moneysupermarketcom
 business overview
1 at a glance
3 highlights
4 our strategy
 business review
8 chairman’s statement
9 the market at a glance
10 chief executive’s report
14 financial and business review
22 principal risks and  
uncertainties
 management
24 board of directors and  
company secretary
 corporate responsibility
26 corporate responsibility  
report
 corporate governance
28 directors’ report
33 corporate governance report
38 audit committee report
40 nomination committee report
41 directors’ remuneration report
49 independent auditor’s report
 financial statements
50 consolidated financial statements
54 notes to the consolidated 
financial statements
73 company financial statements
74 notes to the company 
financial statements
 general
78 shareholder information
80 financial calendar
contents
our objective is to help 
every household to make 
the most of their money 
we do this by providing our customers with a 
free online service enabling them to compare 
a wide range of products and to find the one 
most suited to their needs our customers can 
compare products by price product features 
and service
we provide these services through our two 
market leading brands moneysupermarketcom 
and travelsupermarketcom
moneysupermarketcom group plc   annual report 2009
moneysupermarketcom group plc
annual report 2009
helping every    
household
to make the 
most of their 
money
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
 business overview
1 at a glance
3 highlights
4 our strategy
 business review
8 chairman’s statement
9 the market at a glance
10 chief executive’s report
14 financial and business review
22 principal risks and  
uncertainties
 management
24 board of directors and  
company secretary
 corporate responsibility
26 corporate responsibility  
report
 corporate governance
28 directors’ report
33 corporate governance report
38 audit committee report
40 nomination committee report
41 directors’ remuneration report
49 independent auditor’s report
 financial statements
50 consolidated financial statements
54 notes to the consolidated 
financial statements
73 company financial statements
74 notes to the company 
financial statements
 general
78 shareholder information
80 financial calendar
contents
our objective is to help 
every household to make 
the most of their money 
we do this by providing our customers with a 
free online service enabling them to compare 
a wide range of products and to find the one 
most suited to their needs our customers can 
compare products by price product features 
and service
we provide these services through our two 
market leading brands moneysupermarketcom 
and travelsupermarketcom
moneysupermarketcom group plc   annual report 2009
moneysupermarketcom group plc
annual report 2009
helping every    
household
to make the 
most of their 
money
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 revenue split by vertical  £m
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
2008 2009
2008 2009
1 moneysupermarketcom group plc  annual report 2009 2 moneysupermarketcom group plc  annual report 2009
moneysupermarketcom at a glance
how do we operate
our comparison services offer a compelling proposition both to 
our customers and to product providers
our customers are able to search and compare products by price 
product features and service in one place so that they can choose 
the product most suited to their needs this saves our customers 
valuable time and helps our customers to make the most of their 
money – always important but never more so than during uncertain 
economic times
to providers we strive to offer the most cost effective solution to 
customer acquisition in our chosen business areas by matching the 
right customer to the right provider we offer our providers an 
efficient and completely measurable media tool we have 
considerable volumes of informed customers actively looking for the 
product most suited to their needs and ready to purchase this 
enables product providers and advertisers to target their marketing 
spend most effectively
our online services are free to our customers our revenue comes 
predominantly from fees paid to us by product providers and 
advertisers either when our customer clicks through to their website 
or when our customer actually applies for or purchases a product 
how do we measure our 
performance 
we use a number of key performance indicators kpis to measure 
our performance against our strategy these are reviewed on a 
regular basis the principal kpis for each of our verticals are
money products 
compared include
loans •	
c re d i t 	 ca rd s •	
c ur r e n t 	 a c c o un t s •	
s a v i n g s 	 a c c ou n t s •	
kpis
insurance products 
compared include
motor •	
home •	
travel •	
breakdown •	
kpis
travel products 
compared include
flights •	
hotels •	
p a c k a ge 	 h o l i d a y s •	
ca r 	 h i r e •	
kpis
home services 
products compared 
include
utilities •	
mobiles •	
v o u c her s •	
shopping •	
kpis
travel
home
services
insurance money
3
2
1
4
3
2
1
4
1 money  683
2 insurance  777
3 travel 191
4 home services 74
1 money  381
2 insurance  757
3 travel 163
4 home services 55 revenue split by vertical  £m
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
2008 2009
2008 2009
1 moneysupermarketcom group plc  annual report 2009 2 moneysupermarketcom group plc  annual report 2009
moneysupermarketcom at a glance
how do we operate
our comparison services offer a compelling proposition both to 
our customers and to product providers
our customers are able to search and compare products by price 
product features and service in one place so that they can choose 
the product most suited to their needs this saves our customers 
valuable time and helps our customers to make the most of their 
money – always important but never more so than during uncertain 
economic times
to providers we strive to offer the most cost effective solution to 
customer acquisition in our chosen business areas by matching the 
right customer to the right provider we offer our providers an 
efficient and completely measurable media tool we have 
considerable volumes of informed customers actively looking for the 
product most suited to their needs and ready to purchase this 
enables product providers and advertisers to target their marketing 
spend most effectively
our online services are free to our customers our revenue comes 
predominantly from fees paid to us by product providers and 
advertisers either when our customer clicks through to their website 
or when our customer actually applies for or purchases a product 
how do we measure our 
performance 
we use a number of key performance indicators kpis to measure 
our performance against our strategy these are reviewed on a 
regular basis the principal kpis for each of our verticals are
money products 
compared include
loans •	
c re d i t 	 ca rd s •	
c ur r e n t 	 a c c o un t s •	
s a v i n g s 	 a c c ou n t s •	
kpis
insurance products 
compared include
motor •	
home •	
travel •	
breakdown •	
kpis
travel products 
compared include
flights •	
hotels •	
p a c k a ge 	 h o l i d a y s •	
ca r 	 h i r e •	
kpis
home services 
products compared 
include
utilities •	
mobiles •	
v o u c her s •	
shopping •	
kpis
travel
home
services
insurance money
3
2
1
4
3
2
1
4
1 money  683
2 insurance  777
3 travel 191
4 home services 74
1 money  381
2 insurance  757
3 travel 163
4 home services 55 highlights
business overview business review management corporate responsibility corporate governance financial statements general
3 moneysupermarketcom group plc  annual report 2009
our financial highlights
our operational highlights
revenue decreased by 23 from £1788m to £1369m •	
adjusted ebitda •	
1
 of £360m
final dividend of 711p per share comprising •	
dividend of 22p per share equivalent to 2008  •	
fi n a l 	 d i v i de n d
special dividend of 491p per share •	
total dividend for the year of 1334p per share •	
cash balances of £538m at 31 december 2009 •	
p r o fi t 	 a f t e r 	 t a x 	 o f 	 £19m •	
certain share option charges relating to directors senior management and other employees of the group arising from when the 1 
group listed or when it was privately owned 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
visitors •	
1
 to the group’s websites increased to 1205m
s i g n i fic a n t 	 i m p r o v e me n t s 	 i n 	 t h e 	 w e b s i t e 	 o f f e r i n g  •	
new vouchers channel launched november 2009 •	
new credit card channel launched january 2010 •	
new motor insurance channel launched february 2010 •	
online brand recognition increased to 85 in january •	
2010 from 80 in september 2008
the group recorded a substantial increase in its reported visitors from 27 april 2008 to the end of june 2008 following a release 1 
made in respect of the antivirus software avg in assessing whether a webpage was safe it ‘followed’ every link or url displayed 
on an email or webpage to the destination website this meant that many web based businesses including the group recorded 
visitors from users of the avg software who themselves did not technically visit the website the 2008 visitor count has been 
adjusted for the estimated impact of this avg released a further update to its antivirus software early in july 2008 which resolved 
the issue
business overview 4 moneysupermarketcom group plc  annual report 2009
our strategy
building strong relationships with providers to 
•	
ensure our customers get great products tailored 
to their needs
providing our customers with the widest range of 
•	
products and the best deals
ensuring our customers do not get a better deal 
•	
going direct
best products
best deal
we compare more than 100 motor 
insurance providers to ensure our 
customers get the best deals on 
their motor insurance
providers
we work with the major motor 
insurance providers to ensure our 
customers get great products and 
make great savings business overview business review management corporate responsibility corporate governance financial statements general
5 moneysupermarketcom group plc  annual report 2009
ensuring we deliver the best customer experience 
•	
through our websites
ensuring we are open for business whenever and 
•	
wherever our customers want to visit us
utilising our core product comparison skills in 
•	
new markets and new product areas to meet our 
customers’ needs
ensuring our customers have the tools they need 
•	
to compare products based on the features that 
are important to them
best tools
we ensure our customers 
have the tools they need 
to compare products 
based on the features that 
are important to them
best customer experience
we have launched our new 
credit card channel to make it 
even easier for our customers 
to find great deals
best shop 6 moneysupermarketcom group plc  annual report 2009
our strategy
personalised service
our vouchers channel displays 
vouchers that will be of 
interest to our customers 
based on where they live
protecting data and keeping it safe
•	
using data to personalise our services and 
•	
products to more readily meet our customers’ 
needs
enabling our customers to store their details to 
•	
improve their experience when they visit us again
use of data
by joining our vouchers eclub and 
storing their details with us we can 
keep our customers up to date with 
the best local voucher deals
data business overview business review management corporate responsibility corporate governance financial statements general
7 moneysupermarketcom group plc  annual report 2009
focusing on innovative and effective methods of 
•	
communication to build long term relationships 
with our customers
striving to retain our customers year after year 
•	
through the provision of excellent customer 
service
investing in effective and targeted marketing 
•	
advertising and pr
ensuring our customers visit us first when they 
•	
need help with their household bills
new television advertising
we launched our new advertising 
campaign ‘a great deal easier’ fronted by 
omid djalili in january 2010 to help ensure 
our customers visit us first whenever they 
need help with their household bills
brand 8 moneysupermarketcom group plc  annual report 2009
chairman’s statement 
our third year as a public company 
was one of great change the 
impact of the credit crunch on our 
business especially our money 
vertical was significant across the 
whole of the united kingdom there 
was a collapse in mortgage and 
secured lending as the banks 
contracted their loan books 
against this economic backdrop the 
group’s revenue declined by 23 
from £1788m to £1369m for the 
year ending 31 december 2009 and 
adjusted ebitda declined by 26 to 
£360m for the year 
however some positives for the 
group emerged from the crisis it 
accelerated our transition to a 
professional management team it 
prompted a significant reduction in 
the cost base it precipitated a 
review and rethink of everything 
that we do and it demonstrated the 
resilience of our diversified business 
model with yet another year of solid 
cash flow 
peter plumb was appointed chief 
executive officer in february 2009 
graham donoghue and david 
osborne were appointed as 
directors at the same time all are 
experienced professional managers
the new management team have 
settled in well the drop in profitability 
was minimised the business was 
stabilised improvements were made 
and by the final quarter our year on 
year profitability was ahead of the 
previous year we came through the 
worst recession since the 1930’s solidly 
profitable leaner and better managed
each of our verticals were 
significantly enhanced during the 
year and our advertising programme 
changed initially with peter jones 
and then the new programme which 
commenced in january this year 
with omid djalili we retained our 
leading market position in the 
money vertical maintaining market 
share in spite of revenues 
particularly from mortgage and 
secured lending falling by 44 
we lost some market share in the 
first quarter in our insurance 
vertical when some of our site 
enhancements failed to generate 
the improvements expected but 
held share in the rest of the year 
our travel website suffered in line 
with the rest of the market and 
consequently was managed for 
margin our home services vertical 
performed satisfactorily given the 
greater stability in gas and 
electricity prices in 2009 we 
believe there is good potential to 
switch customers from these to our 
other verticals
following a review of the group’s 
cash requirements in july 2009 the 
company paid an interim dividend 
of 13p per ordinary share on 16 
october 2009 consistent with the 
interim dividend in 2008 in addition 
the company paid a special 
dividend on the same date of 493p 
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 
£538m with the business stabilised 
and with the tax changes announced 
in the april 2009 budget we have 
decided to recommend another 
special dividend of £25m or 491p 
per ordinary share this brings the 
total dividend for the year to 1334p 
per ordinary share including the total 
of the special dividends of 984p per 
ordinary share if approved by 
shareholders at the forthcoming 
annual general meeting this will be 
paid on 1 april 2010 to all 
shareholders on the register as at  
5 march 2010 
we are a very cash generative 
business but will run with a 
conservative debt free balance 
sheet to enable us to take advantage 
of the opportunities as our business 
and the economy recovers
the new year has begun 
satisfactorily and we are quietly 
confident that the worst is behind 
us it has been a difficult time for the 
company our employees have 
responded magnificently to the 
challenges they have faced and on 
behalf of the board i would like to 
thank them for their commitment 
during the year 
the annual general meeting will be 
held at 1030am on wednesday 31 
march 2010 at de vere carden park 
hotel near chester cheshire ch3 
9dq and i look forward to seeing 
you there
gerald corbett
chairman
we are a very cash generative business 
but will run with a conservative debt free 
balance sheet to enable us to take 
advantage of the opportunities as our 
business and the economy recovers
gerald corbett 
chairman
business review 2009 35178
wwwmoneysupermarketcom
wwwgocomparecom
wwwconfusedcom
wwwcomparethemarketcom
wwwuswitchcom
457
166
102
80
53
260
254
196
177
110
03
44
40
24
20
16
wwwfoolcouk
wwwmoneyextracom
wwwmoneyexpertcom
wwwbeatthatquotecom
wwwtescocomparecom
wwwcheapﬂightscouk
wwwtravelzoocouk
wwwtravelsupermarketcom
wwwskyscannernet
wwwkayakcouk
wwwsidestepcom
2009 35178
wwwmoneysupermarketcom
wwwgocomparecom
wwwconfusedcom
wwwcomparethemarketcom
wwwuswitchcom
457
166
102
80
53
260
254
196
177
110
03
44
40
24
20
16
wwwfoolcouk
wwwmoneyextracom
wwwmoneyexpertcom
wwwbeatthatquotecom
wwwtescocomparecom
wwwcheapﬂightscouk
wwwtravelzoocouk
wwwtravelsupermarketcom
wwwskyscannernet
wwwkayakcouk
wwwsidestepcom
business overview business review management corporate governance financial statements general
9 moneysupermarketcom group plc  annual report 2009
corporate responsibility
the market at a glance
market share – moneysupermarketcom
moneysupermarketcom 
retained its leadership  
position in an increasingly 
competitive market
market share – travelsupermarketcom
source experian hitwise december 2009 monthly market share in ‘city’ cust cat measured 
by visits based on uk usage
travelsupermarketcom was 
managed for margin in a 
declining market
source experian hitwise december 2009 monthly market share in ‘city’ cust cat measured 
by visits based on uk usage 10 moneysupermarketcom group plc  annual report 2009
chief executive’s report
peter plumb
chief executive officer
this is a great business with hugely 
dedicated and skilled employees who 
have a passionate focus on helping our 
customers make the most of their money
q what have been 
your main priorities and 
achievements in your first 
year as chief executive 
officer 
a i was appointed chief executive 
officer during what can only be 
described as an unprecedented 
global financial crisis and a uk 
recession this of course helped 
to shape the main priorities for 
my first year those priorities were 
reshaping the business for lower 
volumes ensuring critical investment 
remained prioritised to capitalise on 
a returning market as and when it 
happens and most of all focusing 
our organisation even further on 
helping our customers make the 
most of their money
the first six months of the year were 
spent stabilising and reshaping the 
business we reduced our team by 
approximately 80 people a burden 
shared across the business and at all 
levels delivering an annualised 
saving in excess of £2m 
our marketing team was challenged 
to deliver ‘more for less’ our online 
marketing spend including both 
search engine marketing and 
partners was significantly reduced 
this was delivered through the use 
of sophisticated bid management 
tools and additional investment in 
our marketing team to harness 
further the benefits our brand 
expert content and breadth of 
services give us in natural online 
search we also reduced our offline 
marketing spend television 
advertising spend achieved much 
greater ‘cut through’ with our 
‘savings on household bills’ 
campaign fronted by peter jones 
this campaign played a strong role 
when combined with our extensive 
pr coverage in building our brand 
trust with customers 
in the second half of the year we 
increased our investment in our core 
systems as we continued our focus 
on product development and 
innovation this resulted in a 
significantly improved motor 
insurance channel being launched in 
beta during the year which went 
fully live in february 2010 in 
january 2010 we also launched an 
improved credit card channel and 
have a programme of delivery in 
place for other major channels in 
2010 together this will significantly 
improve our customer proposition 
and customer experience in these 
important channels
my final and most important priority 
has been to place our customers 
even further into the heart of our 
business we now run regular focus 
groups testing out new ideas with 
real customers we have continued 
to invest in better analytics tools this 
year giving our design teams 
granular data on how customers use 
and interact with our services
business review business overview business review management corporate responsibility corporate governance financial statements general
11 moneysupermarketcom group plc  annual report 2009
the uk’s 
favourite 
comparison 
site
q how have you worked 
with simon nixon 
a first and foremost as a major 
shareholder in the company and as 
an executive director simon has 
been very supportive of our new 
strategy and vision on a personal 
level simon and i compliment 
each other and work well together 
simon’s industry expertise has 
helped me settle into my role 
quickly 
in his new role simon has focused 
on product development and 
innovation across the group areas 
he is passionate about and in which 
he clearly has a great deal of 
knowledge and experience 
q clearly the global 
financial crisis has 
negatively affected 
most businesses what 
has been the impact on 
moneysupermarketcom 
a as a business working in the 
financial services sector we have 
clearly and directly been affected by 
the tightening of credit markets and 
downturn in the economy during 2009 
which has made trading challenging
in 2009 group revenue declined by 
23 to £1369m and adjusted 
ebitda declined by 26 to £360m 
from £484m in 2008 the group 
maintained its overall market share 
although it surrendered some share 
in travel which was managed for 
margin in a declining market
the group was able to successfully 
flex its cost base to protect its 
operating margins the group has 
remained strongly cash generative and 
ended 2009 with no debt and a cash 
balance of £538m after the payment 
of the special dividend and the interim 
dividend on 16 october 2009
in the first quarter of the year we 
closed the noncore intermediary 
business primarily due to the 
difficulties faced in the mortgage 
market last year
the insurance vertical remains the 
group’s largest vertical accounting 
for 55 of group revenue up from 
44 in 2008 home and travel 
insurance performed particularly 
well however the motor insurance 
market remained very competitive in 
2009 with increased advertising 
