76,000 
2
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.
97
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Remuneration Committee Report
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,



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.

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.

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

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

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,

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. 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.
2. Our energy switching business is
currently significantly depressed
whilst market prices remain volatile

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.
3. The general insurance related


contraction in the car and home

we believe the impact of these
regulatory reforms have since
stabilised, there may be further
regulatory changes that will


Number of meetings of the
Remuneration Committee
5
Quick facts
All members of the Committee

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
Remuneration Committee Report continued

term business model and in our ability

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

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

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.

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.

took to provide their feedback as part of


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

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

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

second year.

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


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

estimated £1.8bn and MoneySavingExpert
has become the foremost authority in the
energy crisis.


modernised marketing tech stack, with
more of our products migrating to the new
Group tech platform, all connected to the

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.
99
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
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

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%

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

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

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

the financial measures of EBITDA and
revenue (and their relative weightings

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.
Annual bonus opportunity levels are
unchanged for 2023; Peter Duffys
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

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

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
100
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Remuneration Committee Report continued
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

The key changes to this Remuneration
Policy, from the previous Policy approved
by shareholders at the 2020 AGM, and as
described in the Chairs introductory
statement, are as follows:
Remuneration Policy table
Base salary
Purpose and link

To provide competitive fixed remuneration to attract and retain Executive Directors of the calibre
required to deliver the business strategy for shareholders.
Operation 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 provide an appropriate retirement benefit that is competitive in the relevant market.
Operation 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 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 provide market competitive benefits.
Operation 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.
introduction of Restricted Share Awards
(RSAs) under the Companys 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

Other minor changes have been made to
the wording of the Policy to aid operation
and to increase clarity.
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Governance
Remuneration Policy table continued
Annual bonus
Purpose and link

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

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:
CEO: 150% of base salary; and
CFO: 135% of base salary.

maximum annual bonus opportunity in respect of a particular financial year is up to 200% of base salary.
Performance targets 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.
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Remuneration Committee Report continued

Purpose and link

To reward our Executive Directors for driving the sustainable long-term growth of the Company

Operation Awards will normally vest at the end of a three-year period, subject to continued employment

Following vesting, an additional two-year holding period will normally apply, such that vested shares

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:
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

Performance targets 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 encourage wider employee share ownership and thereby increase alignment with shareholders.
Operation 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.
Maximum 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 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.
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Governance
Remuneration Policy table continued
Non-Executive Director fees
Purpose and link

To provide market competitive fees which reflect the time commitment and responsibilities of each role.
Operation 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

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.
Maximum 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

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)

(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
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Remuneration Committee Report continued
Illustrations of Application of Remuneration Policy
The chart below illustrates how the composition of the Executive Directors’ remuneration packages varies at different levels


100%
100%
40%
41%
28%
26%
32%
33%
31%
33%
43%
41%
25%
26%
28%
29%
38%
36%
34%
35%
0 0
£500k £500k
Minimum Minimum
  
Mid MidMaximum MaximumMaximum
(+50%
increase in
share
price)
Maximum
(+50%
increase
in share
price)
£1,000k £1,000k
£1,500k £1,500k
£2,000k £2,000k
£2,500k £2,500k
£670k
£471k
£1,671k
£1,145k
£2,133k
£1,439k
£2,403k
£1,629k
Chief Executive Officer Chief Financial Officer
Notes:
(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,

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

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


Companys share plans will be determined based on the relevant plan rules. The following table summarises the leaver provisions under
each incentive plan.
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Governance
Plan Summary of leaver provisions
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,

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 participants
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

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 Directors 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

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.

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

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.
Approach to leavers continued
106
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Moneysupermarket.com Group PLC
Remuneration Committee Report continued
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

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
2023
£
2022
£ % increase
Peter Duffy 615,992 592,300 4%
Niall McBride (from 20 February 2023) 435,000


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:
% of salary
Peter Duffy 150%
Niall McBride (pro-rated for time in role) 135%
Scilla Grimble is not eligible for an annual bonus in respect of 2023.
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

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:

(% of bonus)
Adjusted EBITDA 50%
Revenue growth 20%
Customer 5%
ESG: Diversity & Inclusion 5%
Shared strategic objectives 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.
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Moneysupermarket.com Group PLC
Governance
Annual bonus continued
In line with the Remuneration Policy, one-third of any bonus earned will be deferred into Moneysupermarket.com Group PLC shares

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


% of salary
Peter Duffy CEO 87.5%
Niall McBride CFO 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,

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


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
2023
£
2022
£ % increase
Chair 268,871 258,530 4
Base fee 65,129 62,624 4
Additional fees:
Senior Independent Director 16,068 15,450 4
Committee Chair fee 11,783 11,330 4
Committee membership fee per Committee 1,607 1,545 4
Employee Champion fee 8,034 7,725 4
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Moneysupermarket.com Group PLC
Remuneration Committee Report continued

Directors’ remuneration for the year ended 31 December 2022 was as follows:
Salary/fees
(£)
Taxable

1
(£)

2
(£)
Total fixed
(£)
Annual

3
(£)
Vesting
LTIPs
(£)
Total
variable
(£)
Total
(£)
Peter Duffy
2022 592,300 23,313 29,615 645,228 771,431 0 771,431 1,416,659
2021 575,000 18,690 28,750 622,440 162,202 0 162,202 784,642
Scilla Grimble
2022 434,800 14,000 76,000 524,800 0 524,800
2021 399,100 14,000 76,000 489,100 130,059 0 130,059 619,159
Robin Freestone
2022 258,530 258,530 258,530
2021 251,000 251,000 251,000
James Bilefield
(leaver 31 May 2022)
2022 32,745 32,745 32,745
2021 76,300 76,300 76,300
Sally James
(leaver 5 May 2022)
2022 32,771 32,771 32,771
2021 91,300 91,300 91,300
Sarah Warby
2022 81,792 81,792 81,792
2021
74,300 74,300 74,300
Caroline Britton
2022 88,181 88,181 8 8,181
2021 74,800 74,800 74,800
Supriya Uchil
2022 68,804 68,804 68,804
2021 66,800 66,800 66,800
Lesley Jones
(appointed 1 September 2021)
2022 73,671 73,671 73,671
2021 21,767 21,767 21,767
Rakesh Sharma
(appointed 3 October 2022)
2022 19,557 19,557 19,557
2021
Total
2022 1,683,151 37,313 105,615 1,826,079 771,431 771,431 2,597,510
2021 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

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

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

109
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Annual bonus continued
Performance targets
Payout
(% of
maximum)
Peter
Duffy
Group
revenue
£366.6m 0% 
(% of bonus)
20%
£374.3m 33%
£381.9m 67%
£397.2m 100%
£387.6m Actual Payout
(% of
maximum)
79%
Group
adjusted
EBITDA
£101.5m 17% 
(% of bonus)
50%
£105.1m 44%
£108m 67%
£114.5m 100%
£115.5m Actual Payout
(% of
maximum)
100%
Customer
satisfaction
Measured by ranking NPS results (from the YouGov Brand Index survey)
with MSE and MSM as standalone brands, versus the peer group.

(% of bonus)
7%
Achievement of stretch as both brands reached 1 and 2 positions

Actual Payout
(% of
maximum)
100%
Diversity &
Inclusion
Increase the multi-ethnic colleague representation average (self-declaring from

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

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);

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

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.

(% of bonus)
7%
Payout
(% of
maximum) 0%
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.

(% of bonus)
16%
Payout
(% of
maximum)
87.5%
Total Payout
(% of
maximum)
86.8%
Payout
(% of salary)
130.2%
110
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Remuneration Committee Report continued
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 Duffys 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
Maximum
opportunity
(% of salary) Performance outcome and key achievements
Leadership delivery, at pace 12% 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

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.

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.
Execution and Focus 12% Across the year, last year’s acquisitions (CYTI, ITG and Quidco) were

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


Peter brings a more ‘tech’ type delivery culture which is embedding into


111
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Moneysupermarket.com Group PLC
Governance
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:
Metric  Performance condition Threshold Maximum Actual Vesting %
Vesting 20% 100%
Compound annual
growth in adjusted
earnings per share
50% Compound annual growth in adjusted
earnings per share from 1 January 2020 to 31
December 2022.
5% 15% (7)% 0%
Compound


30% Compound annual growth in Group revenue
from 1 January 2020 to 31 December 2022.
4% 9% 0% 0%
Comparative total
shareholder return
20% 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.
Median Upper
quartile
Below
median
0%
Total vesting 0%
Note: Vesting is determined on a straight-line basis between threshold and maximum.

