we’re so
moneysupermarketcom group plc
annual report 2011
moneysupermarketcom 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 
£1489m to £1810m
 adjusted ebitda
1
 increased by 21 
from £410m to £495m
 gross margin increased from 713 to 723
 final dividend increased by 20 to 303p 
per share
 total dividend for the year of 846p per share 
including special dividend of 393p per share
 cash balance of £350m at 31 december 2011
 profit after tax of £168m
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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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 £775m
 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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annual report 201 1
customers providers
we ﬁnd
a way
we wow
them
moneysupermarketcom  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 marketleading 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 moneysupermarketcom group plc
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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 moneysupermarketcom 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 phonebased service so 
they can speak with one of our team to discuss the options 
available to them 5 moneysupermarketcom group plc
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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 marketleading 
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 moneysupermarketcom which are not 
available anywhere else we really do help our customers to 
save money on their household bills  7 moneysupermarketcom group plc
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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 moneysupermarketcom we achieved 
widespread media coverage in all major national broadsheets and 
tabloid newspapers a large crosssection 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 marketleading exclusive products not  
available anywhere else
we wow them  
marketing and 
pr are critical  
to building a 
household brand 9 moneysupermarketcom group plc
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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 £1489m to £1785m and 
adjusted ebitda increased by 21 from £410m to £495m 
our largest verticals money and insurance delivered significant 
growth during the year with revenue in the money vertical 
increasing by 19 from £440m to £526m and revenue in the 
insurance vertical increasing by 21 from £845m to £1027m
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 15p 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 393p 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 £350m with the business 
growing the board is recommending a final dividend of 303p  
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 846p 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 moneysupermarketcom group plc
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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 
carnegiebrown as an additional nonexecutive 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 reelection
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 1100am 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 moneysupermarketcom 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 precredit 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 201011 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 
longterm business 
best shop
our mission is for moneysupermarketcom 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 moneysupermarketcom group plc
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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 
moneysupermarketcom 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 201213 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 
moneysupermarketcom 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 moneysupermarketcom’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 
moneysupermarketcom 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 moneysupermarketcom group plc
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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 £1000 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
moneysupermarketcom 
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 £1000 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 £1000 on their 
household bills through moneysupermarketcom
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 moneysupermarketcom 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 £1000 to grow as competition for customers intensifies 
across our core channels
for moneysupermarketcom 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 moneysupermarketcom 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 £1810m 2010 £1489m which 
generated a net profit after tax of £168m 2010 £77m 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 181048 148892
cost of sales 50156 42763
gross profit 130892 106129
distribution expenses 29766 21621
administrative expenses – excluding directors’ and senior managers’ sharebased compensation 74883 71920
administrative expenses – directors’ and senior managers’ sharebased compensation and related costs 2200 1851
administrative expenses 77083 73771
profit from operating activities 24043 10737
reconciliation to adjusted ebitda
profit from operating activities 24043 10737
vat recovery relating to prior periods 3078 –
sharebased compensation – 554
amortisation of intangible assets 24202 24194
creditcosts relating to the acquisition of financial services net limited 2222 668
impairment of goodwill relating to financial services net limited 2199 –
costs relating to the acquisition of local daily deals limited 493 –
depreciation 3819 4851
adjusted ebitda 49456 41004
adjusted earnings per ordinary share
– basic p 66 52
– diluted p 65 50
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 moneysupermarketcom financial group limited by the company gave rise to £2072m of intangible assets these 
are being written off over a period of 310 years with a charge of £230m and £240m expensed in 2011 and 2010 respectively
•	 the group has reported £34m 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 £32m in the statutory results for the year together with a credit of £02m in administrative 
expenses of these amounts the group has included a credit of £07m to revenue in the year 2010 nil together with a charge of 
£04m 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 moneysupermarketcom group plc
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•	 on 14 october 2010 the group acquired financial services net 
limited ‘fsn’ the group incurred costs of £07m 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 £61m of intangible assets which are to be 
written off over a period of 310 years and which gave rise to an 
amortisation charge of £07m in the current period 2010 £04m 
and £22m 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 £22m 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 £22m 
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 £04m 
in relation to the acquisition and a further £01m of contingent 
consideration relating to continued employment of certain 
individuals which has been reported within administrative 
expenses the acquisition gave rise to £06m 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 prelisting 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 £1785m 2010 £1489m generating adjusted ebitda 
which was 21 higher at £495m 2010 £410m
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 £39m 
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 directtosite 
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 moneysupermarketcom’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 £1785m 2010 £1489m and 
adjusted ebitda increased by 21 to £495m 2010 £410m 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 713 to 719  
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 £700m to £827m distribution expenses increased by 