spend by some competitors we 
maintained a clear strategy of only 
acquiring visitors at a level which 
made financial sense this resulted in 
a decline in revenue for the year 
however in the second half of the 
year following the launch of the 
peter jones campaign and 
improvements to the website the 
insurance vertical grew over the 
same period last year
in a year of financial uncertainty for 
our customers visitors to our money 
vertical remained consistent however 
with a shortage of credit products 
particularly in the first half of the year 
revenue decreased in the year by 44 
to £381m the secured lending market 
in particular suffered from a radical 
reduction in the supply of credit and a 
tightening of underwriting criteria 
the travel vertical also suffered in 
2009 with revenue declining by 15 
to £163m following market trends 
and the business was actively 
managed for margin  12 moneysupermarketcom group plc  annual report 2009
chief executive’s report continued
business review
travelsupermarketcom was 
redesigned during 2009 improving 
the customer proposition and 
customer usability of the site during 
the year we launched a cruise 
channel increasing the breadth of 
offering in the travel vertical 
revenue in the home services 
vertical declined substantially in 
2009 compared to 2008 chiefly due 
to a year of more stable gas and 
electricity prices compared to 2008 
during the fourth quarter the group 
relaunched its vouchers channel 
enabling customers to obtain 
discounts on a much wider range of 
different products and services
as a business that concentrates on 
helping every household to make 
the most of their money our 
customer proposition is more 
important now than ever
q what are your plans for 
2010 and beyond 
a the actions we took in 2009 will 
provide a strong platform for 2010 
and i am confident that we will see 
the results of that work during the 
year and into 2011 
we have set out on pages 4 to 7 the 
key elements of our strategy for 
2010 as we continue to focus on 
how we can help households make 
the most of their money 
we will continue our development 
momentum across the business 
ensuring that in 2010 our 
customers continue to receive 
market leading services whilst 
building a better service 
infrastructure for our providers
we will continue to work closely 
with our providers to ensure that we 
offer our customers the best 
possible range of products and 
deals our dedicated rates team 
constantly scour the market for 
changing rates and deals striving to 
offer customers the capability to 
compare the whole of market and 
best buy products
our redeveloped channels provide a 
richer data set on our customers 
this will ensure we are better placed 
to talk to our customers about 
relevant services and deals our 
customer communication 
programme will become an ever 
more important part of our business 
as we build long term relationships 
with our customers
most importantly we will complete 
the rollout of our new advertising 
campaign ‘a great deal easier’ 
fronted by omid djalili our brand 
adverts were aired in early january 
shortly followed by our new motor 
insurance adverts in mid january 
the adverts have been well received 
by our customers
q this seems to be 
different to your strategy 
for 2009 what has 
changed 
a although the recession meant 
that my priority was to stabilise 
the business in a market with 
significantly lower credit availability 
and travel product demand we 
continued investment in teams and 
technology for the long term good 
of our business investments were 
made against the clear strategic 
template i referred to above
the major changes in strategy  
have been ones of marketing 
priorities and our approach to 
international operations 
with our new offline marketing 
campaign we will be looking for 
greater ‘cut through’ than we have 
achieved with previous campaigns it 
is a very competitive market  
and what you say is potentially  
more important than how much  
you spend
on international we have stronger 
ambitions than ever to take our 
model to new markets however our 
green field market entry test in 
germany has taught us a great deal 
this year germany a country whose 
personal finance market did not 
escape the global crisis has proven to 
be very different to operate in our 
innovative personalised loans website 
went live during 2009 and is the most 
sophisticated service in germany 
however we have learnt a great deal 
about the need in germany to 
support online service offline in the 
uk customers are happy to self serve 
but in germany a degree of offline 
support is required through a 
dedicated telephone support team 
the economics of such a service is 
much less attractive and indeed 
expensive as an organic entry 
strategy we are therefore winding 
down this test whilst we explore other 
options for international growth
q what do you see as 
moneysupermarketcom’s 
key strengths 
a we are a business with many 
important strengths principally i see 
them as team scale and brand
this year has seen a major 
transformation within our business 
in how we build and enhance our 
website based on customer 
behaviour we start 2010 with a 
much more agile business both 
curious and innovative although 
2010 will see a continued website 
development plan our core motor 
home and credit card channels will 
be able to respond to market  business overview business review management corporate responsibility corporate governance financial statements general
13 moneysupermarketcom group plc  annual report 2009
changes in almost real time 
something we certainly were  
unable to do last year our new 
executive team brings a strong mix 
of skills to the business ranging from 
blue chip marketing to hands on 
provider experience
we are the uk’s number one price 
comparison website and our scale 
brings distinct benefits to our 
business in two main ways firstly 
our breadth of services means that 
customers have many reasons to 
visit us throughout the year to make 
the most of their money this not 
only gives us the financial benefits of 
a diversified product range but also 
gives us a real opportunity to cross 
sell products from our different 
verticals secondly we gain benefits 
from our marketing efficiency both 
online and offline an area that we 
made good progress on in 2009
our business is now 10 years old 
moneysupermarketcom is a very 
valuable brand which is highly 
recognised and trusted by our 
customers 
q what do you think will 
be the challenges for the 
year ahead
a 2010 will be another challenging 
year for the business as we seek 
to execute our strategy outlined 
above and focus on delivering 
our ambitious plans for 2010 and 
beyond 
there will remain challenges in  
the wider economy this year 
particularly in the credit markets 
and it will be critical that we remain 
flexible and responsive to changing 
market conditions and evolving 
customer needs 
our breadth of services will however 
continue to be a source of great 
strength we will continue to focus 
on our customers and on making 
sure that we offer them the best 
range of products ensuring that 
whatever their financial needs we as 
a business can help them make the 
most of their money in 2010
q when do you expect 
things to improve 
a clearly 2009 has been a difficult 
year for the group however we 
have maintained market share in key 
verticals and i believe the business 
has now stabilised with the worst 
behind us
i remain confident that the work we 
are doing across the business and 
the enhancements we have made 
and will continue to make in 2010 
will ensure the group is well 
positioned to capitalise on its 
strengths when growth returns to 
our markets
i am very much looking forward to 
2010 and beyond this is a great 
business with hugely dedicated and 
skilled employees who have a 
passionate focus on helping our 
customers make the most of their 
money that’s a good place to start 
2010 from 
peter plumb
chief executive officer 14 moneysupermarketcom group plc  annual report 2009
business review
financial and business review
the group has presented below an extract of the consolidated statement of comprehensive income for the years 
ended 31 december 2009 and 31 december 2008 along with a reconciliation to adjusted ebitda revenue in 2009 
was £1369m 2008 £1788m which generated a net profit after tax of £19m 2008 loss of £591m 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 2009
   
       2009  2008 
       £000  £000
revenue       136874 178800
cost of sales       42627 62063
gross profi t       94247 116737
distribution expenses       18446 21618
 administrative expenses – excluding directors’ and senior managers’  
 share based compensation       69140 75310
 administrative expenses – directors’ and senior managers’  
 share based compensation and related costs      4355 4325
 administrative expenses – impairment of goodwill     – 70000
administrative expenses       73495 149635
profitloss from operating activities       2306 54516
reconciliation to adjusted ebitda  
profitloss from operating activities       2306 54516
share based compensation       4067 4163
amortisation of intangible assets       25200 25200
impairment of goodwill       – 70000
depreciation       4436 3543
adjusted ebitda       36009 48390
adjusted earnings per ordinary share  
– basic p       46 69
– diluted p       45 68 business overview business review management corporate responsibility corporate governance financial statements general
15 moneysupermarketcom group plc  annual report 2009
basis of preparation
the results show the trading results for the years  
ended 31 december 2009 and 31 december 2008  
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 to be written off over  
a period of 310 years with a charge of £252m per 
annum to be recorded in each of the first three years 
post acquisition charges relating to the impairment 
of goodwill in 2008 have also been added back in 
calculating 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 a charge for awards 
made under the group’s long term incentive plan is 
included within the adjusted results for 2008 
and 2009
reference is made in the overview section below to 
adjusted distribution and administration expenses and 
adjusted staff costs these measures represent the 
costs charged to the statement of comprehensive 
income less the intangible amortisation goodwill 
impairment and prelisting share option charges
overview
we are pleased to present a solid set of financial results 
for the year ended 31 december 2009 revenue for the 
year was £1369m 2008 £1788m generating adjusted 
ebitda of £360m 2008 £484m 
during the year the group focused on reconfiguring its 
business for the lower levels of supply for certain 
products in the money vertical and making its online 
and offline marketing investment work harder whilst 
maintaining its market leading position good progress 
has been made in both these areas having reduced the 
cost base substantially expanded gross margin and 
adjusted ebitda margin against the second half of 2008
the management team was considerably strengthened 
during the year with a number of key appointments 
which have provided the group with a solid skills and 
talent base to provide a foundation for future growth 
the new team has focused its efforts on technology and 
marketing to enhance our products and services and 
improve the user experience whilst maintaining and 
strengthening our brand in the second half of the year 
the group invested £13m in technology using flexible 
third party resource to improve its core architecture and 
usability in a number of key channels the group 
launched a new vouchers channel in november 2009 
and released new credit card and motor insurance 
channels in january and february 2010 respectively 
other major refreshes of some of the group’s key 
channels will be released throughout the remainder of 
the year new advertising creative featuring peter jones 
was released in june emphasising our key message that 
we help households looking to save time and money on 
their household bills the campaign was used 
successfully in the second half of the year whilst we 
developed entirely new creative for 2010 which built 
upon this theme and which aired for the first time in 
january 2010 featuring comedian omid djalili feedback 
from customers to date has been positive
financial performance
revenue declined by 23 to £1369m 2008 £1788m 
and adjusted ebitda fell by 26 to £360m  
2008 £484m revenue and profitability in 2009  
were impacted by the credit crunch which reduced  
both the supply of credit and consumer discretionary 
spend in the wider uk economy relative to the same 
period last year revenue in 2008 included £132m 
generated from secured lender first plus which closed 
to new business in august 2008 the group maintained 
its market share measured by experian hitwise against 
its key competitor set
group gross margins at 689 improved by more than 
three percentage points over last year the group 
improved its proportion of direct to site revenue in the 
year an accrual release of £08m within cost of sales 
was also made in the first half of the year following the 
resolution of a dispute with a portal partner during the 
period the group closed its lower margin intermediary 
operation to new business early in the first quarter of 
2009 revenue recorded in 2009 represents trail 
commission for mortgage applications in process prior 
to closure and revenue from revenue sharing 
agreements with third parties who have managed the 
winding down of the business 
the adjusted administrative and distribution cost base 
decreased by 13 from £718m to £626m in the year 
distribution expenses decreased by £32m over the 
prior year driven by reduced television advertising costs 
the group maintained a level of presence on broadcast 
media broadly similar to the prior year through a 
deflation in media costs and changes made in the length 
of slots acquired 
adjusted administrative costs decreased by £60m 
12 over the prior year from £502m in 2008 to 
£442m in 2009 adjusted staff costs including 
contract resource decreased by £35m to £269m  16 moneysupermarketcom group plc  annual report 2009
financial and business review continued
business review
headcount decreased from 555 to 442 from december 2008 to december 2009 as the group sought to align its 
cost base to the prevailing market conditions in the money vertical 
in april 2009 the group made headcount reductions of approximately 80 people across all areas of the business 
although the largest impacted area was the group’s mortgage brokerage business the group incurred costs of 
£05m in relation to these and other reorganisation activities in the first half of 2009 yielding savings of 
approximately £23m per annum in permanent staff costs 
the group invested approximately £13m in the second half of 2009 in flexible resource to improve its core 
technology and product in 2009 and into 2010 the group made a number of significant releases to its product set 
in the fourth quarter of 2009 and the first quarter of 2010 as referred to above the group expects a slightly higher 
run rate level of investment over the course of 2010 to be made in technology 
other costs including irrecoverable vat decreased by £33m over last year as expenditure on inter alia television 
advertising and search engine marketing was reduced together with the reduction in the vat rate to 15 which 
was effective from 1 december 2008 the group incurred a loss of £21m in germany in 2009 2008 loss of £12m 
following a review of its german business the group has now taken the decision to wind down this test operation
adjusted ebitda margins declined from 271 to 263 against the same period last year but improved significantly 
from 229 in the second half of 2008
the group operates its internet business across four vertical markets these are discussed below 
 revenue
 31 december 2009 31 december 2008
     £000  £000 
money     38132 28 68265 38
insurance     75669 55 77739 44
travel     16305 12 19089 11
home services     5539 4 7416 4
other – uk     – 0 23 0
total internet uk     135645 99 172532 97
germany     361 0 – 0
total internet     136006 99 172532 97
intermediary     868 1 6268 3
total     136874 100 178800 100
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 
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
business overview business review management corporate responsibility corporate governance financial statements general
17 moneysupermarketcom group plc  annual report 2009
the money vertical offers customers the ability to search 
for and compare products for amongst other things 
credit cards current accounts mortgages loans debt 
solutions savings accounts and business finance it also 
includes elements of the group’s lead business paa 
and advisory business mcat together with advertising 
revenue that derives from financial products 
the kpis for the money vertical are shown below 
  31 december  31 december 
  2009 2008 change
visitors 000
1
  35178 35131 0
transactions 000  11650 15003 22
revenue £000  
– click based revenue  32812 57372 43
revenue £000 – other  5320 10893 51
revenue £000 – total  38132 68265 44
rpv  £108 £194 
rpt  £282 £382 
total revenue in the money vertical decreased by 44 
from £683m to £381m and click based revenue by 43 
from £574m to £328m visitors were broadly flat 
conditions in the credit market in 2009 were 
significantly worse than those in the majority of 2008 
credit markets materially worsened over the course of 
2008 and particularly the second half of the year as the 
credit crunch deepened impacting a number of key 
channels in the money vertical the secured lending 
market in particular suffered from a reduction in the 
supply of credit and a tightening of underwriting criteria 
this was one of the group’s largest revenue generating 
channels first plus a subsidiary of barclays which was 
the group’s largest single provider by revenue closed to 
new business in august 2008 first plus generated 
revenue of £132m in 2008 which the group was unable 
to replace in 2009 
the group noted that towards the end of the first half of 
2009 external measures of credit availability began to 
show signs of having stabilised trading in credit 
products defined as total revenue from secured and 
unsecured loans credit cards debt solutions and 
mortgages excluding impression based advertising 
revenue was slightly in excess of 50 down against last 
year however revenue from credit products improved in 
the second half of the year to £139m from £133m in the 
first half of the year despite the fact the second half of 
the year is traditionally weaker than the first half given 
the softness of fourth quarter revenue throughout the 
year trading in the money vertical improved on a 
quarterly basis relative to the same quarter last year and 
in the fourth quarter was approximately 10 down over 
the same period last year
revenue from other banking products particularly 
savings and current accounts has held up relatively well 
although savings revenue softened into the fourth quarter 
against a tough 2008 comparator savings revenue 
increased significantly in the fourth quarter of 2008 
following the financial uncertainty created after the 
collapse of a number of financial institutions the change 
in sales mix away from credit based products which 
generate higher transaction revenue towards general 
banking products markedly reduced rpt and rpv in 
2009 against last year rpv has however been slowly 
improving for the money vertical throughout 2009 as the 
wider markets have shown signs of stabilising
 
other revenue which includes revenue from the sale of 
leads through paa commission based sales through 
mcat for mortgages and loans and advertising 
revenue declined approximately £56m or 51 over the 
year commissions that are earned from loan and 
mortgage brokerage in particular have reduced 
significantly relative to last year as a result of the difficult 
market conditions and accordingly the group materially 
reduced headcount in this area in the first half of 2009  0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
18 moneysupermarketcom group plc  annual report 2009
financial and business review continued
business review
the insurance vertical offers customers the ability to 
search for and compare insurance products for 
amongst other things breakdown dental home life 
medical mortgage payment protection motor payment 
protection pet and travel insurance it also includes 
elements of the group’s lead business paa and 
advisory business mcat together with advertising 
revenue that derives from insurance products 
the kpis for the insurance vertical are shown below 
  31 december 31 december 
  2009 2008 change
visitors 000
1
  24143 24830 3
transactions 000  13189 15385 14
revenue £000  
– click based revenue  68599 66614 3
revenue £000 – other  7070 11125 36
revenue £000 – total  75669 77739 3
rpv  £313 £313 
rpt  £520 £433 
revenue in the insurance vertical declined by 3 from 
£777m to £757m transaction revenue increased by 3 
from £666m to £686m
revenue in the second half of the year increased by 2 
over the same period last year having been 6 lower in 
the first half of 2009 relative to 2008 the improvement 
in trading in the second half was driven by increased 
visitor volumes helped in part by the television 
advertising campaign featuring peter jones launched in 
june 2009
the motor insurance comparison market remains the 
most competitive market in which the group currently 
operates revenue was approximately 5 lower in the 
motor insurance channel for the year as a whole 
although revenue in the second half grew marginally 
over the same period last year reflecting the increased 
visitor volumes referred to above the group 
concentrated on the profitable online and offline 
acquisition and retention of customers during the year 
rather than focusing exclusively on market share 
revenues in the other insurance channels including 
home insurance travel insurance and life insurance 
were all ahead of last year
other revenue declined by approximately £40m other 
revenue fell in the year driven by lower advertising 
revenue from a deliberate reduction in the advertising 
real estate made available to advertisers coupled with 
the cessation of revenue generated from telephone 