During the year, the following share awards were made to the Executive Directors:
Executive Director Type of award Basis of award granted
Face value

1
£
% of maximum
that would vest
at threshold
performance
Vesting determined
by performance over
Peter Duffy 2022 LTIP 175% of salary £1,036,523.32 20%
Three financial years to
31 December 2024
Scilla Grimble 2022 LTIP 150% of salary £652,199.18 20%
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

(% of award) Performance condition Threshold Maximum
Vesting (% of maximum) 20% 100%
Compound annual growth
in adjusted earnings

50% Compound annual growth in adjusted basic EPS over

5% 15%
Compound annual growth
in Group revenue
30% Compound annual growth in Group revenue over the
three-year performance period.
4% 9%
Comparative total
shareholder return
20% 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.
Median Upper
quartile
Note: Vesting is determined on a straight-line basis between threshold and maximum.

There were no payments to past Directors during the year.
112
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Remuneration Committee Report continued

Director
Beneficially
owned at
31 December
2022
Outstanding
LTIP
awards
Outstanding
share awards
under all
employee
share plans
Unvested
deferred bonus

1
Total
interest
in shares
Beneficial shares
(including DBP net
of tax) owned
as a % of
base salary at
31 December

2
Peter Duffy 48,462 1,136,007 8,866 14,367 1,207,777 20%
3
Scilla Grimble 87,016 749,908 0 11,520 848,444 43%
3
Robin Freestone 209,403 209,403 n/a
Sally James 20,000 20,000 n/a
Caroline Britton n/a
 n/a
James Bilefield 10,000 10,000 n/a
Lesley Jones n/a
Supriya Uchil n/a
Rakesh Sharma 10,689 10,689 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%

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

Outstanding share awards
The table below sets out details of outstanding share awards held by the Executive Directors.
Executive
Director Scheme Grant date
Exercise
price
No. of
shares at
1 January
2022
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
Peter Duffy
LTIP 01/09/2020 Nil 236,555 236,555 31/12/2022 01/09/2023
31/03/2021 Nil 378,062 378,062 31/12/2023 31/03/2024
31/03/2022 Nil 521,390 521,390 31/12/2024 31/03/2025
DBP 31/03/2022 Nil 27,194
27,194
31/03/2024
Scilla Grimble
LTIP
1
01/04/2020 Nil 203,400 203,400 31/12 /2022 01/04/2023
LTIP
1
31/03/2021 Nil 218,440 218,440 31/12/2023 31/03/2024
LTIP
1
31/03/2022 Nil 328,068 328,068 31/12/2024 31/03/2025
DBP 31/03/2022 Nil 21,805
21,805 31/03/2024
1 Scilla Grimble’s outstanding shares have lapsed following her resignation.
113
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
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)


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.
0
50
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
100
200
150
300
250
350
 
114
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Remuneration Committee Report continued
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.

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.
Year ended 31 December
2013 2014 2015 2016 2017 2017 2018 2019 2020 2020 2021 2022
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 n/a 18.8% 86.8%
LTIP vesting (% of maximum)
100% 98% 85% 81% 68% n/a n/a 9.6% n/a n/a 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 Method
25th percentile
(P25) pay ratio
Median (P50)
pay ratio
75th percentile
(P75) pay ratio
2022 Option A 37:1 24:1 18:1
2021 Option A 20:1 14:1 11:1
2020 Option A 19:1 14:1 10:1
2019 Option A 35:1 25:1 18:1
2018 Option A 35:1 24:1 17:1
Notes:
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 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 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.
115
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Moneysupermarket.com Group PLC
Governance
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 2021 2020
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Peter Duffy 3 25 376 0 5 100 2 0 (100)
Scilla Grimble 3 0  8.9 (1) 100 2 0 (100)
Robin Freestone 3 0 2
Sally James
(leaver 5 May 2022) 0 1

1
16 0 0
Caroline Britton
2
26 0 1
Supriya Uchil 3 0
James Bilefield
(leaver 31 May 2022) 0
Lesley Jones
3
(appointed 1 September 2021) 18 0
Rakesh Sharma
(appointed 3 October 2022)
Other employees 10 22 70 3 3 100 3 2 (100)
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.
Employee engagement
The Remuneration Committee reviews workforce remuneration and related policies and the alignment of incentives and rewards

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:
2021 2022 Change %
Staff costs (£m) 57.6 61.4 7
Dividends (£m) 62.8 62.8 0
Tax (£m) 18.1 15.9 (12)
Profit after tax (£m)
1
52.1 69.3 33
1 2021 after adjusting for non-controlling interest of (£0.6m) previously referred to as retained profits.
116
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Remuneration Committee Report continued
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

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

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

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

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

Votes %
Votes cast in favour
1
403,006,046 95.52
Votes cast against 18,833,099 4.48
Total votes cast 421,839,145
Abstentions
2
10,368,000
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
117
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
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

register at close of business on 31 March
2023. The final dividend and the interim

on 2 September 2022 give a total dividend

ordinary share.
Issued share capital

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

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

Holders of ordinary shares are entitled

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

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.
Our responsibilities


Shazadi Stinton
General Counsel and Company Secretary
118
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Directors’ Report
The Company operates a Long Term
Incentive Plan (the ‘Plan’) and shares

(‘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%


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

of any performance conditions at that
time. Save in respect of provisions of the
Companys share schemes, there are no
agreements between the Company and

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

Restrictions on the transfer


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

Authority to purchase

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
Companys 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

Shareholder
Number of
shares/voting
rights notified
Percentage of
shares/voting
rights notified
Gruppo MutuiOnline SpA 43,050,000 8.02
BlackRock, Inc. 27464174 6.05
Prudential plc Group of Companies 27,061,089 5.07
Jupiter Fund Management PLC 27,078,002 5.04
Allianz Global Investors GmbH 26,794,299 4.99
Ameriprise Financial, Inc. and its group 27,199,089 4.94
Heronbridge Investment Management LLP 26,517,435 4.94
Standard Life Investments Holdings Limited 25,417,919 4.60
FIL Limited 24,758,460 4.52
State Street Nominees 20,581,165 3.76
Massachusetts Financial Services Company 26,749,045 4.98

since 31 December 2022 can be found of the Group’s website.
119
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Directors
The Directors who served during the financial year were as follows:
Director Position
Service in the year ended
31 December 2022
Robin Freestone Chair Served throughout year
James Bilefield Independent Non-Executive Director Until 31 May 2022
Caroline Britton Independent Non-Executive Director
1
Served throughout year
Peter Duffy Chief Executive Officer Served throughout year
Scilla Grimble Chief Financial Officer Served throughout year
Sally James Senior Independent Non-Executive Director Until 5 May 2022
Lesley Jones Independent Non-Executive Director Served throughout year
Sarah Warby Independent Non-Executive Director Served throughout year
Supriya Uchil Independent Non-Executive Director Served throughout year
Rakesh Sharma Independent Non-Executive Director Appointed 3 October 2022
 
Their biographical details are set out on
pages 70 and 71. Further details relating

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

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

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 Companys AGM.
The Directors’ Remuneration Report,
which includes the Directors’ interests




Directors’ powers
The Board of Directors may exercise all


Companys Articles of Association and


Directors’ indemnities
During the financial year ended


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.

indemnities to senior managers of the
Group who are subject to the provisions

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

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

120
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Directors’ Report continued
Information required by Listing Rules 9.8.4R
Information required to be disclosed by LR 9.8.4R:
Interest capitalised Not applicable
Publication of unaudited financial information Not applicable
Details of long-term incentive schemes 112
Waiver of emoluments by a Director Not applicable
Waiver of future emoluments by a Director Not applicable
Non-pre-emptive issues of equity for cash Not applicable
 Not applicable
Parent participation in a placing by a listed subsidiary Not applicable
Contracts of significance Not applicable
Provision of services by a controlling shareholder Not applicable
Shareholder waivers of dividends Not applicable
Shareholder waivers of future dividends Not applicable
Agreements with controlling shareholders Not applicable
Employees
The Group places considerable value on
the involvement of its employees and

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.

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 Of f icer.
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

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

In 2022 the Group has continued to

we originally signed up to in 2020. This is

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

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

those employees that become disabled
during the course of their employment,

an opportunity for them to remain with the
Group, wherever reasonably practicable.
Business Relationships with
Suppliers, Customers

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

121
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
Borrowings
In October 2021, the Group entered into a
new £50m amortising term loan that matures

credit facility (‘RCF) of £90m, now extended
to October 2024, with an accordion option

during the term of the RCF. As at


Political donations
During the financial year ended

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

Auditor and disclosure

The Directors who held office at the date


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
Companys 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

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

Likely future developments of the business and Group Strategic Report on pages 02 to 67
Statement on corporate governance Corporate Governance Report, Audit Committee Report, Risk and
Sustainability Committee Report, Nomination Committee Report
and Directors’ Remuneration Report on pages 72 to 122
Details of use of financial instruments and specific policies
for managing financial risk
Note 21 to the Group financial statements on page 156
The Board’s assessment of the Group’s internal

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
Greenhouse gas emissions Sustainability and Stakeholder Engagement Report on pages 29
to 53
Directors’ remuneration including disclosures required

Medium-sized Companies and Groups (Accounts and

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
Directors’ Report continued
123
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Governance
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.
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 Companys
ability to continue as a going concern,
disclosing, as applicable, matters related
to going concern; and
use the going concern basis of
accounting unless they either intend

Company or to cease operations, or
have no realistic alternative but to do so.
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
Companys 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.
Responsibility statement of
the Directors in respect of


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.