£82m 38 following higher spend on creative and media costs 
and sponsorship of britain’s got talent adjusted administrative 
costs increased by £45m 9 to £529m in 2011 the group has 
continued to manage its cost base tightly adjusted staff costs 
including contract resource were 10 higher at £300m 
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 £26m the vat rate increased from 175 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 £05m 
were incurred
adjusted ebitda margins increased from 275 to 277 against 
the same period last year
financial and 
business review continued 17 moneysupermarketcom group plc
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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 52586 30 44006 30
insurance 102655 58 84520 57
travel 13319 7 13926 9
home services 9181 5 6206 4
other – uk 719 0 71 0
total internet uk 178460 100 148729 100
germany – 0 130 0
total internet 178460 100 148859 100
intermediary 69 0 33 0
total 178529 100 148892 100
1 the above table excludes the £25m 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 cookiebased 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 35220 31761 11
transactions 000 18773 13585 38
revenue £000 – click based 48254 39196 23
revenue £000 – other 4332 4810 10
revenue £000 – total 52586 44006 19
rpv £149 £139 7
rpt £257 £289 11
total revenue increased by 19 from £440m to £526m and click 
based revenue by 23 from £392m to £483m 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 
£05m 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 moneysupermarketcom 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 28554 25492 12
transactions 000 15687 14095 11
revenue £000 – click based 92218 79040 17
revenue £000 – other 10437 5480 90
revenue £000 – total 102655 84520 21
rpv £360 £332 8
rpt £588 £561 5
revenue in the insurance vertical increased by 21 from £845m 
to £1027m click based revenue increased by 17 from £790m 
to £922m visitors increased by 12 to 286m 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 £49m 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 40708 37949 7
transactions 000 21928 22121 1
revenue £000 – click based 12171 12515 3
revenue £000 – other 1148 1411 19
revenue £000 – total 13319 13926 4
rpv £033 £037 11
rpt £056 £057 2
revenue in the travel vertical declined by 4 from £139m to 
£133m and click based revenue declined by 3 from £125m 
to £122m 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 25748 24036 7
transactions 000 8482 7473 14
revenue £000 – click based 9160 5994 53
revenue £000 – other 21 212 –90
revenue £000 – total 9181 6206 48
rpv £036 £026 38
rpt £108 £080 35
revenue in the home services vertical increased by 48 from 
£62m to £92m 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 £05m 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 
moneysupermarketcom 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 
£44m rising to a total consideration of up to £88m payable over 
3 years depending on the achievement of certain financial targets 
and the conclusion of outstanding tax matters related costs of 
approximately £07m 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 moneysupermarketcom 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 £24m to £02m 
consequently a credit of £22m 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 £22m 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 
£350m 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 303p per 
ordinary share
together with the interim dividend of 15p per ordinary share and 
special dividend of 393p per ordinary share paid on 16 september 
2011 this gives a total dividend for the year of 846p 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 exdividend 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 265 due to the tax 
effect of sharebased payments prior year adjustments to current 
and deferred tax and other permanent differences mainly arising 
from professional fees and nonqualifying depreciation in addition 
the current year has been impacted by tax losses from its german 
operation of £02m 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 33p 2010 15p adjusted basic earnings 
per ordinary share increased from 52p to 66p per share the 
adjusted earnings per ordinary share is based on profit before tax 
after adding back intangible amortisation and goodwill impairment 
sharebased payment charges arising from prelisting 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 265 2010 28 has been 
applied to calculate adjusted profit after tax
key contractual arrangements
moneysupermarketcom 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 £189m 
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 £356m 2010 £313m 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 moneysupermarketcom group plc
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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 daytoday 
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 moneysupermarketcom group plc
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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 moneysupermarketcom group plc
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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 
nonexecutive director of towry holdings 
limited a nonexecutive 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 cofounded the group’s business  
in 1993 and since then has been involved  
in the management and development  
of the business including the launch of 
moneysupermarketcom in 1999 and 
travelsupermarketcom 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 amazoncouk and diageo  23 moneysupermarketcom 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 nonexecutive 
director and chairman of the 
remuneration committee
michael was appointed a nonexecutive 
director in july 2007 michael has been a 
nonexecutive director of howden joinery 
group plc since 2006 he was formerly a 
nonexecutive 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 ad pharma holdings 
nv between 2006 and 2008 michael 
was previously an executive director of 
tesco plc between 1989 and 2000
8 rob rowley ▲ ■ ●
independent nonexecutive director 
and chairman of the audit 
committee
rob was appointed a nonexecutive 
director in september 2007 rob has  
been a nonexecutive 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 nonexecutive 
director of taylor wimpey plc in january 
2010 he was formerly deputy chairman of 
cable  wireless plc between 2003 and 
2006 and a nonexecutive 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 carnegiebrown ▲ ■ ●
independent nonexecutive director
bruce was appointed a nonexecutive 
director in april 2010 bruce has been a 
nonexecutive director of close brothers 
group plc since 2006 where he is the 
senior independent director and chairs 
its remuneration committee bruce was 
appointed a nonexecutive 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 moneysupermarketcom group plc
annual report 201 1
corporate responsibility report
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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 £2000 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 
£13454 for wales air ambulance with the group donating 
£13454 bringing the total donated to wales air ambulance 
during the year to £26908
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 nonbusiness 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 moneysupermarketcom group plc
annual report 201 1
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the directors present their report and the group and company 
financial statements of moneysupermarketcom 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 15p 2010 13p per ordinary share and a 
special dividend of 393p per ordinary share were paid to 
shareholders on 16 september 2011
the directors recommend a final dividend of 303p 2010 253p 
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 
846p 2010 383p 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 
sharesvoting