based leads which generated £25m in 2008 both 
measures were taken to improve the long term 
customer experience of using the website in line with 
our brand building strategy
insurance  travel home services
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
business overview business review management corporate responsibility corporate governance financial statements general
19 moneysupermarketcom group plc  annual report 2009
the travel vertical offers customers the ability to search 
for and compare amongst other things airport parking 
car hire flights hotels and package holidays 
the kpis for the travel vertical are shown below 
  31 december 31 december 
  2009 2008 change
visitors 000
1
  42970 48924 12
transactions 000  28904 38149 24
revenue £000  
– click based revenue  14768 16818 12
revenue £000 – other  1537 2271 32
revenue £000 – total  16305 19089 15
rpv  £038 £039 
rpt  £051 £044 
revenue in the travel vertical fell by 15 from £191m to 
£163m transaction revenue declined by 12 from 
£168m to £148m visitor levels declined by 12 
compared to the same period last year whilst rpv 
remained broadly flat
revenue in the travel vertical was impacted as 
customers reduced discretionary expenditure in 
response to the increasing economic uncertainty 
package holiday revenue did however grow fractionally 
over the same period last year the group’s travel 
website travelsupermarketcom was redesigned during 
the second quarter of 2009 which improved the 
usability of the website a cruises channel was added in 
june 2009 
non click revenue representing impression based 
advertising fell by 32 due to a reduced number of 
visitors compared to the same period last year together 
with weaker demand from providers for advertising  
real estate
the home services vertical offers customers the ability 
to search for and compare products for broadband 
mobile telephones vouchers shopping and utilities 
the kpis for the home services vertical are shown 
below 
  31 december 31 december 
  2009 2008 change
visitors 000
1
  18216 11245 62
transactions 000  5177 2891 79
revenue £000  
– click based revenue  5322 7297 27
revenue £000 – other  217 119 82
revenue £000 – total  5539 7416 25
rpv  £030 £066 
rpt  £103 £252 
revenue in the home services vertical decreased by 
25 from £74m to £55m in the year revenue from 
utilities which represents the largest channel in which 
the group operates in the home services vertical 
declined by approximately one third against a strong 
comparator period with the first half of 2008 benefiting 
significantly from the rising price of gas and electricity 
utilities prices have been more stable in 2009 and there 
has therefore been less demand for switching services 
although trading improved markedly in the second half 
of 2009 relative to the first half of the year 
during the fourth quarter of 2008 the group launched 
its own shopping comparison service a new vouchers 
channel was launched in november 2009 enabling 
customers to obtain discounts across a wide range of 
products and services this has enabled the group to 
grow visitors to this vertical by 62 over last year 
transaction values are typically very low relative to the 
other channels in the vertical and the increase in visitors 
and transaction volumes has reduced the rpv for the 
home services vertical measured against the same 
period last year 20 moneysupermarketcom group plc  annual report 2009
financial and business review continued
business review
germany 
following a review of its business in germany the  
group has decided to wind down its test operation the 
volume of business has been lower than originally 
anticipated by the group customers require more offline 
support than those in the uk which would require the 
group to have significant call centre support the group 
generated losses of £21m in germany in 2009 2008 
losses of £12m the cost of winding down the operation in 
germany is expected to be approximately £08m in 2010
cash balance and dividend
as at 31 december 2009 the group had a cash balance 
of £538m 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 2009 of 711p per ordinary share 
comprising a dividend of 22p per ordinary share 
equivalent to the final dividend paid in respect of the 
2008 financial year and a special dividend of 
approximately £250m equivalent to 491p per ordinary 
share reflecting the board’s confidence in the ability of 
the business to generate cash on an ongoing basis 
together with the interim dividend of 13p per ordinary 
share and special dividend of 493p per ordinary share 
paid on 16 october 2009 this gives a total dividend for 
the year of 1334p per ordinary share subject to 
shareholder approval the total cost of the dividends for 
the financial year will be £678m
the exdividend date for the final dividend is 3 march 
2010 with a record date of 5 march 2010 and a payment 
date of 1 april 2010 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 £13m in the consolidated 
statement of comprehensive income represents an 
effective tax rate of 40 2008 16 this is higher 
than the prevailing rate of 28 the current year has 
been impacted by losses from its german operation of 
£21m for which a deferred tax asset cannot be 
recognised during 2008 the group had disallowable 
expenses in the year of £760m including £700m of 
goodwill impairment and a further £12m of losses from 
its german operation for which a deferred tax asset was 
not recognised in addition in 2008 the group also 
recognised a deferred tax charge of £27m representing 
a revaluation of a deferred tax asset held in relation to 
share options in future the group expects the 
underlying effective rate of tax to be close to the 
standard uk corporation tax rate of 28
earnings per ordinary share 
basic statutory earnings per ordinary share for the  
year to 31 december 2009 was 04p 2008 loss per 
share of 118p adjusted basic earnings per ordinary 
share decreased from 69p to 46p per share the 
adjusted earnings per ordinary share is based on profit 
before tax after adding back intangible amortisation and 
sharebased payment charges arising from prelisting 
share options a tax rate of 28 2008 285 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 £156m 2008 £190m relating to television 
advertising in 2009 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 costs 
represent 85 2008 88 of distribution costs 
the group uses search engines to acquire traffic via 
paid search the group spent £308m 2008 £383m 
on paid search in 2009 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 had 
contracts with a number of media agencies in the year 
to manage search engine marketing the group has no 
forward commitment to search engines and manages its 
spend on a real time basis
the group does not consider any of the contracts it has 
with portal partners to be material
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  business overview management corporate responsibility corporate governance financial statements general
21 moneysupermarketcom group plc  annual report 2009
business review
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 
4 2008 4 of group internet revenue
during 2009 there was consolidation in the financial 
marketplace and the number of independent 
organisations reduced the brands under these group 
umbrellas are usually run independently and the 
marketing budget managed separately the largest 
group represented approximately 4 2008 9 of 
group internet revenue 
notes
the group recorded a substantial increase in its reported visitors 1 
from 27 april 2008 to the end of june 2008 following a release 
made in respect of the antivirus software avg in assessing whether 
a webpage was safe it ‘followed’ every link or url displayed on an 
email or webpage to the destination website this meant that many 
web based businesses including the group recorded visitors from 
users of the avg software who themselves did not technically visit 
the website the 2008 visitor count has been adjusted for the 
estimated impact of this avg released a further update to its 
antivirus software early in july 2008 which resolved the issue 22 moneysupermarketcom group plc  annual report 2009
principal risks and uncertainties
financial risks
  
risk area potential impact mitigation
si gn ifi c a n t	
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 
si gn ifi c a n t	
consolidation of 
providers
consolidation of providers may continue 
in response to the poor credit markets 
this may reduce competition for business 
with customers having less choice and 
may reduce commissions available to price 
comparison websites 
the group will continue to improve its search 
functionality and deliver new relevant customers to 
providers at demonstrably lower acquisition costs 
compared with other media 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 any consolidation of providers
reduction of 
providers
providers may decide to withdraw their 
products from price comparison websites or 
reduce their customer acquisition activity via 
price comparison websites this may reduce 
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 
security of cash 
balances
the group holds significant cash balances 
a failure of a major financial institution with 
whom the group places significant deposits 
may result in a material loss to the group
the group has continued to diversify its cash 
holdings across a number of financial institutions in 
accordance with it’s approved treasury policy at 
the end of 2009 the group held cash balances with 
five financial institutions with a maximum balance 
of £180m with any one institution
revenue assurance significant reduction of or a failure to 
recognise revenue from contracted providers 
where the group is remunerated on a cost 
per action basis
the group will continue to perform independent 
reviews using third parties to gain assurance that 
the group is being correctly remunerated for the 
sales it introduces to contracted providers
investment in new 
areas
significant capital invested 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 and 
ta x a t i o n
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 or changes  
to the tax legislation particularly value added 
tax
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
the group continues to monitor ongoing european 
union developments in respect of the review of the 
provision of financial intermediary services with 
regard to value added tax and any relevant case 
law in this area as it emerges
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
business review business overview management corporate responsibility corporate governance financial statements general
23 moneysupermarketcom group plc  annual report 2009
business review
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 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
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 
capacity and 
functionality of it 
and systems 
infrastructure
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 paid search 
and natural listings
reduction in gross margin through reduction 
in revenue derived from search engine 
optimisation or failure to manage search 
engine marketing campaigns appropriately
the group will continue to invest in sustainable 
search engine optimisation activities which adhere 
to search engine guidelines the group will 
continue to use a software solution to assist in 
managing the profitability of search engine 
marketing campaigns
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 products 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 24 moneysupermarketcom group plc  annual report 2009
management
board of directors and company secretary
gerald corbett abc 
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 ssl international plc 
since august 2005 and chairman of britvic plc since 
november 2005 gerald is also 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 a nonexecutive director of greencore 
group plc from 2004 to 2010 chairman of woolworths 
group plc from 2001 to 2007 chief executive of 
railtrack plc from 1997 to 2000 and group finance 
director of grand metropolitan plc from 1994 to 1997
peter plumb 
c h i e f 	 e x e c u t i v e 	 of fi c e r	
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 commercial roles at pepsico international 
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 travelsupermarket
com in 2004 simon was appointed to the board as 
chief executive officer in april 2007 and became 
executive deputy chairman in february 2009
paul doughty 
chie f 	 f inanc ial 	 of fic er
paul joined the group in 2004 as chief financial officer 
he previously had commercial finance experience with 
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 business overview business review management corporate responsibility corporate governance financial statements general
25 moneysupermarketcom group plc  annual report 2009
a member of the audit committee
b member of the remuneration committee
c member of the nomination committee 
david osborne
marketing director 
david was appointed an executive director in february 
2009 between 2005 and 2009 david was uk regional 
general manager at easyjet he previously worked in 
senior marketing roles at ing direct orange amazon
couk and diageo 
michael wemms abc
s e n i or 	 in de p e n de n t 	 n on  e x e c u t i v e 	 d i r e c t or 	 a n d	
chairman of the remuneration committee
michael was appointed a nonexecutive director in july 
2007 michael has been a nonexecutive director of 
galiform plc since 2006 and inchcape plc since 2004 
he was formerly chairman of the british retail 
consortium between 2004 and 2006 chairman of 
house of fraser plc between 2001 and 2006 and a 
nonexecutive director of ad pharma holdings nv 
between 2006 and 2008 michael was previously an 
executive director of tesco plc between 1989 and 2000
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 before working as a 
senior legal counsel at united utilities group plc
rob rowley abc
independen t 	 non e x ec u t i v e 	 dir ec t or 	 and 	 chairman 
of the audit committee
rob was appointed a nonexecutive director in 
september 2007 rob has been a nonexecutive 
director of liberty international plc since 2004 and is 
chair of its audit committee and senior independent 
director 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
graham donoghue
managing director insurance home services and travel
graham joined the group in 2008 as managing director 
travel and was appointed an executive director in 
february 2009 he was appointed managing director 
insurance home services and travel in june 2009 prior 
to joining the group graham was new media director of 
tui travel plc between 2006 and 2008  26 moneysupermarketcom group plc  annual report 2009
corporate responsibility
corporate responsibility report 
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 throughout 2009 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 2009 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 
the following 17 charities
hawarden air cadets
the money advice trust
blacon children’s centre
jolly tots
daffodils
highway playdays
save the family
blacon community trust
clatterbridge centre for oncology
age concern cheshire
north west air ambulance
bryn gwallia
macmillan cancer support cheshire
chester youth club
domestic abuse safety unit deeside
csaw
deafness support network
the group also works with local organisations to 
promote financial inclusion and awareness the group is 
involved in the north wales financial capability forum 
and over the course of the year has worked with 
flintshire trading standards to hold surgeries for 
consumers on loans and debt and with deeside citizens 
advice to help people in fuel poverty
in addition to the community initiative the group and 
its employees continues to select and support a charity 
on an annual basis the 20089 charity of the year was 
the hospice of the good shepherd the hospice which 
is on the outskirts of chester exists to provide highly 
specialised palliative care for people living with 
advanced diseases from the communities of chester 
deeside ellesmere port and rural cheshire over the 
course of the year the group’s employees raised  
£6003 for the hospice through a wide variety of 
fundraising events the group made a donation of 
£6020 bringing the total donated to the hospice  
during the year to £12023
employees have selected hope house childrens’ 
hospice as its 200910 charity of the year the charity 
runs two centres in shropshire and conwy serving the 
north west of england and north wales the hospice 
provides free care to terminally ill children and their 
families over the course of the year the group’s 
employees raised £522 for hope house with the group 
donating £3624 bringing the total donated to hope 
house during the year to £4146
environment
the group strives to reduce energy and raw material 
usage to support environmental and financial 
performance
the group has chosen not to set environmental key 
performance indicators due to its relative size and the 
limited impact it has on the environment the group 
does however participate in the carbon disclosure 
project
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 established an 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  business overview business review management corporate responsibility corporate governance financial statements general
27 moneysupermarketcom group plc  annual report 2009
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 therefore 
the group’s commitment to health and safety makes 
good business sense 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
customers
the group is committed to providing a high quality 
price comparison service to its customers enabling 
them to compare a wide range of products in the 
money insurance travel and home services markets 
and to find the product most suited to their needs
to maintain high levels of customer satisfaction the 
group is constantly assessing the views of its customers 
and undertaking customer testing of its websites and 
any new developments it makes the group provides 
customers with information from a wide variety of 
sources such as editorial content customer and expert 
reviews forums and community features to enrich their 
experience and to help them find the product most 
suited to their needs 28 moneysupermarketcom group plc  annual report 2009
directors’ report
corporate governance
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 2009
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 providers through its websites 
moneysupermarketcom and travelsupermarketcom 
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  
14 to 21
business review
the chairman’s statement on page 8 the chief 
executive’s report on pages 10 to 13 the financial and 
business review on pages 14 to 21 and the principal 
risks and uncertainties on pages 22 and 23 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 2009
corporate governance
the corporate governance report the audit 
committee report the nomination committee report 
and the directors’ remuneration report on pages 33 to 
48 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 
2009 are set out on pages 50 to 77
an interim dividend of 13p 2008 13p per ordinary 
share together with a special dividend of 493p per 
ordinary share was paid to shareholders on 16 october 
2009
the directors recommend a final dividend of 711p 
2008 22p per ordinary share comprising a dividend 
of 22p per ordinary share equivalent to the final 
dividend paid in respect of the 2008 financial year and a 
special dividend of 491p per ordinary share if approved 
by shareholders at the forthcoming annual general 
meeting this will be paid on 1 april 2010 to shareholders 
on the register at the close of business on 5 march 2010 
the final dividend together with the interim and special 
dividend paid on 16 october 2009 makes a total 
dividend for the year of 1334p 2008 35p per  
ordinary share
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
 number of ordinary  percentage of 
 sharesvoting ordinary share 
shareholder rights notified capital notified
simon nixon  267257021 5276
coatue management llc 45959122 910
blackrock inc  33669000 663
lloyds banking group plc 30353502 598
fil limited  25452692 501
capital research   
management company 24480000 493
state street nominees limited 20581165 414
share capital and control
as at 31 december 2009 the issued share capital of the 
company comprised a single class of shares referred to 
as ordinary shares of 002p each as at 31 december 
2009 the authorised share capital of the company was 
£250000 comprising 1154705882 ordinary shares of 
002p each and 95294118 deferred shares of 002p 
each and the issued share capital was £101506 
comprising 507532724 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 15 to the group financial statements on pages 
67 and 68 all the information detailed on this page 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 
16 april 2009 shareholders authorised the directors to 
allot up to 336230000 ordinary shares in the capital of 
the company directors will seek authority from 
shareholders at the forthcoming annual general 
meeting to allot up to 338010000 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  business overview business review management corporate responsibility corporate governance financial statements general
29 moneysupermarketcom group plc  annual report 2009
have one vote for every ordinary share held except in 
very limited circumstances the holders of deferred 
shares are not entitled to attend or vote at a general 
meeting of the company 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
pursuant to an underwriting agreement entered into • 
on 11 july 2007 ‘underwriting agreement’ in 
connection with the listing of the company on 31 july 
2007 ‘listing’ each of simon nixon and paul 
doughty have agreed that subject to certain 
exceptions they will not without the prior written 
consent of credit suisse securities europe limited 
directly or indirectly sell or otherwise dispose of any 
ordinary shares in the capital of the company in 
excess of the numbers specified below
in the period between 1 august 2008 and 31 july  –
2009 up to one third of the number of ordinary 