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
Statement of Directors’ Responsibilities in respect of the Annual Report

124
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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)
4.45% (2021: 4.55%) of Group Profit before tax
(2021: 3 year average Group profit before tax)
Coverage 88% (2021: 96%) of group profit before tax
Key audit matters vs 2021
Recurring risks New: Recoverability of Goodwill in respect
of the Cashback CGU
Recoverability of Parent Company investments
and debt due from group companies
125
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
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

(£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

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

macroeconomic and geo-political environment.


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

potential range of reasonable outcomes greater
than our materiality for the Financial Statements

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

reasonably possible change in one or more of

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).
126
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Independent Auditor’s Report continued
The risk Our response
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

215.0 million; 2021:
£223.3 million)
Low risk, high value:
The carrying amount of the Parent Companys
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.
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

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.
2. Key audit matters: our assessment of risks of material misstatement continued
127
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
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.
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

Group profit before tax
£85.2m (2021: £92.5m)
Group materiality
£3.9m (2021: £4.2m)
Group revenue
Group PBT
Group total assets
£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



£0.2m
Misstatements reported to the
audit committee (2021: £0.2m)







93

93%
(2021: 95%)
95
5
7

89

89%
(2021: 95%)
95
5
11

94

94%
(2021: 99%)
99
1
6
128
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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 Companys 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

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.
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.

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
130
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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.

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 Companys 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 Groups risk management and internal

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.
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 auditors 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 Companys 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 Companys 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
132
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Note
Year ended
31 December
2022
£m
Year ended
31 December
2021
£m
Revenue 4 3 8 7. 6 3 16 . 7
Cost of sales (1 2 5 .1) (93. 8)
Gross profit 262. 5 222.9
Distribution expenses (4 0 .1) (29.5)
Administrative expenses (13 3 . 4) (1 20.0)
Operating profit 6 89. 0 73.4
Profit on disposal of property, plant and equipment 0.0 0 .1
Finance income 8 0.3 0 .1
Finance expense 8 (3 . 8) (2 .1)
Share of post-tax loss of equity accounted investees 14 (0. 3) (0.6)
Change in fair value of financial instruments 0.0 (0 .7)
Profit before tax 85. 2 70. 2
Taxation 9 (15 .9) (1 8 .1)
Profit for the year 69. 3 5 2 .1
Other comprehensive income – items that will not be reclassified to profit and loss:
Change in fair value of financial instruments 15 (2 . 0) 1. 4
Total comprehensive income for the year 6 7. 3 53.5
Profit/(loss) attributable to:
Owners of the Company 68.3 52 .7
Non-controlling interest 29 1.0 (0.6)
Profit for the year 69. 3 5 2 .1
Total comprehensive income attributable to:
Owners of the Company 66.3 5 4 .1
Non-controlling interest 29 1.0 (0.6)
Total comprehensive income for the year 6 7. 3 53.5
All profit and other comprehensive income relate to continuing operations.
Earnings per share
Basic earnings per ordinary share (p) 10 12 .7 9.8
Diluted earnings per ordinary share (p) 10 12 .7 9.8
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2022
133
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
Consolidated Statement of Financial Position
at 31 December 2022
Note
31 December
2022
£m
31 December
2021
£m
Assets
Non-current assets
Property, plant and equipment 12 3 5.4 3 9.8
Intangible assets and goodwill 13 27 9.9 288. 4
Equity accounted investments 14 0.0
Other investments 15 5. 5 7. 5
Total non-current assets 320.8 3 3 5 .7
Current assets
Trade and other receivables 16, 28 63.5 65 .3
Prepayments 8.3 9.3
Cash and cash equivalents 21 16 . 6 12 . 5
Total current assets 88.4 8 7.1
Total assets 4 09. 2 422. 8
Liabilities
Non-current liabilities
Other payables 17 2 7. 7 38.3
Borrowings 18 3 0.0 4 0.0
Deferred tax liabilities 19 22.5 25.3
Total non-current liabilities 80. 2 1 03.6
Current liabilities
Trade and other payables 17, 28 9 9.5 93.9
Borrowings 18 14 . 0 17. 5
Current tax liabilities 0.8 0. 2
Total current liabilities 114 . 3 111 . 6
Total liabilities 19 4 . 5 2 15 . 2
Equity
Share capital 20 0 .1 0 .1
Share premium 205.4 205. 4
Reserve for own shares (2 .4) (2.6)
Retained earnings (58. 1) (6 4 .7)
Other reserves 6 3.7 6 5 .1
Equity attributable to the owners of the Company 2 0 8.7 203. 3
Non-controlling interest 29 6.0 4.3
Total equity 214 . 7 2 0 7. 6
Total equity and liabilities 4 0 9.2 422 .8
The Financial Statements were approved by the Board of Directors and authorised for issue on 15 February 2023. They were signed

Peter Duffy
Chief Executive Officer
Scilla Grimble
Chief Financial Officer
134
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Consolidated Statement of Changes in Equity
for the year ended 31 December 2022
Note
Share
capital
£m
Share
premium
£m
Reserve for
own shares
£m
Retained
earnings
£m
Other
reserves
£m
Equity
attributable
to the
owners of
the Company
£m
Non-
controlling
interest
£m
Total
equity
£m
At 1 January 2021 0 .1 205.0 (2. 8) (5 7. 2) 63.4 208 .5 20 8.5
Profit/(loss) for the year 52 .7 52 .7 (0.6) 5 2 .1
Other comprehensive income
 15 1. 4 1. 4 1. 4
Total comprehensive income
 52 .7 1. 4 5 4 .1 (0.6) 53.5
Acquisition of subsidiary with
non-controlling interest 2.0 2.0 4.9 6.9
Purchase of shares by
 (0 .3) (0 .3) (0. 3)
Exercise of LTIP awards 0.5 (0.5)
New shares issued 0.0 0.4 0.4 0.4
Equity dividends 11 (62. 8) (6 2. 8) (62 .8)
Share-based payments 23 1. 4 1. 4 1. 4
Realisation of fair value gains 15 1.7 (1. 7)
At 31 December 2021 0 .1 205.4 (2.6) (6 4 .7) 6 5 .1 20 3.3 4.3 2 0 7. 6
Profit for the year 68.3 68.3 1. 0 69.3
Other comprehensive income
 15 (0.6) (1. 4) (2.0) (2.0)
Total comprehensive income
 6 7. 7 (1. 4) 66.3 1. 0 6 7. 3
Acquisition of subsidiary with
non-controlling interest 29 0.7 0 .7
Purchase of shares by
 (0 .3) (0 .3) (0. 3)
Exercise of LTIP awards 0.5 (0.5)
Equity dividends 11 (62. 8) (6 2. 8) (62 .8)
Share-based payments 23 2.2 2.2 2. 2
At 31 December 2022 0 .1 205.4 (2. 4) (58. 1) 6 3 .7 2 0 8 .7 6.0 2 14 .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

Other reserves
31 December
2022
£m
31 December
2021
£m
Fair value reserve 5.0 6.4
Merger reserve 16.9 16.9
Revaluation reserve 41.8 41.8
Total 63.7 65.1
The fair value reserve of £5.0m (2021: £6.4m) represents amounts recognised in other comprehensive income in relation to changes