rights notified
percentage of
ordinary share
capital notified
simon nixon 267257021 5276
blackrock inc 25454379 4998
fil limited 24758460 486
capital research  
management company 24480000 493
state street nominees limited 20581165 414
share capital and control
the issued share capital of the company comprises a single  
class of shares referred to as ordinary shares of 002p each as  
at 31 december 2011 the issued share capital of the company 
was £101857 comprising 509288007 ordinary shares of 002p 
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 339180000 ordinary shares in the capital of the company 
directors will seek authority from shareholders at the forthcoming 
annual general meeting to allot up to 339180000  
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 moneysupermarketcom group plc
annual report 201 1
directors’ report continued
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under the rules of the moneysupermarketcom 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 £3000 and 
all employees are entitled to purchase ordinary shares in the 
company using money deducted from their pretax 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 014 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 andor 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 nonexecutive director for as long as he holds the beneficial 
interest in at least 15 of the ordinary shares of the company 
two nonexecutive directors for as long as he holds the beneficial 
interest in at least 30 of the ordinary shares of the company 
and three nonexecutive 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 nonexecutive 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 50928800 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 50928800 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 longterm 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 reelection at least every three years following their election or 
last reelection 
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 reelection
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 moneysupermarketcom 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 4112
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 moneysupermarketcom 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 £37454 2010 £29729
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 488 days 2010 508 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 
reappointment as auditors of the company a resolution 
proposing their reappointment 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 1100am
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 moneysupermarketcom group plc
annual report 201 1
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the board of directors ‘board’ of moneysupermarketcom 
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 
carnegiebrown and five executive directors simon nixon paul 
doughty peter plumb graham donoghue and david osborne 
michael wemms has been designated as the senior independent 
nonexecutive director 
the board normally meets on at least eight occasions in 
each financial year including a two day strategy conference to 
enable the nonexecutive directors to more freely discuss the 
performance of the group’s management the chairman meets 
with the nonexecutive 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
independencenonexecutive directors
the chairman and the nonexecutive 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 reelection and to companies act provisions relating 
to the removal of a director each of the nonexecutive 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 carnegiebrown 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 nonexecutive director for  
as long as he holds the beneficial interest in at least 15 of the 
ordinary shares of the company two nonexecutive directors for as 
long as he holds the beneficial interest in at least 30 of the ordinary 
shares of the company and three nonexecutive 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 nonexecutive 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 nonexecutive 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 nonexecutive directors and constructive relations between 
the executive and nonexecutive 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 moneysupermarketcom group plc
annual report 201 1
corporate governance report continued
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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 wwwmoneysupermarketcom 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 wwwmoneysupermarketcom 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 carnegiebrown
nomination gerald corbett michael wemms rob rowley bruce carnegiebrown
remuneration michael wemms gerald corbett rob rowley bruce carnegiebrown
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 – – –
nonexecutive directors
gerald corbett 9 3 2 6
michael wemms 8 3 2 6
rob rowley 9 3 2 6
bruce carnegiebrown 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 reelection 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 reelection
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 moneysupermarketcom 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 wideranging 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 onetoone interviews with the 
chairman or in the case of the chairman with the senior 
independent nonexecutive director following consultation 
with each of the other directors
development
the chairman and company secretary are responsible for 
preparing and coordinating 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  
wwwmoneysupermarketcom to be viewed and accessed 
by all shareholders
the senior independent nonexecutive 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 nonexecutive director to raise any issue 
with one or all of the nonexecutive 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 moneysupermarketcom 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
b12 – during the year at least half the board excluding the 
chairman did not comprise independent nonexecutive 
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 
e11 – 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 
nonexecutive director believes he is aware of the views of major 
shareholders unless requested by major shareholders the 
senior independent nonexecutive 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 moneysupermarketcom 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 nonexecutive directors 
rob rowley chairman of the audit committee gerald corbett 
michael wemms and bruce carnegiebrown rob rowley michael 
wemms and bruce carnegiebrown 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 
wwwmoneysupermarketcom 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 followup 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 nonaudit services by the external auditors in order to 
ensure that their objectivity and independence is safeguarded this 
control is exercised by ensuring that all nonaudit services are 
subject to the prior approval of the audit committee during the year 
the company continued to engage its external auditors to provide 
nonaudit 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 nonaudit 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 
reappointment a full breakdown of the audit and nonaudit 
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 
nonaudit 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 moneysupermarketcom 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 nonexecutive 
directors gerald corbett chairman of the nomination 
committee michael wemms rob rowley and bruce carnegie
brown rob rowley michael wemms and bruce carnegiebrown 
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 nonexecutive 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 wwwmoneysupermarketcom 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 moneysupermarketcom 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 £1785m and adjusted ebitda increasing by 21 to 