shares owned by them as at listing assuming for 
these purposes that any options held by them over 
ordinary shares had been exercised at listing
in the period between 1 august 2009 and 31 july  –
2010 up to two thirds of the number of ordinary 
shares owned by them as at listing less any 
ordinary shares previously disposed of in 
accordance with the underwriting agreement as 
set out above assuming for these purposes that 
any options held by them over ordinary shares had 
been exercised at listing
pursuant to lockup deeds in favour of the company • 
certain of the senior managers of the group have 
agreed that subject to certain exceptions they will 
not without the prior written consent of the 
company directly or indirectly sell or otherwise 
dispose of any ordinary shares in the capital of the 
company in excess of the numbers specified below
in the period between 1 august 2008 and 31 july  –
2009 up to one third of the number of ordinary 
shares owned by them as at listing assuming for 
these purposes that any options held by them over 
ordinary shares had been exercised at listing
in the period between 1 august 2009 and 31 july  –
2010 up to two thirds of the number of ordinary 
shares owned by them as at listing less any 
ordinary shares previously disposed of in 
accordance with the lockup deeds as set out 
above assuming for these purposes that any 
options held by them over ordinary shares had 
been exercised at listing
under the rules of the moneysupermarketcom group 
plc share incentive plan ‘plan’ eligible employees 
were provided with the opportunity to receive ‘free’ 
shares on 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 018 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 non
executive directors for as long as he holds the beneficial 
interest in at least 50 of the ordinary shares of the 
company the relationship agreement will terminate if 
simon nixon holds less than 15 of the ordinary shares 
of the company as at the date of this report simon 
nixon had not appointed any 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 45 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  30 moneysupermarketcom group plc  annual report 2009
corporate governance
directors’ report continued
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 at the forthcoming annual general 
meeting a special resolution will be put to shareholders 
proposing amendments to the company’s existing 
articles of association as described in the notice  
of meeting
authority to purchase own shares
at the annual general meeting of the company held on 
16 april 2009 shareholders authorised the company to 
purchase in the market up to 50485606 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 50753272 of its own 
ordinary shares either to be cancelled or retained as 
treasury shares the directors will only use this power 
after careful consideration taking into account the 
financial resources of the company the company’s 
share price and future funding opportunities the 
directors will only purchase such shares after taking into 
account the effects on earnings per share and the 
interests of shareholders generally
research and development
innovation is important to the future success of the 
group and to the delivery of long term value to 
shareholders the group’s research and development 
expenditure is predominantly associated with computer 
and internet software systems successfully developed 
software is used to develop new products and to 
improve and extend the functionality and scope of the 
group’s internet operations
going concern
after making appropriate enquiries the directors have a 
reasonable expectation that the company and the 
group as a whole have adequate resources to continue 
in operational existence for the foreseeable future 
accordingly the financial statements have been 
prepared on a going concern basis
directors
the following persons were directors of the company 
during the financial year ended 31 december 2009 
gerald corbett simon nixon peter plumb appointed 1 
january 2009 paul doughty david osborne 
appointed 23 february 2009 graham donoghue 
appointed 23 february 2009 michael wemms and 
rob rowley their biographical details are set out on 
pages 24 and 25
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 
reelection 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 simon nixon michael wemms and rob 
rowley will retire at the forthcoming annual general 
meeting and being eligible will offer themselves for 
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 41 to 48
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 41 
to 48 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 2009 are set out in note 20 to 
the group financial statements on pages 71 and 72 and 
the corporate governance report on pages 33 to 37 
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 2009 and 
up to the date of this report the company has maintained 
liability insurance for its directors and officers  business overview business review management corporate responsibility corporate governance financial statements general
31 moneysupermarketcom group plc  annual report 2009
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 with effect from 14 december 2009 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 24 and 25 confirm 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 33 to 39 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  32 moneysupermarketcom group plc  annual report 2009
corporate governance
directors’ report continued
the group has established an 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 
moneysupermarketcom group plc share incentive plan 
which gives employees the opportunity to purchase 
ordinary shares in the company using money deducted 
from their pretax salary on a monthly basis 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 2009 2008 £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 16 to the group 
financial statements on page 68
political and charitable donations
during the financial year ended 31 december  
2009 the group did not make any political donations 
2008 £nil and made charitable donations of £33379 
2008 £24482
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 
2009 was 584 2008 495 days the company is a 
holding company and therefore had no trade creditors 
at 31 december 2009 2008 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 de vere carden park hotel 
near chester cheshire ch3 9dq on wednesday  
31 march 2010 at 1030am
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
23 february 2010 business overview business review management corporate responsibility corporate governance financial statements general
33 moneysupermarketcom group plc  annual report 2009
corporate governance report 
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 revised 
combined code on corporate governance published in 
june 2008 by the financial reporting council 
‘combined code’ this corporate governance report 
describes how the principles of the combined code are 
applied by the company and reports on the company’s 
compliance with the combined code’s provisions 
compliance
the board considers that the company has complied 
with the provisions of the combined code throughout 
the year ended 31 december 2009 and to the date of 
this report except as set out below 
board of directors
the board currently has eight members comprising the 
nonexecutive chairman gerald corbett two 
independent nonexecutive directors michael wemms 
and rob rowley 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 non
executive directors at least once each year without the 
executive directors present
the board considers that all the directors are able to 
devote sufficient time to their duties as directors 
biographies of the board are set out on pages 24 and 
25 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 
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 nonexecutive 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 and rob rowley 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 
when determining the chairman’s independence on 
appointment the board had regard to his share award 
‘share award’ under the share award gerald corbett 
purchased ordinary shares in the company on the listing 
of the company on 31 july 2007 ‘listing’ at £170 per 
ordinary share to the value of £200000 and provided 
he completes three years service as chairman of the 
company from listing and retains the ordinary shares 
he purchased on listing during that three year period 
he will be entitled to subscribe at nominal value for two 
times the number of ordinary shares he purchased on 
listing the board believes that the number of ordinary 
shares subject to the share award is not sufficient to 
have an impact on his independence and thus 
concludes that the chairman was independent on 
appointment shareholder approval was obtained prior 
to the entry by the company into the share award
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 34 moneysupermarketcom group plc  annual report 2009
corporate governance
corporate governance report continued
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 non
executive directors for as long as he holds the beneficial 
interest in at least 50 of the ordinary shares of the 
company the relationship agreement will terminate if 
simon nixon holds less than 15 of the ordinary shares 
of the company
the relationship agreement also includes a protocol to 
be observed in relation to any 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
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 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
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 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 38 to 48
the directors who served on each of the committees 
during the year are set out below
committee chairman member member
audit rob rowley gerald corbett michael wemms
nomination gerald corbett michael wemms rob rowley
remuneration michael wemms gerald corbett rob rowley business overview business review management corporate responsibility corporate governance financial statements general
35 moneysupermarketcom group plc  annual report 2009
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 reelection 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 
the company provides directors’ and officers’ insurance 
cover for the benefit of directors in respect of claims 
arising in the performance of their duties with effect 
from 14 december 2009 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 
board evaluation
the board has established a formal process for the 
annual evaluation of the performance of the board its 
committees and individual directors questionnaires 
were prepared which provided the framework for the 
evaluation process each director completed the 
questionnaires commenting on the performance of the 
other directors the board and each committee and 
submitted the completed questionnaires for collation 
utilising the responses to the questionnaires the 
chairman has conducted interviews with each director 
and assessed their individual performance the 
chairman has carried out an evaluation of the 
performance of the board as a whole and of each 
committee and led by the senior independent non
executive director the nonexecutive directors have 
met and assessed the performance of the chairman 
taking into account the views of the executive directors 
the conclusions of those evaluations have been 
presented to the board by the chairman and the senior 
independent nonexecutive director the evaluation 
process is designed to cover board processes the 
structure and capability of the board strategic 
alignment board dynamics and the skills brought to the 
board by each director the board evaluation process 
confirmed that the board and its committees were 
operating effectively
development
the chairman and company secretary are responsible for 
preparing and implementing an induction programme for 
directors including guidance as to their duties 
responsibilities and liabilities as a director of the company 
and business familiarisation business familiarisation 
involves directors visiting the company’s offices and 
giving the directors the opportunity to meet the 
executive management team and other senior managers 
in the business they also have the opportunity to discuss 
organisational operational and administrative matters 
every director has access to appropriate training as 
required following their appointment
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 full 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 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
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 10 meetings during the year and ad hoc conference calls were also 
convened to deal with specific matters which required attention between scheduled meetings
      audit nomination remuneration 
     board  committee  committee committee 
executive directors
simon nixon     9 – – –
peter plumb     10 – – –
paul doughty     10 – – –
graham donoghue     8 – – –
david osborne     9 – – –
nonexecutive directors
gerald corbett      10 4 2 5
michael wemms      9 4 2 5
rob rowley      10 4 2 5
total number of scheduled meetings held     10 4 2 5 36 moneysupermarketcom group plc  annual report 2009
corporate governance report continued
corporate governance
directors can where they judge it necessary to 
discharge their responsibilities as directors obtain 
independent professional advice at the company’s 
expense 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 chairman 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 reported back to 
the board formal presentations are given to analysts 
and shareholders covering the full year and half year 
results the company secretary 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 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 non
executive 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
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 by management and the audit • 
committee of the key risks facing the group and the 
actions being taken to mitigate and manage them
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 conducted a review of the 
effectiveness of the group’s system of internal control 
and risk management during the financial year ended 31 
december 2009 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
compliance with the combined code
the directors consider that during the financial year 
ended 31 december 2009 and to the date of this report 
the company complied with the combined code except 
as follows
a32 – during the year at least half the board excluding 
the chairman did not comprise independent non
executive directors the company is continuing the 
process with the assistance of an external search 
company to appoint additional independent non
executive directors
b21 – the remuneration committee does not currently 
comprise at least three independent nonexecutive 
directors the company is continuing the process with 
the assistance of an external search company  business overview business review management corporate responsibility corporate governance financial statements general
37 moneysupermarketcom group plc  annual report 2009
to appoint additional independent nonexecutive 
directors it is currently anticipated that at least one of 
the appointees will become a member of the 
remuneration committee
c31 – the audit committee does not currently 
comprise at least three independent nonexecutive 
directors the company is continuing the process with 
the assistance of an external search company to 
appoint additional independent nonexecutive 
directors it is currently anticipated that at least one of 
the appointees will become a member of the audit 
committee
d11 – as a result of regular feedback provided to the 
board by the chairman chief executive officer and 
chief financial officer following their dialogue with 
major shareholders the senior independent non
executive director believes he is aware of the views of 
major shareholders unless requested by major 
shareholders the senior independent 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
23 february 2010 38 moneysupermarketcom group plc  annual report 2009
audit committee report
corporate governance
the audit committee presents a separate report in 
relation to the financial year ended 31 december 2009
composition of the audit committee
the audit committee comprises the three non
executive directors rob rowley chairman of the audit 
committee gerald corbett and michael wemms rob 
rowley and michael wemms 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 24 and 25 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 liberty international plc the 
board is satisfied that rob rowley has recent and 
relevant financial experience
operation of the audit committee
the audit committee met on four occasions during the 
year details of the attendance at audit committee 
meetings are set out in the corporate governance 
report on page 35
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 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 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 
undertakes an annual review of 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 2010
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 costeffectiveness objectivity  
and independence business overview business review management corporate responsibility corporate governance financial statements general
39 moneysupermarketcom group plc  annual report 2009
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 audit 
committee continued with the appointment of other 
accountancy firms to provide nonaudit services to the 
group and anticipates that this will continue in 2010
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 4 
to the group financial statements on page 60 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
23 february 2010 40 moneysupermarketcom group plc  annual report 2009
nomination committee report
corporate governance
the nomination committee presents a separate report 
in relation to the financial year ended 31 december 2009
composition of the nomination committee
the nomination committee comprises the three 
nonexecutive directors gerald corbett chairman of 
the nomination committee michael wemms and rob 
rowley rob rowley and michael wemms 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 24 and 25 
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 35
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 company careful consideration is 
given to ensure 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 knowledge and experience of the 
board together with the size structure and composition 
of the board and reviewed the succession plans for the 
board the nomination committee has also continued 
the process with the assistance of an external search 
company to appoint additional independent  
nonexecutive directors
at the invitation of the chairman of the nomination 
committee the chief executive officer chief financial 
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 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 
23 february 2010 business overview business review management corporate responsibility corporate governance financial statements general
41 moneysupermarketcom group plc  annual report 2009
this directors’ remuneration report has been prepared 
by the remuneration committee and approved by the 
board for the financial year ended 31 december 2009 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 three 
nonexecutive directors michael wemms chairman of 
the remuneration committee gerald corbett and rob 
rowley each of michael wemms and rob rowley 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 24 and 25
at the invitation of the chairman of the remuneration 
committee the chief executive officer chief financial 
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 five occasions 
during the year details of the attendance at 
remuneration committee meetings are set out in the 
corporate governance report on page 35 
the remuneration committee’s terms of reference are 
published on the group’s website at www
moneysupermarketcom and are available in hard copy 
form on application to the company secretary
advisors
during the year the remuneration committee received 
advice from mmk limited who are independent 
remuneration consultants in connection with 
remuneration matters including market comparison 
salary benchmarking data and best practice and the 
development of the group’s performance related 
remuneration policy mmk limited has no other 
connection or relationship with the group mmk 
limited provided no other services to the group during 
the financial year ended 31 december 2009
remuneration policy and objectives
the remuneration policy with respect to the executive 
directors has been designed to provide market 
competitive remuneration relative to a peer group of uk 
listed companies of similar size and scope to the group
the principal objective of the remuneration policy is to 
provide market competitive levels of remuneration in a 
form and amount necessary to attract retain and 
motivate executive directors of appropriate calibre and 
experience which is essential to the future success of 
the group the importance of aligning the interests of 
the executive directors with the creation of shareholder 
value together with the incentivisation of performance 
at the highest level is key to this objective 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 short term and long • 
term performance
competitive incentive arrangements that are • 
underpinned by a balance of financial and operational 
performance metrics to provide both a focus on 
business performance and alignment with the 
interests of shareholders
in determining the remuneration arrangements of the 
executive directors the remuneration committee takes 
into consideration the performance of the executive 
directors and the pay and employment conditions 
elsewhere in the group 
directors’ remuneration report 42 moneysupermarketcom group plc  annual report 2009
corporate governance
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 for target performance 
it is anticipated that approximately 60 of total 