The merger and revaluation reserve balances relate to the acquisition of Moneysupermarket.com Financial Group Limited by the


recycled to retained earnings.
135
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
Consolidated Statement of Cash Flows
for the year ended 31 December 2022
Note
Year ended
31 December
2022
£m
Year ended
31 December
2021
£m
Cash flows from operating activities
Profit for the year 69. 3 5 2 .1
Adjustments to reconcile Group profit to net cash flow from operating activities:
Amortisation of intangible assets 13 21.7 19 . 0
Depreciation of property, plant and equipment 12 4.8 4.5
Profit on disposal of property, plant and equipment (0. 0) (0 .1)
Share of post-tax loss of equity accounted investees 14 0. 3 0.6
Change in fair value of financial instruments (0. 0) 0.7
Net finance expense 8 3.5 2.0
Equity-settled share-based payment transactions 23 2.2 1. 4
Income tax expense 9 15 .9 18 .1
Change in trade and other receivables 3.0 3.6
Change in trade and other payables 1.7 (20.6)
Income tax paid (18 . 0) (15 . 6)
Net cash from operating activities 10 4 .4 6 5 .7
Cash flows from investing activities
Interest received 0.0 0 .1
Acquisition of property, plant and equipment (0. 8) (0.6)
Acquisition of intangible assets (10 .6) (9.2)
Acquisition of subsidiaries, net of cash acquired (5 . 3) (59.3)
Acquisition of investments (0. 2) (0 .7)
Proceeds from disposal of property, plant and equipment 0.0 0.4
Proceeds from disposal of investments 2 .1
Net cash used in investing activities (16 . 9) (6 7. 2)
Cash flows from financing activities
Dividends paid 11 (6 2 . 8) (6 2. 8)
Proceeds from share issue 0.4
Purchase of shares by employee trusts (0. 3) (0 .3)
Proceeds from borrowings 62 .0 10 5 . 6
Repayment of borrowings (75. 5) (4 8 .1)
Interest paid (3 .7) (2 .1)
Repayment of lease liabilities (3 .1) (2. 3)
Net cash used in financing activities (8 3. 4) (9. 6)
Net increase/(decrease) in cash and cash equivalents 4 .1 (11 .1)
Cash and cash equivalents at 1 January 12 . 5 23.6
Cash and cash equivalents at 31 December 21 16 . 6 12 . 5
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Moneysupermarket.com Group PLC
Borrowings
£m
Lease
liabilities
£m
Total
£m
At 1 January 2021 32.8 32.8
Changes from financing cash flows
Proceeds from borrowings 105.6 105.6
Repayment of borrowings (4 8.1) (48.1)
Interest paid (1.2) (0.9) (2.1)
Repayment of lease liabilities (2.3) (2.3)
Total changes from financing cash flows 56.3 (3.2) 53.1
Other changes
Interest expense 1.2 0.9 2.1
Lease liability adjustment (0.5) (0.5)
Acquisition of lease liabilities through business combinations 1.7 1.7
Balance at 31 December 2021 57.5 31.7 89.2
At 1 January 2022 57.5 31.7 89.2
Changes from financing cash flows
Proceeds from borrowings 62.0 62.0
Repayment of borrowings (75.5) (75.5)
Interest paid (2.6) (1.1) (3.7)
Repayment of lease liabilities (3.1) (3.1)
Total changes from financing cash flows (16.1) (4.2) (20.3)
Other changes
Interest expense 2.6 1.1 3.7
At 31 December 2022 44.0 28.6 72.6

