We’re So
Moneysupermarket.com Group PLC
Annual Report 2011
Moneysupermarket.com Group PLC Annual Report 2011
Next Page Previous Page View Contents We are delivering 
on our growth strategy 
and helping everyone 
in the UK feel epic
Our Financial Highlights
 >Revenue increased by 22% from 
£148.9m to £181.0m
 >Adjusted EBITDA
1
 increased by 21% 
from £41.0m to £49.5m
 >Gross margin increased from 71.3% to 72.3%
 >Final dividend increased by 20% to 3.03p 
per share
 >Total dividend for the year of 8.46p per share 
(including special dividend of 3.93p per share)
 >Cash balance of £35.0m at 31 December 2011
 >Profit after tax of £16.8m
1. Certain share option charges relating to Directors, senior management and other employees of the Group arising from when the Group listed or when it was 
privately owned, costs relating to the acquisitions of Financial Services Net Limited and Local Daily Deals Limited, and amounts relating to the recovery of VAT have 
been added back to calculate adjusted EBITDA. A charge for awards made under the Group’s Long Term Incentive Plan is included within the adjusted results.
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Annual Report 201 1
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Geoff felt so epic with his £200 
saving on his car insurance that he 
surfed a blow up crocodile in our 
new ‘You’re So MoneySupermarket’ 
TV advertising campaign
Our Operational Highlights
 >Market leader in a 
growing market
 >Continued investment in 
technology
 >Marketing investment 
increased to £77.5m
 >Acquisition of Local 
Daily Deals and 
investment in HD 
Decisions
 Business Overview
 1 Highlights
 2 Our Business Model
 Business Review
10 Chairman’s Statement
12 Chief Executive’s Report
15 Financial and Business Review
20 Principal Risks and Uncertainties
 Management
22 Board of Directors and Company Secretary
 Corporate Responsibility
24 Corporate Responsibility Report
 Corporate Governance
25 Directors’ Report
29 Corporate Governance Report
33 Audit Committee Report
34 Nomination Committee Report
35 Directors’ Remuneration Report
43 Independent Auditor’s Report
 Financial Statements
44 Consolidated Statement of Comprehensive Income
45 Consolidated Statement of Financial Position
46 Consolidated Statement of Changes in Equity
47 Consolidated Statement of Cash Flows
48 Notes to the Consolidated Financial Statements
69 Company Balance Sheet
70 Notes to the Company Financial Statements
 General
73 Shareholder Information
7 4 Financial Calendar
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contents to 
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you require. 2 Moneysupermarket.com Group PLC
Annual Report 201 1
Customers Providers
We ﬁnd
a way
We wow
them
MoneySupermarket.com - Company Values
We win
together
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Our values drive the way we work.
They enable us to embrace our goals and work to 
achieve them with energy and enthusiasm, having 
as much fun as we can along the way.
Our business model 
is simple - help people 
to feel epic by saving 
money!
Our customers
We help our customers to save money on all of their 
household bills by providing a free, easy to use online 
service so they can compare a wide range of products in 
one place and find the product most suited to their needs. 
Our size means we are able to offer our customers 
exclusive, market-leading deals, including some they can’t 
even get direct from providers.
Our providers
By having considerable volumes of informed customers 
actively looking for products and ready to purchase, we 
offer our providers an efficient and cost effective customer 
acquisition solution across all of our channels. This enables 
our providers to target their marketing spend in an effective 
and completely measurable way.
Our revenue comes predominantly from fees paid to us by 
product providers when a customer clicks through to their 
website and actually applies for or purchases a product. It 
is a success based marketing fee. 3 Moneysupermarket.com Group PLC
Annual Report 201 1
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Annual Report 201 1
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We find a way -  
by being innovative 
and pioneering, 
we always deliver  
a great solution
It’s all about helping our customers find 
even more ways to make the most of their 
money so they can feel epic!
We added new features and services throughout 201 1, aimed 
at making MoneySupermarket.com even easier for our 
customers to use and encouraging them to keep coming 
back to us day after day. The following examples are just a few 
of the many innovative features delivered in 201 1.
We launched our ‘Smart Search’ tool within our credit cards 
channel which enables customers to be more readily matched 
with products that are tailored to their particular circumstances. 
This enables customers to narrow down their relevant options 
and for providers to see only those customers who are 
relevant for their product.
We launched MoneySupermarket Deals which provides 
customers with significant discounts on products and services 
– whether that is enjoying a meal at a local restaurant, having 
a pampering spa day, going to the cinema or taking in a  
West End show!
In October, we became the first price comparison website to 
offer our services on mobile devices through the launch of a 
fully functional motor insurance iPhone App. We are now able 
to offer our motor insurance price comparison services to our 
customers whenever and wherever they want to access them.
For customers who need extra guidance in finding products to 
save them money, we are the only major price comparison 
website which offers customers a phone-based service so 
they can speak with one of our team to discuss the options 
available to them. 5 Moneysupermarket.com Group PLC
Annual Report 201 1
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Annual Report 201 1
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We win together - 
when our customers 
and providers are 
happy, so are we
We spend a lot of time with our providers 
to understand how we can help them 
succeed in their chosen markets. Strong 
relationships with our providers are 
crucial to the success of our business. 
By working closely with our providers, and continuing to 
offer them an efficient, measurable and cost effective 
marketing tool, we are able to secure market-leading, 
exclusive products for our website.
We also spend a lot of time talking to our customers to 
understand what we can do to help them make the most of 
their money. This helps us to focus our innovation on things 
that will make a real difference to our customers.
And of course, by giving customers access to products 
and deals through MoneySupermarket.com which are not 
available anywhere else, we really do help our customers to 
save money on their household bills.  7 Moneysupermarket.com Group PLC
Annual Report 201 1
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Annual Report 201 1
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In 2011, we took a fresh approach to our  
TV advertising to drive the category  
forward and build on our position as the  
leading price comparison website. The  
‘You’re So MoneySupermarket’ campaign 
focused on the emotional benefit of using  
our website and the fact that saving money 
makes you feel epic – it proved very popular 
with TV audiences.
In January 2012 we launched a new ‘You’re So MoneySupermarket’ 
campaign showcasing the breadth of our service and how we can 
help our customers save money on their household bills.
We supported our TV advertising with our PR campaigns which 
were aimed at engaging with and educating consumers on how  
they can save money with MoneySupermarket.com. We achieved 
widespread media coverage in all major national broadsheets and 
tabloid newspapers, a large cross-section of national and regional 
broadcast media and major online news sites.
We also communicated directly with our customers through our 
weekly More Money email newsletter. Our newsletters provide 
valuable information on products and services available through  
our website including market-leading exclusive products not  
available anywhere else.
We wow them - 
marketing and 
PR are critical  
to building a 
household brand 9 Moneysupermarket.com Group PLC
Annual Report 201 1
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Annual Report 201 1
Gerald Corbett 
Chairman
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Chairman’s Statement
Results and strategic progress
The solid progress we have made since the credit crunch has 
continued. 2011 was a good year for the Group as adjusted 
revenue increased by 20% from £148.9m to £178.5m and 
adjusted EBITDA increased by 21% from £41.0m to £49.5m. 
Our largest verticals, Money and Insurance, delivered significant 
growth during the year with revenue in the Money vertical 
increasing by 19% from £44.0m to £52.6m and revenue in the 
Insurance vertical increasing by 21% from £84.5m to £102.7m.
Together with the significant growth achieved in our Home 
Services vertical, these results demonstrate the continuing 
strength and diversity of our business model and helped to offset 
the decline experienced in our Travel vertical, which continued to 
suffer in line with the rest of the travel market.
The 2011 results reflect effective execution of the Group’s strategy 
outlined in early 2010. Having realigned the cost base, the focus in 
2011 has been on growing the business.
We made significant further investment in our marketing strategy 
through our sponsorship of ‘Britain’s Got Talent’ and the launch of 
our new ‘You’re So MoneySupermarket’ TV advertising campaign, 
both of which helped to drive visitor growth to the Group’s 
websites. We have continued the ‘You’re So MoneySupermarket’ 
theme in 2012 with the launch of our latest TV advertising 
campaign demonstrating the number of ways we can help our 
customers save money on their household bills.
Dividend
Having reviewed the cash required by the business and the 
performance of the Group, the Company paid an interim  
dividend of 1.5p per ordinary share on 16 September 2011. This 
represented an increase of 15% on the interim dividend paid in 
2010 and is consistent with the Company’s progressive dividend 
policy. In addition, the Company paid a special dividend on the 
same date of 3.93p per ordinary share reflecting the Board’s 
confidence in the ability of the business to generate cash on an 
ongoing basis.
During the year, the business continued to generate cash, and we 
ended the year with cash balances of £35.0m. With the business 
growing, the Board is recommending a final dividend of 3.03p  
per ordinary share, representing an increase of 20% on the final 
dividend in 2010 and again consistent with the Company’s 
progressive dividend policy. If approved by shareholders at the 
forthcoming Annual General Meeting, this will bring the total 
dividend for the year to 8.46p per ordinary share and will be paid on 
27 April 2012 to all shareholders on the register at 30 March 2012.
Outlook
The new year has begun well and, whilst we remain alert to the 
continuing uncertainty in the wider economic environment, we are 
confident that we will continue to grow in 2012. Our great brands, 
strong market positions, experienced people and scale are the 
basis on which our business is built and will remain key strengths 
in the coming year.
Governance and the Board
Since the Group listed on the London Stock Exchange in 2007, 
our Board and executive governance structures have continually 
developed and improved. We believe that good governance 
reduces risk and adds value to the business. 11 Moneysupermarket.com Group PLC
Annual Report 201 1
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The 2011 results reflect effective 
execution of the Group’s strategy outlined 
in early 2010. Having realigned the cost 
base, the focus in 2011 has been on 
growing the business
As such, the Board is committed to high standards of corporate 
governance and supports the principles laid down in The UK 
Corporate Governance Code published in June 2010 by the 
Financial Reporting Council (‘Code’). The Corporate Governance 
Report together with the Audit Committee Report, Nomination 
Committee Report and the Directors’ Remuneration Report on 
pages 29 to 42 describe how the principles of the Code are 
applied by the Group and reports on the Group’s compliance with 
the Code’s provisions.
Following the appointment to the Board in April 2010 of Bruce 
Carnegie-Brown as an additional Non-Executive Director, the 
Board has remained stable and focused on growing the business. 
I am confident that the Board has the right mix of experience, 
skills, structure and balance required for its next phase of growth.
As with last year and in accordance with the Code, all of our 
Directors will retire at this year’s Annual General Meeting, and 
being eligible, will offer themselves for re-election.
Employees
Our results this year demonstrate the quality of our people which 
continues to be a core strength of the Group. On behalf of the 
Board, I would like to thank Peter Plumb, his management team 
and all the employees for their skill and hard work during the year 
and for the results they have achieved.
Annual General Meeting
The Annual General Meeting will be held at 11.00am on 
Wednesday 18 April 2012 at Doubletree by Hilton Chester Hotel, 
Warrington Road, Hoole, Chester, CH2 3PD and I look forward to 
seeing you there.
Gerald Corbett
Chairman 12 Moneysupermarket.com Group PLC
Annual Report 201 1
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Chief Executive’s 
Report
Peter Plumb 
Chief Executive Officer
Review of the year
2011 has proved to be a strong year for the Group, with internet 
revenue back to our pre-credit crunch peak in 2008, a result of 
the implementation of the Group’s strategy and forensic marketing 
programmes over the past three years.
2011 was also a year of continued structural market growth. 
More and more customers turned to online aggregation as their 
preferred way to shop for financial products. There is no reason 
for this trend not to continue, driven by ease of use, whole of 
market view and of course a need to search out the best prices 
to save money during tough economic times. 
Despite slowing motor insurance inflation, historical low interest 
rates and a tight credit market, our core channels all delivered 
double digit revenue growth. Revenues in our travel business 
however, despite investment in both our website and marketing 
campaign, declined on the back of a third year of torrid market 
conditions for the travel industry.
After concern over significant motor insurance premium inflation 
during 2010/11, in September, the Office of Fair Trading decided to 
take a closer look at the motor insurance industry. It is 
encouraging to see that the outcome of the study acknowledged 
that price comparison sites have intensified price competition 
between motor insurance providers and brought about greater 
price transparency which has helped prevent premiums from 
increasing further.
Our providers benefited from, and our customers enjoyed, a step 
change in our marketing activity during 2011. As an industry, 
offline advertising increased by 25% during the year whilst each of 
the four key players continued to consolidate their positions in this 
growing market. 
Due to our strong online natural search positions and robust 
customer relationship management (‘CRM’) capabilities, we 
continued to spend the least amount of the four key industry 
players on offline advertising during 2011.
However our sponsorship of ‘Britain’s Got Talent’ coupled with our 
new differentiated ‘You’re So MoneySupermarket’ TV advertising 
campaign meant that once again we delivered the most efficient 
marketing campaign of the four key industry players in 2011.
Review of the Group’s strategic progress during 2011
Turning to our strategic plan described in last year’s Annual 
Report, I can confirm that it has worked well for us during 2011 as 
outlined below and will continue to be our road map for 2012 and 
beyond. Our strategy has ensured that the Group has remained 
completely focused as one team on building a successful 
long-term business. 
Best shop
Our mission is for MoneySupermarket.com to be the best way for 
people to shop for products. Much of our investment programme 
of 2011 was focused on improving our IT systems and our core 
channels. Good progress has been made with our motor 
insurance, home insurance and credit cards channels again being 
voted by customers as market leading at the end of the year.
Our systems upgrade programme enabled us to pioneer the 
availability of price comparison services on mobile and tablet 
devices. In September our motor insurance renewal service 
became mobile optimised, followed in October by the launch of a 
fully functional motor insurance iPhone App: existing customers 
can now renew their motor insurance with just three taps of an 
iPhone screen. With industry observers predicting that over 50% 
of all internet searches will be performed on mobile devices by 
2015 this is technology in which we will continue to invest. 13 Moneysupermarket.com Group PLC
Annual Report 201 1
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Early in 2011 we formalised our working partnership with HD 
Decisions. Their data analytics capability powers our credit cards 
‘Smart Search’ service, allowing customers to select from a range 
of cards they are most likely to be accepted for based on their 
credit rating, rather than just seeing a list of market leading cards. 
This technology is in the process of being applied to unsecured 
loans, a channel that has experienced strong growth during 2011. 
MoneySupermarket.com will be the only player who offers 
customers the ability to search for personal loan deals they are 
likely to be offered based on their credit score.
Our IT investment programme will continue through 2012/13 in line 
with our strategic road map. The focus of this year’s investment 
will be on sharing common technology between all of our 
channels, making searching for different products a more 
seamless experience for customers.
Best product
To be the preferred way to shop for customers, we recognise that 
MoneySupermarket.com must have all of the brands and products 
a customer expects to see and wants. During 2011 we continued 
to build our relationships with product providers which enabled us 
to develop and secure tailored products specifically for our 
customers.
This in turn increased the range of products available through our 
website reinforcing MoneySupermarket.com’s position as the 
leading price comparison website. Most notably we were pleased 
to welcome both Tesco and Aviva (Quotemehappy) to our motor 
insurance channel, leaving Direct Line as the only major brand not 
available through our service.
Our customer research tells us that the biggest barriers to 
continued rapid adoption of price comparison services are that 
customers think it might be cheaper going direct and worry  
that only the highest commission products are pushed by price 
comparison players; something that is certainly not the case at 
MoneySupermarket.com. We have therefore launched our 
customer charter, which lays out clearly for our customers both 
what we as a business stand for and what we strive to be:
•	 We make it easy to find the brands you expect to see
•	 We strive to ensure a product cannot be found cheaper  
by going direct
•	 We let you remain in control of your personal data
•	 We are independent and impartial
•	 We make it easy to switch and save
•	 We strive to always show the most competitive product 
available
Data
As our business grows, so does the number of customers who 
open personal accounts with us to store their data, historical 
quotes and personalised product searches. We now manage  
data for more than 10 million individuals and talk on a regular 
basis to many of them through our weekly More Money email 
communication and personalised marketing campaigns. We 
continue to invest in making it ever easier for our customers to 
search for new products and services.
During 2011 we worked closely with a number of product 
providers to understand how we could get the best possible deals 
and product range available on the market, and in some cases 
deals that could not be found anywhere else. By working together 
with product providers we were able to design tailored and market 
leading products that could be made available to our customers 
through our website.
Our aim is to help the UK save £1bn on 
their household bills in 2012. This would 
be a major achievement for our business, 
but most importantly clarifies our 
business objective of being known  
by customers as a brand that can save 
them money on much more than just 
motor insurance 14 Moneysupermarket.com Group PLC
Annual Report 201 1
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Brand
We started 2011 with Omid Djalili working with Jedward, David 
Soul and John Prescott in some of our most entertaining TV 
advertising ever as we concluded the ‘haggle hero’ campaign 
started in January 2010. The campaign had successfully grown 
our consumer awareness ratings and cemented our position as  
a major player in motor insurance price comparison.
However, as can be seen from our results, our ambitions are 
bigger than motor insurance. We therefore made the decision  
to launch a new TV advertising campaign from which we can  
build our brand beyond motor insurance. The ‘You’re So 
MoneySupermarket’ TV advertising campaign launched in July 
2011 with Geoff feeling so epic with his £200 saving that he surfed 
a blow up crocodile to the delight of a crowded Californian beach. 
This was followed by Dave who interrupted a quarrel between two 
gorillas and felt like the king of the jungle with his £200 saving. 
In 2012 the campaign has started to demonstrate its breadth with 
Brian saving his family over £1,000 by switching his credit card, 
home insurance, loan, energy and motor insurance. This new 
creative will help to further raise consumer awareness of the broad 
range of financial services products available through
MoneySupermarket.com. 
During the year we continued to optimise our marketing spend 
and investment in paid search through our bid management 
systems.
2012 strategy
The Bank of England estimates that 2012 is going to be an even 
tougher year for British households with the average family being 
around £1,000 worse off than in 2011.
Our aim is to do our bit and help the UK save £1bn on their 
household bills in 2012. This would be a major achievement for 
our business, but most importantly clarifies our business objective 
of being known by customers as a brand that can save them 
money on much more than just motor insurance.
Therefore, for the year ahead I see no reason to change our 
strategic road map, but as our ‘You’re So MoneySupermarket’ 
campaign demonstrates, we will step up our communications so 
that UK households know that they can save £1,000 on their 
household bills through MoneySupermarket.com.
Our IT investments will increase to support our best shop strategy. 
Our ambition is that customers will experience a more seamless 
journey when shopping on multiple channels, but it is likely to be 
our providers who will experience the biggest changes, with 
simpler product loading and maintenance capabilities.
Our team at MoneySupermarket.com are at the heart of driving 
growth in 2012 and beyond. Over the past three years we have 
invested significantly in building new skills across our business. 
The passion of our team continues to be a core strength of 
the business. 
We will continue to build stronger and deeper relationships  
with our providers sharing our knowledge to ensure we deliver  
a valuable and cost effective service to them. In return we  
expect to develop innovative and market leading products  
for our customers.
Outlook
We start 2012 with a backdrop of market changes for our core 
businesses.
Motor insurance premium growth has slowed but for 2012 and 
2013 the backdrop of increasing personal injury claims will 
continue to challenge the profitability of the industry.
In retail banking we see the launch of Virgin Bank who we expect 
to develop innovative products focused on challenging the industry 
and taking share from some of the more traditional players.
In energy, the government has been clear that it intends to 
challenge the costs now experienced by consumers for their gas 
and electricity.
During what is shaping up to be a really tough year for customers, 
we expect the opportunity for households to be able to save at 
least £1,000 to grow as competition for customers intensifies 
across our core channels.
For MoneySupermarket.com, our free to use service, our trusted 
brand and our talented team mean that we are well set to achieve 
our objective of saving UK households £1bn in 2012.
Peter Plumb
Chief Executive Officer
Chief Executive’s 
Report continued 15 Moneysupermarket.com Group PLC
Annual Report 201 1
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Financial and 
Business Review
The Group has presented below an extract of the Consolidated Statement of Comprehensive Income for the years ended 31 December 
2011 and 31 December 2010 along with a reconciliation to adjusted EBITDA. Revenue in 2011 was £181.0m (2010: £148.9m) which 
generated a net profit after tax of £16.8m (2010: £7.7m). The Directors believe that the presentation of an adjusted EBITDA measure will 
allow users of the financial information to gain a better understanding of the underlying performance of the business. 
Extract of Consolidated Statement of Comprehensive Income
for the year ended 31 December 2011
2011 
£000 
2010 
£000 
Revenue 181,048 148,892
Cost of sales (50,156) (42,763)
Gross profit 130,892 106,129
Distribution expenses (29,766) (21,621)
Administrative expenses – excluding Directors’ and senior managers’ share-based compensation (74,883) (71,920)
Administrative expenses – Directors’ and senior managers’ share-based compensation and related costs (2,200) (1,851)
Administrative expenses (77,083) (73,771)
Profit from operating activities 24,043 10,737
Reconciliation to adjusted EBITDA:
Profit from operating activities 24,043 10,737
VAT recovery relating to prior periods (3,078) –
Share-based compensation – 554
Amortisation of intangible assets 24,202 24,194
(Credit)/costs relating to the acquisition of Financial Services Net Limited (2,222) 668
Impairment of goodwill relating to Financial Services Net Limited 2,199 –
Costs relating to the acquisition of Local Daily Deals Limited 493 –
Depreciation 3,819 4,851
Adjusted EBITDA 49,456 41,004
Adjusted earnings per ordinary share:
– basic (p) 6.6 5.2
– diluted (p) 6.5 5.0
Notes
1. Basis of preparation
The results show the trading results for the years ended 31 December 2011 and 31 December 2010. The following adjustments have 
been made to arrive at adjusted EBITDA:
•	 The acquisition of Moneysupermarket.com Financial Group Limited by the Company gave rise to £207.2m of intangible assets. These 
are being written off over a period of 3-10 years with a charge of £23.0m and £24.0m expensed in 2011 and 2010 respectively.
•	 The Group has reported £3.4m in refunds from HMRC after successfully challenging the VAT treatment of the supply of certain of its 
lead services. Following a ruling received in March 2008 from HMRC the Group had treated the supply of its lead services as a 
standard rated supply for VAT purposes rather than as an exempt supply that the Group believed to be correct. Consequently the 
Group has recorded additional revenues of £3.2m in the statutory results for the year together with a credit of £0.2m in administrative 
expenses. Of these amounts the Group has included a credit of £0.7m to revenue in the year (2010: nil) together with a charge of 
£0.4m to administrative costs (2010: nil) in adjusted EBITDA.
•	 Certain share option charges relating to Directors, senior management and other employees of the Group arising from the time the Group 
listed or when it was privately owned have been added back to calculate adjusted EBITDA in 2010. A charge for awards made under the 
Group’s Long Term Incentive Plan is included within the adjusted results for 2010 and 2011. 16 Moneysupermarket.com Group PLC
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•	 On 14 October 2010 the Group acquired Financial Services Net 
Limited (‘FSN’). The Group incurred costs of £0.7m in relation to 
the acquisition including settling both its own and the sellers’ 
professional fees associated with the acquisition. The acquisition 
also gave rise to £6.1m of intangible assets which are to be 
written off over a period of 3-10 years, and which gave rise to an 
amortisation charge of £0.7m in the current period (2010: £0.4m), 
and £2.2m of goodwill. During the period, the Group has 
reassessed how much of the contingent consideration related to 
the acquisition of FSN it expects to become payable based on 
its most recent forecasts. As a result, the Group has recognised 
a credit in the Consolidated Statement of Comprehensive 
Income during the period for £2.2m. In light of this, the Group 
has also performed an impairment review of FSN’s assets during 
the period, which resulted in an impairment charge of £2.2m 
relating to goodwill also being recognised in the Consolidated 
Statement of Comprehensive Income during the period.