remuneration for executive directors will be 
performance related in 2010
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 2009 remains appropriate and that it will continue  
in 2010
components of remuneration
the main components of the remuneration packages of 
the executive directors consist of the following 
elements 
base salary
base salary for each executive director is determined by 
the remuneration committee taking account of the 
director’s performance experience and responsibilities 
the remuneration committee considers salary levels 
from a peer group of uk listed companies this 
approach ensures that the best available benchmark for 
the director’s specific position is obtained when 
determining executive director’s base salaries the 
remuneration committee also has regard to economic 
factors remuneration trends and the general level of 
salary increases awarded throughout the group
the remuneration committee has decided that due to 
the current economic climate there will be no base 
salary increases for executive directors in january 2010 
with the exception of david osborne whose salary has 
increased by £5000 to £190000 per annum reflecting 
his contributions during the year
performance related bonus
targets were approved by the remuneration committee 
at the beginning of 2009 and were aligned to internal 
targets and business objectives for 2009 up to 125 of 
base salary for the chief executive officer and 100 of 
base salary for each of the other executive directors 
excluding simon nixon were payable for the 
achievement of target adjusted ebitda set at 
appropriately stretching levels and certain business 
objectives relating to inter alia employees customers 
and visitors on a 75 target adjusted ebitda25 
business objectives basis for the achievement of 
adjusted ebitda performance greater than target the 
bonus amounts increased by 35 for each 10 increase 
in adjusted ebitda performance no bonus was 
payable unless an adjusted ebitda threshold measure 
was achieved
in the financial year ended 31 december 2009 the chief 
executive officer earned a bonus of 90 of base salary 
and each of the other executive directors excluding 
simon nixon earned a bonus of 78 of base salary 
simon nixon did not participate in the group’s 
performance related bonus scheme in 2009 details of 
adjusted ebitda achieved in 2009 are shown on page 14
following a review of incentive arrangements the 
remuneration committee has decided that the key 
short term operational drivers of the business remain 
appropriate and therefore the same overall structure as 
applied in 2009 should continue in 2010 up to 125 of 
base salary for the chief executive officer and 100 of 
base salary for each of the other executive directors 
excluding simon nixon will be payable for the 
achievement of target adjusted ebitda set at 
appropriately stretching levels and certain business 
objectives on a 70 target adjusted ebitda30 
business objectives basis in the case of peter plumb 
and paul doughty and a 60 target adjusted 
ebitda40 business objectives basis in the case of 
graham donoghue and david osborne for the 
achievement of adjusted ebitda performance greater 
than target the bonus amounts will increase according 
to a set formula up to a maximum of 175 of base salary 
for the chief executive officer and 150 of base salary 
for each of the other executive directors excluding 
simon nixon if exceptional performance targets are 
met no bonus is payable unless an adjusted ebitda 
threshold measure is achieved simon nixon will not 
participate in the group’s performance related bonus 
scheme in 2010
long term incentive plan 
conditional nil cost share awards are made by appleby 
trust jersey limited as trustee of the company’s 
employee benefit trust following recommendations 
made by the board the levels of award and the 
performance conditions are recommended and 
reviewed by the remuneration committee annually 
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 
directors’ remuneration report continued business overview business review management corporate responsibility corporate governance financial statements general
43 moneysupermarketcom group plc  annual report 2009
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
in 2009 awards under the long term incentive plan 
were made to 46 employees of the group and were 
made over shares worth between 7 and 200 of those 
employees’ annual base salaries for the awards made in 
2009 as detailed below vesting of 70 of the award is 
subject to an adjusted ebitda performance condition 
and vesting of the remaining 30 of the award is 
subject to a total shareholder return tsr performance 
condition both of these performance conditions are 
assessed over a three year performance period as 
detailed below
the adjusted ebitda target for each of the financial 
years 2009 to 2011 inclusive represents one third of the 
adjusted ebitda element of the award for the adjusted 
ebitda element of the award to vest in full the adjusted 
ebitda performance conditions for each of the financial 
years 2009 to 2011 inclusive must be achieved the 
adjusted ebitda upper limit target together with the 
adjusted ebitda threshold for vesting and the formula 
for determining vesting between the threshold and the 
upper limit target for each of the financial years 2009 to 
2011 inclusive is set annually by the remuneration 
committee at the beginning of that financial year no 
award will vest in relation to the adjusted ebitda 
element for a financial year for performance below the 
threshold level of vesting in respect of that financial 
year 30 of a financial year’s element of the adjusted 
ebitda award will vest at the threshold level of vesting 
in respect of that financial year 
for the tsr element of the award to vest in full the 
company’s relative tsr must rank in the upper quartile 
of a selected peer group of companies over the period 
2009 to 2011 inclusive
no award will vest in relation to the tsr element for 
performance below median with 30 of the tsr 
element of the award vesting at median rising to 100 
at upper quartile on a straightline basis in order for the 
tsr element to vest the remuneration committee 
must be satisfied that such vesting is justified when 
taking into account the underlying financial 
performance of the company
the remuneration committee chose the combination  
of annually set adjusted ebitda and tsr as the 
performance targets for the 2009 award under the 
long term incentive plan to provide closer alignment 
with underlying group performance and shareholder 
interests and to act as a strong retention tool for senior 
management the remuneration committee further 
chose annually set adjusted ebitda targets to ensure 
that the adjusted ebitda target would remain relevant 
and stretching over the entire three years of the plan 
during a period when the remuneration committee had 
extremely limited visibility of potential future adjusted 
ebitda of the group as a result of the unprecedented 
global financial crisis prevailing at that time
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
the remuneration committee has determined that the 
performance targets for the 2010 award under the long 
term incentive plan will be based on a combination of 
comparative tsr and absolute tsr set at appropriately 
stretching levels the remuneration committee has 
chosen this combination to ensure even closer 
alignment of management with shareholders interests 
and to incentivise management to generate long term 
sustainable returns for shareholders
share option scheme
prior to the listing of the company on 31 july 2007 
‘listing’ the group operated the  
moneysupermarketcom financial group limited share 
option scheme all options under this scheme were 
granted prior to listing and the group does not intend 
to grant any further options under this scheme the 
options vest over a three year period from the date of 
grant subject to continued employment and will lapse 
on the earlier of the tenth anniversary of the date of 
grant and the date the option holder ceases to be 
employed by the group there are no performance 
conditions applicable to this scheme as it is a historic 
scheme used prior to listing principally as a means of 
retaining key employees 
in order to enable option holders to participate in the 
forthcoming special dividend proposed to be paid on  
1 april 2010 and thereby prevent any reduction in the 
value of options held by the option holders arising from 
such special dividend in february 2010 the 
remuneration committee approved the early vesting of 
all remaining options under this scheme the 
remuneration committee has determined that prior to 
exercising any such options the option holders are 
required to enter into a restricted share agreement with  44 moneysupermarketcom group plc  annual report 2009
corporate governance
the company as a result until the third anniversary of 
the date of grant any shares obtained following such 
exercise will be subject to clawback and any shares that 
would not have vested under the rules of the scheme 
will be forfeited for no consideration
a resolution will be proposed at the forthcoming annual 
general meeting to authorise the payment of a sum to 
option holders representing the reduction in the value of 
options held by them following the payment of the 
special dividend of 493p per ordinary share on 16 
october 2009 further detail on this resolution is 
provided in the notice of annual general meeting sent 
to shareholders at the same time as this report
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 matched pension 
contributions up to 8 of base salary for the benefit of 
the executive directors from february 2010 the 
company will match pension contributions up to 10 of 
base salary for the benefit of the executive directors 
the remuneration committee increased the matched 
pension contributions limit to bring the scheme more 
into line with market standards
car allowance
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
share incentive plan
the company’s hmrc approved all employee share 
incentive plan provides all employees with the 
opportunity to purchase ordinary shares in the 
company on a monthly basis using money deducted 
from their pretax salary
simon nixon scheme
as disclosed in the prospectus issued in connection with 
the listing of the company simon nixon established in 
2009 an additional incentive scheme under which he 
personally granted options over 1413199 ordinary 
shares held by him in favour of paul doughty the 
options vested in 2009 subject to paul doughty’s 
continued employment with the group and the 
satisfaction of group related performance targets and 
individual related performance targets for the financial 
year ended 31 december 2008 and for the first six 
months of 2009 on 4 august 2009 paul doughty 
exercised options over 1120813 ordinary shares held by 
simon nixon and the remaining 292386 options lapsed 
as a result of a failure of the group to meet the 
performance targets for 2008 
the purpose of this scheme was to further incentivise 
the achievement by paul doughty of exceptional 
performance and to align his interests with the interests 
of shareholders simon nixon does not intend to grant 
any further options under this scheme
chairman’s share award
under a share award agreement between the company 
and gerald corbett dated 31 july 2007 ‘share award’ 
gerald corbett is entitled to subscribe at nominal value 
for 235294 ordinary shares in the company 
representing twice the number of shares he purchased 
on listing with an investment of £200000 conditional 
upon completion of three years’ service as chairman of 
the company from listing and the continued retention 
for that three year period of the 117647 ordinary shares 
he purchased on listing shareholder approval was 
obtained prior to the entry by the company into the 
share award
following the payment of the special dividend of 493p 
per ordinary share on 16 october 2009 the remuneration 
committee approved an adjustment to the share award 
in accordance with the rules of the share award as a 
result of that adjustment gerald corbett has become 
entitled to subscribe at nominal value for an additional 
13318 ordinary shares in the company representing the 
reduction in the value of the share award arising from the 
payment of that special dividend
in order to enable the chairman to participate in the 
forthcoming special dividend proposed to be paid on  
1 april 2010 and thereby prevent any reduction in the 
value of the share award arising from such special 
dividend in february 2010 the remuneration 
committee approved in accordance with the rules of 
the share award the early subscription by the chairman 
of the shares comprising the share award the 
remuneration committee has determined that prior to 
such subscription the chairman is required to enter into 
a restricted share agreement with the company as a 
result until the third anniversary of the share award any 
shares obtained by the chairman following such 
subscription will be subject to clawback and any shares 
that would not have been eligible for subscription under 
the rules of the share award will be forfeited for  
no consideration
directors’ remuneration report continued business overview business review management corporate responsibility corporate governance financial statements general
45 moneysupermarketcom group plc  annual report 2009
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 and the letters of appointment of the non
executive directors include the following terms
  effective date unexpired 
  of service term notice notice 
  agreement  approximate period from period from 
  letter of months from director company 
  appointment 31 december 2009
1
 months 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
nonexecutive directors    
gerald corbett 28 june 2007 6 12 12
michael wemms 10 july 2007 7 12 12
rob rowley 19 september 2007 9 0 12
1 executive directors are appointed on 12 month rolling contracts
peter plumb’s service agreement contains a temporary provision which states that if his employment is terminated 
by the company as a result of a change in control wrongful dismissal or redundancy before 1 november 2011 he 
will 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 thereafter peter plumb’s notice period will revert to the normal 12 months which reflects 
the company’s general policy on such matters
subject to the above 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 in addition to his 
directorship of companies in the group peter plumb is a director of the naked fruit company limited
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
save in respect of the chairman’s share award details of which are set out on page 44 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 in line with the approach for executive directors there will 
be no increases in the nonexecutive directors’ fees in january 2010 20
40
60
80
100
120
dec 09 jun 09 dec 08 jun 08 dec 07 jul 07
moneysupermarketcom group plc
ftse 250 index 
excluding investment trusts
46 moneysupermarketcom group plc  annual report 2009
corporate governance
performance graph
the following graph shows the total shareholder return of the company in comparison to an appropriate index for 
the period since listing
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
   ordinary ordinary 
   31 december 2009 31 december 2008
executive directors
simon nixon   267257021 270050932
peter plumb   – –
paul doughty   2317346 699539
graham donoghue   – –
david osborne   – –
nonexecutive directors
gerald corbett   117647 117647
michael wemms   6125 5500
rob rowley   – –
the directors’ shareholdings shown on the previous page 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 which is detailed on page 44 no 
director held a nonbeneficial interest in any shares
in the period 31 december 2009 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 2010 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 329 ordinary shares during this period
the remuneration committee’s intention is to introduce a policy under which the executive directors will be 
required to build up a meaningful shareholding in the company
audited information
the following information has been audited by the company’s auditors as required by the companies act 2006
directors’ remuneration report continued business overview business review management corporate responsibility corporate governance financial statements general
47 moneysupermarketcom group plc  annual report 2009
directors’ remuneration
details of individual directors’ remuneration received during the year are as follows
     performance    
   basic salary taxable related pension total total  
   fees benefits bonus contributions 2009 2008 
   £000
1
 £000
2
 £000
3
 £000 £000 £000
executive directors        
simon nixon   142 2 – – 144 463
peter plumb   329 17 315 25 686 –
paul doughty   250 14 196 18 478 323
graham donoghue   183 12 170 15 380 –
david osborne   154 28 121 12 315 –
nonexecutive directors     
gerald corbett   190 25 – – 215 215
michael wemms   75 – – – 75 75
rob rowley   60 – – – 60 60
total   1383 98 802 70 2353 1136
1  gerald corbett receives a basic annual fee of £190000 michael wemms and rob rowley each receive a basic annual fee of £50000 an 
additional fee of £15000 per annum is paid to michael wemms as the senior independent nonexecutive director and an additional fee of 
£10000 per annum is paid to each of rob rowley and michael wemms as the chairmen of the audit and remuneration committees 
respectively the basic annual salaries of the executive directors in 2010 are as follows simon nixon £100000 peter plumb £350000 paul 
doughty £250000 graham donoghue £220000 and david osborne £190000 the figures for graham donoghue and david osborne 
relate to the period from their appointment as directors on 23 february 2009 to 31 december 2009
2  benefits for the executive directors incorporate all benefits and expense allowances arising from employment which principally 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
3 includes performance related bonuses earned in the period under review but paid following the end of the financial year
directors’ interests in share options 
full details of the options over ordinary shares in the company held by the executive directors under the share 
option scheme during the year are shown below 
        market price  
  options options  options  options  options  option  of shares  date 
  held at  granted  exercised  lapsed  held at  exercise  at date  from which 
 date  start of during  during  during  end of  price  of exercise  option  expiry 
 of grant  year year  year  year  year p  p  exercisable
1
  date
paul doughty 18 june 2007 2500000 – 1250000 – 1250000 6 4985 18 june  18 june 
         2008 2017
total  2500000 – 1250000 – 1250000 
1 the options granted to paul doughty on 18 june 2007 vest in three equal tranches after the first second and third anniversary of the date of 
grant in february 2010 the remuneration committee approved the early vesting and exercise of the remaining options held by paul doughty 
further information is provided on pages 43 and 44 
2 aggregate gains made by paul doughty on the exercise of options over 1250000 ordinary shares in the year were £548125  48 moneysupermarketcom group plc  annual report 2009
directors’ remuneration report continued
directors’ interests in the long term incentive plan
full details of the conditional awards made to the executive directors under the long term incentive plan during 
the year are shown below 
       market price  
    awards  awards  awards    of shares   
  at start of  made  vested  lapsed    at date   
 date  yeardate of  during  during  during  at end of  of award  vesting  
 of award  appointment  year  year  year  year p  date 
peter plumb 8 april 2009 – 1145288 – – 1145288 535  8 april 2012
total  – 1145288 – – 1145288  
paul doughty 8 april 2009 – 1308901 – – 1308901 535 8 april 2012
total  – 1308901 – – 1308901  
graham donoghue 8 april 2009 – 863874 – – 863874 535  8 april 2012
total  – 863874 – – 863874  
david osborne 8 april 2009 – 484293 – – 484293 535  8 april 2012
total  – 484293 – – 484293  
1 the performance conditions attaching to the award are adjusted ebitda and total shareholder return further information is provided on  
pages 42 and 43
2 conditional awards under the long term incentive plan are made at nil cost the exercise price is nil
in the period from 1 january 2009 to 31 december 2009 the highest midmarket price of the company’s share was 
90p and the lowest midmarket price was 34p and at 31 december 2009 it was 74p
this report was approved by the board and signed on its behalf by
michael wemms
chairman of the remuneration committee 
23 february 2010
corporate governance business overview business review management corporate responsibility corporate governance financial statements general
49 moneysupermarketcom group plc  annual report 2009
we have audited the group and company financial 
statements the ‘financial statements’ of 
moneysupermarketcom group plc the ‘company’ for 
the year ended 31 december 2009 set out on pages 50 
to 77 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 auditors
as explained more fully in the directors’ responsibilities 
statement set out on page 31 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 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  
wwwfrcorgukapbscopeukp 
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 2009 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
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
under the listing rules we are required to review
the directors’ statement set out on page 30  • 
in relation to going concern and
the part of the corporate governance report in the • 
directors’ report relating to the company’s 
compliance with the nine provisions of the june 2008 
combined code specified for our review
john costello senior statutory auditor
for and on behalf of kpmg audit plc statutory auditor
chartered accountants
st james’ square
manchester 
m2 6ds
23 february 2010
independent auditor’s report to the members of 
moneysupermarketcom group plc financial statements
50 moneysupermarketcom group plc  annual report 2009