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 Davids 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 products including Money, Insurance and Home Services through its websites.
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
the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
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 the Consolidated Financial Statements is included in the following notes:
Note 13 intangible assets and goodwill (capitalisation of software and development costs).
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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Moneysupermarket.com Group PLC
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 the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the Consolidated
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 entitys 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 Icelolly Marketing Limited and Podium Solutions Limited.
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 – Business Combinations (2008) in accounting for business combinations using
the acquisition method. The change in accounting policy has been applied prospectively.
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 paid. It is recognised and measured at fair value at the date of acquisition and it is included in the consideration transferred.
The unwinding of any interest element or deferred consideration is recognised in the Income Statement.
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
with business combinations were capitalised as part of the cost of the acquisition.
Notes to the Consolidated Financial Statements continued
139
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Moneysupermarket.com Group PLC
Financial Statements
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% interest in Moneysupermarket.com Financial Group Limited and the acquisition by the Company of all other shares 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.
The Group generates fees from internet lead generation and commissions from brokerage sales through a variety of contractual
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 internet lead to a providers website.
The trigger for the transaction price to become
receivable is usually a completed sale on the
provider’s website. However, for some contracts
the trigger is the point at which the lead is provided.
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 recognised in the period in which the
lead is provided.
At the period end an estimate of accrued revenue
is made for leads provided that have resulted 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.
Cashback services Revenue is generated from rendering services
to the merchant. The performance obligation is
the provision of an internet lead 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 the completed sale.
Revenue is recognised in the period in which the
lead is provided.
At the period end an estimate of accrued revenue
is made for leads provided that will result 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
and is recognised in cost of sales.
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 released as a credit to cost of sales. This is in accordance with the terms and conditions agreed with members.
Advertising costs
The Group incurs costs from advertising via several different media. Costs associated with the production of adverts are recognised
as an expense once the advert is aired or displayed.
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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.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of propert y,
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 10–50 years
Plant and equipment (including IT equipment) 3 years
Office equipment 5 year s
Fixtures and fittings 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 10 years
Customer/member relationships 10 years
Technology 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 example trademarks, trade names and internet domain names.
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 separatel y.
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.
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Financial Statements
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 issue. A trade receivable without a significant financing component is initially measured at the transaction price.
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; an d
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 intere st
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.
The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains
and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition
is recognised in profit or loss.
Debt investments at FVOCI 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 profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains
and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income
in profit or loss unless the dividend clearly represents a recovery of part of the cost of 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 always measured at an amount equal to lifetime ECLs.
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
120 days past due.
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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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 Groups 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.
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 Comprehensive Income as the related service is provided.
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 estimated reliably. The Group’s deferred bonus plans currently do not have any ongoing performance obligations and are therefore
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 determined or otherwise using the incremental borrowing rate of the Group.
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 which the shareholders’ right to receive payment is established.
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 ta x
payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purpose s
and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwil l;
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.
Annual Report and Accounts 2022
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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
asset can be utilised.
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
the Statement of Comprehensive Income in accordance with IAS 12 – Income 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 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 Amendments to IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors to introduce
a new definition of accounting estimates and clarifying the relationship between accounting policies
and accounting estimates. Effective date 1 January 2023.
Amendments to IAS 12 Amendments to IAS 12 – Income Taxes to provide clarification of accounting treatment in relation
to deferred tax assets and liabilities arising from a single transaction. Effective date 1 January 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
the Group’s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then,
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.
2022
£m
2021
£m
Revenue from price comparison services 330.0 306.1
Revenue from cashback services
1
57.6 10.6
Total revenue 387.6 316.7
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.
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Financial Statements
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 Products and services
Insurance Customer completes transaction for insurance policy on any of the following: provider website, our website
or a telephone call.
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 Customer completes transaction for travel products on provider website or our website.
Cashback 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
Insurance
£m
Money
£m
Home
Services
£m
Travel
£m
Cashback
£m
Shared
costs
£m
Total
£m
Year ended 31 December 2022
Revenue 172.0 103.3 39.8 14.9 57.6 387.6
Directly attributable expenses (73.7) (31.0) (14.6) (10.0) (48.1) (94.7) (272.1)
Adjusted EBITDA contribution 98.3 72.3 25.2 4.9 9.5 (94.7) 115.5
Adjusted EBITDA contribution margin
1
57% 70% 63% 33% 16% 30%
Depreciation and amortisation (26.5)
Profit on disposal of property, plant and equipment 0.0
Net finance expense (3.5)
Share of loss of equity accounted investments (0.3)
Change in fair value of financial instruments 0.0
Profit before tax 85.2
Taxation (15.9)
Profit for the year 69.3
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Notes to the Consolidated Financial Statements continued
5. Segmental information continued
Business segments continued
Segment
Insurance
£m
Money
£m
Home
Services
£m
Travel
£m
Cashback
£m
Shared
costs
£m
Total
£m
Year ended 31 December 2021
Revenue 158.7 75.2 68.1 4.1 10.6 316.7
Directly attributable expenses (64.0) (24.4) (34.9) (5.0) (8.8) ( 79.1) (216.2)
Adjusted EBITDA contribution 94.7 50.8 33.2 (0.9) 1.8 (79.1) 100.5
Adjusted EBITDA contribution margin
1
60% 68% 49% (21%) 17% 32%
Depreciation and amortisation (23.5)
Deal fees and associated costs (3.6)
Profit on disposal of property, plant and equipment 0.1
Net finance expense (2.0)
Share of loss of equity accounted investments (0.6)
Change in fair value of financial instruments (0.7)
Profit before tax 70.2
Taxation (18.1)
Profit for the year 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 attractive products.
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
the two months of ownership in 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.
2022
£m
2021
£m
Depreciation of property, plant and equipment 4.8 4.5
Amortisation of intangible assets 21.7 19.0
Auditor’s remuneration:
Audit of these Consolidated Financial Statements 0.5 0.3
Audit of subsidiaries’ Financial Statements 0.4 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).
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Financial Statements
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:
2022
No.
2021
No.
Technology and product operations 265 290
Administration 468 461
733 751
The aggregate payroll costs of these persons were as follows:
2022
£m
2021
£m
Wages and salaries 50.6 49.4
Compulsory social security contributions 6.2 5.5
Contributions to defined contribution plans 2.1 1.9
Share-based payment transactions 2.2 1.4
Social security contributions related to share awards and options 0.3 (0.6)
Capitalised staff costs (3.4) (4.0)
58.0 53.6
8. Net finance expense
2022
£m
2021
£m
Finance income
Loan notes 0.3 0.0
Bank deposits 0.0 0.1
Total finance income 0.3 0.1
Finance expense
Revolving credit facility (1.2) (0.7)
Bank loan (1.4) (0.2)
Leases (1.1) (1.1)
Deferred consideration (0.1) (0.1)
Total finance expense (3.8) (2.1)
Net finance expense (3.5) (2.0)
9. Taxation
2022
£m
2021
£m
Current tax
Current tax on income for the year 18.3 15.9
Adjustment in relation to prior period 0.4 (0.3)
Total current tax 18.7 15.6
Deferred tax
Origination and reversal of temporary differences (1.9) (1.1)
Adjustments due to changes in corporation tax rate (0.2) 3.5
Adjustment in relation to prior period (0.7) 0.1
Total deferred tax (2.8) 2.5
Taxation 15.9 18.1
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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%).
The differences are explained below.
2022
£m
2021
£m
Profit before tax 85.2 70.2
Standard rate of tax at 19% (2021: 19%) 16.2 13.3
Effects of:
Expenses not deductible for tax purposes 0.1 0.9
Investments chargeable to tax not included in reported profit before tax 0.3
Movement related to share-based payments 0.1 0.2
Change in fair value of financial instruments (0.0) 0.1
Impact of changes in tax rate (0.2) 3.5
Adjustments in relation to prior periods (0.3) (0.2)
Taxation 15.9 18.1
In March 2021, an increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted.
The deferred tax liability at the balance sheet date has been calculated based on a rate of 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 the weighted average number of ordinary shares outstanding during the year. The Company’s own shares held by employee trusts
are excluded when calculating the weighted average number of ordinary shares outstanding.
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:
2022 2021
Profit after taxation attributable to the owners of the Company (£m) 68.3 52.7
Basic weighted average shares in issue (millions) 536.5 536.4
Dilutive effect of share-based instruments (millions) 2.4 0.1
Diluted weighted average shares in issue (millions) 538.9 536.5
Basic earnings per share (p) 12.7 9.8
Diluted earnings per share (p) 12.7 9.8
Adjusted basic and diluted earnings per share have been calculated as follows:
2022
£m
2021
£m
Profit before tax 85.2 70.2
Adjusted for (profit)/loss before tax attributable to non-controlling interest (1.2) 0.7
Profit before tax attributable to the owners of the Company 84.0 70.9
Amortisation of acquisition related intangible assets 11.3 4.4
Amortisation of acquisition related intangible assets attributable to non-controlling interest (0.2) (0.1)
Deal fees and associated costs 3.6
Deal fees and associated costs attributable to non-controlling interest (0.6)
Change in fair value of financial instruments (0.0) 0.7
95.1 78.9
Estimated taxation at 19% effective rate (2021: 19%) (18.1) (15.0)
Profit for adjusted earnings per share purposes 77.0 63.9
Adjusted basic earnings per share (p) 14.4 11.9
Adjusted diluted earnings per share (p) 14.3 11.9
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Financial Statements
11. Dividends
2022 2021
pence per
share
Total
£m
pence per
share
Total
£m
Declared and paid dividends on ordinary shares:
Prior year final dividend 8.61 46.2 8.61 46.2
Interim dividend 3.10 16.6 3.10 16.6
Total dividend paid in the year 11.71 62.8 11.71 62.8
Proposed for approval (not recognised as a liability at 31 December):
Final dividend 8.61 46.2 8.61 46.2
12. Property, plant and equipment
Land and
buildings
£m
Plant and
equipment
£m
Office
equipment
£m
Fixtures and
fittings
£m
Total
£m
Cost:
At 1 January 2021 49.5 20.2 1.5 2.1 73.3
Acquisitions through business combinations 1.7 0.4 2.1
Additions 0.6 0.0 0.0 0.6
Disposals (1.6) (0.5) (2.1)
At 31 December 2021 49.6 20.7 1.5 2.1 73.9
At 1 January 2022 49.6 20.7 1.5 2.1 73.9
Additions 0.4 0.0 0.4
Disposals (2.0) (0.0) (2.0)
At 31 December 2022 47.6 21.1 1.5 2.1 72.3
Depreciation:
At 1 January 2021 9.8 18.4 0.7 1.8 30.7
Depreciation for the year 3.6 0.6 0.1 0.2 4.5
Disposals (0.6) (0.5) (1.1)
At 31 December 2021 12.8 18.5 0.8 2.0 34.1
At 1 January 2022 12.8 18.5 0.8 2.0 34.1
Depreciation for the year 4.0 0.6 0.1 0.1 4.8
Disposals (2.0) (0.0) (2.0)
At 31 December 2022 14.8 19.1 0.9 2.1 36.9
Carrying value:
At 31 December 2021 36.8 2.2 0.7 0.1 39.8
At 31 December 2022 32.8 2.0 0.6 0.0 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 investment property (see note 24).
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Notes to the Consolidated Financial Statements continued
13. Intangible assets and goodwill
Market
related
£m
Customer/
member
relationship
£m
Technology
related
£m
Goodwill
£m
Total
£m
Cost:
At 1 January 2021 155.3 101.5 212.6 469.4
Acquisitions through business combinations 14.3 21.2 15.4 76.5 127.4
Additions internally developed 9.2 9.2
Disposals (2.7) (2.7)
At 31 December 2021 169.6 21.2 123.4 289.1 603.3
At 1 January 2022 169.6 21.2 123.4 289.1 603.3
Acquisitions through business combinations 3.2 3.2
Additions internally developed 10.0 10.0
Transfers 0.5 (0.5)
At 31 December 2022 169.6 21.2 137.1 288.6 616.5
Amortisation:
At 1 January 2021 148.5 75.8 74.3 298.6
Amortisation charge for the year 2.0 0.4 16.6 19.0
Disposals (2.7) (2.7)
At 31 December 2021 150.5 0.4 89.7 74.3 314.9
At 1 January 2022 150.5 0.4 89.7 74.3 314.9
Amortisation charge for the year 2.8 2.1 16.8 21.7
At 31 December 2022 153.3 2.5 106.5 74.3 336.6
Carrying value:
At 31 December 2021 19.1 20.8 33.7 214.8 288.4
At 31 December 2022 16.3 18.7 30.6 214.3 279.9
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 business combinations. For larger acquisitions and more complex intangible assets, the Group employs independent third parties
to assist our in-house team. At 31 December 2022, the Group had significant balances relating to goodwill as a result of acquisitions 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.
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Financial Statements
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:
31 December
2022
£m
31 December
2021
£m
Insurance 46.5 46.5
Money 33.2 33.2
Home Services 54.8 54.8
Travel 11.5 11.5
Cashback 68.3 68.8
Goodwill 214.3 214.8
Impairment review
For all CGUs the present value of the future cash flows has been calculated using management’s best estimate of future cash flows,
which are based on the Group’s long term plan, approved in January 2023, incorporating cost of sales, advertising and an allocation 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 required to test goodwill for impairment annually. We test impairment at a CGU level by comparing the net present value of future cash
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 discount the assumed cash flows to present value:
Cash flows beyond our strategic planning period have been calculated as a perpetuity inclusive of an annual growth of 2.7%
(2021: 1.0%). This year, given recent volatility in Gross Domestic Product (GDP) growth rates, our rate is taken over a longer period
of 7 years per the Office for Budget Responsibility forecast average for growth in the 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 the regulatory changes introduced in early 2022 and in the travel sector due 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 the risk-free premium. Each CGU faces different market-specific risks, but these are not considered significant enough to justify
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 visitors, revenue per transaction/visitor and marketing spend.
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 reflect management’s assessment of specific risks related to this 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 .
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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 the revenue growth by an average of 9% each year would reduce the headroom to 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
directly or on a reasonable and consistent basis, however a number of the significant costs which the Group incurs cannot be allocated
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
years. In these calculations the Group is treated as one group of CGUs, and the test compares the carrying amount, including goodwill
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 assumptions consistent with those set out above in relation to the individual operating segment calculations.
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 consider an impairment.
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 be impaired. In line with IAS 36 – Impairment of Assets, the Group also conducts annual impairment testing of significant technology
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 December 2022, the Group increased its shareholding to 52% and thereby gained control of Podium. This investment has
subsequently been accounted for as a subsidiary undertaking (see notes 3 and 28).
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Moneysupermarket.com Group PLC
Financial Statements
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
Truelayer
Limited
£m
Flagstone
Group Limited 
1
£m
By
Miles Ltd
£m
Plum Fintech
Limited
£m
Total
£m
At 1 January 2021 1.4 3.6 2.6 0.6 8.2
Disposals in the year (2.1) (2.1)
Change in fair value 0.7 0.7 1.4
At 31 December 2021 3.6 2.6 1.3 7.5
At 1 January 2022 3.6 2.6 1.3 7.5
Change in fair value 0.6 (2.6) (2.0)
At 31 December 2022 4.2 0.0 1.3 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