£495m 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 ebitdarevenue 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 nonexecutive 
directors michael wemms chairman of the remuneration 
committee gerald corbett rob rowley and bruce carnegie
brown michael wemms rob rowley and bruce carnegiebrown 
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 
wwwmoneysupermarketcom 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 moneysupermarketcom 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 shortterm and longterm strategy 
the remuneration committee believes that this requires
•	 the provision of midmarket base salaries with appropriate leverage to reward sustained exceptional performance provided 
stretching and demanding performance conditions are met
•	 a reward structure that balances shortterm and longterm 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 uklisted 
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 ebitdarevenue 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 moneysupermarketcom 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 £375000 £390000 4
chief financial officer £260000 £270400 4
managing director financial services £226600 £235664 4
marketing director £200000 £208000 4
deputy chairman £105000 £105000 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 ebitdarevenue 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 ebitdarevenue 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 £597656 159
chief financial officer £334650 129
managing director financial services £305910 135
marketing director £240000 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 moneysupermarketcom 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 longterm 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 
pretax 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 moneysupermarketcom group plc
annual report 201 1
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benefits
the company provides a car allowance of £14000 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 £225000 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 nonexecutive 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 simonseekscom 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
nonexecutive directors
the nonexecutive directors do not have service agreements but instead have letters of appointment for a three year term  
the current policy is for nonexecutive directors’ letters of appointment notice periods to be normally no longer than 12 months 
each of the nonexecutive 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
nonexecutive 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 carnegiebrown 15 april 2010 16 12 12
the remuneration of nonexecutive directors consists solely of fees the remuneration of the chairman is determined by the 
remuneration committee and the remuneration of the other nonexecutive directors is determined by the executive directors 
the nonexecutive 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 nonexecutive directors were not increased from 1 january 2012 and therefore remained unchanged at 
£200000 for the chairman and £55000 for the other nonexecutive directors in addition the chairman receives an annual allowance 
of £25000 for a motor vehicle and associated costs the additional fees of £15000 per annum payable to the senior independent 
nonexecutive director and £10000 per annum payable to the chairmen of the audit and remuneration committees also remain 
unchanged for 2012 40 moneysupermarketcom 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
dec11 dec10 dec09 dec08 dec07 jul07
moneysupermarketcom group plc
ftse 250 index 
excluding investment trusts
total shareholder return moneysupermarketcom 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 267257021 267257021
peter plumb – –
paul doughty 1826364 2905724
graham donoghue – –
david osborne – –
nonexecutive directors
gerald corbett 237246 237246
michael wemms 7268 6791
rob rowley – –
bruce carnegiebrown 20000 20000
the directors’ shareholdings shown above are all beneficial interests and include the interests of their spouses civil partners and infant 
children or stepchildren 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 nonbeneficial 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 moneysupermarketcom 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 1026 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
nonexecutive directors
gerald corbett 200 25 – – 225 215
michael wemms 80 – – – 80 75
rob rowley 65 – – – 65 60
bruce carnegiebrown 55 – – – 55 36
total 1567 81 1479 108 3235 2796
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 £25000 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 moneysupermarketcom 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
yeardate of 
 appointment 
granted 
during 
year 
vested
exercised 
during 
year 
lapsed 
during 
year 
at end of 
yeardate of 
cessation
market price of 
shares 
at date 
of optionaward 
p 
vestingexercise
date 
peter plumb
2009 ltip 8 apr 2009 1145288 – – – 1145288 535 8 apr 2012
2010 ltip 7 apr 2010 1035519 – – – 1035519 750 7 apr 2013
2011 ltip 9 mar 2011 – 838424 – – 838424 944 9 mar 2014
2011 saye 28 sep 2011 – 10044 – – 10044 1089 nov 2014 – apr 2015
total 2180807 848468 – – 3029275
paul doughty
2009 ltip 8 apr 2009 1308901 – – – 1308901 535 8 apr 2012
2010 ltip 7 apr 2010 556133 – – – 556133 750 7 apr 2013
2011 ltip 9 mar 2011 – 437073 – – 437073 944 9 mar 2014
2011 saye 28 sep 2011 – 10044 – – 10044 1089 nov 2014 – apr 2015
total 1865034 447117 – – 2312151
graham donoghue
2009 ltip 8 apr 2009 863874 – – – 863874 535 8 apr 2012
2010 ltip 7 apr 2010 489396 – – – 489396 750 7 apr 2013
2011 ltip 9 mar 2011 – 380925 – – 380925 944 9 mar 2014
2011 saye 28 sep 2011 – 10044 – – 10044 1089 nov 2014 – apr 2015
total 1353270 390969 – – 1744239
david osborne
2009 ltip 8 apr 2009 484293 – – – 484293 535 8 apr 2012
2010 ltip 7 apr 2010 422661 – – – 422661 750 7 apr 2013
2011 ltip 9 mar 2011 – 336210 – – 336210 944 9 mar 2014
2011 saye 28 sep 2011 – 10044 – – 10044 1089 nov 2014 – apr 2015
total 906954 346254 – – 1253208
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 midmarket price of the company’s share was 1204p and the 
lowest midmarket price was 757p and at 31 december 2011 it was 1050p
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 moneysupermarketcom group plc
annual report 201 1
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independent auditor’s report  
to the members of moneysupermarketcom group plc
we have audited the group and company financial statements the ‘financial statements’ of moneysupermarketcom 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 wwwfrcorgukapbscopeprivatecfm 
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 moneysupermarketcom 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 181048 148892
cost of sales 50156 42763
gross profit 130892 106129
distribution expenses 29766 21621
administrative expenses 77083 73771
results from operating activities 5 24043 10737
net finance income 7 239 287
profit before income tax 24282 11024
income tax charge 8 7494 3323
profit for the year 16788 7701
other comprehensive income
foreign currency translation – 17
deferred tax on sharebased payments 471 165
other comprehensive income for the year 471 182
total comprehensive income for the year 17259 7883
all profit and comprehensive income is attributable to the equity holders of the company
earnings per share
basic earnings per ordinary share p 9 33 15
diluted earnings per ordinary share p 9 32 15 45 moneysupermarketcom 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
noncurrent assets
property plant and equipment 11 10952 10701
intangible assets 12 160634 182541
investments in associates 1000 –
total noncurrent assets 172586 193242
current assets
trade and other receivables 13 15974 16320
prepayments 1896 2320
cash and cash equivalents 17 35005 36593
total current assets 52875 55233
total assets 225461 248475
liabilities