consolidated statement of comprehensive income
for the year ended 31 december 2009
       year ended year ended 
       31 december  31 december 
       2009  2008 
      note £000 £000
revenue       136874 178800
cost of sales       42627 62063
gross profit       94247 116737
distribution expenses       18446 21618
 administrative expenses – other       73495 79635
 administrative expenses – impairment of goodwill    11 – 70000
administrative expenses       73495 149635
results from operating activities      4 2306 54516
finance income      6 877 3504
profitloss before income tax       3183 51012
income tax charge      7 1267 8094
profitloss for the year       1916 59106
other comprehensive income   
foreign currency translation       121 6
deferred tax on sharebased payments      49 209
other comprehensive income for the year      170 215
total comprehensive income for the year      1746 59321
profitloss attributable to   
equity holders of the company       2068 58987
minority interest      20 152 119
profitloss for the year       1916 59106
total comprehensive income attributable to   
equity holders of the company       1907 59201
minority interest      20 161 120
total comprehensive income for the year      1746 59321
earningsloss per share        
basic earningsloss per ordinary share p     8 04 118
diluted earningsloss per ordinary share p     8 04 118 business overview business review management corporate responsibility corporate governance financial statements general
51 moneysupermarketcom group plc  annual report 2009
       31 december  31 december 
       2009  2008 
      note £000 £000
assets   
noncurrent assets   
property plant and equipment      10 12135 13596
intangible assets      11 198453 223653
deferred tax asset      14 – 362
total noncurrent assets       210588 237611
current assets   
trade and other receivables      12 14375 16074
prepayments       1793 2059
cash and cash equivalents      16 53805 73465
total current assets       69973 91598
total assets       280561 329209
   
liabilities      
noncurrent liabilities      
deferred tax liability      14 39011 47259
current liabilities   
trade and other payables      13 18756 20710
current tax liabilities       2126 3394
total current liabilities       20882 24104
total liabilities       59893 71363
     
equity       
share capital      15 102 101
share premium       171207 171047
retained earnings       45920 20042
other reserves       95279 106740
total equity attributable to equity holders of the company     220668 257846
minority interest       – –
total equity       220668 257846
total equity and liabilities       280561 329209
the financial statements were approved by the board of directors and authorised for issue on 23 february 2010 
they were signed on its behalf by
peter plumb 
paul doughty
consolidated statement of financial position
at 31 december 2009 financial statements
52 moneysupermarketcom group plc  annual report 2009
consolidated statement of changes in equity
for the year ended 31 december 2009
       foreign 
  issued    reserve currency 
  share share other retained for own translation 
  capital premium reserves earnings shares reserve total 
 note £000 £000 £000 £000 £000 £000 £000
at 1 january 2008  118 170565 143018 13285 – 9 326995
foreign currency translation
1
  – – – – – 6 6
deferred tax recognised on  
 share based payments
1
  – – – 209 – – 209
loss for the year  – – – 59106 – – 59106
total income and expense  
 for the year  – – – 59315 – 6 59321
share options exercised  2 482 – – – – 484
purchase and cancellation  
 of deferred shares  19 – 19 – – – –
equity dividends 9 – – – 14637 – – 14637
sharebased payment 17 – – – 4325 – – 4325
reserves transfer  – – 36300 36300 – – –
at 31 december 2008  101 171047 106737 20042 – 3 257846
foreign currency translation
1
  – – – – – 121 121
deferred tax recognised on  
 share based payments
1
  – – – 49 – – 49
profit for the year  – – – 1916 – – 1916
total income and expense  
 for the year  – – – 1867 – 121 1746
share options exercised  1 160 – – – – 161
equity dividends 9 – – – 42730 – – 42730
share based payment 17 – – – 3645 – – 3645
reserves transfer  – – 11340 11340 – – –
at 31 december 2009  102 171207 95397 45920 – 118 220668
1  foreign currency translation and deferred tax recognised on share based payments represent the only income or expense for the current and 
prior years 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 2009 the group held 698011 ordinary shares at a cost of 002p per share through a 
trust for the benefit of the group’s employees  business overview business review management corporate responsibility corporate governance financial statements general
53 moneysupermarketcom group plc  annual report 2009
       year ended year ended 
       31 december  31 december 
       2009  2008 
      note £000 £000
operating activities       
profitloss for the year       1916 59106
adjustments to reconcile group net profitloss to net cash flows      
 depreciation      10 4436 3543
 amortisation of intangible assets      11 25200 25200
 impairment of goodwill      11 – 70000
 loss on disposal of property plant and equipment     – 78
 net finance income      6 877 3504
 equitysettled sharebased payment transactions    17 3645 4325
 effects of foreign exchange differences      116 –
 income tax charge      7 1267 8094
 change in trade and other receivables      1920 2890
 change in trade and other payables       1954 4971
 income tax paid       10467 11894
net cash flow from operating activities      24970 34655
investing activities        
acquisition of minority interest in icero gmbh      2 –
interest received       922 3581
acquisition of property plant and equipment     10 2982 4618
net cash flow from investing activities      2062 1037
financing activities     
proceeds from share issue       161 484
dividends paid      9 42730 14637
net cash flow from financing activities      42569 14153
net decreaseincrease in cash and cash equivalents     19661 19465
cash and cash equivalents at start of year      73465 54015
effect of exchange rate fluctuations on cash held     1 15
cash and cash equivalents at end of year     16 53805 73465
consolidated statement of cash flows
for the year ended 31 december 2009 financial statements
54 moneysupermarketcom group plc  annual report 2009
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 2009 were authorised for issue in 
accordance with a resolution of the directors on 23 february 2010 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 73 to 77
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 2008 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 11 goodwill and other intangibles including their amortisation and impairment • 
note 12  revenue recognition • 
note 12 provision for doubtful debts • 
note 13 accruals • 
note 17 sharebased payments • 
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 
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 business overview business review management corporate responsibility corporate governance financial statements general
55 moneysupermarketcom group plc  annual report 2009
2 summary of significant accounting policies continued
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
internet business
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
intermediary business
commissions are recognised on completed transactions in the period that a transaction completes
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
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
business combinations are accounted for using the acquisition accounting method the excess of the cost of the 
business combination over the group’s interest in the net fair value of the acquiree’s identifiable assets liabilities 
and contingent liabilities is recognised in the balance sheet as goodwill and is not amortised
after initial recognition 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 financial statements
notes to the consolidated financial statements continued
56 moneysupermarketcom group plc  annual report 2009
2 summary of significant accounting policies continued
other intangible assets
the cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition 
after initial recognition intangible assets are carried at cost less any accumulated amortisation and any 
accumulated impairment losses all the group’s intangible assets other than goodwill have been identified as 
having finite useful lives as such they are amortised on a straight line basis over their useful economic life and 
assessed for impairment whenever there is an indication that the intangible asset may be impaired the 
amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least 
at each financial year end the amortisation expense on intangible assets with finite lives is recognised in the 
statement of comprehensive income in the expense category consistent with the function of the intangible asset 
the estimated useful lives are as follows
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 non
contractual 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 sic 32 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
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 notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
57 moneysupermarketcom group plc  annual report 2009
2 summary of significant accounting policies continued
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 share awards made is measured using the blackscholes 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
short term employee benefits
short term employee benefit obligations are measured on an undiscounted basis and are recognised in the 
statement of comprehensive income as the related service is provided
a provision is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if 
the group has a present legal or constructive obligation to pay this amount as a result of past service provided by 
the employee and the obligation can be estimated reliably
advertising costs
the group incurs costs from advertising via a number of different media  costs associated with the production of 
adverts are recognised as an expense in the statement of comprehensive income only once the advert is delivered 
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
net finance income
net finance income comprises interest payable and interest receivable which are recognised in the statement of 
comprehensive income as they accrue 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
a deferred tax liability was recognised in the prior year as 28 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 at the prior year end this liability was remeasured at 
the enacted corporation tax rate of 28 this being the rate at which the liability will unwind this liability 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 financial statements
notes to the consolidated financial statements continued
58 moneysupermarketcom group plc  annual report 2009
2 summary of significant accounting policies continued
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
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 2009 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 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
accounting standards issued but not yet effective
a number of new standards amendments to standards and interpretations have been issued during the year ended 
31 december 2009 but are not yet effective and therefore have not yet been adopted by the group
ias 27 amended 2008 consolidated and separate financial statements – is effective for reporting periods 
beginning on or after 1 july 2009 and applies prospectively the standard deals with changes to the accounting for 
noncontrolling minority interest and deals primarily with the accounting for changes in ownership interests in 
subsidiaries after control is obtained the accounting for the loss of control of subsidiaries and the allocation of 
profit or loss to controlling and noncontrolling interests in a subsidiary
ifrs 3 business combinations revised 2008 – is effective for reporting periods beginning on or after 1 july 2009 
and applies prospectively key changes are that transaction costs are expensed other than debtequity income 
costs previously all costs were capitalised goodwill is fixed at the date of acquisition subsequent adjustments go 
through the income statement contingent payments which require future services such as an earn out that are 
forfeited if employment ceases are treated in full as post acquisition remuneration 
the group continues to monitor the potential impact of other new standards and interpretations which may be 
endorsed by the european union and require adoption by the group in future reporting periods notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
59 moneysupermarketcom group plc  annual report 2009
3 segmental information
business segments
in adopting ifrs 8 – operating segments for the first time the group has disclosed four reportable segments 
being money insurance travel and home 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 previously 
under ias 14 the group reported internet and intermediary segments of the group revenue of £1369m  
2008 £1788m reported in 2009 £1349m 2008 £1763m was generated in the uk
   money insurance travel home other total 
   £000 £000 £000 £000 £000 £000
year ended 31 december 2009
revenue
segment revenue   38132 75669 16305 5539 1229 136874
results        
operating expenses        134568
profit from operating activities        2306
net fi nance income        877
profi t before tax        3183
income tax charge        1267
profit for the year        1916
at 31 december 2009
assets and liabilities      
intangible assets        143488
goodwill        54965
other unallocated assets        82108
total assets        280561
deferred tax liability        39011
other unallocated liabilities        20882
total liabilities        59893
other segment information
capital expenditure        
property plant and equipment        2982
intangible fixed assets        –
total capital expenditure        2982
depreciation        4436
amortisation        25200 financial statements
notes to the consolidated financial statements continued
60 moneysupermarketcom group plc  annual report 2009
3 segmental information continued
   money insurance travel home other total 
   £000 £000 £000 £000 £000 £000
year ended 31 december 2008
revenue
segment revenue   68265 77739 19089 7416 6291 178800
results        
operating expenses        233316
loss from operating activities        54516
net finance income        3504
loss before tax        51012
income tax charge        8094
loss for the year        59106
at 31 december 2008
assets and liabilities      
intangible assets        168688
goodwill        54965
other unallocated assets        105556
total assets        329209
deferred tax liability        47259
other unallocated liabilities        24104
total liabilities        71363
other segment information
capital expenditure        
property plant and equipment        4618
intangible fi xed assets        –
total capital expenditure        4618
depreciation        3543
amortisation        25200
impairment of goodwill        70000
4 results from operating activities
       31 december 31 december 
        2009  2008 
       £000 £000
profitloss on ordinary activities before taxation is stated after charging  
depreciation       4436 3543
amortisation of intangible assets       25200 25200
impairment of goodwill       – 70000
research and development costs       – 915
auditors’ remuneration      
 audit of these financial statements       65 60
 audit of subsidiaries’ financial statements      50 45
 review of interim financial statements      25 25
 services relating to direct and indirect taxation      146 150
 services relating to it advisory       – 34
 services relating to a review of processes and controls     – 182
 other services       61 99 notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
61 moneysupermarketcom group plc  annual report 2009
5 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 number of 
       employees employees 
       31 december 31 december 
       2009 2008
it operations       187 264
administration       295 363
       482 627
the aggregate payroll costs of these persons were as follows
       31 december 31 december 
       2009 2008 
       £000 £000
wages and salaries       19236 25155
compulsory social security contributions      2867 2389
contributions to defined contribution plans      738 24
equitysettled sharebased payment transactions     3645 4325
       26486 31893
6 finance income
       31 december 31 december 
       2009 2008 
       £000 £000
financial income        
interest received on bank deposits       877 3504
7 income tax
income tax charged in the statement of comprehensive income
       31 december 31 december 
       2009 2008 
       £000 £000
current tax  
current tax on income for the year       9202 13936
current tax on equitysettled share awards      – 1405
       9202 12531
deferred tax  
origination and reversal of temporary differences     7541 6984
deferred tax on unapproved equitysettled share awards     394 2547
       7935 4437
tax on profitloss on ordinary activities      1267 8094 financial statements
notes to the consolidated financial statements continued
62 moneysupermarketcom group plc  annual report 2009
7 income tax continued
reconciliation of the effective tax rate
the tax charge for the year is higher 2008 higher than the standard rate of corporation tax in the uk in 2009 of 
28 2008 28 the differences are explained below
       31 december 31 december 
       2009 2008 
       £000 £000
profitloss for the year       3183 51012
standard rate of tax at 28 2008 285      891 14538
effects of  
expenses not deductible for tax purposes      1182 1720
impairment charge against goodwill       – 19950
deferred tax not recognised at 28 2008 285     513 338
impact on deferred tax of reduction in corporation tax rate to 28    – 125
movement on deferred tax related to sharebased payments    1319 1143
utilisation of losses on which no deferred tax asset previously recognised   – 644
tax on profitloss on ordinary activities see above     1267 8094
the standard rate of corporation tax in the uk reduced from 30 to 28 with effect from 1 april 2008 the 
effective tax rate for 2008 was therefore estimated at 285
unrecognised tax losses
the group has tax losses arising from the results of a foreign subsidiary of £1830000 2008 £1185000 a 
deferred tax asset has not been recognised in respect of these losses as they may not be used to offset taxable 
profits elsewhere in the group and they have arisen in a foreign subsidiary that may not make a profit in the 
immediate future 
8 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 earningsloss per share has been calculated on the following basis
       2009 2008 
       £000 £000
profitloss after taxation attributable to ordinary equity holders    2068 58987
basic weighted average ordinary shares in issue millions     5062 4989
dilutive effect of share based instruments millions     95 –
diluted weighted average ordinary shares in issue millions     5157 4989
basic earningsloss per ordinary share pence      04 118
diluted earningsloss per ordinary share pence     04 118 notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
63 moneysupermarketcom group plc  annual report 2009
9 dividends
       2009 2008 
       £000 £000
declared and paid during the year
equity dividends on ordinary shares  
final dividend for 2007 163p per share      – 8098
interim dividend for 2008 13p per share      – 6539
final dividend for 2008 22p per share      11110 –
interim dividend for 2009 13p per share      6598 –
special dividend for 2009 493p per share      25022 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares        
final dividend for 2009 22p per share      11199 –
special dividend for 2009 491p per share       25006 –
10 property plant and equipment 
   land and  under plant and office fixtures 
   buildings construction equipment equipment and fittings total 
   £000 £000 £000 £000 £000 £000
cost
at 1 january 2008   4576 5064 3470 171 142 13423
additions   245 890 3283 80 120 4618
transfers   1520 5064 3544 – – –
disposals   11 – 131 9 18 169
foreign exchange adjustments    – – 28 – 4 32
at 31 december 2008   6330 890 10194 242 248 17904
additions   5 – 2785 66 126 2982
transfers   – 886 886 – – –
disposals   – – 119 5 – 124
foreign exchange adjustments   – – 13 3 3 19
at 31 december 2009   6335 4 13733 300 371 20743
depreciation        
at 1 january 2008   48 – 731 23 36 838
depreciation for the year   114 – 3281 89 59 3543
disposals   9 – 71 5 6 91
foreign exchange adjustments   – – 18 – – 18
at 31 december 2008   153 – 3959 107 89 4308
depreciation for the year   123 – 4190 53 70 4436
disposals   – – 119 5 – 124
foreign exchange adjustments   – – 11 – 1 12
at 31 december 2009   276 – 8019 155 158 8608
carrying amounts
at 31 december 2007   4528 5064 2739 148 106 12585
at 31 december 2008   6177 890 6235 135 159 13596
at 31 december 2009   6059 4 5714 145 213 12135 financial statements
notes to the consolidated financial statements continued
64 moneysupermarketcom group plc  annual report 2009
11 intangible assets
   market customer customer technology 
   related relationship list related goodwill total 
   £000 £000 £000 £000 £000 £000
cost
at 1 january 2008 31 december 2008  
 and 31 december 2009   132100 68500 713 5900 124965 332178
amortisation
at 1 january 2008   6985 5174 126 1040 – 13325
charged during the year   13210 9786 238 1966 – 25200
impairment losses   – – – – 70000 70000
at 31 december 2008   20195 14960 364 3006 70000 108525
charged during the year   13210 9786 238 1966 – 25200
at 31 december 2009   33405 24746 602 4972 70000 133725
carrying amounts        
at 31 december 2007   125115 63326 587 4860 124965 318853
at 31 december 2008   111905 53540 349 2894 54965 223653
at 31 december 2009   98695 43754 111 928 54965 198453
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 non
current assets of the group at 31 december 2009 the market capitalisation exceeded the carrying value of the 
goodwill intangible and other noncurrent assets by 78
as disclosed in note 3 ifrs 8 has been adopted in the year with comparative disclosures made and as a result 