•	 On 31 August 2011 the Company acquired a 51% shareholding 
in Local Daily Deals Limited. The Group incurred costs of £0.4m 
in relation to the acquisition, and a further £0.1m of contingent 
consideration relating to continued employment of certain 
individuals, which has been reported within administrative 
expenses. The acquisition gave rise to £0.6m of goodwill. 
Consequently there is no amortisation charge in the period.
Reference is made in the Overview section below to adjusted 
revenue, adjusted distribution and administrative expenses, and 
adjusted staff costs. These measures represent the revenue and 
costs reported in the Consolidated Statement of Comprehensive 
Income, less the intangible amortisation, pre-listing share option 
charges, net credit from the VAT recovery and costs and credits 
incurred in relation to the acquisitions of Financial Services Net 
Limited and Local Daily Deals Limited.
Overview
We present a strong set of financial results for the year ended 
31 December 2011. Adjusted revenue for the year increased by 
20% to £178.5m (2010: £148.9m), generating adjusted EBITDA 
which was 21% higher at £49.5m (2010: £41.0m).
During 2011 the Group continued to benefit from the investment it 
made in its websites during 2010 which helped improve site 
functionality and the usability of the websites. This helped improve 
conversion and consequently revenue per visitor (‘RPV’). 
Investment in technology continued during the year with emphasis 
on improving and simplifying the underlying site architecture. This 
programme will continue into 2012. The Group invested £3.9m 
during the year in its technology which has been capitalised. This 
work is designed to allow the Group in the longer term to be able 
to more rapidly develop and deploy new products or services, 
make changes to its existing services more efficiently and reduce 
the overall cost of ownership of its websites.
Consistent with its strategy of driving higher margin, direct-to-site 
revenues, the Group has continued to increase its investment in offline 
marketing. This included, in the second quarter, the sponsorship of 
Britain’s Got Talent, the ITV primetime entertainment show which 
has helped consolidate MoneySupermarket.com’s position as a 
mainstream brand. In the second half of the year the Group 
launched a new television campaign “You’re So MoneySupermarket” 
building upon the momentum of the first half. This helped increase 
revenues in the second half of the year by 16% with momentum 
building throughout the period as the campaign became established. 
Consequently, and as previously indicated, offline marketing 
expenditure in the year was 43% ahead of last year. Overall marketing 
expenditure including online costs increased by approximately 24%. 
The Group will continue to invest in its brand in 2012.
Financial performance
Adjusted revenue increased by 20% to £178.5m (2010: £148.9m) and 
adjusted EBITDA increased by 21% to £49.5m (2010: £41.0m). The 
Group saw solid revenue growth in its Insurance, Money and Home 
Services verticals, whilst Travel revenue declined in what remains a 
challenging economic environment for discretionary expenditure.
Group adjusted gross margin increased from 71.3% to 71.9%.  
The Group maintained its proportion of direct to site revenue at 
67% (2010: 67%) whilst paid search represented 22% of adjusted 
revenue in the year (2010: 21%).
Adjusted administrative and distribution costs increased by 18% 
from £70.0m to £82.7m. Distribution expenses increased by 
£8.2m (38%) following higher spend on creative and media costs, 
and sponsorship of Britain’s Got Talent. Adjusted administrative 
costs increased by £4.5m (9%) to £52.9m in 2011. The Group has 
continued to manage its cost base tightly. Adjusted staff costs 
(including contract resource) were 10% higher at £30.0m. 
Headcount increased from 420 to 439 from December 2010 to 
December 2011, principally as a result of the acquisition of Local 
Daily Deals Limited.
Other administrative costs, including irrecoverable VAT, increased 
by £2.6m. The VAT rate increased from 17.5% to 20% which, 
together with the higher marketing spend, increased the input tax 
incurred by the business and the amount that was irrecoverable.
There were no costs in 2011 for the German operation, which 
was closed in the first half of 2010, during which costs of £0.5m 
were incurred.
Adjusted EBITDA margins increased from 27.5% to 27.7% against 
the same period last year.
Financial and 
Business Review continued 17 Moneysupermarket.com Group PLC
Annual Report 201 1
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The Group operates its internet business across four vertical 
markets. These are discussed below:
Adjusted Revenue
1
31 December 2011 31 December 2010
£000 % £000 %
Money 52,586 30 44,006 30
Insurance 102,655 58 84,520 57
Travel 13,319 7 13,926 9
Home Services 9,181 5 6,206 4
Other – UK 719 0 71 0
Total internet UK 178,460 100 148,729 100
Germany – 0 130 0
Total internet 178,460 100 148,859 100
Intermediary 69 0 33 0
Total 178,529 100 148,892 100
1 The above table excludes the £2.5m of additional revenue which the Group has 
recorded in 2011 in relation to the settlement of the VAT treatment of its leads 
business and which relates to prior periods.
Internet business 
The Directors use key performance indicators (‘KPIs’) to assess 
the performance of the internet business against the Group’s 
strategy. These are reviewed on a regular basis. The principal KPIs 
for the internet business are as follows:
Visitors
The Group measures the number of visitors to its websites as the 
number of unique visitors per day per channel, measured on a 
cumulative basis using cookie-based tracking methodologies. 
Transactions 
The Group measures transactions at the point in time that the 
customer leaves the Group’s websites having clicked through
to a third party website, or in some cases having completed an 
application form hosted on the Group’s websites. 
Revenue per visitor (‘RPV’)
The Group measures the total revenue (including click and other 
internet revenue) divided by the number of visitors defined above. 
Revenue per transaction (‘RPT’) 
The Group measures the click based revenue divided by the total 
number of transactions defined above.
The relative performance of each of the internet verticals is 
discussed below:
Money
The Money vertical offers customers the ability to search for and 
compare products such as credit cards, current accounts, 
mortgages, loans, debt solutions, savings accounts and business 
finance, amongst other things. It also includes elements of the 
Group’s lead business (PAA) and advisory business (SAS) together 
with advertising revenue that derives from financial products. 
The KPIs for the Money vertical are shown below: 
31 December
2011
31 December
2010 Change
Visitors (000) 35,220 31,761 11%
Transactions (000) 18,773 13,585 38%
Revenue (£000) – click based 48,254 39,196 23%
Revenue (£000) – other 4,332 4,810 -10%
Revenue (£000) – total 52,586 44,006 19%
RPV £1.49 £1.39 7%
RPT £2.57 £2.89 -11%
Total revenue increased by 19% from £44.0m to £52.6m and click 
based revenue by 23% from £39.2m to £48.3m. Visitors to the 
Money vertical were 11% higher than last year.
The Group saw growth across its credit business and more 
generally from other banking products particularly savings which 
performed very strongly. Revenue from credit products defined as 
secured and unsecured loans, credit cards, pay day loans, debt 
solutions and mortgages excluding impression based advertising 
were 20% ahead of last year. Consistent with 2010 credit products 
accounted for around 70% of revenues in the Money vertical.
Click based revenue benefited generally from continued 
improvements in product availability together with ongoing site 
optimisation building on the work delivered in 2010. These both 
helped improve conversion and RPV.
Other revenue, which includes revenue from the sale of leads 
through PAA, commission based sales through SAS for mortgages 
and loans, and advertising revenue, declined by approximately 
£0.5m, or 10%, over the year. The Group has refocused its lead and 
telephony based selling activities in a number of core areas to 
improve the quality of service offered to its customers.
Insurance
The Insurance vertical offers customers the ability to search for 
and compare insurance products such as breakdown, dental, 
home, life, medical, motor, pet and travel insurance, amongst 
other things. It also includes elements of the Group’s lead 
business (PAA) and advisory business (SAS) together with 
advertising revenue that derives from insurance products. 18 Moneysupermarket.com Group PLC
Annual Report 201 1
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The KPIs for the Insurance vertical are shown below:
31 December
2011
31 December
2010 Change
Visitors (000) 28,554 25,492 12%
Transactions (000) 15,687 14,095 11%
Revenue (£000) – click based 92,218 79,040 17%
Revenue (£000) – other 10,437 5,480 90%
Revenue (£000) – total 102,655 84,520 21%
RPV £3.60 £3.32 8%
RPT £5.88 £5.61 5%
Revenue in the Insurance vertical increased by 21% from £84.5m 
to £102.7m. Click based revenue increased by 17% from £79.0m 
to £92.2m. Visitors increased by 12% to 28.6m, helped in part by 
the increased media spend and new media campaigns referred 
to previously.
Revenue increased in each of the major lines of business being 
motor, home and travel insurance. Motor and home insurance 
benefited from the full year impact of site improvements made in 
2010. This has been reflected in improved provider conversion 
and RPV.
Other revenue increased by £4.9m or 90% as a result of the launch 
of a new telephone based non advised life insurance offering. It also 
included for the first time revenue from the sale of a number of data 
services to providers which were launched in 2011.
Travel
The Travel vertical offers customers the ability to search for and 
compare airport parking, car hire, flights, hotels and package 
holidays, amongst other things. 
The KPIs for the Travel vertical are shown below: 
31 December
2011
31 December
2010 Change
Visitors (000) 40,708 37,949 7%
Transactions (000) 21,928 22,121 -1%
Revenue (£000) – click based 12,171 12,515 -3%
Revenue (£000) – other 1,148 1,411 -19%
Revenue (£000) – total 13,319 13,926 -4%
RPV £0.33 £0.37 -11%
RPT £0.56 £0.57 -2%
Revenue in the Travel vertical declined by 4% from £13.9m to 
£13.3m and click based revenue declined by 3% from £12.5m 
to £12.2m. Visitor levels increased by 7% compared to the same 
period last year.
Revenue in the Travel vertical continues to be impacted by low 
levels of discretionary expenditure as consumers face difficult 
economic conditions. Package holiday revenues held up relatively 
well and were flat year on year helped by a television advertising 
campaign screened during the first quarter.
Other revenue, representing impression based advertising, fell by 19% 
due to weaker demand from providers for advertising real estate.
Home Services
The Home Services vertical offers customers the ability to search 
for and compare products such as broadband, mobile 
telephones, vouchers, shopping and utilities. 
The KPIs for the Home Services vertical are shown below: 
31 December
2011
31 December
2010 Change
Visitors (000) 25,748 24,036 7%
Transactions (000) 8,482 7,473 14%
Revenue (£000) – click based 9,160 5,994 53%
Revenue (£000) – other 21 212 –90%
Revenue (£000) – total 9,181 6,206 48%
RPV £0.36 £0.26 38%
RPT £1.08 £0.80 35%
Revenue in the Home Services vertical increased by 48% from 
£6.2m to £9.2m in the year. Visitors increased by 7%.
Revenue from utilities, which is the largest channel in the vertical, 
increased strongly throughout the year as interest and awareness 
of utility prices grew. The increase in utility revenue relative to 
other sources of revenue in the Home Services vertical increased 
RPV in the period.
Acquisition of Local Daily Deals Limited and 
Financial Services Net Limited
On 31 August 2011 the Group completed the acquisition of 51% of 
Local Daily Deals Limited (‘LDD’) for an initial consideration of 
£1m, rising to a total consideration of up to £11m payable on the 
third anniversary of its acquisition depending on the achievement 
of certain financial targets. The Group has also supplied a working 
capital facility of £0.5m repayable on demand.
LDD owns and operates a website and technology platform 
that features discounted retail offers from local and national 
companies. The website has been integrated into the 
MoneySupermarket.com website and will allow the Group to 
promote these services to its large customer database. The Group 
expects to be able to partner with national brands to offer 
customers exclusive deals not available through similar websites.
All consideration payments have been or will be paid in cash.
On 14 October 2010 the Group completed the acquisition of 
Financial Services Net Limited (‘FSN’) for an initial consideration of 
£4.4m, rising to a total consideration of up to £8.8m payable over 
3 years depending on the achievement of certain financial targets 
and the conclusion of outstanding tax matters. Related costs of 
approximately £0.7m were expensed in 2010.
FSN owns and operates a number of website domains which will 
provide a platform for the Group to broaden its brand offering to a wider 
range of customer segments in the Money and Insurance verticals.
Financial and 
Business Review continued 19 Moneysupermarket.com Group PLC
Annual Report 201 1
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All consideration payments have been or will be settled in cash.
The trading of the FSN business has been below management 
expectations. Consequently, during the year the Group performed 
a review of the value of contingent consideration held on its 
balance sheet that may become payable to the vendors of the 
business during the earnout period. As a result of this excercise 
the Group has lowered its estimate of the fair value of contingent 
consideration that will be payable from £2.4m to £0.2m. 
Consequently, a credit of £2.2m has been included in the 
Consolidated Statement of Comprehensive Income in the period.
In light of the trading performance referred to above, the Group 
has separately performed a review of the carrying value of 
goodwill and other intangible assets identified upon the acquisition 
of FSN. As a result of this review, the Group has recognised an 
impairment loss of £2.2m in the Consolidated Statement of 
Comprehensive Income in the period.
Cash balance and dividend
As at 31 December 2011 the Group had a cash balance of 
£35.0m. The Group continued to strengthen its cash position 
throughout the year after payment of dividends.
Having reviewed the cash required by the business, the Board is 
recommending a final dividend, subject to shareholder approval, 
in respect of the year ended 31 December 2011 of 3.03p per 
ordinary share.
Together with the interim dividend of 1.5p per ordinary share and 
special dividend of 3.93p per ordinary share paid on 16 September 
2011, this gives a total dividend for the year of 8.46p per ordinary 
share, reflecting the Board’s confidence in the ability of the 
business to generate cash on an ongoing basis. 
The Board is committed to a progressive dividend policy, with 
ongoing monitoring of the appropriate capital structure.
The ex-dividend date for the final dividend is 28 March 2012, with 
a record date of 30 March 2012 and a payment date of 27 April 2012. 
Shareholders have the opportunity to elect to reinvest their cash 
dividend and purchase existing shares in the Company through a 
Dividend Reinvestment Plan.
Tax
The Group tax charge of £7 .5m in the Consolidated Statement of 
Comprehensive Income represents an effective tax rate of 31% (2010: 
30%). This is higher than the prevailing rate of 26.5% due to the tax 
effect of share-based payments, prior year adjustments to current 
and deferred tax, and other permanent differences mainly arising 
from professional fees and non-qualifying depreciation. In addition, 
the current year has been impacted by tax losses from its German 
operation of £0.2m for which a deferred tax asset has not been 
recognised. In the future, the Group expects the underlying effective 
rate of tax to be close to the standard UK corporation tax rate.
Earnings per ordinary share 
Basic statutory earnings per ordinary share for the year to  
31 December 2011 was 3.3p (2010: 1.5p). Adjusted basic earnings 
per ordinary share increased from 5.2p to 6.6p per share. The 
adjusted earnings per ordinary share is based on profit before tax 
after adding back intangible amortisation and goodwill impairment, 
share-based payment charges arising from pre-listing share options, 
costs incurred in relation to the acquisition of Local Daily Deals 
Limited, the credit relating to the reassessment of contingent 
consideration for Financial Services Net Limited and the VAT recovery 
relating to prior periods. A tax rate of 26.5% (2010: 28%) has been 
applied to calculate adjusted profit after tax.
Key contractual arrangements
Moneysupermarket.com Limited, a subsidiary of the Company, is 
party to contracts and other arrangements which the Directors 
judge are essential to the Group’s business.
As with any internet business the Group is dependent upon its 
ability to attract customers to its website either directly or through 
paid search or portal partners, and revenue generated from 
commercial arrangements with its providers.
The Group uses television advertising to attract customers to its 
website directly. The Group incurred costs of £27 .0m (2010: £18.9m) 
relating to television and other offline advertising in 2011. The 
Group has contracts with a number of media agencies to acquire 
advertising inventory from commercial television companies. The 
Group typically has a commitment of between 6 and 10 weeks 
expenditure at any one time. Television and other offline advertising 
costs represent 90% (2010: 87%) of distribution costs. 
The Group uses search engines to acquire traffic via paid search. 
The Group spent £35.6m (2010: £31.3m) on paid search in 2011. 
Although there are a number of search engines that operate in the 
UK, Google is the dominant search engine and accounts for the 
majority of the Group’s spend in this area. The Group has no 
forward commitment to search engines and manages its spend 
on a real time basis.
The Group has a number of contracts with portal partners which 
are not considered to be material with the exception of one portal 
partner which accounted for 8% (2010: 7%) of Group internet 
revenue in 2011.
The Group has a number of contracts with providers which are 
based either on a cost per click basis or a cost per action basis 
or a hybrid of the two. It also has a number of commercial 
arrangements based on the number of page impressions served 
in the case of banner advertising. The Group does not consider  
it has any material contracts with providers in any one channel. 
The Group does however frequently deal with providers across  
a range of different channels managed under different contracts, 
often to different parts of the same organisation, and occasionally 
through third party media agencies. At this consolidated channel 
level, the largest individual provider represented approximately 6% 
(2010: 5%) of Group internet revenue in 2011. 20 Moneysupermarket.com Group PLC
Annual Report 201 1
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Principal Risks and 
Uncertainties
The tables below summarise the material financial and operational risks to 
the Group and how the Group seeks to mitigate them in the day-to-day 
running of the business.
Financial risks 
Risk area Potential impact Mitigation
Significant worsening in 
credit markets
Financial institutions may reduce the quantum of 
lending and tighten their acceptance criteria for 
customers seeking to obtain credit. This may reduce 
Group revenue. Providers may increase their focus 
on customer retention rather than acquisition. 
This may reduce commissions available to price 
comparison websites.
The Group continues to focus on building strong 
relationships with providers to ensure the Group is able 
to provide solutions to the needs of providers and to 
maximise the opportunities for providers to acquire 
customers in a cost effective manner. 
Reduction of providers Providers may consolidate, withdraw their products 
from price comparison websites or reduce their 
customer acquisition activity via price comparison 
websites. This may reduce competition for business, 
customer choice, Group revenue and the customer 
proposition of price comparison websites.
The Group continues to focus on building strong 
relationships with providers to ensure the Group is able 
to provide solutions to the needs of providers and to 
maximise the opportunities for providers to acquire 
customers in a cost effective manner. 
Investment in new areas Significant investments in new products  
and services or new geographies fails to  
make a return.
Investments in new areas typically leverage existing 
expertise and experience built up over many years. 
Capital requirements are relatively low and investment 
is managed in stages such that it is not finally 
committed until there is good visibility of a return.
Financial services and 
other markets regulation 
The business model in financial services or other 
lines of business may be compromised by changes 
to existing regulation or the introduction of 
new regulation.
The Group has a team of regulatory specialists who 
work with the business to ensure that it remains 
compliant with existing regulation and informed of 
impending regulation. The Group has embraced 
regulation to date and shares the vision of the 
regulators generally to make the market more 
transparent to the end customer.
Economic environment Reduction in visitors and revenue from a recession 
as customers seek to reduce levels of discretionary 
expenditure.
The Group continues to focus on building a wide range 
of market leading services to meet customers needs. 
Customers seeking to reduce levels of discretionary 
expenditure will also be looking to obtain ‘best’ value 
from compulsory products and services. The 
diversification of the Group both in the number of 
verticals that it operates in and the range of products 
and services it provides in each vertical should lessen 
the impact of a recession upon the Group although it 
cannot entirely mitigate against it. 21 Moneysupermarket.com Group PLC
Annual Report 201 1
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Operational risks
Risk area Potential impact Mitigation
Competitive environment Loss of market share and erosion of margins from 
increased competition.
The Group continues to focus on building market 
leading products to improve its proposition to 
customers. This includes investment in customer 
retention tools and technology including CRM initiatives 
which deliver additional features and functionality 
to customers.
Brand perception 
and reputation
Reduction in customer loyalty with existing customers 
and an inability to attract new customers if the 
business fails to maintain its position as a leading price 
comparison website or if its reputation is negatively 
impacted by any event, such as the loss or misuse of 
customer personal data.
Continued investment in television advertising 
reinforced through press activity will maintain the 
Group in customers’ minds. Rigorous checking of 
the website through audit and review will maintain the 
accuracy of the information displayed. Rigorous use 
of internal controls and testing of the Group’s systems 
will ensure the integrity and robustness of the Group’s 
systems. Additional investment in initiatives increases 
transparency to the customer helping to protect 
brand values. 
Business continuity, 
capacity and functionality 
of IT and systems
Failure to provide adequate service levels to customers 
or maintain revenue generating services.
The Group maintains two separate data centres with 
n + 1 redundancy in relation to its core infrastructure 
to ensure that service is maintained in the event of 
a disaster at the primary data centre. Developed 
software is rigorously tested and the Group operates a 
robust release process which mitigates the likelihood 
of software being released into a live environment 
without being fully tested.
Loss of key management Loss of key management resulting in a lack of 
necessary expertise or continuity to execute strategy.
Existing key management and new hires are tied in 
through attractive equity incentive packages and 
rewarding career structures. In addition, succession 
plans have been developed for key members of the 
management team which are regularly reviewed.
Reliance on search 
engine natural listings
Reduction in gross margin through reduction 
in revenue derived from search engine 
optimisation activities.
The Group will continue to invest in sustainable search 
engine optimisation activities which adhere  
to search engine guidelines.  22 Moneysupermarket.com Group PLC
Annual Report 201 1
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Board of Directors 
and Company Secretary
▲ Member of the Audit Committee
■ Member of the Remuneration Committee
● Member of the Nomination Committee 
6
3
7
1
9 10
2
8
5
4
1 Gerald Corbett ▲ ■ ●
Chairman of the Board and Chairman 
of the Nomination Committee
Gerald was appointed Chairman of the 
Board in June 2007. He has been 
chairman of Britvic plc since November 
2005 and deputy chairman of Betfair 
Group plc since January 2012 where  
he becomes chairman in March. He is a 
non-executive director of Towry Holdings 
Limited, a non-executive director of Numis 
Corporation Plc and is chairman of the 
board of trustees of the Royal National 
Institute for the Deaf. Gerald was chairman 
of SSL International plc from 2005 to 2010 
and prior to that was chairman, chief 
executive or finance director of a number 
of major companies.
2 Simon Nixon 
Deputy Chairman
Simon co-founded the Group’s business  
in 1993 and since then has been involved  
in the management and development  
of the business including the launch of 
MoneySupermarket.com in 1999 and 
TravelSupermarket.com in 2004. Simon 
was appointed to the Board as Chief 
Executive Officer in April 2007 and became 
Deputy Chairman in February 2009.
3 Peter Plumb 
Chief Executive Officer 
Peter was appointed an Executive Director 
in January 2009 and became Chief 
Executive Officer of the Group in February 
2009. Prior to joining the Group, Peter was 
the UK managing director of dunnhumby 
Limited between 2006 and 2008 and was 
previously general manager of Europe 
Disney Consumer Products, international 
director of Dyson Appliances Limited and 
held senior commercial roles at PepsiCo 
International. Peter has an MBA from IMD 
in Switzerland.
4 Paul Doughty 
Chief Financial Officer
Paul joined the Group in 2004 as Chief 
Financial Officer. He previously had 
commercial finance roles at Motorola 
Limited, National Power plc and Morse plc. 
He is a qualified Chartered Accountant 
having trained and qualified at Price 
Waterhouse. Paul was appointed to the 
Board in April 2007.