noncurrent liabilities
deferred tax liability 15 23251 32212
current liabilities
trade and other payables 14 28898 25235
current tax liabilities 6750 3387
total current liabilities 35648 28622
total liabilities 58899 60834
equity
share capital 16 102 102
share premium 171297 171297
retained earnings 78970 68239
other reserves 74133 84481
total equity 166562 187641
total equity and liabilities 225461 248475
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 moneysupermarketcom 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 171207 95397 45920 – 118 220668
foreign currency translation
1
– – – – – 17 17
deferred tax recognised on 
 sharebased payments
1
– – – 165 – – 165
profit for the year – – – 7701 – – 7701
total income and expense 
 for the year – – – 7866 – 17 7883
share options exercised – 90 – – – – 90
equity dividends 10 – – – 42851 – – 42851
sharebased payment 18 – – – 1851 – – 1851
reserves transfer – – 10815 10815 – – –
at 31 december 2010 102 171297 84582 68239 – 101 187641
deferred tax recognised on 
 sharebased payments
1
– – – 471 – – 471
profit for the year – – – 16788 – – 16788
total income and expense 
 for the year – – – 17259 – – 17259
equity dividends 10 – – – 40538 – – 40538
sharebased payment 18 – – – 2200 – – 2200
reserves transfer – – 10348 10348 – – –
at 31 december 2011 102 171297 74234 78970 – 101 166562
1 foreign currency translation and deferred tax recognised on sharebased 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 moneysupermarketcom 
financial group limited by the company as discussed below and a capital redemption reserve for £19000 arising from the acquisition 
of 95294118 deferred shares of 002p by the company from simon nixon
upon the acquisition of moneysupermarketcom financial group limited a merger reserve of £60750000 for 15 of the fair value of 
assets acquired a merger reserve of £16923000 for 45 of the book value transferred from a company under common control and a 
revaluation reserve of £65345000 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 723685 ordinary shares at a cost of 002p per share through a trust for the benefit of the  
group’s employees  47 moneysupermarketcom 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 16788 7701
adjustments to reconcile group net profit to net cash flows
 depreciation 11 3819 4851
 amortisation of intangible assets 12 24202 24194
 impairment of goodwill 12 2199 –
 change in contingent consideration 3 2222 –
 loss on disposal of property plant and equipment 28 31
 finance income 7 239 287
 equitysettled sharebased payment transactions 18 2200 1851
 effects of foreign exchange differences 1 22
 income tax charge 8 7494 3323
 change in trade and other receivables 708 2398
 change in trade and other payables 5751 3530
 income tax paid 12621 9841
net cash flow from operating activities 48108 32977
investing activities
interest received 304 282
acquisition of subsidiary net of cash acquired 3 508 4262
acquisition of noncontrolling interest 1000 –
acquisition of property plant and equipment 11 4054 3448
acquisition of intangible assets 12 3900 –
net cash flow from investing activities 9158 7428
financing activities
proceeds from share issue – 90
dividends paid 10 40538 42851
net cash flow from financing activities 40538 42761
net decrease in cash and cash equivalents 1588 17212
cash and cash equivalents at start of year 36593 53805
cash and cash equivalents at end of year 17 35005 36593 48 moneysupermarketcom group plc
annual report 201 1
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notes to the consolidated 
financial statements
1 corporate information
the consolidated financial statements of moneysupermarketcom 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 sharebased 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 noncontrolling 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 moneysupermarketcom 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 preexisting 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 moneysupermarketcom financial group limited and the acquisition by the company of all other shares in 
moneysupermarketcom 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 moneysupermarketcom financial group limited at original carrying value rather than fair value at the date of the acquisition the 
acquisition of the remaining shares in moneysupermarketcom 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 moneysupermarketcom 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 moneysupermarketcom 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 straightline 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 straightline 
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
marketrelated 10 years
customer relationships  7 years
customer lists  3 years
technology  3 years
marketrelated 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
customerrelated intangible assets consist of customer lists customer contracts and relationships and noncontractual customer 
relationships for accounting purposes customer relationships and customer lists have been identified separately relationships with 
highprofile 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
technologybased 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 cashgenerating 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 moneysupermarketcom 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
sharebased 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 marketbased condition and the blackscholes 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
shortterm employee benefits
shortterm 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 shortterm 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 moneysupermarketcom 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 moneysupermarketcom 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 ie 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 50928800 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 £44 million satisfied in cash with 
a further £400000 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 moneysupermarketcom 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
preacquisition
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 – 6083 6083
trade and other receivables 74 – 74
cash and cash equivalents 68 – 68
trade and other payables 59 200 259
deferred tax liabilities – 1145 1145
net identifiable assets and liabilities 90 4731 4821
goodwill on acquisition 2199
total consideration 7020
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 4412
contingent consideration 2608
total consideration 7020
the initial consideration included a payment of £4330000 which was made during the prior period and a balancing payment of 
£82000 which was expected to be made after 31 december 2010
the contingent consideration included two elements
•	 up to £400000 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 
£200000 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 £2408000 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 £186000 of the contingent 
consideration will become payable and as such have recognised a credit of £2222000 in the consolidated statement of 
comprehensive income in the period within administrative expenses 54 moneysupermarketcom 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 £10 million satisfied in 
cash with £05 million paid to the existing shareholders for existing shares and subsequently a further £05 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 £304000 
and a net loss of £310000 to the consolidated profit for the year if the acquisition had occurred on 1 january 2011 group revenue 
would have been an estimated £1812 million and profit would have been an estimated £167 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
preacquisition
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 1000
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 1000
the initial consideration includes a payment of £500000 which was made to the existing shareholders for the purchase of existing 