revised operating segments are disclosed 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 and the group has 
therefore performed impairment testing at this level the goodwill has been 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
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 represent management’s best estimate of future cash flows as at 31 december 2009 and • 
are based upon the group’s approved budget for 2010 the main assumptions underlying the 2010 budget relate 
to visitor numbers and revenue per transactionvisitor the forecast assumes some improvement during the 
course of 2010 driven by the new branding campaign and investments made in the core technology for the 
group’s key channels as well as the more settled outlook in the wider economy 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 growth no • 
reliable third party estimates of long term growth rates exist for the price comparison industry given it is a 
relatively new business model
cash flows into perpetuity have been incorporated into the calculations •  notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
65 moneysupermarketcom group plc  annual report 2009
a pretax discount rate of 15 has been used in the forecast for all segments a lower discount rate has been • 
used compared with the rate used to test the internet segment last year 16 to reflect the reduction in the 
uncertainty in the economic climate since the start of the year
when there are clear indications that the economy has begun to recover 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 and 
travel segments exceeds their carrying value by in excess of 100 and the recoverable amount of the assets 
allocated to the home services segment exceeds their carrying value by 20 and as such are not impaired no 
reasonably possible change to a key assumption would result in an impairment
as explained in note 3 whilst the group is able to allocate revenues 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 55 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 that in 2008 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 £44m and as such no impairment was identified
with regard to the group level impairment testing an increase of 3 in the discount rate with all other assumptions 
held constant would give a value in use for the group’s assets equal to their carrying value similarly a decrease in 
the annual cash flows of £60m with all other assumptions held constant would also give a value in use for the 
group’s assets equal to their carrying value
at an individual 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 financial statements
notes to the consolidated financial statements continued
66 moneysupermarketcom group plc  annual report 2009
12 trade and other receivables 
       31 december 31 december 
       2009 2008 
       £000 £000
trade receivables       14375 16074
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 2009 trade receivables are shown net of a provision for doubtful debts of £156255 2008 
£348194 which represents a judgement made by management of which receivable balances are unlikely to be 
recovered taking into consideration the aging 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
       2009 2008 
       £000 £000
at start of year       348 103 
charge for the year       151 264 
amounts written off       343 19
at 31 december       156 348
as at 31 december the analysis of trade receivables that were past due but not impaired is as follows
   
neither past
    
   
due nor
    past due not impaired
  total impaired 030 days 3060 days 6090 days 90120 days 120 days 
  £000 £000 £000 £000 £000 £000  £000
at 31 december 2008  16074 10409 3466 1529 242 330 98
at 31 december 2009  14375 8266 5353 429 212 38 77
the group’s standard payment terms are 15 days
13 trade and other payables
       31 december 31 december 
       2009 2008 
       £000 £000
trade payables due to related parties      – 5
other trade payables       13126 12471
nontrade payables and accrued expenses      5620 8217
deferred income       10 17
       18756 20710
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 12 is included within other trade payables
as at 31 december the analysis of financial liabilities within trade payables nontrade payables and accrued 
expenses is as follows
  total current 030 days 3060 days 6090 days 90120 days  120 days 
  £000 £000 £000 £000 £000 £000  £000
at 31 december 2008  19693 12801 1334 774 167 122 4495
at 31 december 2009  18746 13665 798 472 408 151 3252
as at 31 december 2009 the group did not hold any other financial liabilities requiring disclosure under ias 32 notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
67 moneysupermarketcom group plc  annual report 2009
14 deferred tax assets and liabilities
deferred tax assets and liabilities are attributable to the following
 assets 
i
 liabilities
     2009 2008 2009 2008 
     £000 £000 £000 £000
at start of year     362 3124 47259 54243
temporary differences     484 – 7057 6984
revaluation of ltip equitysettled share awards    49 – – –
revaluation of chairman’s share award    29 – – –
revaluation of unapproved share options at the balance sheet date  5 2762 – –
issue of ltip equitysettled share awards    370 – – –
transfers     1191 – 1191 –
at 31 december     – 362 39011 47259
the deferred tax liability arises from the creation of the intangible assets upon the acquisition of 
moneysupermarketcom financial group limited by the company
the deferred tax asset arises from the future deduction available upon the exercise of share options and  
share awards
15 capital
authorised 
 2009 
i
 2008
     thousands £ thousands £
ordinary shares of 002p each     1154706 230941 1154706 230941
deferred shares of 002p each     95294 19059 95294  19059
     1250000 250000 1250000 250000
the following rights attached to the shares in issue during the year
ordinary shares
the owners of ordinary shares were entitled to returns of capital receive a dividend and vote 
during the year the company issued 2676662 2008 8049996 ordinary shares upon the exercising of 
unapproved share options by a number of senior management
issued and fully paid
  ordinary deferred 
number of shares  shares shares total
at 1 january 2008  496806066 95294118 592100184
purchase and cancellation of deferred shares  – 95294118 95294118
issued on exercising of unapproved share options 8049996 – 8049996
at 31 december 2008  504856062 – 504856062
issued on exercising of unapproved share options 2676662 – 2676662
at 31 december 2009  507532724 – 507532724
      
  ordinary deferred 
£  shares shares total
at 1 january 2008  99361 19059 118420
purchase and cancellation of deferred shares  – 19059 19059
issued on exercising of unapproved share options 1610 – 1610
at 31 december 2008  100971 – 100971
issued on exercising of unapproved share options 535 – 535
at 31 december 2009  101506 – 101506 financial statements
notes to the consolidated financial statements continued
68 moneysupermarketcom group plc  annual report 2009
the group has a number of share schemes under which options to subscribe for ordinary shares and conditional 
awards of ordinary shares in the company have been made to certain directors and employees see note 17
16 financial instruments
interest rate risk
there is no significant exposure to interest risk as the group has no borrowings
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 £538000 based on group cash cash equivalents and financial instruments at 31 december 
2009 at the balance sheet date £18010000 was invested with lloyds banking group this being the most 
invested with any one bank
effective interest rates
in respect of interestearning financial assets the following table indicates their effective interest rates at the year 
end date
 31 december 2009 
i
 31 december 2008
     effective  effective 
     interest rate £000 interest rate £000
cash and cash equivalents     069 53805 284 73465
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 2008 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 12 2008 19 of the total  
trade receivables balance of £14375000 2008 £16074000 and the largest individual balance was £585211 
2008 £986817
fair values
the group’s financial assets and liabilities are principally short term in nature and therefore their fair value is not 
materially different from their carrying value
17 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 is 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 subdivision referred to above became 6215000 shares options vest 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 is 6p per share notes to the consolidated financial statements continued
business overview business review management corporate responsibility corporate governance financial statements general
69 moneysupermarketcom group plc  annual report 2009
17 sharebased payments continued
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 vest 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 is 
6p per share
subsequent to the year end the remuneration committee has approved the early vesting of all remaining 
unapproved share options under the unapproved share option scheme
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 leaves within one year of listing all of these ordinary shares are forfeit 
between one and two years of listing 50 are forfeit between two and three years of listing 20 are forfeit and after 
three years of listing none are forfeit 948184 shares were issued under the share incentive plan scheme in 2007
long term incentive plan scheme ltip
on 28 december 2007 and 4 march 2008 the company made conditional awards over 1242201 ordinary shares 
under the moneysupermarketcom group plc long term incentive plan scheme to senior employees ‘2008 
ltips’ under this scheme shares vest at the end of a three year period dependent upon the achievement of a 
cumulative adjusted ebitda figure for the three financial years from 2008 to 2010 based on the adjusted ebitda 
figures achieved in 2008 and 2009 management do not expect any of these awards to vest
during the year 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
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 completes 
three years’ service as chairman he shall be 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 subsequent to the year end an adjustment to the chairman’s share award in accordance with 
the rules of the scheme as a result of that adjustment gerald corbett has become 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
subsequent to the year end the remuneration committee has approved in accordance with the rules of the 
chairman’s share award the early subscription by gerald corbett of the shares comprising the chairman’s share award
simon nixon scheme
during 2008 simon nixon established an additional incentive scheme under which he personally granted options 
over 633504 ordinary shares in the company held by him in favour of one former employee of the group options 
over 487311 ordinary shares vested on 8 october 2008 and were exercised by the former employee on that date 
options over the remaining 146193 ordinary shares were dependent on the satisfaction of group related 
performance targets for the year ended 31 december 2008 and lapsed
during 2009 similar arrangements were entered into by simon nixon in favour of paul doughty and certain other 
former employees with options over a total of 3378683 ordinary shares held by simon nixon being granted 
personally by him to those persons options over 2793911 ordinary shares vested on 31 july 2009 and 4 august 
2009 and were exercised by the participants on 4 august 2009 options over the remaining 584772 ordinary 
shares were dependent on the satisfaction of group related performance targets for the year ended 31 december 
2008 and lapsed financial statements
70 moneysupermarketcom group plc  annual report 2009
notes to the consolidated financial statements continued
17 sharebased payments continued
movements in the year
the following table illustrates the number and weighted average exercise price waep of and movements in 
share options and share awards during the year
       number waep
outstanding at 1 january 2008       15000509 £005
ltip awards made during the year       36643 £000
ltip awards forfeit during the year        254872 £000
unapproved options exercised during the year with a waep of £006   8049996 £006
unapproved options forfeit during the year      1198334 £006 
simon nixon scheme options granted during the year     633504 £000 
simon nixon scheme options exercised during the year with a waep of £000   487311 £000
simon nixon scheme options lapsed during the year     146193 £000
outstanding at 31 december 2008       5533950 £004
ltip awards made during the year       8256530 £000
ltip awards forfeit during the year        1225811 £000
unapproved options exercised during the year with a waep of £006   2676662 £006
unapproved options forfeit during the year      113337 £006 
simon nixon scheme options granted during the year     3378683 £000 
simon nixon scheme options exercised during the year with a waep of £000   2793911 £000 
simon nixon scheme options lapsed during the year     584772 £000
outstanding at 31 december 2009       9774670 £001
as at 31 december 2009 10000 unapproved share options had vested but not been exercised
the following table lists the inputs to the blackscholes models used for the schemes for the year ended  
31 december 2009 
     sip 
     chairman’s 2009 2008 simon nixon 
    unapproved award ltip ltip scheme
fair value at grant date £    157 155165 053 126134 056
share price £    170 170 053 138 056
exercise price £    006 000 000 000 000
expected volatility     300 na na na na
expected life of optionaward years   30 30 30 30 00
weighted average remaining contractual life years  07 06 23 10 na
expected dividend yield     30 30 00 00 63
riskfree interest rate     45 45 45 45 42
expected volatility has been estimated by considering historic average share price volatility for 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
       2009 2008 
       £000 £000
unapproved share option scheme       1478 3520
share incentive plan sip scheme       415 249
chairman’s share award       165 121
long term incentive plan ltip scheme      286 162
simon nixon scheme       1301 273
       3645 4325 business overview business review management corporate responsibility corporate governance financial statements general
71 moneysupermarketcom group plc  annual report 2009
18 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 2009 £738143 of contributions were charged to the 
statement of comprehensive income 2008 £24000 as at 31 december 2009 £70458 2008 £2000 of 
contributions were outstanding on the balance sheet
19 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
20 related party transactions
the group has the following investments in subsidiaries
 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 internet price comparison
betcomparecom limited formerly inhoco 3429 limited uk 100 dormant
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
transactions with key management personnel
there were no outstanding amounts loaned to directors by the company at 31 december 2009
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 unapproved share option and long term incentive plan 
schemes see note 17
gerald corbett michael wemms simon nixon and paul doughty received dividends from the group totalling £7897281 
in 2008 and £22760906 in 2009
key management personnel compensation
key management defined as the executive management team received the following compensation during the year
       31 december 31 december 
       2009 2008 
       £000 £000
short term employee benefits       1787 2274
sharebased payments       1984 2820
post employment benefits       102 9
       3873 5103
other related party transactions
a number of directors and key management personnel hold positions in other entities that result in them having 
control or significant influence over the financial or operating policies of these entities financial statements
72 moneysupermarketcom group plc  annual report 2009
notes to the consolidated financial statements continued
20 related party transactions continued
a number of these entities transacted with the group in the reporting period
the aggregate value of transactions and outstanding balances relating to key management personnel and entities 
over which they have control or significant influence were as follows
     transaction transaction balance  balance  
     value  value  outstanding  outstanding 
     year ended  year ended  as at  as at  
     31 december  31 december 31 december 31 december 
     2009 2008 2009 2008 
director company    £000 £000 £000 £000
s j nixon  abacus permanent limited   221 53 – 221
s j nixon  virtual processing limited   216 238 – 216
the group provided office space and services to abacus permanent limited and virtual processing limited during 
the year companies in which simon nixon controls over 90 of the voting shares the group recharged these two 
companies rent and associated services at the same levels as it recharged wholly owned subsidiary companies 
these rates were based on notional open market rents for similar offices in the locality in addition the group 
provided payroll services for these related companies fully recovering salaries paid in the normal course of trade 
with these related companies the group both charged and was charged for mortgage procuration fees the level of 
these fees were at arm’s length and mirrored the going rates in the open market
on 2 july 2009 rob budden a director of foomcom limited acquired 160 ordinary shares of £1 each in the 
capital of foomcom limited from making millionaires limited representing all of the shares in foomcom limited 
owned by the group in consideration for the future payment by rob budden of 5 of aggregate revenues of foom
com limited for each of the first five financial years that such aggregate revenues of foomcom limited are equal 
to or greater than £10000
on 18 september 2009 moneysupermarketcom financial group limited acquired from tim heidfeld formerly a 
director of icero gmbh all of the shares in icero gmbh owned by him in consideration for the payment by 
moneysupermarketcom financial group limited to tim heidfeld of €2500
21 post balance sheet events
there have been no significant post balance sheet events requiring disclosure business overview business review management corporate responsibility corporate governance financial statements general
73 moneysupermarketcom group plc  annual report 2009
company balance sheet
at 31 december 2009
       31 december 31 december 
       2009 2008 
      note £000 £000
fixed assets
investments      4 181688 181688
current assets     
debtors      5 55738 20820
cash at bank and in hand       597 27994
total current assets       56335 48814
creditors amounts due within one year     6 168 15168
net current assets       56167 33646
net assets       237855 215334
 
capital and reserves      
share capital      8 102 101
share premium      8 171207 171047
other reserves      8 16942 16942
profit and loss      8 49604 27244
       237855 215334
the financial statements were approved by the board of directors and authorised for issue on 23 february 2010 
they were signed on its behalf by
peter plumb 
paul doughty financial statements
74 moneysupermarketcom group plc  annual report 2009
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 £61445000
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 share based payments relating to awards to their employees the fair value of the recharge is 
recognised over the vesting period
dividends
dividends receivable are recognised when the company’s right to receive payment is established dividends 
payable to the company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the 
period in which the shareholders’ right to receive payment is established
taxation
tax on the profit or loss for the year comprises current and deferred tax tax is recognised in the profit and loss 
account except to the extent that it relates to items recognised directly in equity in which case it is recognised  
in equity
current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively 
enacted at the balance sheet date and any adjustment to tax payable in respect of previous years
deferred tax is recognised without discounting in respect of all timing differences between the treatment of 
certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date 
except as otherwise required by frs 19
2 sharebased payments
the analysis and disclosures in relation to sharebased payments are given in the consolidated financial statements 
in note 17 business overview business review management corporate responsibility corporate governance financial statements general
75 moneysupermarketcom group plc  annual report 2009
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 number of 
       employees employees 
       31 december 31 december 
       2009 2008
administration       5 2
the aggregate payroll costs of these persons were as follows  
       31 december 31 december 
       2009 2008 
       £000 £000
wages and salaries       1166 787
social security costs       601 99 
other pension costs       70 –
share based payments       1903 1947
       3740 2833
4 investments
 shares in subsidiary undertakings 
 £000
cost and net book value
at 31 december 2008 and 31 december 2009       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  31 december 
       2009 2008 
       £000 £000
amount due from subsidiary undertakings      55211 20812
other debtors       9 8
corporation tax       518 –
       55738 20820
6 creditors amounts falling due within one year
       31 december  31 december 
       2009 2008 
       £000 £000
amount owed to subsidiary undertaking      – 15040
accruals       168 128
       168 15168 financial statements
76 moneysupermarketcom group plc  annual report 2009
notes to the company financial statements continued
7 dividends
       31 december  31 december 
       2009 2008 
       £000 £000
declared and paid during the year
equity dividends on ordinary shares  
final dividend for 2007 163p per share      – 8098
interim dividend for 2008 13p per share      – 6539
final dividend for 2008 22p per share      11110 –
interim dividend for 2009 13p per share      6598 –