5 David Osborne
Marketing Director 
David was appointed an Executive Director 
in February 2009. Between 2005 and 
2009, David was UK regional general 
manager at easyJet. He previously worked 
in senior marketing roles at ING Direct, 
Orange, Amazon.co.uk and Diageo.  23 Moneysupermarket.com Group PLC
Annual Report 201 1
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Board of Directors 
and Company Secretary
6 Graham Donoghue
Managing Director, Financial 
Services
Graham joined the Group in 2008 as 
Managing Director, Travel and was 
appointed an Executive Director in 
February 2009. He was appointed 
Managing Director, Financial Services in 
January 2011. Prior to joining the Group, 
Graham was new media director of TUI 
Travel plc between 2006 and 2008. 
7 Michael Wemms ▲ ■ ●
Senior Independent Non-Executive 
Director and Chairman of the 
Remuneration Committee
Michael was appointed a Non-Executive 
Director in July 2007. Michael has been a 
non-executive director of Howden Joinery 
Group plc since 2006. He was formerly a 
non-executive director of Inchcape plc 
between 2004 and 2011, chairman of the 
British Retail Consortium between 2004 
and 2006, chairman of House of Fraser plc 
between 2001 and 2006 and a non-
executive director of A&D Pharma Holdings 
N.V. between 2006 and 2008. Michael 
was previously an executive director of 
Tesco plc between 1989 and 2000.
8 Rob Rowley ▲ ■ ●
Independent Non-Executive Director 
and Chairman of the Audit 
Committee
Rob was appointed a Non-Executive 
Director in September 2007. Rob has  
been a non-executive director of Capital 
Shopping Centres Group PLC since 2004 
where he is the senior independent 
director and chairs its audit committee. 
Rob was appointed a non-executive 
director of Taylor Wimpey plc in January 
2010. He was formerly deputy chairman of 
Cable & Wireless plc between 2003 and 
2006 and a non-executive director of 
Prudential plc between 1999 and 2006 
where he chaired its audit committee. Rob 
was previously at Reuters plc from 1978 to 
2001 where he was a director between 
1990 and 2001.
9 Bruce Carnegie-Brown ▲ ■ ●
Independent Non-Executive Director
Bruce was appointed a Non-Executive 
Director in April 2010. Bruce has been a 
non-executive director of Close Brothers 
Group plc since 2006 where he is the 
senior independent director and chairs 
its remuneration committee. Bruce was 
appointed a non-executive director of 
Catlin Group Limited in August 2010 where 
he is the senior independent director and 
chairs its remuneration committee. He was 
previously managing partner of 3i Quoted 
Private Equity and a member of the 3i 
Group plc’s executive committee, chief 
executive officer of Marsh Limited between 
2003 and 2006 and prior to that was a 
managing director at JP Morgan.
10 Darren Drabble
Company Secretary and General 
Counsel
Darren joined the Group as Company 
Secretary and General Counsel in May 
2007. Darren has a corporate and 
commercial law background originally 
qualifying as a solicitor with Addleshaw 
Goddard LLP before working as a senior 
legal counsel at United Utilities Group PLC. 24 Moneysupermarket.com Group PLC
Annual Report 201 1
Corporate Responsibility Report
Next Page Previous Page View Contents
The Group operates with an underlying awareness of its wider 
responsibilities to society.
Communities and charities
The Group’s Community initiative was launched in 2008 and has 
continued to develop during 2011. The initiative is focused on 
providing support to charities located within a few miles of the 
Group’s offices in Ewloe and so support is targeted primarily in 
Flintshire and Cheshire.
A volunteer group of employees meet each month to review 
requests for donations from charities and to allocate funds 
according to agreed donation guidelines. Employees are also 
active in researching and seeking out local good causes that the 
Group can help support. The initiative has been effective at 
harnessing the energy and enthusiasm of the Group’s employees 
to benefit the communities in which it operates.
In 2011 the Group made £2,000 per month available for the  
.Community initiative. This funding has been channelled via the 
Charities Aid Foundation, enabling the Group to make gross 
donations to registered charities.
Over the course of the year the Group has supported 43 charities 
including:
Relate North Wales
Marie Curie Cancer Care
Flintshire Disability Forum
North Wales Super Kids
Age UK Cheshire
Flintshire Deaf Children’s Society
In addition to the .Community initiative, the Group and its 
employees continue to select and support a charity on an annual 
basis.
The 2011 Charity of the Year was Wales Air Ambulance. The 
charity provides emergency air cover for individuals who face life 
threatening illness or injury via the operation of three helicopters. 
Over the course of the year the Group’s employees raised 
£13,454 for Wales Air Ambulance with the Group donating 
£13,454, bringing the total donated to Wales Air Ambulance 
during the year to £26,908.
Employees have selected the Alzheimer’s Society as its 2012 
Charity of the Year. The charity provides help and support to 
people affected by dementia.
The Group launched in October 2011 a volunteering scheme 
through which the Group is supporting a total of 60 volunteering 
days per year to help those who are less fortunate and thereby 
make a valuable contribution to our local community. 
Environment
The Group has established a team called the ‘Green Team’ which 
comprises a volunteer group of employees who meet regularly 
and whose aim is to reduce energy and raw material usage 
throughout the Group to support environmental and financial 
performance.
The ‘Green Team’ have implemented a number of initiatives in 
2011 to support this aim including the education of employees 
during a ‘Green Week’ which highlighted the effects people have 
on the environment; ensuring that non-business critical 
equipment (for example lighting) is switched off at night; the 
installation of energy efficient lighting throughout the Group’s main 
office; the replacement of PCs and printers with more energy 
efficient models; and the installation of recycling facilities within 
the Group’s main office. The Group estimates that during 2011 it 
recycled on average over 50% of its commercial waste. 
Employees
The Group actively encourages employee involvement and 
consultation and places considerable emphasis on keeping its 
employees informed of the Group’s activities via formal half yearly 
business performance updates, regular update briefings, regular 
team meetings, the Group’s intranet site which enables easy 
access to the latest Group information as well as Group policies, 
and the circulation to employees of relevant information including 
corporate announcements. This also helps to achieve a common 
awareness amongst employees of the financial and economic 
factors affecting the performance of the Group.
The Group has an established employee forum through which 
nominated representatives ensure that employees’ views are 
taken into account regarding issues that are likely to affect them. 
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.
The Group is committed to an equal opportunities policy. The Group 
aims to ensure that no employee is discriminated against, directly or 
indirectly, on the grounds of colour, race, ethnic and national origins, 
sexual orientation or gender, marital status, disability, religion or 
belief, being part time or on the grounds of age.
The Group recognises the importance of health and safety and the 
positive benefits to the Group. The Group has a health and safety 
policy which is communicated to all employees through a health 
and safety handbook, which is regularly reviewed and updated.
Supporting students
In order to build links between the Group and local schools and 
colleges, work experience and placements are offered to a 
number of students. In doing so, the Group strives to make work 
placements positive, challenging and relevant to participants’ 
current studies and their future job prospects.
In 2011, the Group implemented a formal graduate recruitment 
programme, through which the Group employed 5 graduates into 
its IT and marketing teams. The Group intends to continue this 
programme in 2012 and beyond. 25 Moneysupermarket.com Group PLC
Annual Report 201 1
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The Directors present their report and the Group and Company 
Financial Statements of Moneysupermarket.com Group PLC (the 
‘Company’) and its subsidiaries (together the ‘Group’) for the 
financial year ended 31 December 2011.
Principal activities
The Company is a public limited company incorporated in 
England, registered number 6160943, with its registered office 
at Moneysupermarket House, St David’s Park, Ewloe, 
Chester, CH5 3UZ. 
The principal activity of the Group is the introduction of business 
to financial, insurance, travel, home services and other product or 
service providers through its websites. The principal activity of the 
Company is that of a holding company.
A fuller description of business activities is contained within the 
Financial and Business Review on pages 15 to 19.
Business review
The Chairman’s Statement on pages 10 and 11, the Chief 
Executive’s Report on pages 12 to 14, the Financial and Business 
Review on pages 15 to 19 and the Principal Risks and 
Uncertainties on pages 20 and 21 provide a detailed review of the 
Group’s activities, likely future developments and principal risks 
and uncertainties. All the information detailed in those pages is 
incorporated by reference into this report and is deemed to form 
part of this report.
As at the date of this report, there have been no important events 
affecting the business of the Group which have occurred since 31 
December 2011.
Corporate governance
The Corporate Governance Report, the Audit Committee Report, the 
Nomination Committee Report and the Directors’ Remuneration 
Report on pages 29 to 42 are incorporated by reference into this 
report and are deemed to form part of this report.
Results and dividends
The Group’s and Company’s audited Financial Statements for the 
financial year ended 31 December 2011 are set out on pages 44 
to 72.
An interim dividend of 1.5p (2010: 1.3p) per ordinary share and a 
special dividend of 3.93p per ordinary share were paid to 
shareholders on 16 September 2011.
The Directors recommend a final dividend of 3.03p (2010: 2.53p) 
per ordinary share. If approved by shareholders at the 
forthcoming Annual General Meeting, this will be paid on Friday 
27 April 2012 to shareholders on the register at the close of 
business on Friday 30 March 2012.
The final dividend, together with the interim and special dividends 
paid on 16 September 2011, gives a total dividend for the year of 
8.46p (2010: 3.83p) per ordinary share.
Directors’ Report 
Major shareholders
As at the date of this report, the Company had been notified of 
the following significant holdings of voting rights in its ordinary 
shares in accordance with the Financial Services Authority’s 
Disclosure and Transparency Rules:
Shareholder
Number 
of ordinary 
shares/voting
rights notified
Percentage of
ordinary share
capital notified
Simon Nixon 267,257,021 52.76
BlackRock Inc 25,454,379 4.998
FIL Limited 24,758,460 4.86
Capital Research & 
Management Company 24,480,000 4.93
State Street Nominees Limited 20,581,165 4.14
Share capital and control
The issued share capital of the Company comprises a single  
class of shares referred to as ordinary shares of 0.02p each. As  
at 31 December 2011, the issued share capital of the Company 
was £101,857 comprising 509,288,007 ordinary shares of 0.02p 
each. Full details of the share capital of the Company and 
changes to the share capital during the year are set out in note 16 
to the Group Financial Statements on page 64. All the information 
detailed in note 16 on page 64 is incorporated by reference into 
this report and is deemed to form part of this report.
At the Annual General Meeting of the Company held on  
4 May 2011, shareholders authorised the Directors to allot  
up to 339,180,000 ordinary shares in the capital of the Company. 
Directors will seek authority from shareholders at the forthcoming 
Annual General Meeting to allot up to 339,180,000  
ordinary shares. 
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, shall have one vote and, on a poll, every holder  
of ordinary shares present in person or by proxy, and entitled to 
vote, shall have one vote for every ordinary share held. There are 
no issued shares in the Company with special rights with regard 
to control of the Company.
The notice of the Annual General Meeting specifies deadlines  
for exercising voting rights and appointing a proxy or proxies  
to vote in relation to resolutions to be passed at the Annual 
General Meeting. All proxy votes are counted and the numbers 
for, against or withheld in relation to each resolution are 
announced at the Annual General Meeting and published  
on the Company’s website after the meeting.
There are no restrictions on the transfer of ordinary shares in the 
Company other than:
•	 Certain restrictions may from time to time be imposed by laws 
and regulations (for example, insider trading laws).
•	 Pursuant to the Listing Rules of the Financial Services 
Authority whereby certain Directors, officers and employees of 
the Group require the approval of the Company to deal in 
ordinary shares of the Company. 26 Moneysupermarket.com Group PLC
Annual Report 201 1
Directors’ Report continued
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Under the rules of the Moneysupermarket.com Group PLC Share 
Incentive Plan (‘Plan’), eligible employees were provided with the 
opportunity to receive ‘free’ shares on the listing of the Company 
(‘Listing’) with a value as at the date of Listing of £3,000, and 
all employees are entitled to purchase ordinary shares in the 
Company using money deducted from their pre-tax salary. Plan 
shares are held in trust for participants by Capita IRG Trustees 
Limited (‘Trustees’). Voting rights are exercised by the Trustees 
on receipt of participants’ instructions. If a participant does not 
submit an instruction to the Trustees, no vote is registered. In 
addition, the Trustees do not vote on any unawarded or forfeit 
shares held under the Plan as surplus assets. As at the date of 
this report, the Trustees held 0.14% of the issued ordinary share 
capital of the Company.
The Company is not aware of any agreements between 
shareholders that may result in restrictions on the transfer of 
securities and/or voting rights.
The Company and Simon Nixon entered into a relationship 
agreement on 11 July 2007 to regulate the ongoing relationship 
between them (‘Relationship Agreement’). The Company and 
Simon Nixon have agreed in the Relationship Agreement that 
Simon Nixon is entitled to appoint (such number including himself) 
one Non-Executive Director for as long as he holds the beneficial 
interest in at least 15% of the ordinary shares of the Company, 
two Non-Executive Directors for as long as he holds the beneficial 
interest in at least 30% of the ordinary shares of the Company 
and three Non-Executive Directors for as long as he holds the 
beneficial interest in at least 50% of the ordinary shares of the 
Company. The Relationship Agreement will terminate if Simon 
Nixon holds less than 15% of the ordinary shares of the Company. 
As at the date of this report, Simon Nixon had not appointed  
any Non-Executive Directors pursuant to his rights in the 
Relationship Agreement.
Save in respect of Peter Plumb’s service agreement (details of 
which are set out on page 39) and provisions of the Company’s 
share schemes which may cause options and awards granted 
to employees under such schemes to vest on a takeover, there 
are no agreements between the Company and its Directors 
or employees providing for compensation for loss of office or 
employment (whether through resignation, purported redundancy 
or otherwise) that occurs because of a takeover bid.
Save in respect of the Company’s share schemes, there are no 
significant agreements to which the Company is a party that take 
effect, alter or terminate upon a change of control following a 
takeover bid. 
The Company’s Articles of Association may only be amended 
by a special resolution at a general meeting of shareholders. No 
amendments are proposed to be made to the existing Articles of 
Association at the forthcoming Annual General Meeting. 
Authority to purchase own shares
At the Annual General Meeting of the Company held on 4 May 
2011, shareholders authorised the Company to purchase, in the 
market, up to 50,928,800 of its own ordinary shares either to be 
cancelled or retained as treasury shares. As at the date of this 
report, the Company had not purchased any of its own ordinary 
shares in the market.
Directors will seek authority from shareholders at the forthcoming 
Annual General Meeting for the Company to purchase, in the 
market, up to 50,928,800 of its own ordinary shares either to be 
cancelled or retained as treasury shares. The Directors will only 
use this power after careful consideration, taking into account the 
financial resources of the Company, the Company’s share price 
and future funding opportunities. The Directors will only purchase 
such shares after taking into account the effects on earnings per 
share and the interests of shareholders generally.
Research and development
Innovation is important to the future success of the Group and 
to the delivery of long-term value to shareholders. The Group’s 
research and development expenditure is predominantly 
associated with computer and internet software systems. 
Successfully developed software is used to develop new 
products and to improve and extend the functionality and 
scope of the Group’s internet operations.
Going concern
After making appropriate enquiries, the Directors have a 
reasonable expectation that the Company, and the Group as 
a whole, have adequate resources to continue in operational 
existence for the foreseeable future. Accordingly, the Financial 
Statements have been prepared on a going concern basis.
Directors
The following persons were Directors of the Company during the 
financial year ended 31 December 2011: Gerald Corbett, Simon 
Nixon, Peter Plumb, Paul Doughty, David Osborne, Graham 
Donoghue, Michael Wemms, Rob Rowley and Bruce Carnegie-
Brown. Their biographical details are set out on pages 22 and 23.
Subject to law and the Company’s Articles of Association, the 
Directors may exercise all of the powers of the Company and may 
delegate their power and discretion to committees.
The Company’s Articles of Association give the Directors power 
to appoint and replace Directors. Under the terms of reference of 
the Nomination Committee, any appointment to the Board of the 
Company must be recommended by the Nomination Committee 
for approval by the Board. The Articles of Association also require 
Directors to retire and submit themselves for election at the first 
Annual General Meeting following their appointment and to stand 
for re-election at least every three years following their election or 
last re-election. 
In accordance with the Company’s Articles of Association and the 
UK Corporate Governance Code, all of the Directors will retire at 
the forthcoming Annual General Meeting and, being eligible, will 
offer themselves for election or re-election.
Directors’ remuneration
The Remuneration Committee, on behalf of the Board, has 
adopted a policy that aims to attract and retain the Directors 
needed to run the Group successfully. Details of the Directors’ 
remuneration is set out in the Directors’ Remuneration Report on 
pages 35 to 42. 27 Moneysupermarket.com Group PLC
Annual Report 201 1
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Directors’ interests
Details of the Directors’ and their connected persons’ interests in 
the ordinary shares of the Company are set out in the Directors’ 
Remuneration Report on pages 35 to 42. No Director has any 
other interest in any shares or loan stock of any Group company.
The details of transactions with Directors of the Company 
and related party transactions in the financial year ended 31 
December 2011 are set out in note 22 to the Group Financial 
Statements on page 68. During the year, no Director had any 
material interest in any contract of significance to the Group’s 
business.
Directors’ and officers’ insurance and indemnities
During the financial year ended 31 December 2011 and up to the 
date of this report, the Company has maintained 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. Qualifying third party indemnity provisions 
and qualifying pension scheme indemnity provisions were in force 
throughout 2011 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.
Statement of Directors’ responsibilities in respect of 
the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report 
and the Group and Company Financial Statements in accordance 
with applicable law and regulations.
Company law requires the Directors to prepare Group and 
Company Financial Statements for each financial year. Under that 
law they are required to prepare the Group Financial Statements 
in accordance with IFRSs as adopted by the EU and applicable 
law and have elected to prepare the Company Financial 
Statements in accordance with UK Accounting Standards and 
applicable law (UK Generally Accepted Accounting Practice).
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 Company and of their 
profit or loss for that period. In preparing each of the Group and 
Company Financial Statements, the Directors are required to:
•	 Select suitable accounting policies and then apply them 
consistently.
•	 Make judgements and estimates that are reasonable and 
prudent.
•	 For the Group Financial Statements, state whether they have 
been prepared in accordance with IFRSs as adopted by  
the EU.
•	 For the Company Financial Statements, state whether 
applicable UK Accounting Standards have been followed, 
subject to any material departures disclosed and explained in 
the Company Financial Statements.
•	 Prepare the Financial Statements on the going concern basis 
unless it is inappropriate to presume that the Group and the 
Company will continue in business.
The Directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any time 
the financial position of the Company and enable them to ensure 
that its Financial Statements comply with the Companies Act 
2006. They 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 Directors’ Report, Directors’ 
Remuneration Report and Corporate Governance Report that 
complies with that law and those regulations.
The Directors are responsible for the maintenance and integrity 
of the corporate and financial information included on the Company’s 
website. Legislation in the UK governing the preparation and 
dissemination of financial statements may differ from legislation 
in other jurisdictions. 
Statement of Directors’ responsibilities pursuant to 
Disclosure and Transparency Rules 4.1.12
Each of the Directors whose names and functions are set out on 
pages 22 and 23 confirms that, to the best of their knowledge:
•	 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.
•	 The business review includes a fair review of the development 
and performance of the business and the position of the 
Company and the undertakings included in the consolidation 
taken as a whole, together with a description of the principal 
risks and uncertainties that they face.
Internal control
The Corporate Governance Report and Audit Committee Report 
on pages 29 to 33 includes the Board’s assessment of the 
Group’s system of internal controls and consideration of the 
guidance issued by the Turnbull Committee of the Institute of 
Chartered Accountants of England and Wales.
Employees
The Group places considerable value on the involvement of its 
employees and uses a number of ways to engage with employees 
on matters that impact them and the performance of the Group. 
These include formal half yearly business performance updates 
by members of the executive management team for all 
employees, regular update briefings for all employees, regular 
team meetings, the Group’s intranet site which enables easy 
access to the latest Group information as well as Group policies, 
and the circulation to employees of results announcements 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. 28 Moneysupermarket.com Group PLC
Annual Report 201 1
Directors’ Report continued
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The Group has an established employee forum through which 
nominated representatives ensure that employees’ views are 
taken into account regarding issues that are likely to affect them. 
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 the Company’s Share 
Incentive Plan and Save As You Earn Scheme which gives 
employees the opportunity to purchase ordinary shares in the 
Company. This helps to encourage employee interest in the 
performance of the Group. 
Equal opportunities
The Group is committed to providing equality of opportunity to  
all employees without discrimination and applies fair and 
equitable employment policies which seek to promote entry into 
and progression within the Group. Appointments are determined 
solely by application of job criteria, personal ability, behaviour  
and competency.
Disabled persons
Disabled persons have equal opportunities when applying for 
vacancies, with due regard to their skills and abilities. Procedures 
ensure that disabled employees are fairly treated in respect of 
training and career development. For those employees becoming 
disabled during the course of their employment, the Group is 
supportive so as to provide an opportunity for them to remain 
with the Group, wherever reasonably practicable. 
In the opinion of the Directors, all employee policies are deemed 
to be effective and in accordance with their intended aims.
Borrowings
The Group did not have any borrowings during the financial year 
ended 31 December 2011 (2010: £nil).
Financial risk management
It is the Group’s objective to manage its financial risk so as to 
minimise the adverse fluctuations in the financial markets on 
the Group’s profitability and cash flow. The specific policies for 
managing each of the Group’s main financial risk areas are set out 
in note 17 to the Group Financial Statements on pages 64 and 65.
Political and charitable donations
During the financial year ended 31 December 2011, the Group did 
not make any political donations (2010: £nil) and made charitable 
donations of £37,454 (2010: £29,729).
Creditor payment policy
It is Group policy to agree terms and conditions for its business 
transactions with suppliers. Payment is made in accordance with 
these terms provided the supplier meets its obligations. The 
average number of trade creditor days outstanding for the Group 
at 31 December 2011 was 48.8 days (2010: 50.8). The Company 
is a holding company and therefore had no trade creditors at 
31 December 2011 (2010: nil).
Disclosure of information to auditors
The Directors who held office at the date of this report confirm 
that, so far as they are each aware, there is no relevant audit 
information of which the Company’s auditors are unaware; and 
each such Director has taken all the steps that he ought to have 
taken as a Director to make himself aware of any relevant audit 
information, and to establish that the Company’s auditors are 
aware of that information.
Auditors
KPMG Audit Plc have indicated their willingness to accept 
re-appointment as auditors of the Company. A resolution 
proposing their re-appointment is contained in the notice of the 
forthcoming Annual General Meeting and will be proposed to 
shareholders at that meeting.
Annual General Meeting
The forthcoming Annual General Meeting of the Company will  
be held at Doubletree by Hilton Chester Hotel, Warrington Road, 
Hoole, Chester, CH2 3PD on Wednesday 18 April 2012  
at 11.00am.
The notice convening the forthcoming Annual General Meeting  
of the Company, with details of the business to be transacted  
at the meeting and explanatory notes, is set out in a separate 
circular which has been sent to all shareholders at the same  
time as this report.
By order of the Board
Darren Drabble
Company Secretary
27 February 2012 29 Moneysupermarket.com Group PLC
Annual Report 201 1
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The Board of Directors (‘Board’) of Moneysupermarket.com 
Group PLC (‘Company’) is committed to high standards of  
corporate governance and supports the principles laid down  
in The UK Corporate Governance Code published in June 2010 
by the Financial Reporting Council (‘Code’). This Corporate 
Governance Report describes how the principles of the Code 
are applied by the Company and reports on the Company’s 
compliance with the Code’s provisions. 
Compliance
The Board considers that the Company has complied with the 
provisions of the Code throughout the year ended 31 December 
2011 and to the date of this report except as set out below. 