shares and the subsequent payment of £500000 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 £1029000 and £96000 has been charged to the consolidated 
statement of comprehensive income during the period included within administrative expenses
the group incurred acquisitionrelated costs of £05m 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 006p 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 noncontrolling interest 55 moneysupermarketcom 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 moneysupermarketcom and travel under the brand name 
travelsupermarketcom 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 £1810m 2010 £1489m reported in 2011 was generated in the uk 2010 £1488m 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 53435 104394 13319 9181 180329 719 181048
results
operating expenses 157005
profit from operating activities 24043
net finance income 239
profit before tax 24282
income tax charge 7494
profit for the year 16788
at 31 december 2011
assets and liabilities
intangible assets 105054
goodwill 55580
other unallocated assets 64827
total assets 225461
deferred tax liability 23251
other unallocated liabilities 35648
total liabilities 58899
other segment information
capital expenditure
property plant and equipment 4054
intangible fixed assets 4515
total capital expenditure 8569
depreciation 3819
amortisation 24202 
impairment of goodwill 2199 56 moneysupermarketcom 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 44006 84520 13926 6206 148658 234 148892
results
operating expenses 138155
profit from operating activities 10737
net finance income 287
profit before tax 11024
income tax charge 3323
profit for the year 7701
at 31 december 2010
assets and liabilities
intangible assets 125377
goodwill 57164
other unallocated assets 65934
total assets 248475
deferred tax liability 32212
other unallocated liabilities 28622
total liabilities 60834
other segment information
capital expenditure
property plant and equipment 3448
intangible fixed assets 8282
total capital expenditure 11730
depreciation 4851
amortisation 24194
5 results from operating activities
 
31 december
2011
£000
31 december
 2010
£000
profit on ordinary activities before taxation is stated after charging
depreciation 3819 4851
amortisation of intangible assets 24202 24194
impairment of goodwill 2199 –
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 moneysupermarketcom 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 20885 19653
compulsory social security contributions 3291 2167
contributions to defined contribution plans 507 468
equitysettled sharebased payment transactions 2200 1851
26883 24139
in addition to the above £96000 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 13938 11104
adjustment in relation to prior periods 2040 –
15978 11104
deferred tax
origination and reversal of temporary differences 6414 7239
deferred tax on unapproved equitysettled share awards 391 280
adjustments due to change in corporation tax rate 1999 1172
adjustment in relation to prior period 320 350
8484 7781
tax on profit on ordinary activities 7494 3323
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 265  
2010 28 the differences are explained below
31 december
2011
£000
31 december
2010
£000
profit for the year 24282 11024
standard rate of tax at 265 2010 28 6435 3087
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 sharebased payments 192 46
impact on deferred tax of reduction in corporation tax rate to 25 2010 27 1963 1172
adjustment in relation to prior period 2360 350
tax on profit on ordinary activities see above 7494 3323 58 moneysupermarketcom 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 201415 
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 £240000 2010 £584000 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 16788 7701
basic weighted average ordinary shares in issue millions 5093 5090
dilutive effect of sharebased instruments millions 119 125
diluted weighted average ordinary shares in issue millions 5212 5215
basic earnings per ordinary share p 33 15
diluted earnings per ordinary share p 32 15
10 dividends
2011
£000
2010
£000
declared and paid during the year
equity dividends on ordinary shares
final dividend for 2009 22p per share 11201
special dividend for 2009 491p per share 25000
interim dividend for 2010 13p per share 6621
final dividend for 2010 253p per share 12884 –
interim dividend for 2011 15p per share 7654 –
special dividend for 2011 393p per share 20000 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares
final dividend for 2011 303p per share 15431 – 59 moneysupermarketcom 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 6335 4 13733 300 371 20743
additions – 96 2982 43 327 3448
transfers – – – – – –
disposals – 4 484 25 10 523
foreign exchange adjustments – – 9 4 4 17
at 31 december 2010 6335 96 16222 314 684 23651
arising upon acquisition of local daily deals limited – – 45 – – 45
additions – 3 3459 339 253 4054
transfers – 96 96 – – –
disposals – – 41 33 31 105
foreign exchange adjustments – – 5 2 1 8
at 31 december 2011 6335 3 19776 618 905 27637
depreciation
at 1 january 2010 276 – 8019 155 158 8608
depreciation for the year 123 – 4595 53 80 4851
disposals – – 482 9 8 499
foreign exchange adjustments – – 7 2 1 10
at 31 december 2010 399 – 12125 197 229 12950
depreciation for the year 123 – 3443 85 168 3819
disposals – – 29 26 22 77
foreign exchange adjustments – – 5 1 1 7
at 31 december 2011 522 – 15534 255 374 16685
carrying amounts
at 31 december 2009 6059 4 5714 145 213 12135
at 31 december 2010 5936 96 4097 117 455 10701
at 31 december 2011 5813 3 4242 363 531 10952
12 intangible assets
market 
related
£000
customer 
relationship
£000
customer
list
£000
technology 
related
£000
goodwill
£000
total
£000
cost
at 1 january 2010 132100 68500 713 5900 124965 332178
additions 4843 791 449 – 2199 8282
at 31 december 2010 136943 69291 1162 5900 127164 340460
additions – – – 3900 615 4515
revaluation 16 3 2 – – 21
at 31 december 2011 136927 69288 1160 9800 127779 344954
amortisation
at 1 january 2010 33405 24746 602 4972 70000 133725
charged during the year 13312 9810 144 928 – 24194
at 31 december 2010 46717 34556 746 5900 70000 157919
charged during the year 13694 9899 150 459 – 24202
impairment – – – – 2199 2199
at 31 december 2011 60411 44455 896 6359 72199 184320
carrying amounts
at 31 december 2009 98695 43754 111 928 54965 198453
at 31 december 2010 90226 34735 416 – 57164 182541
at 31 december 2011 76516 24833 264 3441 55580 160634 60 moneysupermarketcom 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 moneysupermarketcom 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 noncurrent assets of the group at 31 december 2011 the market capitalisation exceeded the 
carrying value of the goodwill intangible and other noncurrent 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 £307m allocated to insurance £155m to money £66m to travel and £22m 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 transactionvisitor 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 longterm growth rates exist for the price comparison industry
•	 cash flows into perpetuity have been incorporated into the calculations
•	 a pretax discount rate of 135 2010 135 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 £350m 2010 £200m with all other 
assumptions held constant would also give a value in use for the group’s assets equal to their carrying value 61 moneysupermarketcom group plc
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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 
incomebased 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 158 
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 
158 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 inhouse 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 £2408000 to £186000 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 pretax discount rate of 165 has been used in the forecast
the analysis performed calculates the value in use of fsn as £52m which corresponds with the carrying value of the business’ identified 
