moneysupermarketcom group plc
annual report 2010
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
helping every 
household to 
make the most 
of their money
moneysupermarketcom group plc  annual report 2010 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
	 b u si ne s s 	 ov e rv i ew
  1   hi gh l i gh ts
  2   o u r   b u s i n e ss   m o d e l
	 b u si ne s s 	 r e v i ew
  8   c h a i rm a n ’ s   s t a t e m e nt
1 0   c h i e f   ex e c u t iv e ’ s   r e p o rt
1 4   fi n a n c i a l   a n d   b u s i n e ss   r e vi e w
22   p ri n c i p a l   r i s ks   a n d   u n c e rt a i nt i e s
	 man a gem en t
2 4   b o a rd   o f   d i r e ct o rs   a n d   c o m p a n y   se c r e t a r y
	 c or p ora t e 	 r e s p on s i b i li ty
2 6   c o rp o ra t e   r e s p o n s i b i l i ty   r e p o rt
	 c or p ora t e 	 g o v er n an c e
2 7   d i r e ct o rs ’   r e p o rt
3 1   c o rp o ra t e   g o v e rn a n c e   r e p o rt
35   a u d i t   c o m m i tt e e   r e p o rt
36   n o m i n a t i o n   c o m m i tt e e   r e p o rt
3 7   d i r e ct o rs ’   r e m u n e ra t i o n   r e p o rt
43   i n d e p e n d e nt   a u d i t o r ’ s   r e p o rt
	 f i n an c ial 	 s t a t em en ts
44   c o n s o l i d a t e d   s t a t e m e nt   o f   c o m p r e h e n s iv e   i n c o m e
45   c o n s o l i d a t e d   s t a t e m e nt   o f   fi n a n c i a l   p o s i t i o n
46   c o n s o l i d a t e d   s t a t e m e nt   o f   c h a n g e s   i n   e q u i ty
4 7   c o n s o l i d a t e d   s t a t e m e nt   o f   c a s h   fl o ws
48   n o t e s   t o   t h e   c o n s o l i d a t e d   fi n a n c i a l   s t a t e m e nts
6 7   c o m p a n y   b a la n c e   s h e e t
68   n o t e s   t o   t h e   c o m p a n y   fi n a n c i a l   s t a t e m e nts
	 g en eral
7 1   s h ar e h o l d e r   i n fo rm a ti o n
7 2   fi n an c i al   c al e n d ar
use the contents to jump 
straight to the section  
you require business overview business review management corporate responsibility corporate governance general financial statements
1 moneysupermarketcom group plc
annual report 2010
our financial highlights
revenue increased by 9 from £1369m  • 
to £1489m
second half revenue increased by 13 • 
adjusted ebitda • 
1
 increased by 14 from 
£360m to £410m
second half adjusted ebitda • 
1
 increased  
by 32
gross margin increased from 689  • 
to 713
final dividend of 253p per share • 
total dividend for the year of 383p  • 
per share
cash balances of £366m at 31  • 
december 2010
profit after tax of £77m • 
certain share option charges relating to directors senior management and  1 
other employees of the group arising from when the group listed or when it  
was privately owned and costs relating to the acquisition of financial services  
net limited 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
our operational highlights
market leading position and market share • 
maintained
significant improvements in the website • 
offering including
new credit card channel launched • 
january 2010
new motor insurance channel launched • 
february 2010
new home insurance channel launched • 
june 2010
direct to site revenue increased from  • 
62 to 67 business overview
2 moneysupermarketcom group plc
annual report 2010
our providers
we work with many of the leading providers in our 
chosen business areas to ensure our customers get 
the widest range of products and the best deals
how do we operate
our comparison services  
offer a compelling proposition 
both to our customers and  
to product providers
our customers
we provide our customers with a 
free online service enabling them to 
search and compare a wide range of 
products by price product features 
and service in one place our 
customers can then 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
in addition to our comparison 
services we help and support our 
customers to research the product 
they wish to purchase this includes 
news articles guides video blogs 
web chats and the ability to ask the 
views either directly of our employees 
or other customers in our forums
we also send emails to our 
customers enabling them to keep  
up to date with the latest deals 
offers and best buys on a wide  
range of products
how are we paid
our revenue comes 
predominantly from fees paid 
to us by product providers 
and advertisers when a 
customer clicks through to 
their website and actually 
applies for or purchases a 
product it is a success based 
marketing fee business overview
2 moneysupermarketcom group plc
annual report 2010
our providers
we work with many of the leading providers in our 
chosen business areas to ensure our customers get 
the widest range of products and the best deals
how do we operate
our comparison services  
offer a compelling proposition 
both to our customers and  
to product providers
our customers
we provide our customers with a 
free online service enabling them to 
search and compare a wide range of 
products by price product features 
and service in one place our 
customers can then 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
in addition to our comparison 
services we help and support our 
customers to research the product 
they wish to purchase this includes 
news articles guides video blogs 
web chats and the ability to ask the 
views either directly of our employees 
or other customers in our forums
we also send emails to our 
customers enabling them to keep  
up to date with the latest deals 
offers and best buys on a wide  
range of products
how are we paid
our revenue comes 
predominantly from fees paid 
to us by product providers 
and advertisers when a 
customer clicks through to 
their website and actually 
applies for or purchases a 
product it is a success based 
marketing fee 4 moneysupermarketcom group plc
annual report 2010
5 moneysupermarketcom group plc
annual report 2010
3 moneysupermarketcom group plc
annual report 2010
4 moneysupermarketcom group plc
annual report 2010
5 moneysupermarketcom group plc
annual report 2010
3 moneysupermarketcom group plc
annual report 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
our providers
we strive to offer our providers 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 typically only incurring a cost  
if a customer purchases a product
the money vertical offers 
customers the opportunity  
to search for and compare 
financial products including
loans •	
credit cards •	
savings •	
current accounts •	
the insurance vertical offers 
customers the opportunity  
to search for and compare 
insurance products including
motor •	
home •	
travel •	
life •	
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010 4 moneysupermarketcom group plc
annual report 2010
5 moneysupermarketcom group plc
annual report 2010
3 moneysupermarketcom group plc
annual report 2010
4 moneysupermarketcom group plc
annual report 2010
5 moneysupermarketcom group plc
annual report 2010
3 moneysupermarketcom group plc
annual report 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
our providers
we strive to offer our providers 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 typically only incurring a cost  
if a customer purchases a product
the money vertical offers 
customers the opportunity  
to search for and compare 
financial products including
loans •	
credit cards •	
savings •	
current accounts •	
the insurance vertical offers 
customers the opportunity  
to search for and compare 
insurance products including
motor •	
home •	
travel •	
life •	
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010 6 moneysupermarketcom group plc
annual report 2010
6 moneysupermarketcom group plc
annual report 2010
6 moneysupermarketcom group plc
annual report 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
flights •	
p ac k a g e 	 h o l i da y s •	
c ar 	 h i r e •	
ho t els •	
the travel vertical offers  
customers the opportunity 
to search for and compare 
travel products including 7 moneysupermarketcom group plc
annual report 2010
7 moneysupermarketcom group plc
annual report 2010
7 moneysupermarketcom group plc
annual report 2010
business overview business review management corporate responsibility corporate governance general financial statements
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
 