special dividend for 2009 493p per share      25022 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares       
final dividend for 2009 22p per share      11199 –
special dividend for 2009 491p per share      25006 –
during 2009 the company received dividends of £63000000 from moneysupermarketcom financial  
group limited
8 capital and reserves
authorised 
 2009 
i
 2008
     thousands £ thousands £
ordinary shares of 002p each     1154706 230941 1154706 230941
deferred shares of 002p each     95294 19059 95294  19059
     1250000 250000 1250000 250000
the following rights attached to the shares in issue during the year
ordinary shares
the owners of ordinary shares were entitled to returns of capital receive a dividend and vote 
during the year the company issued 2676662 2008 8049996 ordinary shares upon the exercising of 
unapproved share options by a number of senior management
issued and fully paid
  ordinary deferred 
number of shares  shares shares total
at 1 january 2008  496806066 95294118 592100184 
purchase and cancellation of deferred shares  – 95294118 95294118  
issued on exercising of unapproved share options 8049996 – 8049996
at 31 december 2008  504856062 – 504856062
issued on exercising of unapproved share options 2676662 – 2676662
at 31 december 2009  507532724 – 507532724 business overview business review management corporate responsibility corporate governance financial statements general
77 moneysupermarketcom group plc  annual report 2009
8 capital and reserves continued
  ordinary deferred 
£  shares shares total
at 1 january 2008  99361 19059 118420
purchase and cancellation of deferred shares  – 19059 19059 
issued on exercising of unapproved share options 1610 – 1610
at 31 december 2008  100971 – 100971
issued on exercising of unapproved share options 535 – 535
at 31 december 2009  101506 – 101506
the group has a number of share schemes under which options to subscribe for ordinary shares and conditional 
awards of ordinary shares in the company have been made to certain directors and employees of the group see 
note 17 of the consolidated financial statements
other reserves
      share other profit and 
      premium reserves loss 
      £000 £000 £000
at 1 january 2008      170565 16923 35366
shares issued      482 – –
total recognised profit in year      – – 2190
equity dividends      – – 14637
purchase and cancellation of deferred shares     – 19 –
share based payment      – – 4325
at 31 december 2008      171047 16942 27244
shares issued      160 – –
total recognised profit in year      – – 61445
equity dividends      – – 42730
share based payment      – – 3645
at 31 december 2009      171207 16942 49604
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 78 moneysupermarketcom group plc  annual report 2009
general
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
principal bankers
lloyds tsb bank plc
city office
po box 1000 bx1 1lt
financial pr
tulchan communications
sixth floor
kildare house
3 dorset rise
london ec4y 8en
registrar
capita registrars
northern house
woodsome park
fenay bridge
huddersfield hd8 0ga
telephone 0871 664 0300 uk 
 calls cost 10p per minute plus network  
 extras lines are open 830am530pm 
 mondayfriday  
 44 0208 639 3399 overseas 
email  moneysupermarketcapitaregistrarscom business overview business review management corporate responsibility corporate governance financial statements
79 moneysupermarketcom group plc  annual report 2009
general
enquiring about your shareholding
if you want to ask or need any information about your shareholding please contact our registrar see contact 
details above 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 accounts 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 for a dividend mandate form 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 wwwcapitadealcom 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 after the date of this  
annual report  80 moneysupermarketcom group plc  annual report 2009
declaration date of 2009 final dividend 24 february 2010
announcement of 2009 full year results 24 february 2010
exdividend date of 2009 final dividend 3 march 2010
record date of 2009 final dividend 5 march 2010
annual general meeting 31 march 2010
payment date of 2009 final dividend 1 april 2010
interim management statement  april 2010
half year end   30 june 2010
announcement of 2010 half year results august 2010
interim management statement november 2010
full year end  31 december 2010
announcement of 2010 full year results  february 2011
 exact dates to be confirmed
further copies of this annual report are available from the company’s registered office or may be accessed 
through the group’s website wwwmoneysupermarketcom 
general
financial calendar business overview business review management corporate responsibility corporate governance financial statements general
81 moneysupermarketcom group plc  annual report 2009
shareholder notes 82 moneysupermarketcom group plc  annual report 2009
shareholder notes revenue split by vertical  £m
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
0 5177
0 18216
000 039
0 35178
0 15003
000 194
000 382
0 15385
000 314
00 52
0 24830
0 38149
000 051
0 48924
000 066
000 252
35131
visitors 000 
35178   0
2009 35178
2008
transactions 000
11650   22
2009 11650
2008 15003
revenue per visitor £
108
2009 108
2008 194
revenue per transaction £ 
282
2009 282
2008 382
visitors 000 
24143  3
2009 24143
2008 24830
transactions 000
13189   14
2009 13189
2008 15385
revenue per visitor £ 
313
2009 313
2008 313
revenue per transaction £ 
520
2009 520
2008 433
revenue per transaction £
051
2009 051
2008 044
038
revenue per visitor £ 
038
2009
2008 039
42970
visitors 000 
42970  12
2009
2008 48924
transactions 000
28904   24
2009 28904
2008 38149
visitors 000 
18216  62
2009 18216
2008 11245
transactions 000
5177  79
2009
2008 2891
5177
revenue per visitor £
030
2009 030
2008 066
revenue per transaction £
103
2009 103
2008 252
2008 2009
2008 2009
1 moneysupermarketcom group plc  annual report 2009 2 moneysupermarketcom group plc  annual report 2009
moneysupermarketcom at a glance
how do we operate
our comparison services offer a compelling proposition both to 
our customers and to product providers
our customers are able to search and compare products by price 
product features and service in one place so that they can choose 
the product most suited to their needs this saves our customers 
valuable time and helps our customers to make the most of their 
money – always important but never more so than during uncertain 
economic times
to providers we strive to offer the most cost effective solution to 
customer acquisition in our chosen business areas by matching the 
right customer to the right provider we offer our providers an 
efficient and completely measurable media tool we have 
considerable volumes of informed customers actively looking for the 
product most suited to their needs and ready to purchase this 
enables product providers and advertisers to target their marketing 
spend most effectively
our online services are free to our customers our revenue comes 
predominantly from fees paid to us by product providers and 
advertisers either when our customer clicks through to their website 
or when our customer actually applies for or purchases a product 
how do we measure our 
performance 
we use a number of key performance indicators kpis to measure 
our performance against our strategy these are reviewed on a 
regular basis the principal kpis for each of our verticals are
money products 
compared include
loans •	
c re d i t 	 ca rd s •	
c ur r e n t 	 a c c o un t s •	
s a v i n g s 	 a c c ou n t s •	
kpis
insurance products 
compared include
motor •	
home •	
travel •	
breakdown •	
kpis
travel products 
compared include
flights •	
hotels •	
p a c k a ge 	 h o l i d a y s •	
ca r 	 h i r e •	
kpis
home services 
products compared 
include
utilities •	
mobiles •	
v o u c her s •	
shopping •	
kpis
travel
home
services
insurance money
3
2
1
4
3
2
1
4
1 money  683
2 insurance  777
3 travel 191
4 home services 74
1 money  381
2 insurance  757
3 travel 163
4 home services 55 moneysupermarketcom
 business overview
1 at a glance
3 highlights
4 our strategy
 business review
8 chairman’s statement
9 the market at a glance
10 chief executive’s report
14 financial and business review
22 principal risks and  
uncertainties
 management
24 board of directors and  
company secretary
 corporate responsibility
26 corporate responsibility  
report
 corporate governance
28 directors’ report
33 corporate governance report
38 audit committee report
40 nomination committee report
41 directors’ remuneration report
49 independent auditor’s report
 financial statements
50 consolidated financial statements
54 notes to the consolidated 
financial statements
73 company financial statements
74 notes to the company 
financial statements
 general
78 shareholder information
80 financial calendar
contents
our objective is to help 
every household to make 
the most of their money 
we do this by providing our customers with a 
free online service enabling them to compare 
a wide range of products and to find the one 
most suited to their needs our customers can 
compare products by price product features 
and service
we provide these services through our two 
market leading brands moneysupermarketcom 
and travelsupermarketcom
moneysupermarketcom group plc   annual report 2009
moneysupermarketcom group plc
annual report 2009
helping every    
household
to make the 
most of their 
money
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


Summary:
 10 moneysupermarketcom group plc  annual report 2009
chief executive’s report
peter plumb
chief executive officer
this is a great business with hugely 
dedicated and skilled employees who 
have a passionate focus on helping our 
customers make the most of their money
q what have been 
your main priorities and 
achievements in your first 
year as chief executive 
officer 
a i was appointed chief executive 
officer during what can only be 
described as an unprecedented 
global financial crisis and a uk 
recession this of course helped 
to shape the main priorities for 
my first year those priorities were 
reshaping the business for lower 
volumes ensuring critical investment 
remained prioritised to capitalise on 
a returning market as and when it 
happens and most of all focusing 
our organisation even further on 
helping our customers make the 
most of their money
the first six months of the year were 
spent stabilising and reshaping the 
business we reduced our team by 
approximately 80 people a burden 
shared across the business and at all 
levels delivering an annualised 
saving in excess of £2m 
our marketing team was challenged 
to deliver ‘more for less’ our online 
marketing spend including both 
search engine marketing and 
partners was significantly reduced 
this was delivered through the use 
of sophisticated bid management 
tools and additional investment in 
our marketing team to harness 
further the benefits our brand 
expert content and breadth of 
services give us in natural online 
search we also reduced our offline 
marketing spend television 
advertising spend achieved much 
greater ‘cut through’ with our 
‘savings on household bills’ 
campaign fronted by peter jones 
this campaign played a strong role 
when combined with our extensive 
pr coverage in building our brand 
trust with customers 
in the second half of the year we 
increased our investment in our core 
systems as we continued our focus 
on product development and 
innovation this resulted in a 
significantly improved motor 
insurance channel being launched in 
beta during the year which went 
fully live in february 2010 in 
january 2010 we also launched an 
improved credit card channel and 
have a programme of delivery in 
place for other major channels in 
2010 together this will significantly 
improve our customer proposition 
and customer experience in these 
important channels
my final and most important priority 
has been to place our customers 
even further into the heart of our 
business we now run regular focus 
groups testing out new ideas with 
real customers we have continued 
to invest in better analytics tools this 
year giving our design teams 
granular data on how customers use 
and interact with our services
business review business overview business review management corporate responsibility corporate governance financial statements general
11 moneysupermarketcom group plc  annual report 2009
the uk’s 
favourite 
comparison 
site
q how have you worked 
with simon nixon 
a first and foremost as a major 
shareholder in the company and as 
an executive director simon has 
been very supportive of our new 
strategy and vision on a personal 
level simon and i compliment 
each other and work well together 
simon’s industry expertise has 
helped me settle into my role 
quickly 
in his new role simon has focused 
on product development and 
innovation across the group areas 
he is passionate about and in which 
he clearly has a great deal of 
knowledge and experience 
q clearly the global 
financial crisis has 
negatively affected 
most businesses what 
has been the impact on 
moneysupermarketcom 
a as a business working in the 
financial services sector we have 
clearly and directly been affected by 
the tightening of credit markets and 
downturn in the economy during 2009 
which has made trading challenging
in 2009 group revenue declined by 
23 to £1369m and adjusted 
ebitda declined by 26 to £360m 
from £484m in 2008 the group 
maintained its overall market share 
although it surrendered some share 
in travel which was managed for 
margin in a declining market
the group was able to successfully 
flex its cost base to protect its 
operating margins the group has 
remained strongly cash generative and 
ended 2009 with no debt and a cash 
balance of £538m after the payment 
of the special dividend and the interim 
dividend on 16 october 2009
in the first quarter of the year we 
closed the noncore intermediary 
business primarily due to the 
difficulties faced in the mortgage 
market last year
the insurance vertical remains the 
group’s largest vertical accounting 
for 55 of group revenue up from 
44 in 2008 home and travel 
insurance performed particularly 
well however the motor insurance 
market remained very competitive in 
2009 with increased advertising 
spend by some competitors we 
maintained a clear strategy of only 
acquiring visitors at a level which 
made financial sense this resulted in 
a decline in revenue for the year 
however in the second half of the 
year following the launch of the 
peter jones campaign and 
improvements to the website the 
insurance vertical grew over the 
same period last year
in a year of financial uncertainty for 
our customers visitors to our money 
vertical remained consistent however 
with a shortage of credit products 
particularly in the first half of the year 
revenue decreased in the year by 44 
to £381m the secured lending market 
in particular suffered from a radical 
reduction in the supply of credit and a 
tightening of underwriting criteria 
the travel vertical also suffered in 
2009 with revenue declining by 15 
to £163m following market trends 
and the business was actively 
managed for margin  12 moneysupermarketcom group plc  annual report 2009
chief executive’s report continued
business review
travelsupermarketcom was 
redesigned during 2009 improving 
the customer proposition and 
customer usability of the site during 
the year we launched a cruise 
channel increasing the breadth of 
offering in the travel vertical 
revenue in the home services 
vertical declined substantially in 
2009 compared to 2008 chiefly due 
to a year of more stable gas and 
electricity prices compared to 2008 
during the fourth quarter the group 
relaunched its vouchers channel 
enabling customers to obtain 
discounts on a much wider range of 
different products and services
as a business that concentrates on 
helping every household to make 
the most of their money our 
customer proposition is more 
important now than ever
q what are your plans for 
2010 and beyond 
a the actions we took in 2009 will 
provide a strong platform for 2010 
and i am confident that we will see 
the results of that work during the 
year and into 2011 
we have set out on pages 4 to 7 the 
key elements of our strategy for 
2010 as we continue to focus on 
how we can help households make 
the most of their money 
we will continue our development 
momentum across the business 
ensuring that in 2010 our 
customers continue to receive 
market leading services whilst 
building a better service 
infrastructure for our providers
we will continue to work closely 
with our providers to ensure that we 
offer our customers the best 
possible range of products and 
deals our dedicated rates team 
constantly scour the market for 
changing rates and deals striving to 
offer customers the capability to 
compare the whole of market and 
best buy products
our redeveloped channels provide a 
richer data set on our customers 
this will ensure we are better placed 
to talk to our customers about 
relevant services and deals our 
customer communication 
programme will become an ever 
more important part of our business 
as we build long term relationships 
with our customers
most importantly we will complete 
the rollout of our new advertising 
campaign ‘a great deal easier’ 
fronted by omid djalili our brand 
adverts were aired in early january 
shortly followed by our new motor 
insurance adverts in mid january 
the adverts have been well received 
by our customers
q this seems to be 
different to your strategy 
for 2009 what has 
changed 
a although the recession meant 
that my priority was to stabilise 
the business in a market with 
significantly lower credit availability 
and travel product demand we 
continued investment in teams and 
technology for the long term good 
of our business investments were 
made against the clear strategic 
template i referred to above
the major changes in strategy  
have been ones of marketing 
priorities and our approach to 
international operations 
with our new offline marketing 
campaign we will be looking for 
greater ‘cut through’ than we have 
achieved with previous campaigns it 
is a very competitive market  
and what you say is potentially  
more important than how much  
you spend
on international we have stronger 
ambitions than ever to take our 
model to new markets however our 
green field market entry test in 
germany has taught us a great deal 
this year germany a country whose 
personal finance market did not 
escape the global crisis has proven to 
be very different to operate in our 
innovative personalised loans website 
went live during 2009 and is the most 
sophisticated service in germany 
however we have learnt a great deal 
about the need in germany to 
support online service offline in the 
uk customers are happy to self serve 
but in germany a degree of offline 
support is required through a 
dedicated telephone support team 
the economics of such a service is 
much less attractive and indeed 
expensive as an organic entry 
strategy we are therefore winding 
down this test whilst we explore other 
options for international growth
q what do you see as 
moneysupermarketcom’s 
key strengths 
a we are a business with many 
important strengths principally i see 
them as team scale and brand
this year has seen a major 
transformation within our business 
in how we build and enhance our 
website based on customer 
behaviour we start 2010 with a 
much more agile business both 
curious and innovative although 
2010 will see a continued website 
development plan our core motor 
home and credit card channels will 
be able to respond to market  business overview business review management corporate responsibility corporate governance financial statements general
13 moneysupermarketcom group plc  annual report 2009
changes in almost real time 
something we certainly were  
unable to do last year our new 
executive team brings a strong mix 
of skills to the business ranging from 
blue chip marketing to hands on 
provider experience
we are the uk’s number one price 
comparison website and our scale 
brings distinct benefits to our 
business in two main ways firstly 
our breadth of services means that 
customers have many reasons to 
visit us throughout the year to make 
the most of their money this not 
only gives us the financial benefits of 
a diversified product range but also 
gives us a real opportunity to cross 
sell products from our different 
verticals secondly we gain benefits 
from our marketing efficiency both 
online and offline an area that we 
made good progress on in 2009
our business is now 10 years old 
moneysupermarketcom is a very 
valuable brand which is highly 
recognised and trusted by our 
customers 
q what do you think will 
be the challenges for the 
year ahead
a 2010 will be another challenging 
year for the business as we seek 
to execute our strategy outlined 
above and focus on delivering 
our ambitious plans for 2010 and 
beyond 
there will remain challenges in  
the wider economy this year 
particularly in the credit markets 
and it will be critical that we remain 
flexible and responsive to changing 
market conditions and evolving 
customer needs 
our breadth of services will however 
continue to be a source of great 
strength we will continue to focus 
on our customers and on making 
sure that we offer them the best 
range of products ensuring that 
whatever their financial needs we as 
a business can help them make the 
most of their money in 2010
q when do you expect 
things to improve 
a clearly 2009 has been a difficult 
year for the group however we 
have maintained market share in key 
verticals and i believe the business 
has now stabilised with the worst 
behind us
i remain confident that the work we 
are doing across the business and 
the enhancements we have made 
and will continue to make in 2010 
will ensure the group is well 
positioned to capitalise on its 
strengths when growth returns to 
our markets
i am very much looking forward to 
2010 and beyond this is a great 
business with hugely dedicated and 
skilled employees who have a 
passionate focus on helping our 
customers make the most of their 
money that’s a good place to start 
2010 from 
peter plumb
chief executive officer