intangible assets therefore an impairment loss of £22m has been recognised in the year within adminstrative expenses against a 
brought forward goodwill balance of £22m 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 £04m 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 £05m 62 moneysupermarketcom 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 incomebased 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 lifetime 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 moneysupermarketcom 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 15974 16320
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 £53000 2010 £85000 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 
030 days 
£000
3060 days 
£000
6090 days 
£000
90120 days 
£000
120 days 
£000
at 31 december 2010 16320 15001 1006 109 79 66 59
at 31 december 2011 15974 15008 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 16210 12514
nontrade payables and accrued expenses 12165 9894
deferred income 42 219
contingent consideration in relation to the acquisition of financial services net limited 385 2608
contingent remuneration in relation to the acquisition of local daily deals limited 96 –
28898 25235
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 nontrade payables and accrued expenses is as follows
total 
£000
current 
£000
030 days 
£000
3060 days 
£000
6090 days 
£000
90120 days 
£000
 120 days 
£000
at 31 december 2010 22408 16735 1101 1713 127 63 2669
at 31 december 2011 28375 19166 5225 1476 180 99 2229
as at 31 december 2011 the group did not hold any other financial liabilities requiring disclosure under ias 32 64 moneysupermarketcom 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 32212 39011
deferred tax liability arising upon the acquisition of financial services net limited – 1145
temporary differences 6421 7239
revaluation of ltip equitysettled 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 equitysettled share awards 34 56
reduction in corporation tax rate to 25 2010 27 1999 1172
adjustment in relation to prior period 320 350
at 31 december 23251 32212
deferred tax liabilities arise from the creation of the intangible assets upon the acquisition of moneysupermarketcom financial group 
limited by the company and the acquisition of financial services net limited by moneysupermarketcom 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 1506671 ordinary shares upon the exercising of unapproved share options by a number of senior 
management and 248612 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 507532724
issued on exercising of unapproved share options 1506671
issued on exercising of chairman’s share award 248612
at 31 december 2010 and 31 december 2011 509288007
£
ordinary
shares
at 1 january 2010 101506
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 101857
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 pretax profit of £350000 based on 
group cash cash equivalents and financial instruments at 31 december 2011 at the balance sheet date £28470000 was invested 
with lloyds banking group this being the most invested with any one bank
  65 moneysupermarketcom group plc
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17 financial instruments continued
effective interest rates
in respect of interestearning 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 068 35005 072 36593
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 £15974000 2010 £16320000 and the largest individual 
balance was £1080637 2010 £985636
fair values
the group’s financial assets and liabilities are principally shortterm 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 ie as prices 
or indirectly ie 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 sharebased payments
unapproved share option scheme
grant 1
on 22 may 2007 the holders of unapproved share options in moneysupermarketcom 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 1460 shares were originally exchanged following the share subdivision on 9 july 2007 where each ordinary 
share was converted to 5000 ordinary shares the shares under option were subject to a similar subdivision following this there were 
therefore 7300000 share options in issue that related to the share options in moneysupermarketcom financial group limited 
exchanged for share options in the company
these share options were originally granted by moneysupermarketcom 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 1243 shares which following the sub
division referred to above became 6215000 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 subdivision 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 
105000 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 £3000 of ordinary shares at the price of £170 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 948184 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 54365 2010 171145 shares have been withdrawn from the trust by employees during the period and a 
further 482085 remain held in trust 2010 536592 66 moneysupermarketcom group plc
annual report 201 1
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notes to the consolidated 
financial statements continued
18 sharebased payments continued
long term incentive plan scheme ‘ltip’
on 8 april 2009 conditional awards were made over 8256530 ordinary shares under the moneysupermarketcom 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 6473309
1
 ordinary shares under the moneysupermarketcom 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 marketbased performance conditions
during the year conditional awards were made over 3945803
1
 ordinary shares under the moneysupermarketcom 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 marketbased 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 117647 ordinary shares on the listing of the company at the initial offer price 
of £170 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 235294 ordinary shares in the company 
following the payment of the special dividend of 493p 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 248612 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 hmrcapproved 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 896p 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 9774670 £001
ltip awards made during the year 4315539 £000
ltip awards forfeit during the year 1369930 £000
unapproved options exercised during the year with a waep of £006 1506671 £006
chairman’s share award made during the year 13318 £000
chairman’s share award exercised during the year 248612 £000
outstanding at 31 december 2010 10978314 £000
ltip awards made during the year 2630535 £000
ltip awards forfeit during the year 1038400 £000
ltip awards lapsed during the period 649601 £000
outstanding at 31 december 2011 11920848 £000 67 moneysupermarketcom group plc
annual report 201 1
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18 sharebased payments continued
the following table lists the inputs to the blackscholes 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 £ 037 083 049 053
share price £ 110 090 075 053
exercise price £ 090 000 000 000
expected volatility  500 500 532 na
expected life of optionaward years 30 30 30 30
weighted average remaining contractual life years 27 23 13 03
expected dividend yield  43 00 00 00
riskfree interest rate  19 19 20 45
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 2185 1297
sharesave scheme 15 –
2200 1851
19 operating lease commitments
the future minimum lease commitments under noncancellable 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 postemployment 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 £506890 
of contributions were charged to the statement of comprehensive income 2010 £467872 as at 31 december 2011 £62338  
2010 £83965 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 moneysupermarketcom group plc
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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
moneysupermarketcom financial group limited uk 100 holding company