Board of Directors
The Board currently has nine members, comprising the Non-
Executive Chairman, Gerald Corbett, three Independent Non-
Executive Directors, Michael Wemms, Rob Rowley and Bruce 
Carnegie-Brown, and five Executive Directors, Simon Nixon, Paul 
Doughty, Peter Plumb, Graham Donoghue and David Osborne. 
Michael Wemms has been designated as the Senior Independent 
Non-Executive Director. 
The Board normally meets on at least eight occasions in 
each financial year including a two day strategy conference. To 
enable the Non-Executive Directors to more freely discuss the 
performance of the Group’s management, the Chairman meets 
with the Non-Executive Directors at least once each year without 
the Executive Directors present.
The Board considers that all the Directors are able to devote 
sufficient time to their duties as Directors. Biographies of the Board 
are set out on pages 22 and 23 including details of the significant 
commitments of the Chairman. The Board is satisfied that these 
appointments do not conflict with the Chairman’s ability to carry 
out his duties and responsibilities effectively for the Group.
The Board has reviewed the recommendations of the Davies 
Report as part of a wider diversity discussion and has recently 
endorsed a Group wide Diversity Policy. The Board supports the 
aims, objectives and recommendations of the Davies Report and 
in line with the Code will continue to make Board appointments 
on merit, against objective criteria and with due regard for the 
benefits of diversity on the Board, including gender.
Independence/Non-Executive Directors
The Chairman and the Non-Executive Directors bring wide 
and varied commercial experience to Board and Committee 
deliberations. The practice of the Company is to appoint Non-
Executive Directors for specified terms of three years, subject to 
a maximum of up to 12 months’ notice within that period and also 
subject to re-election and to Companies Act provisions relating 
to the removal of a Director. Each of the Non-Executive Directors, 
including the Chairman, currently holds a letter of appointment 
reflecting this.
The Board considers that Gerald Corbett was independent 
on appointment as Chairman and considers Michael Wemms, 
Rob Rowley and Bruce Carnegie-Brown to be independent, 
being independent in character and judgement and free from 
relationships or circumstances which are likely to affect, or could 
appear to affect, their judgement. 
Corporate Governance Report 
Conflicts of interest
The Company’s Articles of Association were amended at the 2008 
Annual General Meeting, in line with the Companies Act 2006, to 
allow the Board to authorise potential conflicts of interest that may 
arise and to impose limits or conditions, as appropriate, when giving 
any authorisation. Any decision of the Board to authorise a conflict of 
interest is only effective if it is agreed without the conflicted Directors 
voting or without their votes being counted and in making such a 
decision, the Directors must act in a way they consider in good faith 
will be most likely to promote the success of the Company. 
The Company has established a procedure for the appropriate 
authorisation to be sought prior to appointment of any new Director  
or prior to a new conflict arising and for the regular review of actual  
or potential conflicts of interest. During the year, this procedure was 
adhered to and operated effectively.
Relationship Agreement
The majority shareholder of the Company is Simon Nixon. The 
Company and Simon Nixon entered into a relationship agreement on 
11 July 2007 to regulate the ongoing relationship between them 
(‘Relationship Agreement’). The principal purpose of the Relationship 
Agreement is to ensure that the Company is capable of carrying on its 
business independently of Simon Nixon, and that transactions and 
relationships with Simon Nixon are at arm’s length and on normal 
commercial terms.
The Company and Simon Nixon have agreed in the Relationship 
Agreement that Simon Nixon is entitled to appoint (such number 
including himself as a Director) one Non-Executive Director for  
as long as he holds the beneficial interest in at least 15% of the 
ordinary shares of the Company, two Non-Executive Directors for as 
long as he holds the beneficial interest in at least 30% of the ordinary 
shares of the Company and three Non-Executive Directors for as  
long as he holds the beneficial interest in at least 50% of the ordinary 
shares of the Company. The Relationship Agreement will terminate  
if Simon Nixon holds less than 15% of the ordinary shares of  
the Company.
The Relationship Agreement also includes a protocol to be 
observed in relation to any Non-Executive Director appointed by 
Simon Nixon to deal with potential conflicts of interest and the 
provision of confidential information.
As at the date of this report, Simon Nixon had not appointed  
any Non-Executive Directors pursuant to his rights in the 
Relationship Agreement.
Division of responsibilities
The positions of Chairman and Chief Executive Officer are not 
combined, ensuring a clear division of responsibility at the head of the 
Company. The division of roles and responsibilities between the 
Chairman and Chief Executive Officer is clearly established, set out in 
writing and has been approved by the Board. 
The Chairman is responsible for leadership of the Board, setting its 
agenda and monitoring its effectiveness. He ensures effective 
communication with shareholders and that the Board is aware 
of the views of major shareholders. He facilitates both the contribution 
of the Non-Executive Directors and constructive relations between 
the Executive and Non-Executive Directors. 
The Chief Executive Officer is responsible for the day to day 
running of the Group, carrying out agreed strategy and 
implementing specific Board decisions. 30 Moneysupermarket.com Group PLC
Annual Report 201 1
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Role of the Board
The Board is collectively responsible for the Group’s performance and meets regularly to review the operation and performance of the 
Group. The Board has a formal schedule of matters reserved to it for decision making and matters delegated to Committees of the 
Board which are available on the investor relations section of the Group’s website at www.moneysupermarket.com. These include the 
Group’s strategy; business plan and annual budget; acquisitions and disposals; and other major investments and capital projects.
There is an established procedure for the preparation and approval each year by the Board of business plans and the annual budget. 
The Board receives reports on performance against the business plan and budget and reviews any significant variances each time it 
meets. This information enables business performance to be monitored, evaluated, discussed and challenged where necessary and 
enables informed, sound decisions to be made. At least one of the Board’s regular meetings each year is devoted to reviewing and 
agreeing the Group’s strategic direction.
Board Committees
The Board has three principal Committees (Audit, Nomination and Remuneration) to which various matters are delegated. The Committees 
all have formal written terms of reference that have been approved by the Board and are published on the investor relations section of the 
Group’s website at www.moneysupermarket.com. They are also available in hard copy form on application to the Company Secretary.
Details of the work of the Audit, Nomination and Remuneration Committees are given in the reports of those Committees on pages 33 
to 42.
The Directors who served on each of the Committees during the year are set out below:
Committee Chairman Member Member Member
Audit Rob Rowley Gerald Corbett Michael Wemms Bruce Carnegie-Brown
Nomination Gerald Corbett Michael Wemms Rob Rowley Bruce Carnegie-Brown
Remuneration Michael Wemms Gerald Corbett Rob Rowley Bruce Carnegie-Brown
Board and Committee attendance
The attendance record of the Directors at scheduled Board and Committee meetings during the year is set out in the following table. 
The Board scheduled nine meetings during the year and ad hoc conference calls were also convened to deal with specific matters 
which required attention between scheduled meetings.
Board 
Audit
Committee 
Nomination
Committee
Remuneration
Committee 
Executive Directors
Simon Nixon 7 – – –
Peter Plumb 9 – – –
Paul Doughty 9 – – –
Graham Donoghue 9 – – –
David Osborne 9 – – –
Non-Executive Directors
Gerald Corbett 9 3 2 6
Michael Wemms 8 3 2 6
Rob Rowley 9 3 2 6
Bruce Carnegie-Brown 9 3 2 6
Total number of scheduled meetings held 9 3 2 6
The Executive Directors of the Company may attend meetings of the Committees at the invitation of the Chairman of the  
respective Committee.
Directors
The Company’s Articles of Association require that new Directors appointed by the Board must retire and submit themselves for 
election by shareholders at the next Annual General Meeting following their appointment. The Company’s Articles of Association further 
require that all Directors must retire and submit themselves for re-election at least every three years. In accordance with the Code, all of 
the Directors will retire at the forthcoming Annual General Meeting and, being eligible, will offer themselves for re-election.
The Company provides Directors’ and officers’ insurance cover for the benefit of Directors in respect of claims arising in the 
performance of their duties. The Company has also granted indemnities to each of its Directors and the Company Secretary to the 
extent permitted by law and its Articles of Association. 31 Moneysupermarket.com Group PLC
Annual Report 201 1
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Board evaluation
The formal annual evaluation of the performance of the Board, 
its Committees and individual Directors was undertaken during 
the year. This consisted of an internally run exercise led by the 
Chairman with the assistance of the Company Secretary. The 
appraisal questionnaire used in connection with the process 
was wide-ranging and based on questions outlined in the Code, 
covering both Board and Committee performance. The Board 
considered that an internally run exercise was most appropriate 
in the current year but agreed annually to give consideration to 
whether an externally facilitated evaluation may be appropriate.
The appraisal output is used to identify strengths and 
development areas and confirmed that the Board and its 
Committees were operating effectively. Individual performance 
was also appraised, based on one-to-one interviews with the 
Chairman, or in the case of the Chairman, with the Senior 
Independent Non-Executive Director following consultation 
with each of the other Directors.
Development
The Chairman and Company Secretary are responsible for 
preparing and co-ordinating an induction programme for newly 
appointed Directors, including business related presentations by 
senior management below Board level, as well as guidance on 
their duties, responsibilities and liabilities as a Director of the 
Company. Every Director has access to appropriate training as 
required following their appointment and is encouraged to 
develop their understanding of the Group.
Information
Board members are given appropriate documentation in a 
timely manner in advance of each Board or Committee meeting. 
This normally includes a detailed report on current trading and 
comprehensive papers on matters where the Board or Committee 
will be required to make a decision or give its approval. Specific 
business related presentations are given by senior management 
below Board level when appropriate.
The Directors have access to the advice and services of the 
Company Secretary. The Company Secretary is responsible for 
ensuring that Board procedures are followed and providing advice 
to the Board on corporate governance. Both the appointment  
and removal of the Company Secretary are matters for the Board 
as a whole. 
Directors can, where they judge it necessary to discharge their 
responsibilities as Directors, obtain independent professional 
advice at the Company’s expense. No such advice was sought 
by any Director during the year. Directors have the right to require 
that any concerns they may have are recorded in the appropriate 
Board or Committee minutes.
Shareholder relations
The Board is committed to establishing and maintaining good 
communications with shareholders. Senior executives, including 
the Chief Executive Officer and Chief Financial Officer regularly 
meet with analysts and institutional shareholders to keep them 
informed of significant developments and to develop an 
understanding of their views which are discussed with the Board. 
Formal presentations are given to analysts and shareholders 
covering the full year and half year results and the Company 
seeks to maintain a dialogue with the various bodies which 
monitor the Company’s governance policies and procedures. 
The Company Secretary generally deals with questions from 
individual shareholders.
The results and results presentations, together with all information 
reported to the market via the regulatory information service, 
press releases and other shareholder information, are published 
on the investor relations section of the Group’s website at  
www.moneysupermarket.com to be viewed and accessed 
by all shareholders.
The Senior Independent Non-Executive Director, Michael 
Wemms, is available to shareholders if they have concerns 
which contact through the normal channels of Chairman, Chief 
Executive Officer or Chief Financial Officer has failed to resolve, or 
for which such contact is inappropriate.
All shareholders will have the opportunity to ask questions at the 
forthcoming Annual General Meeting. The Chairmen of the Audit, 
Nomination and Remuneration Committees will be available to 
answer questions at that meeting. Shareholders may also contact 
the Chairman, the Chief Executive Officer or, if more appropriate, 
the Senior Independent Non-Executive Director to raise any issue 
with one or all of the Non-Executive Directors of the Company.
The Company will prepare separate resolutions on each 
substantially separate issue at the forthcoming Annual General 
Meeting. The result of the vote on each resolution will be 
published on the Group’s website after the Annual General 
Meeting and will be announced via the regulatory  
information service. 32 Moneysupermarket.com Group PLC
Annual Report 201 1
Corporate Governance Report continued 
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Internal control and risk management 
The Board is responsible for the Group’s system of internal 
control and risk management and for reviewing its effectiveness. 
The system of internal control is designed to manage rather than 
eliminate the risk of failure to achieve business objectives and can 
only provide reasonable and not absolute assurance against 
material misstatement or loss. 
The key features of the Group’s system of internal control and risk 
management are:
•	 A comprehensive annual business planning and budgeting 
process, requiring Board approval, against which the Group’s 
actual performance and any significant variances are regularly 
reviewed by the Board.
•	 A schedule of matters reserved for the Board’s approval to 
ensure it maintains control over appropriate strategic, financial, 
organisational, compliance and capital investment issues.
•	 An organisation structure with clearly defined lines of 
responsibility and delegation of authority.
•	 Regular reviews of the key risks facing the Group to ensure key 
risks are being identified, evaluated and appropriately 
managed, having regard to the balance of risk, cost and 
opportunity. The management of risk is undertaken by the 
Group Risk Committee, chaired by the Chief Executive Officer, 
which reviews the Group risk register on a quarterly basis, and 
reports to the Audit Committee at least twice a year.
•	 An annual two day strategy conference to discuss and 
approve the Group’s strategic direction, plans and objectives 
and the risks to achieving them.
In addition, the Audit Committee receives:
•	 Reports from the external auditors in relation to the Financial 
Statements and the material financial reporting judgements 
contained in them.
•	 Reports from the external auditors in relation to the system  
of internal control and the reviews by the external auditors  
of that system.
The Audit Committee has reviewed the effectiveness of the 
Group’s system of internal control and risk management during 
the year. The Board considers that in the context of the control 
environment described above, the Group’s system of internal 
control and risk management is effective and satisfactory.
Share capital
Details of the Company’s share capital are set out in the 
Directors’ Report on pages 25 and 26.
Compliance with the Code
The Directors consider that during the financial year ended 
31 December 2011 and to the date of this report, the Company 
complied with the Code except as follows:
B.1.2 – During the year at least half the Board, excluding the 
Chairman, did not comprise Independent Non-Executive 
Directors. The Directors consider that the Board is of sufficient 
size and diversity that the balance of skills and experience is 
considered to be appropriate for the requirements of the Group 
at the current time. 
E.1.1 – As a result of regular feedback provided to the Board by 
the Chief Executive Officer and Chief Financial Officer following 
their dialogue with major shareholders, the Senior Independent 
Non-Executive Director believes he is aware of the views of major 
shareholders. Unless requested by major shareholders, the 
Senior Independent Non-Executive Director does not attend 
meetings with them.
This report was approved by the Board and signed on its behalf by:
Darren Drabble
Company Secretary
27 February 2012 33 Moneysupermarket.com Group PLC
Annual Report 201 1
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The Audit Committee presents a separate report in relation to the 
financial year ended 31 December 2011.
Composition of the Audit Committee
The Audit Committee comprises the four Non-Executive Directors, 
Rob Rowley (Chairman of the Audit Committee), Gerald Corbett, 
Michael Wemms and Bruce Carnegie-Brown. Rob Rowley, Michael 
Wemms and Bruce Carnegie-Brown are considered by the Board 
to be independent. Gerald Corbett was considered by the Board to 
be independent on appointment. Biographies of the members of 
the Audit Committee are set out on pages 22 and 23. Rob Rowley 
is a qualified accountant and was formerly finance director of 
Reuters plc and chairman of the audit committee at Prudential plc. 
He is currently chairman of the audit committee at Capital 
Shopping Centres Group PLC. The Board is satisfied that 
Rob Rowley has recent and relevant financial experience.
Operation of the Audit Committee
The Audit Committee met on three occasions during the year. 
Details of the attendance at Audit Committee meetings are set 
out in the Corporate Governance Report on page 30.
The Chief Executive Officer and Chief Financial Officer, together 
with the external auditors, will normally attend meetings at the 
invitation of the Chairman of the Audit Committee. The external 
auditors are regularly invited by the Audit Committee to advise 
them of any matters which they consider should be brought to 
the Audit Committee’s attention without the Executive Directors 
present. The external auditors may also request a meeting with 
the Audit Committee if they consider it necessary.
The Company Secretary acts as secretary to the Audit 
Committee. The members of the Audit Committee can, where 
they judge it necessary to discharge their responsibilities, obtain 
independent professional advice at the Company’s expense. 
The Audit Committee’s duties include:
•	 Monitoring the financial reporting process.
•	 Monitoring the statutory audit of the Group’s Financial Statements.
•	 Reviewing the Group’s Financial Statements and the material 
financial reporting judgements contained in them.
•	 Monitoring the effectiveness of the Group’s internal control and 
risk management systems.
•	 Reviewing and monitoring the independence of the external 
auditors and the provision of additional services to the Group.
•	 Advising the Board on the appointment and removal of the 
external auditors and the remuneration and terms of 
engagement of the external auditors.
•	 Reviewing the Group’s whistle blowing procedures.
The Audit Committee undertakes its activities in line with an 
annual work plan. The Audit Committee agrees the scope of the 
audit work and discusses the results of the full year audit and half 
year review each year.
The terms of reference of the Audit Committee are published 
on the investor relations section of the Group’s website at 
www.moneysupermarket.com and are available in hard copy 
form on application to the Company Secretary.
During the year, the Audit Committee reviewed the Group’s 
whistle blowing procedures to ensure arrangements are in 
place to enable employees to raise concerns about possible 
malpractice or wrongdoing by the Group or any of its employees 
on a confidential basis. This includes arrangements to 
Audit Committee Report
proportionately and independently investigate such matters and 
for appropriate follow-up action.
Internal control and risk management
The Board is responsible for the Group’s system of internal control 
and risk management and for reviewing its effectiveness. The 
Audit Committee monitors and reviews each year the 
effectiveness of, and the framework for, the Group’s system of 
internal control and risk management. This includes annual 
consideration as to whether there is a need to establish an 
internal audit function.
The Audit Committee undertook a review of the effectiveness of, 
and the framework for, the Group’s system of internal control and 
risk management, including financial, operational and compliance 
controls during the year. In addition to this review, the external 
auditors provided the Audit Committee with comprehensive 
reports of the results of their controls testing as part of the 
external audit. On a half yearly basis, the Audit Committee also 
reviewed the key risks facing the Group and the actions being 
taken by management to mitigate and manage them.
During the year the Audit Committee considered the need to 
establish an internal audit function and concluded that the control 
systems are sufficient for the size and complexity of the Group 
such that an internal audit function is not required at this time. 
This will be reviewed in 2012.
Review of the work of the external auditors
Subject to the annual appointment of the external auditors by 
shareholders, the Audit Committee regularly reviews the 
relationship between the Group and the external auditors. This 
review includes an assessment of their performance, cost-
effectiveness, objectivity and independence.
The Audit Committee is responsible for ensuring that an appropriate 
relationship is maintained between the Group and the external 
auditors. The Group has implemented a policy of controlling the 
provision of non-audit services by the external auditors in order to 
ensure that their objectivity and independence is safeguarded. This 
control is exercised by ensuring that all non-audit services are 
subject to the prior approval of the Audit Committee. During the year, 
the Company continued to engage its external auditors to provide 
non-audit services, including the provision of advice in connection 
with the reimbursement of VAT, and other acquisition activities 
reflecting their knowledge and understanding of the Group. The 
Audit Committee also continued with the appointment of other 
accountancy firms to provide certain non-audit services to the 
Group and anticipates that this will continue in 2012.
The Audit Committee, having considered the external auditors’ 
performance during their period in office, recommends their 
re-appointment. A full breakdown of the audit and non-audit 
related fees is set out in note 5 to the Group Financial Statements 
on page 56. The Audit Committee discussed the level of fees and 
considered them appropriate given the current size of the Group. 
The Audit Committee is satisfied that the level and scope of 
non-audit services undertaken by the external auditors does not 
impair their independence and objectivity.
This report was approved by the Board and signed on its behalf by:
Rob Rowley
Chairman of the Audit Committee
27 February 2012 34 Moneysupermarket.com Group PLC
Annual Report 201 1
Nomination Committee Report 
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The Nomination Committee presents a separate report in relation 
to the financial year ended 31 December 2011.
Composition of the Nomination Committee
The Nomination Committee comprises the four Non-Executive 
Directors, Gerald Corbett (Chairman of the Nomination 
Committee), Michael Wemms, Rob Rowley and Bruce Carnegie-
Brown. Rob Rowley, Michael Wemms and Bruce Carnegie-Brown 
are considered by the Board to be independent. Gerald Corbett 
was considered by the Board to be independent on appointment. 
Biographies of the members of the Nomination Committee are set 
out on pages 22 and 23. 
Operation of the Nomination Committee
The Nomination Committee met on two occasions during  
the year. Details of the attendance at Nomination Committee 
meetings are set out in the Corporate Governance Report  
on page 30.
The Nomination Committee’s duties include:
•	 Evaluating the balance of skills, knowledge and experience  
of the Board.
•	 Considering the size, structure and composition of the Board.
•	 Where necessary, considering and recommending to the 
Board persons who are appropriate for appointment  
as Directors.
•	 Ensuring that succession planning for the Board is in place.
The Nomination Committee has a formal, rigorous and 
transparent procedure for the appointment of new Directors  
to the Board. The process involves the Nomination Committee 
interviewing suitable candidates who are proposed by either 
existing Board members or by an external search firm. Careful 
consideration is given to ensure proposed appointees have 
enough time available to devote to the role and that the balance 
of skills, knowledge and experience on the Board is maintained. 
When the Nomination Committee has identified a suitable 
candidate, the Chairman of the Nomination Committee will make 
a recommendation to the Board with the Board making the  
final decision. 
When dealing with the appointment of a successor to the 
Chairman, the Senior Independent Non-Executive Director  
will chair the Nomination Committee instead of the Chairman.
During the year, the Nomination Committee reviewed the balance 
of skills, independence, knowledge and experience of the Board 
together with the size, diversity, structure and composition of the 
Board, and reviewed the succession plans for the Board. 
At the invitation of the Chairman of the Nomination Committee, 
the Chief Executive Officer and Human Resources Director may 
attend meetings of the Nomination Committee. The Company 
Secretary acts as secretary to the Nomination Committee. The 
members of the Nomination Committee can, where they judge it 
necessary to discharge their responsibilities, obtain independent 
professional advice at the Company’s expense. 
The terms of reference of the Nomination Committee are 
published on the investor relations section of the Group’s website 
at www.moneysupermarket.com and are available in hard copy 
form on application to the Company Secretary.
This report was approved by the Board and signed on its behalf by:
Gerald Corbett
Chairman of the Nomination Committee 
27 February 2012 35 Moneysupermarket.com Group PLC
Annual Report 201 1
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Dear Shareholders,
Fundamental to the strategy of the Remuneration Committee is 
achieving an appropriate balance between the needs of the 
business, the executives and shareholders. The Remuneration 
Committee stays close to the views of our major shareholders 
and other stakeholders, taking governance guidelines into 
account and keeping abreast of emerging Government thinking.
We continue to look for ways in which reward supports behaviour 
that enhances the culture and values which are fundamental to 
the success of our Company. We are a young business and the 
Remuneration Committee believes the executive team are fairly 
rewarded, but we continue to test performance targets to ensure 
they are challenging and relevant and we are prepared to be 
flexible in our response to emerging opportunities.
Against this background, it is pleasing that it has been another 
strong year for the Group with adjusted revenue increasing by 
20% to £178.5m and adjusted EBITDA increasing by 21% to 
£49.5m. This has been achieved through the effective execution 
of the Group’s strategy outlined in early 2010 and the focus during 
the year on growing the business.
The following report gives further details the remuneration 
principles, policy and actual remuneration of the Group’s Executive 
Directors during 2011. The performance related pay elements 
reflect the good year for the Group with performance against the 
adjusted EBITDA/revenue financial targets exceeding maximum 
performance and the individual objectives being partially met.
We have some exciting business opportunities in 2012 and to take 
account of these within our Executive Director remuneration policy 
we are proposing some changes to provide even greater alignment 
with shareholders’ interests and to incentivise management to 
generate long term sustainable returns for shareholders.