31 December
2022
£m
31 December
2021
£m
Trade and other receivables 63.5 65.3
All receivables fall due within one year.
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
typically in a region of -1% to +3%; historically this has been an under estimate of accrued revenue. A -1% to +3% difference on the £53.7m
(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:
31 December
2022
£m
31 December
2021
£m
At 1 January 1.6 0.2
Provisions made in the year 0.0 1.6
Provisions utilised in the year (0.0) (0.2)
At 31 December 1.6 1.6
At 31 December, the analysis of trade and other receivables that were past due but not impaired was as follows:
Total
£m
Neither past
due nor
impaired
£m
Past due not impaired
0–30 days
£m
3060 days
£m
6090 days
£m
90 120 days
£m
>120 days
£m
At 31 December 2021 65.3 57.7 4.5 2.2 0.7 0.2 0.0
At 31 December 2022 63.5 60.1 2.5 0.4 0.3 0.2 0.0
The Group’s standard payment terms are typically 15 days (2021: 15 days) from the invoice date.
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Moneysupermarket.com Group PLC
Notes to the Consolidated Financial Statements continued
17. Trade and other payables
Non-current
31 December
2022
£m
31 December
2021
£m
Lease liabilities 25.9 28.5
Deferred consideration 9.8
Amounts owed to non-controlling interest 1.8
Other payables 27.7 38.3
Deferred consideration relates to amounts payable for the acquisition of Quidco. At 31 December 2022, all amounts outstanding
are presented within current liabilities.
Amounts owed to non-controlling interest includes balances acquired as part of the acquisition of Podium in December 2022 (see note 28).
Current
31 December
2022
£m
31 December
2021
£m
Trade payables 36.4 35.9
Non-trade payables and accrued expenses 2.8 2.3
Other payables 47.0 47.3
Lease liabilities 2.7 3.2
Deferred income 0.8 0.4
Deferred consideration 9.8 4.8
Trade and other payables 99.5 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
result in completed sales), based on historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt change 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
31 December
2022
£m
31 December
2021
£m
Loan 30.0 40.0
Current
31 December
2022
£m
31 December
2021
£m
Revolving credit facility 4.0 7.5
Loan 10.0 10.0
Total 14.0 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 December 2022, the Group had £40.0m (2021: £50.0m) outstanding on the term loan and £4.0m (2021: £7.5m) drawn down on the
revolving credit facility. The remaining balance of the upfront arrangement fees, totalling £0.3m (2021: £0.4m), is held within prepayments.
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Moneysupermarket.com Group PLC
Financial Statements
19. Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
31 December
2022
£m
31 December
2021
£m
Goodwill related to MoneySavingExpert.com 13.2 13.3
Intangible assets and goodwill relating to other acquisitions 11.3 12.2
Share schemes (0.5) (0.2)
Accelerated capital allowances (0.2) 0.4
Losses (1.3) (0.4)
Deferred tax liability 22.5 25.3
The following table illustrates the movement in the deferred tax liabilities during the year:
2022
£m
2021
£m
At 1 January 25.3 11.4
Temporary differences on:
Goodwill related to MoneySavingExpert.com (0.1) 3.0
Intangible assets and goodwill relating to other acquisitions (1.3) 11.2
Share schemes (0.3)
Accelerated capital allowances (0.2) 0.1
Losses (0.9) (0.4)
At 31 December 22.5 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
and vote.
Issued and fully paid
Number of ordinary shares
2022
No.
2021
No.
At the beginning of the year 536,861,647 536,700,541
Issued on exercise of SAYE options 161,106
At the end of the year 536,861,647 536,861,647
Nominal value of ordinary shares
2022
£
2021
£
At the beginning of the year 107,372 107,34 0
Issued on exercise of SAYE options 32
At the end of the year 107,37 2 107,372
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).
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Moneysupermarket.com Group PLC
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
the Bank of England base rate. A movement of 1% in this rate would result in a difference in annual pre-tax profit of £0.1m (2021: £0.1m)
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 prices) or indirectly (i.e. derived from prices).
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:
31 December 2022 31 December 2021
Effective
interest rate £m
Effective
interest rate £m
Cash and cash equivalents 0.09% 16.6 0.07% 12.5
Credit risk
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:
31 December
2022
£m
31 December
2021
£m
Unsecured borrowings facilities
– amount drawn 44.0 57.5
– amount undrawn 86.0 82.5
For details of the Group’s unsecured borrowings facilities see note 18.
The covenants in place in relation to the facilities are outlined below:
Adjusted leverage is calculated by dividing adjusted EBITDA by net debt, which consists of cash less borrowings, lease liabilities
and deferred consideration. Interest cover is calculated by dividing adjusted EBITDA by net finance charges. The Group continues
to have significant headroom over the covenants.
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Financial Statements
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.
31 December 2022
Carrying
amount
£m
Total
£m
Contractual cash flows
<2 months
£m
2–12 months
£m
1–2 years
£m
2–5 years
£m
>5 years
£m
Non-derivative financial liabilities
Deferred consideration 9.8 (9.8) (9.8)
Trade payables 36.4 (36.4) (36.4)
Borrowings 44.0 (44.0) (4.0) (10.0) (30.0)
Lease liabilities
– undiscounted cash flows 33.7 (33.7) (0.6) (3.2) (3.7) (11.0) (15.2)
– discounting (5.1) 5.1 0.2 0.8 0.9 2.0 1.2
Amounts owed to non-controlling interest 1.8 (1.8) (1.8)
At 31 December 2022 120.6 (120.6) (40.8) (22.2) (32.8) (9.0) (15.8)
31 December 2021
Carrying
amount
£m
Total
£m
Contractual cash flows
<2 months
£m
2–12 months
£m
1–2 years
£m
2–5 years
£m
>5 years
£m
Non-derivative financial liabilities
Deferred consideration 14.6 (14.6) (0.9) (3.9) (9.8)
Trade payables 35.9 (35.9) (35.9)
Borrowings 57.5 (57.5) (7.5) (10.0) (10.0) (30.0)
Lease liabilities
– undiscounted cash flows 37.8 (37.8) (0.7) (3.5) (3.8) (11.1) (18.7)
– discounting (6.1) 6.1 0.2 0.9 0.9 2.3 1.8
At 31 December 2021 139.7 (139.7) (44.8) (16.5) (22.7) (38.8) (16.9)
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 entitys 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
the light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital 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
31 December
2022
£m
31 December
2021
£m
Share capital 0.1 0.1
Retained earnings and reserves 208.6 203.2
Non-controlling interest 6.0 4.3
Total 214.7 207.6
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 2022 2021
Barclays Bank PLC A A
Lloyds Bank Plc A A
HSBC Bank Plc AA- AA-
Natwest Bank Plc A A
Silicon Valley Bank BBB+ BBB+
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 18.
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Moneysupermarket.com Group PLC
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:
31 December
2022
£m
31 December
2021
£m
Long Term Incentive Plan 1.0 0.6
Restricted Share Awards 0.7 0.3
Sharesave Scheme 0.5 0.5
Share Incentive Plan
Share-based payment transactions 2.2 1.4
Long Term Incentive Plan (‘LTIP)
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 one-year period and 50% of the award vests at the end of a two-year period. Vesting on all schemes is subject to the participant being
employed on the relevant vesting date, and not, on or prior to that vesting date, having been issued with or having given notice to
terminate employment with the Group.
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
£150 of shares each month. At 31 December 2022, the total number of shares that remain in trust was 339,657 (2021: 343,328).
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Financial Statements
23. Share-based payments continued
LTIP and RSA schemes
The table below summarises the current LTIP and RSA schemes and the performance criteria elements:
2022
LTIP
2022
RSA
2021
LTIP
2021
RSA
2020
LTIP
2019
LTIP
Number of ordinary shares 2,275,280 224,355 1,880,072 401,243 1,64 4,847 1,514,690
Performance criteria:
– adjusted basic EPS (%) 50 50 50 80
– total shareholder return (%) 20 20 20 20
– revenue performance (%) 30 30 30
Weighted average share price at the date of exercise (£) n/a n/a n/a n/a n/a n/a
Sharesave Scheme
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:
Exercise price
Sharesave 2022 156.0p
Sharesave 2021 203.0p
Sharesave 2020 244.0p
Sharesave 2019 294.0p
Movements in the year
The following table illustrates the number and weighted average exercise price (WAEP) of, and movements in, share options during the year.
Number WAEP
Outstanding at 1 January 2021 2,926,130 £0.00
Awards made during the year 2,281,315 £0.00
Awards vested and exercised during the year (209,589) £0.00
Awards forfeited during the year (1,412,843) £0.00
Outstanding at 31 December 2021 3,585,013 £0.00
Awards made during the year 2,499,635 £0.00
Awards vested and exercised during the year (282,956) £0.00
Awards forfeited during the year (972,862) £0.00
Outstanding at 31 December 2022 4,828,830 £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 December 2022:
2022
Sharesave
2021
Sharesave
2020
Sharesave
2022
LTIP
2022
RSA
2021
LTIP
2021
RSA
2020
LTIP I
2020
LTIP II
Fair value at grant date (£) 0.98 1.31 1.61 1.98 1.91 2.66 2.71 2.86 3.04
Share price (£) 1.95 2.54 3.04 1.98 1.91 2.66 2.71 2.86 3.04
Exercise price (£) 1.56 2.03 2.44 0.0 0.0 0.0 0.0 0.0 0.0
Expected volatility (%) 90.2 91.8 92.2 92.2 92.8 93.0 102.9 85.4 89.3
Expected life of option/award
(years) 3.0 3.0 3.0 3.0 1.1 3.0 2.0 3.0 3.0
Weighted average remaining
contractual life (years) 2.8 1.8 0.8 2.3 0.5 1.3 0.3 0.3 0.7
Expected dividend yield (%) 6.0 4.6 3.9 0.0 0.0 0.0 0.0 0.0 0.0
Risk-free interest rate (%) 4.4 0.4 0.0 1.4 1.0 0.2 0.0 0.2 0.0
Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies.
Staff attrition has been assessed based on historical retention rates.
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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 lease start date of 1 June 2017. There was an 18-month rent-free period included in the agreement. The Manchester office lease was
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
the agreement. There is a break clause available at 7 May 2029 and the lease liabilities have been recognised up to this date. In 2021,
the Group also acquired some other smaller leases with the acquisitions of CYTI (Holdings) Limited, Ice Travel Group Limited and Quidco
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,
plant and equipment.
Land and
buildings
£m
Balance at 1 January 2021 27.1
Depreciation charge for the year (2.9)
Acquisitions through business combinations 1.7
Reduction in right-of-use assets (0.5)
Balance at 31 December 2021 25.4
Balance at 1 January 2022 25.4
Depreciation charge for the year (3.0)
Balance at 31 December 2022 22.4
ii. Amounts recognised in profit or loss
2022
£m
2021
£m
Depreciation charge for the year 3.0 2.9
Interest on lease liabilities 1.1 1.1
4.1 4.0
iii. Amounts recognised in statement of cash flows
2022
£m
2021
£m
Interest paid 1.1 0.9
Repayment of lease liabilities 3.1 2.3
4.2 3.2
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.
The rental income for the year was £0.6m (2021: £0.6m).
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.
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Moneysupermarket.com Group PLC
Financial Statements
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 result of technological oversights that in some instances can lead to customer detriment, dispute and potentially cash outflows.
The Group has a professional indemnity insurance policy in order to mitigate liabilities arising out of events such as this.
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)
and the amount owed at 31 December 2022 was £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
Holdings Limited UK 100 Holding company
Moneysupermarket.com Financial Group Limited UK 100 Holding company
Moneysupermarket.com Limited UK 100 Internet price comparison through lead generation
MoneySavingExpert.com Limited UK 100 Personal finance website
Quidco Limited
1
UK 100 Cashback services through lead generation
Decision Technologies Limited UK 100 Internet price comparison through lead generation
CYTI (Holdings) Limited UK 100 Holding company
CYTI Limited UK 100 Internet price comparison through lead generation
Mortgage 2000 Limited UK 100 Dormant
Sellmymobile.com Limited UK 100 Dormant
Townside Limited UK 100 Dormant
Ice Travel Group Limited UK 67 Holding company
Travelsupermarket Limited UK 67 Internet price comparison through lead generation
Icelolly Marketing Limited UK 67 Internet price comparison through lead generation
Express Rooms Limited UK 67 Dormant
Icelolly Limited UK 67 Dormant
Icelolly.co.uk Limited UK 67 Dormant
Icelolly Investments Limited UK 67 Dormant
Icelolly.com Limited UK 67 Dormant
Sunsave Travel Limited UK 67 Dormant
Podium Solutions Limited UK 52 Technology platform provider
1 Company name changed from Maple Syrup Media Limited to Quidco Limited with effect from 13 January 2023.
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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
Moneysupermarket.com
Financial Group
Holdings Limited
267.0 65.0 MoneySuperMarket House, St David’s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Moneysupermarket.com
Financial Group Limited
18.0 59.4 MoneySuperMarket House, St Davids Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Moneysupermarket.com
Limited
45.6 36.3 MoneySuperMarket House, St David’s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
MoneySavingExpert.com
Limited
39.7 29.7 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Quidco Limited
1
11.8 8.2 MoneySuperMarket House, St David’s Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Decision Technologies Limited 21.4 14.0 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
CYTI (Holdings) Limited 0.0 0.0 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
CYTI Limited 3.4 2.8 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Mortgage 2000 Limited 0.0 (0.5) MoneySuperMarket House, St Davids Park,
Ewloe, Chester, UK, CH5 3UZ
Ordinary 100% 100%
Sellmymobile.com Limited 0.0 0.4 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Townside Limited 0.0 0.2 One Dean Street, London, UK, W1D 3RB Ordinary 100% 100%
Ice Travel Group Limited 21.8 1.0 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary 67% 67%
Travelsupermarket Limited 14.2 1.0 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary 67% 67%
Icelolly Marketing Limited 1.0 0.3 Park Row House, 19-20 Park Row, Leeds,
West Yorkshire, UK, LS1 5JF
Ordinary 67%
67%
P
odium Solutions Limited (2.7) (0.6) 4th Floor, Market Square House,
St James Street, Nottingham,
Nottinghamshire, UK, NG1 6FG
Ordinary 52% 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 Companys registered office is disclosed
on page 137. All shareholdings with all subsidiaries are ordinary shares.
The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management,
if required.
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:
31 December
2022
£m
31 December
2021
£m
Short-term employee benefits 2.7 3.3
Share-based payments 1.0 0.6
Post-employment benefits 0.2 0.2
Key management personnel compensation 3.9 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.
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Financial Statements
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 the two companies. No balances were outstanding as at 31 December 2022 in relation to these transactions (2021: £nil).
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 December 2021 has been restated in these financial statements accordingly.
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
the Group’s holding to 42%. The Group then acquired an additional 10% of the share capital bringing its holding up to 52%. Since then,
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:
£m
Fair value of existing interest 0.7
Fair value of additional equity interest 0.2
Fair value of non-controlling interest 0.7
Fair value of total consideration 1.6
The fair value of the total identifiable net assets acquired was £1.6m:
£m
Intangible assets 3.2
Trade and other receivables 1.0
Cash 0.1
Trade and other payables (0.1)
Amounts due to non-controlling interest (1.8)
Deferred tax (0.8)
Fair value of total identifiable net assets acquired 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.
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Moneysupermarket.com Group PLC
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
Consolidated Financial Statements.
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
financial statements.
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.
31 December 2022
Podium
Solutions
Limited
Ice Travel
Group Total
Non-controlling interest 48% 33%
£m £m £m
Non-current assets
1
3.2 14.5 17.7
Current assets 0.3 8.3 8.6
Non-current liabilities (1.8) (4.9) (6.7)
Current liabilities (0.1) (2.0) (2 .1)
Net assets 1.6 15.9 17.5
Net assets attributable to non-controlling interest 0.7 5.3 6.0
Revenue 14.6 14.6
Profit 3.1 3.1
Other comprehensive income
Total comprehensive income 3.1 3.1
Profit attributable to the non-controlling interest 1.0 1.0
Other comprehensive income attributable to non-controlling interest
Total comprehensive income attributable to non-controlling interest 1.0 1.0
Cash flows from operating activities 4.5 4.5
Cash flows from investing activities (0.4) (0.4)
Cash flows from financing activities
Net increase in cash and cash equivalents 4.1 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 Groups balance sheet prior
to the acquisition of Ice Travel Group.
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Financial Statements
29. Non-controlling interest continued
31 December 2021
Podium
Solutions
Limited
Ice Travel
Group Total
Non-controlling interest 33% 33%
£m £m £m
Non-current assets
1
14.8 14.8
Current assets 3.8 3.8
Non-current liabilities (3.4) (3.4)
Current liabilities (2.5) (2.5)
Net assets 12.7 12.7
Net assets attributable to non-controlling interest 4.3 4.3
Revenue 2.2 2.2
Loss (1.8) (1.8)
Other comprehensive income
Total comprehensive income (1.8) (1.8)
Loss attributable to the non-controlling interest (0.6) (0.6)
Other comprehensive income attributable to non-controlling interest
Total comprehensive income attributable to non-controlling interest (0.6) (0.6)
Cash flows from operating activities (1.9) (1.9)
Cash flows from investing activities
Cash flows from financing activities 4.0 4.0
Net increase in cash and cash equivalents 2.1 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 deal fees and associated costs and £0.6m (2021: £0.2m) of amortisation of intangibles relating to the acquisition of Ice Travel Group
by the Group. Included in the profit (2021: loss) and total comprehensive income attributable to the non-controlling interest of £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.
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Note
31 December
2022
£m
31 December
2021
£m
Fixed assets
Investments 4 181.7 181.7
Total fixed assets 181.7 181.7
Current assets
Debtors – including amounts falling due in more than one year of £0.3m (2021: £0.3m) 5 215.8 224.3
Cash at bank and in hand 0.2 0.0
Total current assets 216.0 224.3
Creditors: amounts falling due within one year 6 (30.2) (25.8)
Net current assets 185.8 198.5
Creditors: amounts falling due in more than one year 7 (30.0) (40.0)
Net assets 337.5 340.2
Capital and reserves
Share capital 10 0.1 0.1
Share premium 205.4 205.4
Reserve for own shares (2.4) (2.6)
Other reserves 16.9 16.9
Profit and loss account 117.5 120.4
Shareholders’ funds 337.5 340.2
No profit and loss account is presented for the Company as permitted by section 408 of the Companies Act 2006. The profit after tax