moneysupermarketcom limited uk 100 internet price comparison
travelsupermarketcom limited uk 100 dormant
insuresupermarketcom 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
betcomparecom 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 whollyowned 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 noncash 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 carnegiebrown simon nixon and paul doughty received dividends from the group totalling 
£22714964 in 2010 and £21440050 in 2011
during the year shortterm funding was made to paul doughty a director of the company the amount advanced was £800000 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 £21971 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
shortterm employee benefits 2465 1764
sharebased payments 1581 1111
post employment benefits 162 162
4208 3037
in addition to the above the executive management team received a bonus of £1815000 2010 £1745000 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 moneysupermarketcom group plc
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company balance sheet
at 31 december 2011
note
31 december
2011
£000
31 december
2010
£000
fixed assets
investments 4 181688 181688
current assets
debtors 5 83840 43642
cash at bank and in hand 40 526
total current assets 83880 44168
creditors amounts due within one year 6 59544 30340
net current assets 24336 13828
net assets 206024 195516
capital and reserves
share capital 8 102 102
share premium 8 171297 171297
other reserves 8 16942 16942
profit and loss 8 17683 7175
206024 195516
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 moneysupermarketcom 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 £48846000 2010 loss of £1429000 which included dividends received of £52 million
the company has taken the exemption in frs 1 5a and consequently no cash flow statement is presented for the company
investments
investments are shown at cost less provision for impairment
sharebased 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 sharebased 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 sharebased payments
the analysis and disclosures in relation to sharebased 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 1223 1170
social security costs 819 229
other pension costs 108 99
sharebased payments 1254 847
3404 2345
in addition to the above these persons received a bonus of £1479000 2010 £1139000 in relation to the reporting period 71 moneysupermarketcom 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 181688
the investment comprises £162000000 of cash consideration £2765000 of costs and £16923000 arising from the transfer of net 
assets at book value from a company under common control representing the acquisition of moneysupermarketcom financial group 
limited by the company
5 debtors
31 december 
2011
£000
31 december
2010
£000
amount due from subsidiary undertakings 83280 43096
other debtors 14 –
corporation tax 546 546
83840 43642
6 creditors amounts falling due within one year
 
31 december
2011
£000
31 december
2010
£000
amount owed to subsidiary undertaking 59315 30129
accruals 229 211
59544 30340
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 22p per share 11201
special dividend for 2009 491p per share 25000
interim dividend for 2010 13p per share 6621
final dividend for 2010 253p per share 12884
interim dividend for 2011 15p per share 7654 –
special dividend for 2011 393p per share 20000 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares  
final dividend for 2011 303p per share 15431
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 1506671 ordinary shares upon the exercising of unapproved share options by a number of 
senior management and 248612 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 moneysupermarketcom group plc
annual report 201 1
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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 507532724
issued on exercising of unapproved share options 1506671
issued on exercising of chairman’s share award 248612
at 31 december 2010 and 31 december 2011 509288007
£
ordinary
shares
at 1 january 2010 101506
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 101857
 
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 171207 16942 49604
shares issued 90 – –
total recognised loss in year – – 1429
equity dividends – – 42851
sharebased payment – – 1851
at 31 december 2010 171297 16942 7175
total recognised profit in year – – 48846
equity dividends – – 40538
sharebased payment – – 2200
at 31 december 2011 171297 16942 17683
other reserves represents the merger reserve for £16923000 generated upon the acquisition of moneysupermarketcom financial group 
limited by the company as discussed in the consolidated statement of changes in equity and a capital redemption reserve for £19000 
arising from the acquisition of 95294118 deferred shares of 002p by the company from simon nixon
9 related party transactions
the company has taken the exemption in frs 83 not to disclose transactions with other group companies 73 moneysupermarketcom 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 01244 665700
website  wwwmoneysupermarketcom
company secretary
darren drabble
financial advisorsstockbrokers
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 830am530pm
 mondayfriday 
 44 020 3008 2245 overseas 
email  moneysupermarketcapitaregistrarscom
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 wwwmoneysupermarketsharescom 
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
wwwmoneysupermarketcom 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  
wwwmoneysupermarketsharescom 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 wwwcapitadeal
com or by telephone 0871 664 0445 calls cost 10p per minute plus 
network extras lines are open 800am430pm mondayfriday
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 rlyxgztukrrg 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 moneysupermarketcom 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
exdividend 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 wwwmoneysupermarketcom 75 moneysupermarketcom group plc
annual report 201 1
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shareholder notes 76 moneysupermarketcom group plc
annual report 201 1
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shareholder notes next page previous page view contents moneysupermarketcom group plc
telephone 01244 665700 web wwwmoneysupermarketcom
registered in england no 6160943 registered office 
moneysupermarket house st david’s park ewloe chester ch5 3uz
moneysupermarketcom group plc annual report 2011
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Summary:
 12 moneysupermarketcom 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 precredit 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 201011 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 
longterm business 
best shop
our mission is for moneysupermarketcom 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 moneysupermarketcom 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 
moneysupermarketcom 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 201213 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 
moneysupermarketcom 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 moneysupermarketcom’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 
moneysupermarketcom 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 moneysupermarketcom 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 £1000 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
moneysupermarketcom 
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 £1000 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 £1000 on their 
household bills through moneysupermarketcom
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 moneysupermarketcom 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 £1000 to grow as competition for customers intensifies 
across our core channels
for moneysupermarketcom 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