The Remuneration Committee will continue to monitor proposals 
being formulated in relation to executive pay as well as best 
practice developments in this area to ensure the Group’s policy 
remains consistent with best remuneration practice. 
A resolution to approve this report will be proposed at the Annual 
General Meeting on 18 April 2012 and we look forward to your 
continued support.
Yours sincerely,
Michael Wemms 
Chairman of the Remuneration Committee
27 February 2012
This Directors’ Remuneration Report has been prepared by the 
Remuneration Committee and approved by the Board for the 
financial year ended 31 December 2011. It has been prepared in 
accordance with the Companies Act 2006. This report provides 
the Company’s statement of how it has applied the principles 
of good governance relating to Directors’ remuneration and is 
intended to communicate the Company’s policies and practices 
on executive remuneration.
This report will be subject to an advisory shareholder vote at the 
forthcoming Annual General Meeting. KPMG Audit Plc have 
audited the content of the report described as ‘Audited 
Information’ to the extent required by law.
Remuneration Committee
The Remuneration Committee comprises the four Non-Executive 
Directors, Michael Wemms (Chairman of the Remuneration 
Committee), Gerald Corbett, Rob Rowley and Bruce Carnegie-
Brown. Michael Wemms, Rob Rowley and Bruce Carnegie-Brown 
are considered by the Board to be independent. Gerald Corbett 
was considered by the Board to be independent on appointment. 
Biographies of the members of the Remuneration Committee are 
set out on pages 22 and 23.
At the invitation of the Chairman of the Remuneration Committee, 
the Chief Executive Officer and Human Resources Director may 
attend meetings of the Remuneration Committee, except when 
their own remuneration is under consideration. No Director is 
involved in determining his or her own remuneration. The Company 
Secretary acts as secretary to the Remuneration Committee. 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 Remuneration Committee’s duties include: 
•	 Determining and agreeing with the Board the framework and 
policy for the remuneration of the Chairman, Executive Directors, 
Company Secretary and executive management team.
•	 Determining the remuneration package of the Chairman, 
Executive Directors, Company Secretary and executive 
management team, including, where appropriate, bonuses, 
incentive payments and pension arrangements within the terms of 
the agreed framework and policy.
•	 Determining awards under the Company’s long term incentive 
schemes.
The Remuneration Committee met on six occasions during the year. 
Details of the attendance at Remuneration Committee meetings 
are set out in the Corporate Governance Report on page 30. 
The Remuneration Committee’s terms of reference are published 
on the investor relations section of the Group’s website at 
www.moneysupermarket.com and are available in hard copy 
form on application to the Company Secretary.
Advisors
During the year, the Remuneration Committee received advice 
from Towers Watson, who are independent remuneration 
consultants, in connection with remuneration matters including 
the Group’s performance related remuneration policy. Towers 
Watson is a member of the Remuneration Consultants Group  
and is committed to that group’s voluntary code of practice for 
remuneration consultants in the UK. Towers Watson has no other 
connection or relationship with the Group and has not provided 
any other services to the Group during the financial year ended 31 
December 2011.
Directors’ Remuneration Report
Michael Wemms 
Chairman of the 
Remuneration Committee 36 Moneysupermarket.com Group PLC
Annual Report 201 1
Directors’ Remuneration Report continued
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Remuneration policy and objectives
The principal objective of the remuneration policy is to attract, retain and motivate Executive Directors of appropriate calibre 
and experience who are focused and adequately incentivised to successfully execute the Group’s short-term and long-term strategy. 
The Remuneration Committee believes that this requires:
•	 The provision of mid-market base salaries with appropriate leverage to reward sustained exceptional performance provided 
stretching and demanding performance conditions are met.
•	 A reward structure that balances short-term and long-term performance.
•	 Competitive incentive arrangements that are underpinned by a balance of financial and operational performance metrics to provide 
both a focus on business performance and alignment with the interests of shareholders.
The Remuneration Committee believes that the remuneration of Executive Directors should provide an appropriate balance between 
fixed and variable (performance related) pay elements with a significant proportion of potential total remuneration being performance 
related elements. The chart below illustrates the average mix between the fixed and variable elements of remuneration of the Executive 
Directors for target and maximum performance.
The Remuneration Committee will continue to review the remuneration policy to ensure it remains consistent with best remuneration 
practice and is aligned to shareholders’ interests. The Remuneration Committee believes the policy described above, which applied in 
2011, remains appropriate and that it will continue in 2012.
Components of remuneration
The main components of the remuneration packages of the Executive Directors in 2011 consisted of the following elements. 
Purpose Performance measure
Base salary •	 Positions the role and the individual fairly 
within a competitive market range aligned 
with a peer group of similar sized UK-listed 
companies. 
•	 Individual contribution. 
•	 Sustained value in the business.
Performance related bonus •	 Provides focus on the delivery of the financial 
targets set out in the annual budget and 
certain Group, personal and strategic goals.
•	 Adjusted EBITDA/revenue (80%). 
•	 Personal goals (20%).
Long Term Incentive Plan •	 Provides focus on sustained growth and long 
term returns to shareholders.
•	 Provides alignment to shareholders interests.
•	 Retention.
•	 Relative total shareholder return (‘TSR’) 
positioning against FTSE 250 (excluding 
investment trusts) (50%).
•	 Absolute TSR growth (50%).
Benefits •	 Provides competitive benefits.
•	 Retention.
Pension •	 Provides competitive post retirement benefits.
Base salary
Base salaries are reviewed annually by the Remuneration Committee to take account of:
•	 The individual performance and contribution of each Executive Director.
•	 The annual salary review budget for the Group which was 4% in 2012 (2011: 3%).
•	 Business performance.
When determining Executive Directors’ remuneration, the Remuneration Committee also considers market data provided by Towers 
Watson.
0%
Target
Maximum
20% 40% 60% 80% 100%
Basic Bonus LTIPs 37 Moneysupermarket.com Group PLC
Annual Report 201 1
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Taking into account the above factors, the Remuneration Committee has determined that base salaries will increase as shown in the 
table below:
Base salary as at 
 1 January 2011
Base salary as at 
 1 January 2012 Percentage increase
Chief Executive Officer £375,000 £390,000 4%
Chief Financial Officer £260,000 £270,400 4%
Managing Director, Financial Services £226,600 £235,664 4%
Marketing Director £200,000 £208,000 4%
Deputy Chairman £105,000 £105,000 0%
Incentive Plans
The Remuneration Committee seeks to ensure that variable pay is determined by relevant and stretching measures of performance  
that are consistent with the strategic objectives of the Group, in order to appropriately align Executive Directors’ interests with those  
of shareholders.
Performance related bonus
In 2011, targets were approved by the Remuneration Committee at the beginning of the year and were aligned to internal targets and 
strategic business objectives. In setting bonus targets, the Remuneration Committee seeks to link individual targets to areas of the 
business in which the Executive Directors have particular influence and responsibility, while also seeking to maintain a keen team ethos.
Target Maximum Performance conditions for 2011 bonus
Chief Executive Officer 125% 175% Target bonus is payable for achievement of:
•	 Target adjusted EBITDA/revenue (80%).
•	 Individual objectives including increases in visitor numbers, 
the implementation of certain strategic IT projects, 
improvements to the customer journey on the Group’s 
websites and building of brand awareness with consumers 
(20%).
Maximum bonus is payable for the achievement of exceptional 
performance targets.
Chief Financial Officer 110% 165%
Managing Director, Financial Services 100% 150%
Marketing Director 100% 150%
Deputy Chairman
1
0% 0%
1 The Deputy Chairman does not participate in the Group’s performance related bonus scheme.
In 2011, performance against the adjusted EBITDA/revenue financial targets exceeded maximum performance and the individual 
objectives were partially met. Accordingly, performance related bonuses were payable to the Executive Directors in accordance with the 
table below:
Performance related bonus Percentage of base salary
Chief Executive Officer £597,656 159%
Chief Financial Officer £334,650 129%
Managing Director, Financial Services £305,910 135%
Marketing Director £240,000 120%
Deputy Chairman £0 –
 
The Remuneration Committee has reviewed the bonus structure for the Executive Directors for 2012. The Remuneration Committee has 
decided to increase the bonus potential for the Chief Executive Officer from 125% to 135% of base salary for target performance and 
from 175% to 185% of base salary for the maximum potential bonus in order to better reflect the Chief Executive Officer’s contribution to 
the Group’s key strategic objectives. The individual objectives will also be different to reflect the key strategic objectives of the Group in 
2012.
Long Term Incentive Plan
Annual grants of conditional nil cost share awards are made at the discretion of the Remuneration Committee to senior executives and 
managers. The awards normally vest at the end of the three year performance period, subject to the achievement of the performance 
conditions and continued employment. Awards lapse to the extent that the performance conditions are not achieved. 38 Moneysupermarket.com Group PLC
Annual Report 201 1
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Long Term Incentive Plan continued
The maximum award that can be made to an employee in any financial year is the equivalent of 200% of an employee’s annual base 
salary, calculated on the basis of the market price of the Company’s shares at the date of grant.
The following table provides further detail on the awards made in 2011 which relate to performance in the three year period 2011 to 
2013 (inclusive):
Face value
1
Performance conditions for 2011 awards
Chief Executive Officer 200% Comparative TSR
50% of the award was subject to a comparative TSR performance condition relative to 
the FTSE 250 (excluding investment trusts).
Threshold vesting
30% of the comparative TSR element of the award vests at median performance.
Maximum vesting
150% of the comparative TSR element of the award vests at upper quartile performance. 
Vesting is on a straight line between threshold and maximum. 
Absolute TSR
50% of the award was subject to an absolute TSR performance condition.
Threshold vesting 
50% of the absolute TSR element of the award vests at threshold performance of annual 
compound TSR of 10%.
Maximum vesting 
150% of the absolute TSR element of the award vests at stretch performance of annual 
compound TSR of 20%.
Vesting is on a straight line between threshold and maximum.
Chief Financial Officer 150%
Managing Director, Financial Services 150%
Marketing Director 150%
Deputy Chairman
2
0%
1 Based on market price at date of grant. These figures relate to the maximum available if the performance targets are met in full, representing 150% of the actual 
awards made.
2 The Deputy Chairman does not participate in the Group’s Long Term Incentive Plan.
In order for the annual grants to vest, the Remuneration Committee must be satisfied that such vesting is justified when taking into 
account the underlying financial performance of the Group.
The Remuneration Committee chose the combination of absolute TSR and comparative TSR as the performance targets for the 2011 
award under the Long Term Incentive Plan to maintain close alignment of management with shareholder interests and to incentivise 
management to generate long-term sustainable returns for shareholders. 
For 2012, the Remuneration Committee has decided to amend the performance conditions so that 70% of the award will be based on  
an absolute EBITDA CAGR performance condition set at an appropriately stretching level and 30% of the award will be based on a 
comparative TSR performance condition. The Remuneration Committee has amended the performance condition to focus the 
Executive Directors on EBITDA growth which is a measure that further aligns the Executive Directors with the Company’s emerging 
strategic priorities, whilst retaining an element of the award aligned to comparative TSR.
The Remuneration Committee will meet once the results for the three year plan period are available to determine whether, and the 
extent to which, the performance conditions have been met.
Dividends will accrue on any shares that vest in the form either of additional shares or a cash payment and will be made at the time of vesting.
Other share plans
Executive Directors have the opportunity to participate in the Company’s HMRC approved all employee Share Incentive Plan which 
provides employees with the opportunity to purchase shares in the Company on a monthly basis using money deducted from their 
pre-tax salary.
Executive Directors also have the opportunity to participate in the Company’s HMRC approved all employee Save As You Earn Scheme 
which provides employees with the opportunity to purchase shares in the Company at the end of a three year period using money 
deducted monthly from their salary at up to a 20% discount to the price of the Company’s shares at the date employees are invited to 
join the scheme.
Pension
The Company operates a contributory money purchase pension scheme for the benefit of the Executive Directors. In all cases, base 
salary only is pensionable. During the year, the Company provided pension contributions of up to 10% of base salary for the benefit of 
the Executive Directors.
Directors’ Remuneration Report continued 39 Moneysupermarket.com Group PLC
Annual Report 201 1
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Benefits
The Company provides a car allowance of £14,000 per annum for each of the Executive Directors. The amount of the car allowance is 
reviewed annually.
Service agreements
The current policy is for Executive Directors’ service agreement notice periods to be normally no longer than 12 months. The service 
agreements of the current Executive Directors include the following terms:
Effective date of service 
agreement
Unexpired term
(approximate months from  
31 December 2011)
1
Notice period from Director 
(months)
Notice period from Company 
(months)
Executive Directors
Simon Nixon 25 February 2009 12 12 12
Peter Plumb 25 February 2009 12 12 12
Paul Doughty 31 July 2007 12 12 12
Graham Donoghue 23 February 2009 12 12 12
David Osborne 23 February 2009 12 12 12
1 Executive Directors are appointed on 12 month rolling contracts.
Peter Plumb’s service agreement contained a temporary provision which stated that, if his employment was terminated by the  
Company as a result of a change in control, wrongful dismissal or redundancy before 1 November 2011, he would be entitled to the  
sum of £225,000 less the market value of any shares received or receivable by him pursuant to his participation in the Group’s Long 
Term Incentive Plan and less any tax payable on such sum, in addition to his 12 month notice period. This temporary provision has 
now ended and Peter Plumb’s notice period has reverted to the normal 12 months which reflects the Company’s general policy on  
such matters.
There are no special provisions for Executive Directors or Non-Executive Directors with regard to compensation in the event of loss 
of office. In the event of the employment of an Executive Director being terminated, the Remuneration Committee would, having regard 
to the individual’s circumstances, pay due regard to best practice and take account of the individual’s duty to mitigate their loss.
The service agreements and letters of appointment are available for inspection by shareholders at the forthcoming Annual General 
Meeting and during normal business hours at the Company’s registered office address.
Other appointments
Executive Directors may only accept outside appointments on external boards or committees with the prior approval of the Board. In 
addition to his directorship of companies in the Group, Simon Nixon is a director of Simonseeks.com Limited in which Simon Nixon is, 
directly or indirectly, the majority shareholder. No other Executive Director holds any directorship of any other company outside the Group.
Non-Executive Directors
The Non-Executive Directors do not have service agreements but instead have letters of appointment for a three year term.  
The current policy is for Non-Executive Directors’ letters of appointment notice periods to be normally no longer than 12 months. 
Each of the Non-Executive Directors currently has a letter of appointment reflecting this.
Effective date of letter of 
appointment
Unexpired term
(approximate months from  
31 December 2011)
Notice period from Director 
(months)
Notice period from Company 
(months)
Non-Executive Directors
Gerald Corbett 31 July 2010 19 12 12
Michael Wemms 31 July 2010 19 12 12
Rob Rowley 19 September 2010 21 0 12
Bruce Carnegie-Brown 15 April 2010 16 12 12
The remuneration of Non-Executive Directors consists solely of fees. The remuneration of the Chairman is determined by the 
Remuneration Committee and the remuneration of the other Non-Executive Directors is determined by the Executive Directors. 
The Non-Executive Directors do not participate in any of the Group’s bonus, pension, share option or other performance related  
incentive schemes. 
The basic fees for the Non-Executive Directors were not increased from 1 January 2012 and therefore remained unchanged at 
£200,000 for the Chairman and £55,000 for the other Non-Executive Directors. In addition, the Chairman receives an annual allowance 
of £25,000 for a motor vehicle and associated costs. The additional fees of £15,000 per annum payable to the Senior Independent 
Non-Executive Director and £10,000 per annum payable to the Chairmen of the Audit and Remuneration Committees also remain 
unchanged for 2012. 40 Moneysupermarket.com Group PLC
Annual Report 201 1
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Performance graph
The following graph shows the total shareholder return of the Company in comparison to an appropriate index for the period  
since Listing.
0
20
40
60
80
100
120
140
Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 Jul-07
Moneysupermarket.com Group PLC
FTSE 250 Index 
(excluding Investment Trusts)
Total shareholder return: Moneysupermarket.com Group PLC and FTSE 250 Index (excluding Investment Trusts).
Value of a hypothetical £100 holding since Listing.
The Remuneration Committee considers the FTSE 250 Index (excluding Investment Trusts) to be an appropriate index for total shareholder 
return and comparison disclosure as it represents a broad equity market index in which the Company is a constituent member.
Directors’ interests in shares
The beneficial interests of the Directors and their connected persons in the shares of the Company are shown below:
31 December 
2011
31 December 
2010
Executive Directors
Simon Nixon 267,257,021 267,257,021
Peter Plumb – –
Paul Doughty 1,826,364 2,905,724
Graham Donoghue – –
David Osborne – –
Non-Executive Directors
Gerald Corbett 237,246 237,246
Michael Wemms 7,268 6,791
Rob Rowley – –
Bruce Carnegie-Brown 20,000 20,000
The Directors’ shareholdings shown above are all beneficial interests and include the interests of their spouses, civil partners and infant 
children or step-children together with the interests in shares held on behalf of the Executive Directors by the trustee of the Company’s 
Share Incentive Plan. No Director held a non-beneficial interest in any shares.
In the period 31 December 2011 to the date of this report, there has been no change in the Directors’ interests in shares in the Company 
other than through the monthly purchases in January and February 2012 of ordinary shares under the Company’s Share Incentive Plan 
by Paul Doughty. This has resulted in an increase in the interests held by Paul Doughty of 226 ordinary shares during this period.
Directors’ Remuneration Report continued  41 Moneysupermarket.com Group PLC
Annual Report 201 1
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Shareholding guideline
The Remuneration Committee has discussed with Executive Directors and encourages each of them to invest in the Company’s shares 
to further align their interests with those of shareholders. The Remuneration Committee will review investments made by Executive 
Directors on a regular basis.
Audited information
The following information has been audited by the Company’s auditors, as required by the Companies Act 2006.
Directors’ remuneration
Details of individual Directors’ remuneration received during the year are as follows:
Basic salary/
fees
£000
Taxable
benefits
£000
1
Performance
related
bonus
£000
2
Pension
contributions
£000
Total
2011
£000
Total 
2010
£000
Executive Directors
Simon Nixon 105 – – – 105 100
Peter Plumb 375 14 598 39 1,026 868
Paul Doughty 260 14 335 26 635 552
Graham Donoghue 227 14 306 23 570 482
David Osborne 200 14 240 20 474 408
Non-Executive Directors
Gerald Corbett 200 25 – – 225 215
Michael Wemms 80 – – – 80 75
Rob Rowley 65 – – – 65 60
Bruce Carnegie-Brown 55 – – – 55 36
Total 1,567 81 1,479 108 3,235 2,796
1.  Benefits for the Executive Directors incorporate all benefits and expense allowances arising from employment which relate to the provision of a car allowance. Benefits for 
Gerald Corbett relate to an annual allowance of £25,000 for a motor vehicle and associated costs.
2. Includes performance related bonuses earned in the period under review but paid following the end of the financial year. 42 Moneysupermarket.com Group PLC
Annual Report 201 1
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Directors’ interests in the Long Term Incentive Plan and Save As You Earn Scheme
Full details of the Executive Directors’ interests in the Long Term Incentive Plan and Save As You Earn Scheme are shown below:
 
 Date 
of award
At start of
year/date of 
 appointment 
Granted 
during 
year 
Vested/
exercised 
during 
year 
Lapsed 
during 
year 
At end of 
year/date of 
cessation
Market price of 
shares 
at date 
of option/award 
(p) 
Vesting/exercise
date 
Peter Plumb
2009 LTIP 8 Apr 2009 1,145,288 – – – 1,145,288 53.5 8 Apr 2012
2010 LTIP 7 Apr 2010 1,035,519 – – – 1,035,519 75.0 7 Apr 2013
2011 LTIP 9 Mar 2011 – 838,424 – – 838,424 94.4 9 Mar 2014
2011 SAYE 28 Sep 2011 – 10,044 – – 10,044 108.9 Nov 2014 – Apr 2015
Total 2,180,807 848,468 – – 3,029,275
Paul Doughty
2009 LTIP 8 Apr 2009 1,308,901 – – – 1,308,901 53.5 8 Apr 2012
2010 LTIP 7 Apr 2010 556,133 – – – 556,133 75.0 7 Apr 2013
2011 LTIP 9 Mar 2011 – 437,073 – – 437,073 94.4 9 Mar 2014
2011 SAYE 28 Sep 2011 – 10,044 – – 10,044 108.9 Nov 2014 – Apr 2015
Total 1,865,034 447,117 – – 2,312,151
Graham Donoghue
2009 LTIP 8 Apr 2009 863,874 – – – 863,874 53.5 8 Apr 2012
2010 LTIP 7 Apr 2010 489,396 – – – 489,396 75.0 7 Apr 2013
2011 LTIP 9 Mar 2011 – 380,925 – – 380,925 94.4 9 Mar 2014
2011 SAYE 28 Sep 2011 – 10,044 – – 10,044 108.9 Nov 2014 – Apr 2015
Total 1,353,270 390,969 – – 1,744,239
David Osborne
2009 LTIP 8 Apr 2009 484,293 – – – 484,293 53.5 8 Apr 2012
2010 LTIP 7 Apr 2010 422,661 – – – 422,661 75.0 7 Apr 2013
2011 LTIP 9 Mar 2011 – 336,210 – – 336,210 94.4 9 Mar 2014
2011 SAYE 28 Sep 2011 – 10,044 – – 10,044 108.9 Nov 2014 – Apr 2015
Total 906,954 346,254 – – 1,253,208
1. Awards of nil cost options made in 2009 vest 30% at threshold performance and 100% at maximum performance (with 70% of the award subject to an annual adjusted 
EDITDA performance condition and 30% of the award subject to a comparative TSR performance condition).
2. Awards of nil cost options made in 2010 vest 30% at median performance and 150% at upper quartile performance in relation to the comparative TSR performance 
condition and 50% at threshold performance and 150% at stretch performance in relation to the absolute TSR performance condition (with 70% of the award subject to the 
absolute TSR performance condition and 30% of the award subject to the comparative TSR performance condition).
3. Details of the performance conditions relating to the awards of nil cost options made in 2011 are set out on pages 37 and 38.
4. The figures for the Long Term Incentive Plan awards made in 2010 and 2011 are the maximum available if the performance targets are met in full, representing 150% of the 
actual awards made.
In the period from 1 January 2011 to 31 December 2011, the highest mid-market price of the Company’s share was 120.4p and the 
lowest mid-market price was 75.7p, and at 31 December 2011 it was 105.0p.
This report was approved by the Board and signed on its behalf by:
Michael Wemms
Chairman of the Remuneration Committee 
27 February 2012
Directors’ Remuneration Report continued 43 Moneysupermarket.com Group PLC
Annual Report 201 1
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Independent Auditor’s Report  
to the Members of Moneysupermarket.com Group PLC
We have audited the Group and Company Financial Statements (the ‘Financial Statements’) of Moneysupermarket.com Group PLC (the 
‘Company’) for the year ended 31 December 2011 set out on pages 44 to 72. The financial reporting framework that has been applied in 
the preparation of the Group Financial Statements is applicable law and International Financial Reporting Standards (‘IFRSs’) as 
adopted by the EU. The financial reporting framework that has been applied in the preparation of the Company Financial Statements is 
applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them 
in an auditors’ 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.
Respective responsibilities of Directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 27, the Directors are responsible for the preparation 
of the Financial Statements and for being satisfied that they give a true and fair view. Our responsibility is to audit, and express an 
opinion on, the Financial Statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those 
standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the Financial Statements
A description of the scope of an audit of Financial Statements is provided on the APB’s website at www.frc.org.uk/apb/scope/private.cfm. 