The Financial Statements were approved by the Board of Directors and authorised for issue on 15 February 2023. They were signed

Peter Duffy
Chief Executive Officer
Scilla Grimble
Chief Financial Officer
Registered number: 6160943
Company Balance Sheet
at 31 December 2022
167
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
Company Statement of Changes in Equity
for the year ended 31 December 2022
Share
capital
£m
Share
premium
£m
Reserve for
own shares
£m
Other
reserves
£m
Profit and
loss account
£m
Total
£m
At 1 January 2021 0.1 205.0 (2.8) 16.9 112.1 331.3
Profit for the year 71.4 71.4
Total comprehensive income 71.4 71.4
New shares issued 0.0 0.4 0.4
Purchase of shares by employee trusts (0.3) (0.3)
Exercise of LTIP awards 0.5 (0.5)
Equity dividends (62.8) (62.8)
Share-based payments 0.2 0.2
At 31 December 2021 0.1 205.4 (2.6) 16.9 120.4 340.2
Profit for the year 59.9 59.9
Total comprehensive income 59.9 59.9
Purchase of shares by employee trusts (0.3) (0.3)
Exercise of LTIP awards 0.5 (0.5)
Equity dividends (62.8) (62.8)
Share-based payments 0.5 0.5
At 31 December 2022 0.1 205.4 (2.4) 16.9 117.5 337.5
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 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