Opinion on Financial Statements
In our opinion:
•	 the Financial Statements give a true and fair view of the state of the Group’s and of the Company’s affairs as at 31 December 2011 
and of the Group’s profit for the year then ended;
•	 the Group Financial Statements have been properly prepared in accordance with IFRSs as adopted by the EU;
•	 the Company Financial Statements have been properly prepared in accordance with UK Generally Accepted Accounting Practice;
•	 the Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006; and, as regards the 
Group Financial Statements, Article 4 of the IAS Regulation.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
•	 the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 
2006; and
•	 the information given in the Directors’ Report for the financial year for which the Financial Statements are prepared is consistent with 
the Financial Statements; and
•	 the information given in the Corporate Governance Report set out on pages 29 to 32 with respect to internal control and risk 
management systems in relation to financial reporting processes and about share capital structures is consistent with the 
Financial Statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
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 Company, or returns adequate for our audit have not been received from 
branches not visited by us; or
•	 the 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; or
•	 a Corporate Governance Report has not been prepared by the Company.
Under the Listing Rules we are required to review:
•	 the Directors’ statement, set out on page 26, in relation to going concern;
•	 the part of the Corporate Governance Report on pages 29 to 32 relating to the Company’s compliance with the nine provisions of 
the UK Corporate Governance Code June 2010 specified for our review; and
•	 certain elements of the report to shareholders by the Board on Directors’ remuneration.
Stuart Burdass (Senior Statutory Auditor)
For and on behalf of KPMG Audit Plc, Statutory Auditor
Chartered Accountants, St James’ Square, Manchester, M2 6DS
27 February 2012 44 Moneysupermarket.com Group PLC
Annual Report 201 1
Consolidated Statement of 
Comprehensive Income
for the year ended 31 December 2011
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Note
Year ended 
31 December  
2011  
£000
Year ended
31 December
2010
£000
Revenue 181,048 148,892
Cost of sales (50,156) (42,763)
Gross profit 130,892 106,129
Distribution expenses (29,766) (21,621)
Administrative expenses (77,083) (73,771)
Results from operating activities 5 24,043 10,737
Net finance income 7 239 287
Profit before income tax 24,282 11,024
Income tax charge 8 (7,494) (3,323)
Profit for the year 16,788 7,701
Other comprehensive income:
Foreign currency translation – 17
Deferred tax on share-based payments 471 165
Other comprehensive income for the year 471 182
Total comprehensive income for the year 17,259 7,883
All profit and comprehensive income is attributable to the equity holders of the Company.
Earnings per share:
Basic earnings per ordinary share (p) 9 3.3 1.5
Diluted earnings per ordinary share (p) 9 3.2 1.5 45 Moneysupermarket.com Group PLC
Annual Report 201 1
Consolidated Statement of 
Financial Position
at 31 December 2011
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Note
31 December 
2011 
£000
31 December
2010
£000
Assets
Non-current assets
Property, plant and equipment 11 10,952 10,701
Intangible assets 12 160,634 182,541
Investments in associates 1,000 –
Total non-current assets 172,586 193,242
Current assets
Trade and other receivables 13 15,974 16,320
Prepayments 1,896 2,320
Cash and cash equivalents 17 35,005 36,593
Total current assets 52,875 55,233
Total assets 225,461 248,475
Liabilities
Non-current liabilities
Deferred tax liability 15 23,251 32,212
Current liabilities
Trade and other payables 14 28,898 25,235
Current tax liabilities 6,750 3,387
Total current liabilities 35,648 28,622
Total liabilities 58,899 60,834
Equity
Share capital 16 102 102
Share premium 171,297 171,297
Retained earnings (78,970) (68,239)
Other reserves 74,133 84,481
Total equity 166,562 187,641
Total equity and liabilities 225,461 248,475
The Financial Statements were approved by the Board of Directors and authorised for issue on 27 February 2012. They were signed on 
its behalf by:
Peter Plumb
Paul Doughty 46 Moneysupermarket.com Group PLC
Annual Report 201 1
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Consolidated Statement of 
Changes in Equity
for the year ended 31 December 2011
Note
Issued
share
capital
£000
Share
premium
£000
Other
reserves
£000
Retained
earnings
£000
Reserve
for own
shares
£000
Foreign
currency 
translation
reserve
£000
Total
£000
At 1 January 2010 102 171,207 95,397 (45,920) – (118) 220,668
Foreign currency translation
1
– – – – – 17 17
Deferred tax recognised on 
 share-based payments
1
– – – 165 – – 165
Profit for the year – – – 7,701 – – 7,701
Total income and expense 
 for the year – – – 7,866 – 17 7,883
Share options exercised – 90 – – – – 90
Equity dividends 10 – – – (42,851) – – (42,851)
Share-based payment 18 – – – 1,851 – – 1,851
Reserves transfer – – (10,815) 10,815 – – –
At 31 December 2010 102 171,297 84,582 (68,239) – (101) 187,641
Deferred tax recognised on 
 share-based payments
1
– – – 471 – – 471
Profit for the year – – – 16,788 – – 16,788
Total income and expense 
 for the year – – – 17,259 – – 17,259
Equity dividends 10 – – – (40,538) – – (40,538)
Share-based payment 18 – – – 2,200 – – 2,200
Reserves transfer – – (10,348) 10,348 – – –
At 31 December 2011 102 171,297 74,234 (78,970) – (101) 166,562
1 Foreign currency translation and deferred tax recognised on share-based payments represent the only income or expense for the current or prior year recognised directly 
in equity.
Other reserves
The other reserves balance represents the merger and revaluation reserves generated upon the acquisition of Moneysupermarket.com 
Financial Group Limited by the Company, as discussed below, and a capital redemption reserve for £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 £60,750,000 for 15% of the fair value of 
assets acquired, a merger reserve of £16,923,000 for 45% of the book value transferred from a company under common control, and a 
revaluation reserve of £65,345,000 representing 45% of the fair value of the intangible assets transferred from a company under 
common control, were recognised. Amounts are transferred from these reserves to retained earnings as the goodwill and other 
intangibles balances are impaired and amortised.
Foreign currency translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign 
operations.
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.  
At 31 December 2011, the Group held 723,685 ordinary shares at a cost of 0.02p per share through a trust for the benefit of the  
Group’s employees.  47 Moneysupermarket.com Group PLC
Annual Report 201 1
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Consolidated Statement of 
Cash Flows
for the year ended 31 December 2011
Note
Year ended
31 December 
2011 
£000
Year ended
31 December
2010
£000
Operating activities
Profit for the year 16,788 7,701
Adjustments to reconcile Group net profit to net cash flows:
 Depreciation 11 3,819 4,851
 Amortisation of intangible assets 12 24,202 24,194
 Impairment of goodwill 12 2,199 –
 Change in contingent consideration 3 (2,222) –
 Loss on disposal of property, plant and equipment 28 31
 Finance income 7 (239) (287)
 Equity-settled share-based payment transactions 18 2,200 1,851
 Effects of foreign exchange differences 1 22
 Income tax charge 8 7,494 3,323
 Change in trade and other receivables 708 (2,398)
 Change in trade and other payables 5,751 3,530
 Income tax paid (12,621) (9,841)
Net cash flow from operating activities 48,108 32,977
Investing activities
Interest received 304 282
Acquisition of subsidiary, net of cash acquired 3 (508) (4,262)
Acquisition of non-controlling interest (1,000) –
Acquisition of property, plant and equipment 11 (4,054) (3,448)
Acquisition of intangible assets 12 (3,900) –
Net cash flow from investing activities (9,158) (7,428)
Financing activities
Proceeds from share issue – 90
Dividends paid 10 (40,538) (42,851)
Net cash flow from financing activities (40,538) (42,761)
Net decrease in cash and cash equivalents (1,588) (17,212)
Cash and cash equivalents at start of year 36,593 53,805
Cash and cash equivalents at end of year 17 35,005 36,593 48 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements
1 Corporate information
The Consolidated Financial Statements of Moneysupermarket.com Group PLC (‘Company’), a company incorporated in England, and 
its subsidiaries for the year ended 31 December 2011 were authorised for issue in accordance with a resolution of the Directors on  
27 February 2012. The Consolidated Financial Statements have been prepared and approved by the Directors in accordance with 
International Financial Reporting Standards as adopted by the EU (‘Adopted IFRSs’). The Company has elected to prepare its Company 
Financial Statements in accordance with UK GAAP; these are presented on pages 69 to 72.
2 Summary of significant accounting policies
Basis of preparation
The Financial Statements are prepared on the historical cost basis. Comparative figures presented in the Financial Statements represent 
the year ended 31 December 2010. The Financial Statements are prepared on a going concern basis, which the Directors deem 
appropriate, given the Group’s positive cash position and lack of debt.
Use of estimates and judgements
The preparation of Financial Statements requires management to make judgements, estimates and assumptions that affect the application 
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the 
period in which the estimate is revised and in any future periods affected.
The most significant areas of estimation uncertainty, and areas where critical judgements are made in applying accounting policies that 
have a material effect on the Financial Statements, are listed below. The uncertainties encountered, and judgements made, are 
described in more detail in the relevant accounting policies and accompanying notes:
•	 Note 3 acquisitions
•	 Note 12 goodwill and other intangibles, including their amortisation and impairment
•	 Note 13  revenue recognition
•	 Note 13 provision for doubtful debts
•	 Note 14 accruals
•	 Note 18 share-based payments
•	 Note 21 commitments and contingencies
Basis of consolidation
These Consolidated Financial Statements incorporate the Financial Statements of the Company and its subsidiaries.
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the 
financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are 
currently exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated 
Financial Statements from the date that control commences until the date that control ceases. 
Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. 
Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. 
Investments in associates are accounted for using the equity method and are recognised initially at cost. The consolidated financial 
statements include the Group’s share of the profit or loss and other comprehensive income of equity accounted investees, after 
adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date 
that significant influence ceases. 
Changes in accounting policies
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 Business Combinations (2008) in accounting for business combinations. The 
change in accounting policy has been applied prospectively. The impact on earnings per share is disclosed in note 3.
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is 
transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its 
activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable.
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 (generally fair value) of the identifiable assets acquired and liabilities assumed. 49 Moneysupermarket.com Group PLC
Annual Report 201 1
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2 Summary of significant accounting policies continued
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 consideration payable is recognised at fair value at the acquisition date. If the contingent consideration 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 consideration are recognised in profit or loss. Where the contigent consideration is dependent on future employment, 
it shall be treated as a cost of continuing employment, and therefore is recognised as an expense over the relevant period.
Acquisitions between 22 June 2007 and 1 January 2010
For acquisitions between 22 June 2007 and 1 January 2010, goodwill represents the excess of the cost of the acquisition over the 
Group’s interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the 
acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in profit or loss.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection with 
business combinations were capitalised as part of the cost of the acquisition.
The Group was established via a series of transactions that occurred concurrently on 22 June 2007. These comprised the incorporation 
of the Company with Simon Nixon as sole shareholder, the acquisition by the Company using a share for share exchange of Simon 
Nixon’s 45% interest in Moneysupermarket.com Financial Group Limited and the acquisition by the Company of all other shares in 
Moneysupermarket.com Financial Group Limited from third parties. The acquisition of Simon Nixon’s shares was between two parties, 
being Simon Nixon and the Company, who were under common control at the time of the transaction. The acquisition was of an interest 
in a company which gave the investor a significant influence in the company and it was concluded that this arrangement was a common 
control transaction and not within the scope of IFRS 3 Business Combinations. As a result the Company accounted for this 45% interest 
in Moneysupermarket.com Financial Group Limited at original carrying value rather than fair value at the date of the acquisition. The 
acquisition of the remaining shares in Moneysupermarket.com Financial Group Limited was accounted for in accordance with IFRS 3 
Business Combinations applying the accounting guidance for a business combination achieved in stages. This resulted in the fair value 
of the identifiable assets, liabilities and contingent liabilities of Moneysupermarket.com Financial Group Limited being recognised in full 
and the goodwill in respect of the acquisition from third parties being recognised.
Foreign currency
The Consolidated Financial Statements are presented in sterling, which is the Company’s functional and presentation currency. The 
functional currency of the foreign operation icero GmbH is the euro. The income and expenses of the foreign operation are translated 
into sterling at an average exchange rate for the period in which the activity occurred. The assets and liabilities of the foreign operation 
are translated into sterling using exchange rates ruling as at the balance sheet date. The exchange difference arising upon translation is 
taken directly to a separate component of equity.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the 
exchange rate at that date. Foreign currency differences arising on retranslation are recognised as a profit or loss.
Revenue
The Group generates fees from internet lead generation (click based revenue), commissions from brokerage sales and advertising 
through a variety of contractual arrangements. The Group recognises click based revenues and associated costs in the period that the 
lead is generated. Brokerage commissions are recognised at the point of completion of the transaction with the customer. Advertising 
revenue is recognised in the period when an advertisement is delivered to the end user.
Revenue is recognised net of value added tax.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items 
of property, plant and equipment. 50 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated
Financial Statements continued
2 Summary of significant accounting policies continued
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. Land is not depreciated. Assets under construction are not depreciated until brought into use. 
The estimated useful lives are as follows:
Buildings 50 years
Plant and equipment (including IT equipment)  3 years
Fixtures and fittings  5 years
Office equipment  5 years
The useful lives and depreciation rates are reassessed at each reporting date.
Intangible assets
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 is reviewed at least at each 
financial year end. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive 
Income in the expense category consistent with the function of the intangible asset. The estimated useful lives are as follows:
Market-related 10 years
Customer relationships  7 years
Customer lists  3 years
Technology  3 years
Market-related intangible assets are defined as those that are primarily used in the marketing or promotion of products and services, for 
example trademarks, trade names and internet domain names.
Customer-related intangible assets consist of customer lists, customer contracts and relationships, and non-contractual customer 
relationships. For accounting purposes, customer relationships and customer lists have been identified separately. Relationships with 
high-profile customers provide the Group with prominence in the marketplace, create volume and traffic on the website, and enhance 
the reputation of the brand. Customer lists allow the Group to undertake targeted marketing activities.
Technology-based intangible assets relate to innovations and technical advances such as computer software, patented and unpatented 
technology, databases and trade secrets.
Impairment
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.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. 
Impairment losses are recognised in the Statement of Comprehensive Income.
For the purposes of impairment reviews, the recoverable amount of the Group’s assets is taken to be the higher of their fair value less 
costs to sell and their value in use.
Research and development
Expenditure on research activities, undertaken with the prospect of gaining technical knowledge and understanding, is charged 
to the Statement of Comprehensive Income when incurred. Development expenditure is capitalised when it meets the criteria outlined in 
IAS 38. Expenditure that does not meet the criteria is expensed directly to the Statement of Comprehensive Income.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand are included as a 
component of cash and cash equivalents for the purpose only of the Statement of Cash Flows. 51 Moneysupermarket.com Group PLC
Annual Report 201 1
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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 Statement of Comprehensive 
Income as incurred.
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 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 in the 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 profit sharing plans if the Group has a 
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can 
be estimated reliably.
Advertising costs
The Group incurs costs from advertising via a number of different media. Costs associated with the production of adverts are 
recognised as an expense in the Statement of Comprehensive Income only once the advert is available to the Group in a format ready 
for use, having been approved for airing or displaying. The cost of airing or displaying the advert is taken as an expense in the period in 
which the advert is aired or displayed.
Finance income
Finance income comprises interest receivable, which is recognised in the Statement of Comprehensive Income as it accrues using the 
effective interest method.
Dividends
Dividends payable to the Company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the period in 
which the shareholders’ right to receive payment is established.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the 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 enacted or substantively enacted at the 
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes 
and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; 
the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and 
differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount 
of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, 
using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset 
can be utilised.
In the year ended 31 December 2010 a deferred tax liability was recognised at the expected future tax rate of the value of the intangible 
assets with finite lives which were acquired with Financial Services Net Limited, representing the tax effect of the amortisation of these 
assets in future periods.
A deferred tax liability was recognised in the year ended 31 December 2007 as 30% of the value of the intangible assets with finite lives 
which were generated upon the acquisition of Moneysupermarket.com Financial Group Limited, representing the tax effect of the 
amortisation of these assets in future periods. This liability has since been revalued to 25% of the value of the intangible assets. 52 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
2 Summary of significant accounting policies continued
Both these liabilities will decrease in line with the amortisation of the related intangible assets, with the deferred tax credit recognised in 
the Statement of Comprehensive Income in accordance with IAS 12.
Group management of capital
The Group’s objectives when managing capital are:
•	 to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and 
benefits for other stakeholders; and
•	 to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the 
light of changes in economic conditions and the risk characteristics of the underlying assets. In assessing the level of capital all 
components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable), as well as unvested 
share options and awards.
In line with internal capital management requirements, the Group manages its cash balances by depositing them with a number of 
financial institutions to reduce credit risk. The Group had no debt as at 31 December 2011 and is not subject to externally imposed 
capital requirements; management of capital therefore focuses around its 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. During the year the shareholders authorised the Company to purchase up 
to 50,928,800 of its own shares for cancellation or to be held as treasury shares. The Group believes it 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.
Standards, amendments and interpretations adopted during the period
The Group has adopted the following amendments and interpretations which have not had a significant impact on the Group’s results:
•	 Revised IAS 24 Related Party Disclosures (2009)
•	 Amendments to IAS 32 Financial Instruments: Presentation
Standards, amendments and interpretations issued but not yet effective
A number of new standards, amendments to standards and interpretations have been issued during the year ended 31 December 2011 
but are not yet effective, and therefore have not yet been adopted by the Group. These are not expected to have a material impact on 
the Group’s accounts when adopted, except where stated.
IFRS 13 ‘Fair value measurement (2011)’ – this standard’s objective is to give clearer guidance on how to measure fair value assets, 
liabilities and equity instruments held by a company by providing a precise definition of fair value and a single source of fair value 
measurement and disclosure requirements for use across IFRSs. This standard has not yet been endorsed by the EU.
Amended IAS 1 ‘Presentation of financial statements (2010)’ – the objective of this amendment is to improve the presentation of certain 
items of other comprehensive income, requiring separate subtotals for those elements which may be ‘recycled’. This standard has not 
yet been endorsed by the EU.
IFRS 9 ‘Financial Instruments: Classification and Measurement (2010)’ – this standard’s objective is to gradually phase out IAS 39 
Financial Instruments: Recognition and Measurement. Phase one of this process specifically requires financial assets to be classified at 
amortised cost or at fair value. Further development phases for IFRS 9 are scheduled to cover key areas such as impairment, hedge 
accounting and the offsetting of assets and liabilities. Early adoption is permitted, once endorsed by the EU. 
3 Acquisitions
Financial Services Net Limited
On 14 October 2010, the Group acquired all of the shares in Financial Services Net Limited (‘FSN’) for £4.4 million, satisfied in cash with 
a further £400,000 payable pending the outcome of certain matters, and a contingent payment of up to £4 million payable up to the 
third anniversary of handover upon the achievement of specified financial targets by FSN. The company operates a range of websites in 
the financial services sector aimed at putting consumers in touch with brokers or product providers who will provide them with the 
product they are looking for. 53 Moneysupermarket.com Group PLC
Annual Report 201 1
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3 Acquisitions continued
Effect of acquisition
The acquisition had the following effect on the Group’s assets and liabilities.
Pre-acquisition
carrying
amounts
£000
Fair value
adjustments
£000
Recognised 
values on
acquisition
£000
FSN’s net assets at the acquisition date:
Property, plant and equipment 7 (7) –
Intangible assets (see note 12) – 6,083 6,083
Trade and other receivables 74 – 74
Cash and cash equivalents 68 – 68
Trade and other payables (59) (200) (259)
Deferred tax liabilities – (1,145) (1,145)
Net identifiable assets and liabilities 90 4,731 4,821
Goodwill on acquisition 2,199
Total consideration 7,020
A detailed description of the different intangible assets which were identified within the acquired business, and the methods used to value 
them, are provided within note 12. The deferred tax liability represents the tax effect which was expected to result from the amortisation of the 
intangible assets, estimated using the anticipated future tax rate and the fair value of the different classes of asset.
£000
Consideration:
Initial consideration, paid in cash 4,412
Contingent consideration 2,608
Total consideration 7,020
The initial consideration included a payment of £4,330,000 which was made during the prior period, and a balancing payment of 
£82,000 which was expected to be made after 31 December 2010.
The contingent consideration included two elements:
•	 Up to £400,000 which may become due dependent upon the outcome of ongoing discussions around the indirect tax treatment of 
certain income streams. Management estimated that there was a 50% probability of this amount becoming due and recognised 
£200,000 of contingent consideration, which represented its fair value at the acquisition date. This matter was still ongoing at the 
balance sheet date, and therefore no adjustment has been made to this estimate.
•	 Up to £4 million which may become due upon the achievement of financial performance measures specified in the purchase 
agreement. Up to one third of this amount will be payable on each of the first three anniversaries of the handover date. Management 
estimated the amount of this element which will become payable by attributing different probabilities to a range of possible outcomes 
derived from the most recent forecasts of the business’ performance. The Group included £2,408,000 as contingent consideration 
related to this additional consideration, which represented its fair value at the acquisition date. In line with IFRS 3, during the year the 
Group updated its estimations of the amount of contingent consideration which will become payable, based on the business’ 
performance since acquisition, and its most recent forecasts. Management now estimate that only £186,000 of the contingent 
consideration will become payable, and as such have recognised a credit of £2,222,000 in the Consolidated Statement of 
Comprehensive Income in the period within administrative expenses. 54 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
3 Acquisitions continued
Local Daily Deals Limited
On 31 August 2011, the Group acquired 51% of the issued share capital of Local Daily Deals Limited (‘LDD’) for £1.0 million, satisfied in 
cash, with £0.5 million paid to the existing shareholders for existing shares, and subsequently a further £0.5 million paid to LDD for the 
issue of new shares. In addition, the Group has a call option over the remaining share capital which it has the right to exercise on the 
third anniversary of the acquisition date, the consideration for which will be determined by the achievement of specified financial targets 
by LDD. Should the Group not exercise its call option, the existing shareholders of LDD have the right to exercise a put option on the 
same terms. The company operates a website which features discounted retail offers, with the aim of introducing businesses to new 
customers who are looking for a good deal. In the four months to 31 December 2011 the subsidiary contributed revenue of £304,000 
and a net loss of £310,000 to the consolidated profit for the year. If the acquisition had occurred on 1 January 2011, Group revenue 
would have been an estimated £181.2 million and profit would have been an estimated £16.7 million. In determining these amounts, 
management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the 
acquisition occurred on the first day of the accounting period.
Effect of acquisition
The acquisition had the following effect on the Group’s assets and liabilities.
Pre-acquisition
carrying
amounts
£000
Fair
value
adjustments
£000
Recognised 
values on
acquisition
£000
LDD’s net assets at the acquisition date:
Property, plant and equipment 45 – 45
Trade and other receivables 3 – 3
Cash and cash equivalents 493 – 493
Trade and other payables (156) – (156)
Net identifiable assets and liabilities 385 – 385
Goodwill on acquisition 615
Total consideration 1,000
A detailed description of the different intangible assets which have been identified within the acquired business, and the methods used 
to value them, are provided within note 12.
£000
Consideration:
Initial consideration, paid in cash 1,000
The initial consideration includes a payment of £500,000 which was made to the existing shareholders for the purchase of existing 
shares, and the subsequent payment of £500,000 to LDD for the issue of new shares in the company.