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.
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Moneysupermarket.com Group PLC
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,

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

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

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

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


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 Companys cash management are included as a component of cash and cash equivalents for the purpose only of the Cash

Notes to the Company Financial Statements
169
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Financial Statements
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

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 Companys right to receive payment is established. Dividends payable to the Companys
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:
2022
No.
2021
No.
Administration 2 2
The aggregate payroll costs of these persons were as follows:
2022
£m
2021
£m
Wages and salaries 1.1 1.0
Social security costs 0.1 0.1
Other pension costs 0.1 0.1
Share-based payments 0.5 0.2
1.8 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.
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Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Notes to the Company Financial Statements continued
4. Investments
Shares in
subsidiary
undertakings
£m
Cost and net book value:
At 31 December 2021 and 31 December 2022 181.7
The investment represents the Companys 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
31 December
2022
£m
31 December
2021
£m
Amount due from subsidiary undertakings 215.0 223.3
Prepayments 0.5 0.7
Deferred tax asset (note 8) 0.3 0.3
215.8 224.3
6. Creditors: amounts falling due within one year
31 December
2022
£m
31 December
2021
£m
Borrowings 14.0 17.5
Amount owed to subsidiary undertakings 15.1 7.0
Accruals 1.1 1.3
30.2 25.8
7. Creditors: amounts falling due after one year
31 December
2022
£m
31 December
2021
£m
Borrowings 30.0 40.0
8. Deferred tax asset
31 December
2022
£m
31 December
2021
£m
Short-term timing differences 0.3 0.3
9. Dividends
pence per
share
31 December
2022
£m
pence per
share
31 December
2021
£m
Declared and paid dividends on ordinary shares:
Prior year final dividend 8.61 46.2 8.61 46.2
Interim dividend 3.10 16.6 3.10 16.6
Total dividend paid in the year 11.71 62.8 11.71 62.8
Proposed for approval (not recognised as a liability at 31 December): final
dividend 8.61 46.2 8.61 46.2
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Moneysupermarket.com Group PLC
Financial Statements
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 2022 2021
At the beginning of the year 536,861,647 536,700,541
Issued on exercise of SAYE options 161,106
At the end of the year 536,861,647 536,861,647
Nominal value of ordinary shares
2022
£
2021
£
At the beginning of the year 107,372 107,34 0
Issued on exercise of SAYE options 32
At the end of the year 107,37 2 107,372
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

11. Operating lease commitments
Future minimum lease payments under non-cancellable operating leases total £27.2m (2021: £29.9m). All lease payments are settled

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.
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Moneysupermarket.com Group PLC
Glossary
2018 Code
– means the UK Corporate Governance Code
published by the FRC in July 2018.
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


B2B – means business to business.
B2C – means business to consumer.
Beyond Carbon Neutral – means offsetting greater

CAGR – means compound annual growth rate.
Capital expenditure or Capex – means expenditure

amounts are recognised on the Consolidated Statement of
Financial Position.
Carbon emissions (Scope 1 and 2) – means emissions
of CO
2
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 Davids 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


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

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).
ISA (UK and Ireland) – means International Standard(s) on
Auditing in the UK and Ireland.
ITG – means Ice Travel Group.
KPI – means key performance indicator.
LTIP – means the Companys 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

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

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 Authoritys 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

are reinvested to purchase additional shares.
Working capital – means current assets minus current
liabilities excluding financing and investment activities.
Shareholder Information
Registered office
Principal bankers
Moneysupermarket House
Barclays Bank PLC
St David’s Park
1 Churchill Place, Canary Wharf
Ewloe
London E14 5HP
Chester CH5 3UZ
Bank of Ireland
Telephone:
Website: http://corporate.moneysupermarket.com
Floor 3A, Baggot Plaza
27–33 Upper Baggot Street
Registered number
Ballsbridge
Dublin 4
No. 6160943
Silicon Valley Bank
Company Secretary
Alphabeta
Shazadi Stinton
14–18 Finsbury Square
London
Financial advisers/stockbrokers
EC2A 1BR
Credit Suisse Securities (Europe) Limited
One Cabot Square
Financial PR
London E14 4QJ
The Maitland Consultancy Limited
3 Pancras Square
Barclays Bank PLC
London N1C 4AG
1 Churchill Place, Canary Wharf
London E14 5HP
Registrar
Equiniti Group
Auditor
Aspect House
KPMG LLP
Spencer Road
15 Canada Square
Lancing
London E14 5GL
West Sussex BN99 6DA
Solicitors
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London EC2A 2EG
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
173
Financial Statements
174
Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
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).

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.
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.
Shareholder Information continued
2023 Financial Calendar
Declaration date of 2022 final dividend 16 February 2023
Announcement of 2022 full-year results 16 February 2023
Ex-dividend date of 2022 final dividend 30 March 2023
Record date of 2022 final dividend 31 March 2023
Trading update 18 April 2023
Annual General Meeting 4 May 2023
Payment date of 2022 final dividend 11 May 2023
Half year end 30 June 2023
Announcement of 2023 half-year results 20 July 2023
Trading update October 2023
Financial year end 
Announcement of 2023 full-year results February 2024
CBP017255
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certified
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®
company. Both the printer and the paper mill are registered
to ISO 14001.
Moneysupermarket.com Group PLC Annual Report and Accounts 2022
Moneysupermarket.com Group PLC
Telephone: 01244 665700
Web: http://corporate.moneysupermarket.com
Registered in England No. 6160943
Registered Office: Moneysupermarket House,
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