Additional consideration of up to £10 million may become due on the third anniversary of the acquisition date upon the achievement of 
financial performance measures specified in the purchase agreement, and either the exercise by the Group of its call option, or the 
exercise by the existing shareholders of their put option. Management have estimated the amount of this element which will become 
payable by attributing different probabilities to a range of possible outcomes derived from the most recent forecasts of the business’ 
performance. Since this element of consideration is dependent upon the continued employment of the individuals concerned, the fair 
value of the amount of contingent consideration that management expect to become payable will be charged to the Consolidated 
Statement of Comprehensive Income over the combined life of the earnout period and the related call and put options. At the balance 
sheet date the fair value of the contingent consideration was £1,029,000, and £96,000 has been charged to the Consolidated 
Statement of Comprehensive Income during the period, included within administrative expenses.
The Group incurred acquisition-related costs of £0.5m relating to legal and advisory fees, and costs related to the integration of the 
business into the Group, which have been expensed in administrative expenses. The impact on both basic and diluted earnings per 
share is a decrease of 0.06p per share.
The Group has accounted for the acquisition using the anticipated acquisition method, whereby 100% of LDD’s results since acquisition 
have been consolidated into the results of the Group, as a result of the call and put options which exist over the non-controlling interest. 55 Moneysupermarket.com Group PLC
Annual Report 201 1
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4 Segmental information
Business segments
In applying IFRS 8 – Operating Segments, the Group has disclosed four reportable segments, being Money, Insurance, Travel and 
Home. Money, Insurance and Home operate under the brand name MoneySupermarket.com, and Travel under the brand name 
TravelSupermarket.com, however, all four segments are reported separately. Revenue generated by FSN and LDD are reported within 
‘Other’. This disclosure correlates with the information which is presented to the Group’s Chief Operating Decision Maker, the Company 
Board, which reviews revenue by segment. The Group’s costs, finance income, tax charges and net assets are only reviewed by the 
Chief Operating Decision Maker at a consolidated level, and therefore have not been allocated between segments in the analysis below. 
All of the Group revenue of £181.0m (2010: £148.9m) reported in 2011, was generated in the UK (2010: £148.8m). The Group took the 
decision to wind down its German operation in the prior period.
Money
£000
Insurance
£000
Travel
£000
Home
£000
Reportable
Segments
Total
£000
Other
£000
Total
£000
Year ended 31 December 2011
Revenue
Segment revenue 53,435 104,394 13,319 9,181 180,329 719 181,048
Results
Operating expenses (157,005)
Profit from operating activities 24,043
Net finance income 239
Profit before tax 24,282
Income tax charge (7,494)
Profit for the year 16,788
At 31 December 2011
Assets and liabilities
Intangible assets 105,054
Goodwill 55,580
Other unallocated assets 64,827
Total assets 225,461
Deferred tax liability 23,251
Other unallocated liabilities 35,648
Total liabilities 58,899
Other segment information
Capital expenditure
Property, plant and equipment 4,054
Intangible fixed assets 4,515
Total capital expenditure 8,569
Depreciation 3,819
Amortisation 24,202 
Impairment of goodwill 2,199 56 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
4 Segmental information continued
Money
£000
Insurance
£000
Travel
£000
Home
£000
Reportable
Segments
Total
£000
Other
£000
Total
£000
Year ended 31 December 2010
Revenue
Segment revenue 44,006 84,520 13,926 6,206 148,658 234 148,892
Results
Operating expenses (138,155)
Profit from operating activities 10,737
Net finance income 287
Profit before tax 11,024
Income tax charge (3,323)
Profit for the year 7,701
At 31 December 2010
Assets and liabilities
Intangible assets 125,377
Goodwill 57,164
Other unallocated assets 65,934
Total assets 248,475
Deferred tax liability 32,212
Other unallocated liabilities 28,622
Total liabilities 60,834
Other segment information
Capital expenditure
Property, plant and equipment 3,448
Intangible fixed assets 8,282
Total capital expenditure 11,730
Depreciation 4,851
Amortisation 24,194
5 Results from operating activities
 
31 December
2011
£000
31 December
 2010
£000
Profit on ordinary activities before taxation is stated after charging
Depreciation 3,819 4,851
Amortisation of intangible assets 24,202 24,194
Impairment of goodwill 2,199 –
Auditors’ remuneration:
 Audit of these Financial Statements 85 81
 Audit of subsidiaries’ Financial Statements 68 52
 Review of interim Financial Statements 27 27
 Services relating to direct and indirect taxation 68 129
 Other services pursuant to legislation 410 –
 Services relating to corporate finance 88 –
 Other services – 56 57 Moneysupermarket.com Group PLC
Annual Report 201 1
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6 Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year, analysed by category, was as follows:
Number of
employees
31 December
2011
Number of
employees
31 December
2010
IT operations 146 162
Administration 284 271
430 433
The aggregate payroll costs of these persons were as follows: 
31 December 
2011
£000
31 December
2010
£000
Wages and salaries 20,885 19,653
Compulsory social security contributions 3,291 2,167
Contributions to defined contribution plans 507 468
Equity-settled share-based payment transactions 2,200 1,851
26,883 24,139
In addition to the above, £96,000 has been charged to the Statement of Comprehensive Income during the period in relation to the 
contingent consideration expected to become payable in relation to the acquisition of LDD (see note 3).
7 Net finance income
31 December
2011
£000
31 December
2010
£000
Finance income
Interest received on bank deposits 239 287
8 Income tax
Income tax charged in the Statement of Comprehensive Income
31 December
2011
£000
31 December
2010
£000
Current tax
Current tax on income for the year 13,938 11,104
Adjustment in relation to prior periods 2,040 –
15,978 11,104
Deferred tax
Origination and reversal of temporary differences (6,414) (7,239)
Deferred tax on unapproved equity-settled share awards (391) 280
Adjustments due to change in corporation tax rate (1,999) (1,172)
Adjustment in relation to prior period 320 350
(8,484) (7,781)
Tax on profit on ordinary activities 7,494 3,323
Reconciliation of the effective tax rate
The tax charge for the year is higher (2010: higher) than the effective standard rate of corporation tax in the UK in 2011 of 26.5%  
(2010: 28%). The differences are explained below.
31 December
2011
£000
31 December
2010
£000
Profit for the year 24,282 11,024
Standard rate of tax at 26.5% (2010: 28%) 6,435 3,087
Effects of:
Expenses not deductible for tax purposes 405 941
Deferred tax not recognised at 25% (2010: 27%) 65 163
Movement on deferred tax asset related to share-based payments 192 (46)
Impact on deferred tax of reduction in corporation tax rate to 25% (2010: 27%) (1,963) (1,172)
Adjustment in relation to prior period 2,360 350
Tax on profit on ordinary activities (see above) 7,494 3,323 58 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
8 Income tax continued
From 1 April 2011 the corporation tax rate payable by the Group reduced to 26% with a further 1% reduction each year until tax year 2014/15 
(when the rate will stabilise at 23%). The Group expects that the result of this will be a reduction in the effective tax rate in future periods.
Unrecognised tax losses
The Group has tax losses arising from the results of a foreign subsidiary of £240,000 (2010: £584,000). A deferred tax asset has not 
been recognised in respect of these losses as it is uncertain as to whether they may be used to offset taxable profits elsewhere in the 
Group and they have arisen in a foreign subsidiary that is not expected to make a profit in the future. 
9 Earnings per share
Basic earnings per share
Basic earnings per share amounts are 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.
Diluted earnings per share
Diluted earnings per share amounts are 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 has been calculated on the following basis:
2011 2010
Profit after taxation attributable to ordinary equity holders (£000) 16,788 7,701
Basic weighted average ordinary shares in issue (millions) 509.3 509.0
Dilutive effect of share-based instruments (millions) 11.9 12.5
Diluted weighted average ordinary shares in issue (millions) 521.2 521.5
Basic earnings per ordinary share (p) 3.3 1.5
Diluted earnings per ordinary share (p) 3.2 1.5
10 Dividends
2011
£000
2010
£000
Declared and paid during the year:
Equity dividends on ordinary shares:
Final dividend for 2009: 2.2p per share 11,201
Special dividend for 2009: 4.91p per share 25,000
Interim dividend for 2010: 1.3p per share 6,621
Final dividend for 2010: 2.53p per share 12,884 –
Interim dividend for 2011: 1.5p per share 7,654 –
Special dividend for 2011: 3.93p per share 20,000 –
Proposed for approval (not recognised as a liability at 31 December):
Equity dividends on ordinary shares:
Final dividend for 2011: 3.03p per share 15,431 – 59 Moneysupermarket.com Group PLC
Annual Report 201 1
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11 Property, plant and equipment
Land and 
buildings
£000
Under
construction
£000
Plant and
equipment
£000
Office
equipment
£000
Fixtures
and fittings
£000
Total
£000
Cost:
At 1 January 2010 6,335 4 13,733 300 371 20,743
Additions – 96 2,982 43 327 3,448
Transfers – – – – – –
Disposals – (4) (484) (25) (10) (523)
Foreign exchange adjustments – – (9) (4) (4) (17)
At 31 December 2010 6,335 96 16,222 314 684 23,651
Arising upon acquisition of Local Daily Deals Limited – – 45 – – 45
Additions – 3 3,459 339 253 4,054
Transfers – (96) 96 – – –
Disposals – – (41) (33) (31) (105)
Foreign exchange adjustments – – (5) (2) (1) (8)
At 31 December 2011 6,335 3 19,776 618 905 27,637
Depreciation:
At 1 January 2010 276 – 8,019 155 158 8,608
Depreciation for the year 123 – 4,595 53 80 4,851
Disposals – – (482) (9) (8) (499)
Foreign exchange adjustments – – (7) (2) (1) (10)
At 31 December 2010 399 – 12,125 197 229 12,950
Depreciation for the year 123 – 3,443 85 168 3,819
Disposals – – (29) (26) (22) (77)
Foreign exchange adjustments – – (5) (1) (1) (7)
At 31 December 2011 522 – 15,534 255 374 16,685
Carrying amounts:
At 31 December 2009 6,059 4 5,714 145 213 12,135
At 31 December 2010 5,936 96 4,097 117 455 10,701
At 31 December 2011 5,813 3 4,242 363 531 10,952
12 Intangible assets
Market 
related
£000
Customer 
relationship
£000
Customer
list
£000
Technology 
related
£000
Goodwill
£000
Total
£000
Cost:
At 1 January 2010 132,100 68,500 713 5,900 124,965 332,178
Additions 4,843 791 449 – 2,199 8,282
At 31 December 2010 136,943 69,291 1,162 5,900 127,164 340,460
Additions – – – 3,900 615 4,515
Revaluation (16) (3) (2) – – (21)
At 31 December 2011 136,927 69,288 1,160 9,800 127,779 344,954
Amortisation:
At 1 January 2010 33,405 24,746 602 4,972 70,000 133,725
Charged during the year 13,312 9,810 144 928 – 24,194
At 31 December 2010 46,717 34,556 746 5,900 70,000 157,919
Charged during the year 13,694 9,899 150 459 – 24,202
Impairment – – – – 2,199 2,199
At 31 December 2011 60,411 44,455 896 6,359 72,199 184,320
Carrying amounts:
At 31 December 2009 98,695 43,754 111 928 54,965 198,453
At 31 December 2010 90,226 34,735 416 – 57,164 182,541
At 31 December 2011 76,516 24,833 264 3,441 55,580 160,634 60 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
12 Intangible assets continued
On an annual basis, or where an indication exists, the Group is required to assess its goodwill and intangible assets for impairment.
During 2007 the Group employed the services of an appropriately qualified and experienced independent third party to value the 
intangible assets acquired from Moneysupermarket.com Financial Group Limited. This valuation was used as the initial carrying value for 
these assets. Following the impairment provision in 2008, the market capitalisation of the Group approximated to the total carrying value 
of the goodwill, intangible and other non-current assets of the Group. At 31 December 2011 the market capitalisation exceeded the 
carrying value of the goodwill, intangible and other non-current assets, and net current assets by more than 100% (2010: more than 100%).
On adoption of IFRS 8 the Group was required to allocate goodwill between its cash generating units (‘CGU’) that represent the lowest level 
within the Group at which goodwill is monitored for internal management purposes, but are not larger than an operating segment as 
defined by IFRS 8. These CGUs are the four operating segments Insurance, Money, Travel and Home Services. In addition, the two 
recently acquired businesses, FSN and LDD, are separate CGUs for the purposes of monitoring goodwill. The Group has performed 
impairment testing at a CGU level. The goodwill was allocated on 1 January 2009 based on estimates of the relative values of the operating 
segments at that date with £30.7m allocated to Insurance, £15.5m to Money, £6.6m to Travel and £2.2m to Home Services. The balances 
at 31 December 2011 are in line with those at 1 January 2009. Goodwill impairment for FSN and LDD has been considered separately from 
the four verticals and the Group.
Impairment review by vertical and Group
For the current year, the recoverable amount of the assets was taken to be their value in use and was calculated by reference to the 
forecast cash flows.
The present value of the future cash flows has been calculated with the following key assumptions:
•	 Cash flows for year 1 for each CGU represent management’s best estimate of future cash flows as at 31 December 2011, and are 
based upon the Group’s approved budget for 2012 incorporating where possible an allocation of cost of sales and advertising costs. 
The main assumptions underlying the 2012 budget relate to visitor numbers, source of visitors, revenue per transaction/visitor and 
marketing spend which incorporate past experience. The forecast assumes continued improvement during the course of 2012 driven 
by new media campaigns, utilisation of the Group’s data asset and investments made in the core technology for the Group’s key 
channels. The Insurance and Money segments have been assumed to have similar rates of growth, and the Travel and Home 
Services segments have been assumed to return to close to the revenue levels achieved in 2008.
•	 Cash flows for subsequent years for all segments are consistent with those in year 1 and assume no further growth. 
•	 No reliable third party estimates of long-term growth rates exist for the price comparison industry.
•	 Cash flows into perpetuity have been incorporated into the calculations.
•	 A pre-tax discount rate of 13.5% (2010: 13.5%) has been used in the forecast for all segments. The same discount rate has been 
used compared with the rate used to test the Internet segment last year to reflect the current stagnation in the wider UK economy, 
despite the growth which the Group has reported.
When there are clear indications that the economy has fully emerged from recession a different set of assumptions may be more 
appropriate.
The analysis performed calculates that the recoverable amount of the assets allocated to the Insurance, Money, Travel and Home 
Services segments exceeds their carrying value by in excess of 100%, and as such, no impairment was identified. No reasonably 
possible change to a key assumption would result in an impairment.
As explained in note 4, whilst the Group is able to allocate revenue between the four operating segments, its cost base is reviewed by 
the Group’s Chief Operating Decision Maker at a Group rather than segmental level, and a number of the significant costs which the 
Group incurs cannot be allocated either directly or on a reasonable and consistent basis to the CGUs that are each operating segment. 
Therefore the cash flows estimated above include all of the Group’s forecast revenues, but only approximately 60% of the Group’s  
cost base.
The Group has therefore also performed a further impairment test for the Group as a whole, in a manner consistent with previous years. 
In these calculations the Group is treated as one group of CGUs, and the test compared the carrying amount, including goodwill and 
other corporate assets, to the recoverable amount.
The recoverable amount has been estimated based on the present value of its future cash flows which has been calculated with a set  
of assumptions consistent with those set out above in relation to the individual operating segment calculations.
The analysis performed calculates that the recoverable amount of the Group’s assets exceeds their carrying value by £264m (2010: £152m), 
and as such, no impairment was identified.
With regard to the Group level impairment testing, the level of the increase in the discount rate, with all the other assumptions held 
constant, required to give a value in use for the Group’s assets equal to their carrying value, would be in excess of what can reasonably 
be expected to happen (2010: 10% increase). Similarly, a decrease in the annual cash flows of £35.0m (2010: £20.0m) with all other 
assumptions held constant, would also give a value in use for the Group’s assets equal to their carrying value. 61 Moneysupermarket.com Group PLC
Annual Report 201 1
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12 Intangible assets continued
At an asset category level, management believe that the assumptions relating to each intangible asset remain applicable, and that no 
adjustment is required to their valuation, nor their useful economic lives.
Acquisition of Financial Services Net Limited
The fair value of the intangible assets recognised upon the acquisition of Financial Services Net Limited (‘FSN’) was calculated as set out below:
•	Market related
 Within FSN, the main market related intangible assets are the domain names which FSN owns. These assets were valued using an 
income-based approach, namely, the royalty savings method, which estimates the royalty which the Group would have to pay a third 
party to use the domain names if it did not own them, typically as a percentage of the revenue earned from the domain names during 
their useful economic life of 10 years. The Group estimated revenue based on the most recent 3 year forecasts, and for later periods 
assumed inflationary increases of 5%. A royalty rate of 15% was applied based on available industry data. A discount rate of 15.8% 
was used to calculate the present value of the future royalty savings.
•	Customer relationships
 This asset represented the value present within the existing relationships which FSN had with product providers and brokers. The 
valuation was based on the cash flows which were expected to result from these relationships during the 7 year useful economic life 
of the asset, adjusted for estimated future attrition of the providers and relationships following the date of acquisition. Again, the 
Group based the estimate on the most recent 3 year forecasts, and for later periods assumed inflationary increases of 5%, with an 
assumed attrition rate of the provider relationships of 50% per annum, based on management’s expectations. A discount rate of 
15.8% was used to calculate the present value of the future benefit resulting from the relationships.
•	Customer lists
 This asset represented the value of the customer data held by FSN at the date of acquisition, and was valued based on the cost of 
recreating such a database in the open market, using in-house estimates of the cost of each data element.
The goodwill balance recognised upon the acquisition of FSN represented the anticipated incremental value which the Group expected 
to generate by applying the existing skills and expertise within the Group’s workforce to the acquired business and assets.
During the period, the Group reassessed the amount of contigent consideration that it expected to become payable with reference to 
FSN’s actual performance since acquisition, and its most recent forecasts. This exercise resulted in a reduction in the amount of 
contingent consideration expected to become payable from £2,408,000 to £186,000, which acts as an indicator of impairment, and in 
light of this, the Group performed a thorough review of the intangible assets and goodwill relating to FSN.
The recoverable amount of the assets was taken to be their value in use, and was calculated by reference to FSN’s forecast cash flows. 
For the purposes of IFRS 8, FSN is taken to be one CGU.
The present value of the forecast cash flows was calculated with the following key assumptions:
•	 Cash flows for year 1 represent management’s best estimate of future cash flows as at 31 December 2011, and are based upon the 
Group’s approved budget for 2012. The main assumptions underlying the budget relate to visitor numbers, the amount of revenue 
generated per visitor, and the staff resource required to run the business. The forecast assumes an improvement over 2011, driven 
by investments in technology and search engine optimisation.
•	 Cash flows for the first five years assume an average 9% per annum increase in the number of visitors, and an average 8% per 
annum increase in the revenue generated per visitor, whilst payroll costs have been forecast to increase by 5% per annum, with all 
other costs expected to grow at 3% per annum. Cash flows after five years assume only market growth.
•	 Cash flows into perpetuity have been built into the model.
•	 A pre-tax discount rate of 16.5% has been used in the forecast.
The analysis performed calculates the value in use of FSN as £5.2m, which corresponds with the carrying value of the business’ identified 
intangible assets. Therefore, an impairment loss of £2.2m has been recognised in the year within adminstrative expenses against a 
brought forward goodwill balance of £2.2m. As a result, there is no difference between the carrying value and the recoverable amount 
of the business’ intangible assets as at the balance sheet date. An increase in the discount rate of 1% with all other assumptions held 
constant would give rise to an additional impairment charge of £0.4m, whilst a decrease in the annual cash flows of 10%, with all other 
assumptions held constant, would give rise to an additional impairment charge of £0.5m. 62 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
12 Intangible assets continued
Acquisition of Local Daily Deals Limited (“LDD”)
The Group recognises its intangible assets in the following asset classes. No intangible assets were recognised upon the acquisition of 
LDD for the following reasons:
•	Market related
 At acquisition the main market related intangible asset was the domain name which LDD owned. Assets such as this are typically 
valued using an income-based approach, based on estimated revenue in the company’s most recent forecasts, and the savings 
which the Group or an equivalent third party would expect to make by now owning the domain name. Prior to acquisition the 
company’s website attracted low volumes of visitors, and since acquisition the website has been relocated within the Group’s main 
website. In light of this, the Group have not assigned any value to the domain name or any other market related intangible assets.
•	Customer relationships
 This asset class represents the value within the existing relationships which LDD has with its business partners. Given the nature of 
LDD’s business and the short life-time of the relationships, the Group has not identified any value within this asset.
•	Customer lists
 This asset class represents the value of the customer data held by LDD at the date of acquisition. The volume of customer data held 
by the business has been assessed by management as immaterial. As such no value has been identified within this asset.
•	Technology
 This asset class relates to technical innovations and advances such as databases, software and trade secrets. Whilst the business 
did own the website on which its business operates, the cost of replicating such a website has been estimated by management as 
immaterial to the Group’s operations.
The goodwill balance recognised upon the acquisition of LDD represents the anticipated incremental value which the Group expects to 
generate by applying its existing customer database and expertise to the LDD business. The Group does not expect any of the goodwill 
to be deductible for tax purposes.
Given the proximity of the acquisition of the above assets to the year end date no impairment review has been completed to date, and 
no indication of impairment has been identified. 63 Moneysupermarket.com Group PLC
Annual Report 201 1
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13 Trade and other receivables
31 December
2011
£000
31 December
2010
£000
Trade receivables 15,974 16,320
All receivables fall due within one year.
As a result of click based revenue being recognised in the period that the lead is generated, a revenue accrual for approximately one 
month’s revenue is recognised at the year end date.
At 31 December 2011, trade receivables are shown net of a provision for doubtful debts of £53,000 (2010: £85,000), which represents a 
judgement made by management of which receivable 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 debtor.
Movements in the provision for doubtful debts were as follows:
2011
£000
2010
£000
At 1 January 85 156
Charge for the year 62 83
Amounts written off (94) (154)
At 31 December 53 85
As at 31 December, the analysis of trade receivables that were past due but not impaired is as follows:
Total  
£000
Neither past 
due nor 
impaired 
 £000 
Past due not impaired 
0-30 days 
£000
30-60 days 
£000
60-90 days 
£000
90-120 days 
£000
>120 days 
£000
At 31 December 2010 16,320 15,001 1,006 109 79 66 59
At 31 December 2011 15,974 15,008 957 61 4 (8) (48)
The Group’s standard payment terms are 15 days.
14 Trade and other payables
31 December
2011
£000
31 December
2010
£000
Trade payables 16,210 12,514
Non-trade payables and accrued expenses 12,165 9,894
Deferred income 42 219
Contingent consideration in relation to the acquisition of Financial Services Net Limited 385 2,608
Contingent remuneration in relation to the acquisition of Local Daily Deals Limited 96 –
28,898 25,235
As a result of click based revenue being recognised in the period that the lead is generated, an accrual for the cost of sales relating to 
the revenue accrued at the year end date (see note 13) is included within trade payables.
As at 31 December, the analysis of financial liabilities within trade payables, non-trade payables and accrued expenses is as follows:
Total 
£000
Current 
£000
0-30 days 
£000
30-60 days 
£000
60-90 days 
£000
90-120 days 
£000
> 120 days 
£000
At 31 December 2010 22,408 16,735 1,101 1,713 127 63 2,669
At 31 December 2011 28,375 19,166 5,225 1,476 180 99 2,229
As at 31 December 2011, the Group did not hold any other financial liabilities requiring disclosure under IAS 32. 64 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
15 Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
2011
£000
2010
£000
At 1 January 32,212 39,011
Deferred tax liability arising upon the acquisition of Financial Services Net Limited – 1,145
Temporary differences (6,421) (7,239)
Revaluation of LTIP equity-settled share awards (827) (166)
Revaluation of Chairman’s share award – 48
Revaluation of unapproved share options at the balance sheet date – 291
Issue of LTIP equity-settled share awards (34) (56)
Reduction in corporation tax rate to 25% (2010: 27%) (1,999) (1,172)
Adjustment in relation to prior period 320 350
At 31 December 23,251 32,212
Deferred tax liabilities arise from the creation of the intangible assets upon the acquisition of Moneysupermarket.com Financial Group 
Limited by the Company, and the acquisition of Financial Services Net Limited by Moneysupermarket.com Financial Group Limited. 
Deferred tax assets arise on share option schemes based on the expected tax deduction on vesting. Deferred tax assets and liabilities 
have been calculated at the tax rate enacted at the balance sheet date of 25%.
16 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. 
In the prior period the Company issued 1,506,671 ordinary shares upon the exercising of unapproved share options by a number of senior 
management and 248,612 ordinary shares to the Chairman of the Company under the terms of the Chairman’s share award (see note 18).
Issued and fully paid
Number of shares
Ordinary
shares
At 1 January 2010 507,532,724
Issued on exercising of unapproved share options 1,506,671
Issued on exercising of Chairman’s share award 248,612
At 31 December 2010 and 31 December 2011 509,288,007
£
Ordinary
shares
At 1 January 2010 101,506
Issued on exercising of unapproved share options 301
Issued on exercising of Chairman’s share award 50
At 31 December 2010 and 31 December 2011 101,857
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 (see note 18).
17 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 
Bank of England base rates. A movement of 1% in this rate would result in a difference in annual pre-tax profit of £350,000 based on 
Group cash, cash equivalents and financial instruments at 31 December 2011. At the balance sheet date, £28,470,000 was invested 
with Lloyds Banking Group, this being the most invested with any one bank.
  65 Moneysupermarket.com Group PLC
Annual Report 201 1
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17 Financial instruments continued
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 2011 31 December 2010
Effective
interest rate £000
Effective
interest rate £000
Cash and cash equivalents 0.68% 35,005 0.72% 36,593
Credit risk
Credit risk with respect to trade receivables is monitored on an ongoing basis by the credit control team and finance management. By 
value, over 90% (2010: 90%) of the Group’s revenue comes from blue chip companies. Most of the remaining provider base is subject to 
payment terms of one week collected by direct debits. At the balance sheet date, the five largest trade receivables, by provider, 
accounted for 22% (2010: 18%) of the total trade receivables balance of £15,974,000 (2010: £16,320,000) and the largest individual 
balance was £1,080,637 (2010: £985,636).
Fair values
The Group’s financial assets and liabilities are principally short-term in nature, and therefore their fair value is not materially different from 
their carrying value. The valuation method for the Group’s financial assets and liabilities can be defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:  inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) 
or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The contingent liabilities held at 31 December 2011 are valued using a level 3 valuation method, being their fair value with any change in 
fair value taken to the Statement of Comprehensive Income. All other financial assets and liabilities are valued at amortised cost. There 
have been no transfers between levels in the year.
18 Share-based payments
Unapproved share option scheme
Grant 1
On 22 May 2007 the holders of unapproved share options in Moneysupermarket.com Financial Group Limited agreed to have their 
unapproved share options replaced with share options in the Company on similar terms to those that operated under the original 
scheme. Options over 1,460 shares were originally exchanged. Following the share sub-division on 9 July 2007 where each ordinary 
share was converted to 5,000 ordinary shares, the shares under option were subject to a similar sub-division. Following this, there were 
therefore 7,300,000 share options in issue that related to the share options in Moneysupermarket.com Financial Group Limited, 
exchanged for share options in the Company.
These share options were originally granted by Moneysupermarket.com Financial Group Limited on 9 May 2005 and vested on the 
earlier of a trade sale or a flotation provided that in the event of a flotation the options had been held for three years from the date of 
grant. The exercise price was 6p per share.
Grant 2
On 18 and 22 June 2007 the Company granted further unapproved share options that entitled key management personnel and senior 
employees to acquire ordinary shares in the Company. Options were originally granted over 1,243 shares, which following the sub-
division referred to above, became 6,215,000 shares. Options vested on the earlier of a trade sale or, subject to a flotation, equally over 
a three year period on subsequent anniversaries from the date of grant. The exercise price was 6p per share.
Grant 3
Post the sub-division of shares referred to above, on 10 and 21 July 2007 the Company granted further unapproved share options that 
entitled key management personnel and senior employees to acquire shares in the Company. Options were originally granted over 
105,000 shares. Options vested on the earlier of a trade sale or, subject to a flotation, equally over a three year period on subsequent 
anniversaries from the date of grant. The exercise price was 6p per share.
All remaining unapproved share options vested and were exercised by the participants during the financial year ended 31 December 2010.
Share Incentive Plan scheme (‘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 of these ordinary shares were forfeit; between one and two years of listing, 50% 
were forfeit; between two and three years of listing, 20% were forfeit; and after three years of listing, none were forfeit. 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. 54,365 (2010: 171,145) shares have been withdrawn from the trust by employees during the period and a 
further 482,085 remain held in trust (2010: 536,592). 66 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Consolidated 
Financial Statements continued
18 Share-based payments continued
Long Term Incentive Plan scheme (‘LTIP’)
On 8 April 2009, conditional awards were made over 8,256,530 ordinary shares under the Moneysupermarket.com Group PLC Long 
Term Incentive Plan scheme to senior employees (‘2009 LTIPs’). Under this scheme, up to 70% of the shares vest at the end of a three 
year period dependent upon the achievement of an adjusted EBITDA figure for each of the three financial years from 2009 to 2011, and 
up to 30% of the shares vest at the end of a three year period dependent upon the total shareholder return (‘TSR’) of the Company 
relative to a comparator group of defined companies.
On 7 April 2010, conditional awards were made over 6,473,309
1
 ordinary shares under the Moneysupermarket.com Group PLC Long 
Term Incentive Plan scheme to senior employees (‘2010 LTIPs’). Under this scheme, up to 70% of the shares vest at the end of a three 
year period dependent upon the absolute total shareholder return of the Company set at the start of the period, and up to 30% of the 
shares vest at the end of a three year period dependent upon the total shareholder return of the Company relative to a comparator 
group of defined companies. These awards are therefore subject to market-based performance conditions.
During the year, conditional awards were made over 3,945,803
1
 ordinary shares under the Moneysupermarket.com Group PLC Long 
Term Incentive Plan scheme to senior employees (‘2011 LTIPs’). Under this scheme, up to 50% of the shares vest at the end of a three 
year period dependent upon the absolute total shareholder return of the Company set at the start of the period, and up to 50% of the 
shares vest at the end of a three year period dependent upon the total shareholder return of the Company relative to a comparator 
group of defined companies. These awards are therefore subject to market-based performance conditions.
1 The figures for the awards made in 2010 and 2011 are the maximum available if the performance targets are met in full, representing 150% of the actual awards made.
Chairman’s share award
Gerald Corbett, the Chairman of the Company, purchased 117,647 ordinary shares on the listing of the Company at the initial offer price 
of £1.70. Subject to him retaining these shares for three years and provided that he completed three years’ service as Chairman he was 
entitled to subscribe at nominal value for a total of 235,294 ordinary shares in the Company. 
Following the payment of the special dividend of 4.93p per ordinary share on 16 October 2009, the Remuneration Committee approved, 
in February 2010, an adjustment to the Chairman’s share award in accordance with the rules of the scheme. As a result of that 
adjustment, Gerald Corbett became entitled to subscribe at nominal value for a total of 248,612 ordinary shares in the Company 
reflecting the reduction in the value of the Chairman’s share award arising from the payment of that special dividend.
In February 2010, the Remuneration Committee approved, in accordance with the rules of the Chairman’s share award, the early 
subscription by Gerald Corbett for the shares comprising the Chairman’s share award. Gerald Corbett subscribed for all of the shares 
comprising the Chairman’s share award in 2010. As at 31 December 2010, all options granted under the Chairman’s share award had 
vested and been exercised.
Sharesave scheme
During 2011, the Group established an HMRC-approved savings scheme 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. The exercise price for the 2011 
Sharesave scheme has been fixed at 89.6p per share. 
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 2010 9,774,670 £0.01
LTIP awards made during the year 4,315,539 £0.00
LTIP awards forfeit during the year (1,369,930) £0.00
Unapproved options exercised during the year (with a WAEP of £0.06) (1,506,671) £0.06
Chairman’s share award made during the year 13,318 £0.00
Chairman’s share award exercised during the year (248,612) £0.00
Outstanding at 31 December 2010 10,978,314 £0.00
LTIP awards made during the year 2,630,535 £0.00
LTIP awards forfeit during the year (1,038,400) £0.00
LTIP awards lapsed during the period (649,601) £0.00
Outstanding at 31 December 2011 11,920,848 £0.00 67 Moneysupermarket.com Group PLC
Annual Report 201 1
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18 Share-based payments continued
The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended 
31 December 2011: 
2011 
Sharesave
2011
LTIP
2010
LTIP
 2009
LTIP
Fair value at grant date (£) 0.37 0.83 0.49 0.53
Share price (£) 1.10 0.90 0.75 0.53
Exercise price (£) 0.90 0.00 0.00 0.00
Expected volatility (%) 50.0 50.0 53.2 n/a
Expected life of option/award (years) 3.0 3.0 3.0 3.0
Weighted average remaining contractual life (years) 2.7 2.3 1.3 0.3
Expected dividend yield (%) 4.3 0.0 0.0 0.0
Risk-free interest rate (%) 1.9 1.9 2.0 4.5
Expected volatility has been estimated by considering historic average share price volatility for the Company or similar companies. Staff 
attrition has been assessed based on historic retention rates.
The share option charge in the Statement of Comprehensive Income can be attributed to the following types of share option and  
share award:
2011
£000
2010
£000
Unapproved share option scheme – 250
Share Incentive Plan (‘SIP’) scheme – 256
Chairman’s share award – 48
Long Term Incentive Plan (‘LTIP’) scheme 2,185 1,297
Sharesave scheme 15 –
2,200 1,851
19 Operating lease commitments
The future minimum lease commitments under non-cancellable operating leases in respect of land and buildings are as follows:
31 December  
2011
31 December
2010
Operating lease commitment payments:
Within one year 135 –
Between two and five years 70 –
Over five years – –
205 –
20 Pensions and other post-employment benefit plans
The Group operates a defined contribution pension scheme based on basic salary. The assets of the scheme are held separately  
from those of the Group in an independently administered fund. The amounts charged to the Statement of Comprehensive Income 
represent the contributions payable to the scheme in respect of the accounting period. In the year ended 31 December 2011 £506,890 
of contributions were charged to the Statement of Comprehensive Income (2010: £467,872). As at 31 December 2011 £62,338  
(2010: £83,965) of contributions were outstanding on the balance sheet.
21 Commitments and contingencies
The Group is a defendant in a small number of disputes incidental to its operations which, in aggregate, are not expected to have a 
material adverse effect on the Group. Provision has been made for the expected settlement where the Group believes a payment will be 
made to settle the dispute.
The Group is currently in the process of finalising a new VAT recovery method with HM Revenue & Customs. At the balance sheet date, 
formal approval of the new method had not yet been received, however management are of the opinion that based on discussions to 
date, there is a strong likelihood that the proposed new method will be accepted, and will result in a retrospective claim for overpaid tax. 
It is not practicable to reliably estimate the amount at this time. 68 Moneysupermarket.com Group PLC
Annual Report 201 1
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22 Related party transactions
The Group has the following investments in subsidiaries and associates:
Country of 
incorporation
Ownership
interest %
Principal
activity
Moneysupermarket.com Financial Group Limited UK 100 Holding company
Moneysupermarket.com Limited UK 100 Internet price comparison
Travelsupermarket.com Limited UK 100 Dormant
Insuresupermarket.com Limited UK 100 Dormant
Mortgage 2000 Limited UK 100 Financial intermediary services
Making Millionaires Limited UK 100 Holding company
Moneysupermarket Limited UK 100 Dormant
icero GmbH Germany 100 Dormant
Betcompare.com Limited UK 100 Dormant
Financial Services Net Limited UK 100 Financial intermediary services
Local Daily Deals Limited UK 51 Discounted deals website
HD Decisions Limited UK 25 Credit scoring technology
The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly owned subsidiaries have been excluded 
from this note, as per the exemption offered in IAS 24.
The aggregate value of transactions and outstanding balances relating to entities which were not wholly-owned subsidiaries at the 
balance sheet date were as follows:
Company
Transaction 
value  
Year ended  
31 December 
2011  
£000
Transaction 
value  
Year ended  
31 December 
2010  
£000
Balance 
outstanding 
as at  
31 December 
2011  
£000
Balance 
outstanding 
as at  
31 December 
2010  
£000
Local Daily Deals Limited 99 – (99) –
HD Decisions Limited – – – –
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 scheme, see note 18.
Gerald Corbett, Michael Wemms, Bruce Carnegie-Brown, Simon Nixon and Paul Doughty received dividends from the Group totalling 
£22,714,964 in 2010 and £21,440,050 in 2011.
During the year, short-term funding was made to Paul Doughty, a Director of the Company. The amount advanced was £800,000 for a 
period of 5 days. Fixed interest of 7% per annum was charged along with an arrangement fee of 1% of the value of the advance. There 
were no amounts outstanding to the Company or any future commitments of the Company as at 31 December 2011.
At 31 December 2011, an amount of £21,971 was payable to the Directors of Local Daily Deals Limited, consistent with the amount 
payable at acquisition.
Key management personnel compensation
Key management, defined as the executive management team, received the following compensation during the year:
31 December
2011
£000
31 December
2010
£000
Short-term employee benefits 2,465 1,764
Share-based payments 1,581 1,111
Post employment benefits 162 162
4,208 3,037
In addition to the above, the executive management team received a bonus of £1,815,000 (2010: £1,745,000) in relation to the reporting period.
23 Post balance sheet events
There have been no significant post balance sheet events requiring disclosure.
Notes to the Consolidated 
Financial Statements continued 69 Moneysupermarket.com Group PLC
Annual Report 201 1
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Company Balance Sheet
at 31 December 2011
Note
31 December
2011
£000
31 December
2010
£000
Fixed assets
Investments 4 181,688 181,688
Current assets
Debtors 5 83,840 43,642
Cash at bank and in hand 40 526
Total current assets 83,880 44,168
Creditors: amounts due within one year 6 (59,544) (30,340)
Net current assets 24,336 13,828
Net assets 206,024 195,516
Capital and reserves
Share capital 8 102 102
Share premium 8 171,297 171,297
Other reserves 8 16,942 16,942
Profit and loss 8 17,683 7,175
206,024 195,516
The Financial Statements were approved by the Board of Directors and authorised for issue on 27 February 2012. They were signed on 
its behalf by:
Peter Plumb
Paul Doughty
Registered number: 6160943 70 Moneysupermarket.com Group PLC
Annual Report 201 1
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Notes to the Company 
Financial Statements
1 Accounting policies
Basis of preparation
The Financial Statements are prepared under the historical cost convention and in accordance with applicable United Kingdom 
accounting standards.
No profit and loss account is presented for the Company as permitted by section 408 of the Companies Act 2006. The profit after tax 
for the Company was £48,846,000 (2010: loss of £1,429,000), which included dividends received of £52 million.
The Company has taken the exemption in FRS 1 5(a) and consequently no cash flow statement is presented for the Company.
Investments
Investments are shown at cost less provision for impairment.
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 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 
amount recognised as an expense is adjusted to reflect the number of share awards expected to vest. Subsidiaries are recharged for 
the amount recognised as share-based payments relating to awards to their employees. The fair value of the recharge is recognised 
over the vesting period.
Dividends
Dividends receivable are recognised when the Company’s right to receive payment is established. Dividends payable to the Company’s 
shareholders are recognised as a liability and deducted from shareholders’ equity in the period in which the shareholders’ right to 
receive payment is established.
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax 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 enacted or substantively enacted at the 
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation 
and accounting purposes which have arisen but not reversed by the balance sheet date, except as otherwise required by FRS 19.
2 Share-based payments
The analysis and disclosures in relation to share-based payments are given in the Consolidated Financial Statements in note 18.
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:
 
Number of
employees
31 December
2011
Number of
employees
31 December
2010
Administration 5 5
The aggregate payroll costs of these persons were as follows:
31 December
2011
£000
31 December
2010
£000
Wages and salaries 1,223 1,170
Social security costs 819 229
Other pension costs 108 99
Share-based payments 1,254 847
3,404 2,345
In addition to the above, these persons received a bonus of £1,479,000 (2010: £1,139,000) in relation to the reporting period. 71 Moneysupermarket.com Group PLC
Annual Report 201 1
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4 Investments
Shares in subsidiary undertakings
£000
Cost and net book value:
At 31 December 2010 and 31 December 2011 181,688
The investment comprises £162,000,000 of cash consideration, £2,765,000 of costs and £16,923,000 arising from the transfer of net 
assets at book value from a company under common control, representing the acquisition of Moneysupermarket.com Financial Group 
Limited by the Company.
5 Debtors
31 December 
2011
£000
31 December
2010
£000
Amount due from subsidiary undertakings 83,280 43,096
Other debtors 14 –
Corporation tax 546 546
83,840 43,642
6 Creditors: amounts falling due within one year
 
31 December
2011
£000
31 December
2010
£000
Amount owed to subsidiary undertaking 59,315 30,129
Accruals 229 211
59,544 30,340
7 Dividends
31 December 
2011
£000
31 December
2010
£000
Declared and paid during the year:
Equity dividends on ordinary shares:
Final dividend for 2009: 2.2p per share 11,201
Special dividend for 2009: 4.91p per share 25,000
Interim dividend for 2010: 1.3p per share 6,621
Final dividend for 2010: 2.53p per share 12,884
Interim dividend for 2011: 1.5p per share 7,654 –
Special dividend for 2011: 3.93p per share 20,000 –
Proposed for approval (not recognised as a liability at 31 December):
Equity dividends on ordinary shares:  
Final dividend for 2011: 3.03p per share 15,431
8 Capital and reserves
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. 
In the prior period the Company issued 1,506,671 ordinary shares upon the exercising of unapproved share options by a number of 
senior management, and 248,612 ordinary shares to the Chairman of the Company under the terms of the Chairman’s share award 
(see note 18 of the Consolidated Financial Statements). 72 Moneysupermarket.com Group PLC
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Notes to the Company 
Financial Statements continued
8 Capital and reserves continued
Issued and fully paid
 
Number of shares
Ordinary
shares
At 1 January 2010 507,532,724
Issued on exercising of unapproved share options 1,506,671
Issued on exercising of Chairman’s share award 248,612
At 31 December 2010 and 31 December 2011 509,288,007
£
Ordinary
shares
At 1 January 2010 101,506
Issued on exercising of unapproved share options 301
Issued on exercising of Chairman’s share award 50
At 31 December 2010 and 31 December 2011 101,857
 
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 (see note 18 of the Consolidated Financial Statements).
Other reserves 
Share 
premium
£000
Other
reserves
£000
Profit and
loss
£000
At 1 January 2010 171,207 16,942 49,604
Shares issued 90 – –
Total recognised loss in year – – (1,429)
Equity dividends – – (42,851)
Share-based payment – – 1,851
At 31 December 2010 171,297 16,942 7,175
Total recognised profit in year – – 48,846
Equity dividends – – (40,538)
Share-based payment – – 2,200
At 31 December 2011 171,297 16,942 17,683
Other reserves represents the merger reserve for £16,923,000 generated upon the acquisition of Moneysupermarket.com Financial Group 
Limited by the Company, as discussed in the Consolidated Statement of Changes in Equity, and a capital redemption reserve for £19,000 
arising from the acquisition of 95,294,118 deferred shares of 0.02p by the Company from Simon Nixon.
9 Related party transactions
The Company has taken the exemption in FRS 8.3 not to disclose transactions with other Group companies. 73 Moneysupermarket.com Group PLC
Annual Report 201 1
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Shareholder Information
Registered office and registered number
Moneysupermarket House
St David’s Park
Ewloe
Chester CH5 3UZ
No. 6160943
Telephone:  +44 (0)1244 665700
Website:  www.moneysupermarket.com
Company Secretary
Darren Drabble
Financial advisors/stockbrokers
Credit Suisse Securities (Europe) Limited
One Cabot Square
London E14 4QJ
UBS Limited
1 Finsbury Avenue
London EC2M 2PP
Auditors 
KPMG Audit Plc
St James’ Square
Manchester M2 6DS
Solicitors
Herbert Smith
Exchange House
Primrose Street
London EC2A 2HS
Addleshaw Goddard
100 Barbirolli Square
Manchester M2 3AB
Principal bankers
Lloyds Banking Group plc
City Office
PO Box 1000, BX1 1LT
Financial PR
The Maitland Consultancy Limited
Orion House
5 Upper St. Martin’s Lane
London
WC2H 9EA
Registrar
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Telephone: 0871 200 1536 (UK)
 (Calls cost 10p per minute plus network 
 extras. Lines are open 8.30am-5.30pm
 Monday-Friday) 
 +44 (0)20 3008 2245 (overseas) 
E-mail:  moneysupermarket@capitaregistrars.com
Enquiring about your shareholding
If you want to ask, or need any information, about your shareholding, 
please contact our registrar (see contact details on the left). 
Alternatively, if you have internet access, you can access the 
Group’s shareholder portal at www.moneysupermarket-shares.com 
where you can, amongst other things, view details of your 
shareholding, set up or amend a dividend mandate and update 
your address details.
Investor relations website
The investor relations section of our website,
www.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 on the left) or visit the Group’s shareholder portal at  
www.moneysupermarket-shares.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 on the left).
Share dealing service
You can buy or sell the Company’s shares in a simple and convenient 
way via the Capita share dealing service either online (www.capitadeal.
com) or by telephone (0871 664 0445). Calls cost 10p per minute plus 
network extras. 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 
advisor authorised by the Financial Services and Markets Act 2000.
Electronic communications
You can elect to receive shareholder communications 
electronically by writing to our registrar, Capita Registrars, 
Freepost RLYX-GZTU-KRRG, SAS, The Registry, 34 Beckenham 
Road, Beckenham, BR3 9ZA. 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 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.  74 Moneysupermarket.com Group PLC
Annual Report 201 1
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Financial Calendar
Declaration date of 2011 final dividend 28 February 2012
Announcement of 2011 full year results 28 February 2012
Ex-dividend date of 2011 final dividend 28 March 2012
Record date of 2011 final dividend 30 March 2012
Interim management statement 18 April 2012
Annual General Meeting 18 April 2012
Payment date of 2011 final dividend 27 April 2012
Half year end 30 June 2012
Announcement of 2011 half year results *July 2012
Interim management statement *November 2012
Full year end 31 December 2012
Announcement of 2012 full year results *February 2013
*Exact dates to be confirmed
Further copies of this Annual Report are available from the Company’s registered office, or may be accessed on the investor relations 
section of the Group’s website at www.moneysupermarket.com. 75 Moneysupermarket.com Group PLC
Annual Report 201 1
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Shareholder Notes 76 Moneysupermarket.com Group PLC
Annual Report 201 1
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Shareholder Notes Next Page Previous Page View Contents Moneysupermarket.com Group PLC
Telephone: 01244 665700 Web: www.moneysupermarket.com
Registered in England No. 6160943. Registered Office: 
Moneysupermarket House, St David’s Park, Ewloe, Chester CH5 3UZ
Moneysupermarket.com Group PLC Annual Report 2011
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