  
transactions m
up 44
revenue per
transaction £
down 22
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
112
182
240
066
030
026
29
52
75
252
103
080
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
down 23
revenue per
transaction £
up 11
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
489
430
379
039
038
037
381
289
221
044
051
057
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
transactions m
up 7
revenue per
transaction £
up 8
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
248
241
255
313 313
332
154
132
141 433
520
561
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
visitors m
down 10
revenue per visitor £
up 27
  
visitors m
down 12
revenue per visitor £
down 3
  
visitors m
up 32
revenue per visitor £
down 11
  
visitors m
up 6
revenue per visitor £
up 6
  
transactions m 
up 17 
revenue per
transaction £ 
up 2
revenue
£683m
2009 £760m
visitors
351m 
2009 277m
351 352
318
194
108
139
150
117
136
382
282
289
2008 2009 2010 2008 2009 2010
2008 2009 2010 2008 2009 2010
utilities •	
m o b ile	p h on es •	
s h o p ping •	
b road band •	
the home services vertical 
offers customers the opportunity 
to search for and compare home 
services products including 8 moneysupermarketcom group plc
annual report 2010
t r a d i n g 	 i m p r o v e d 	 i n 	 t h e 	 s e c o n d 	 h al f 	 o f 	 t h e	
y e a r 	 w i t h 	 r e v e n u e 	 u p 	 1 3  	 a n d 	 a d j u s t e d	
e b i t d a 	 u p 	 3 2  	 c o m p a r e d 	 t o 	 t h e 	 s e c o n d 	 h al f	
o f 	 2 0 0 9  	 t h i s 	 m o m e n t u m 	 h a s 	 c o n t i n u e d 	 i n t o	
2 0 1 1 	 w h i c h 	 h as 	 be gu n 	 w e l l 
g e ra l d 	 co r be t t	
ch a i r m a n
chairman’s statement 
results
against a tough economic backdrop in 2009 the new 
management team stabilised the business – reducing cost 
improving our basic business processes and establishing an 
investment programme in product and brand that would 
provide a solid platform to return the business to growth
we saw the benefits of these actions in 2010 in both revenue 
and profitability revenue improved throughout the course of 
the year and ended the year 9 ahead as a whole having been 
5 ahead at the end of the first half of the year adjusted 
ebitda increased by 14 in the year having been broadly flat at 
the end of the first half as a result of our front loaded 
investment programme
profitability improved markedly in the second half of the year 
increasing by 32 over the same period in 2009 as the group 
began to see the benefits of its investment programme
these results reflect the continuing strength and diversity  
of our business model as our insurance money and home 
services verticals all grew helping to offset the declines 
experienced in our travel vertical which continued to suffer  
in line with the rest of the travel market and consequently 
continued to be managed for margin
dividend
the company paid an interim dividend of 13p per ordinary 
share on 17 september 2010 consistent with the interim 
dividends paid in 2008 and 2009
during the year the business continued to generate cash and we 
ended the year with cash balances of £366m with the business 
growing the board is recommending a final dividend of 253p per 
ordinary share a 15 increase on the final dividend paid in 2008 
and 2009 excluding the impact of special dividends if approved 
by shareholders at the forthcoming annual general meeting  
this will bring the total dividend for the year to 383p per ordinary 
share and will be paid on 13 may 2011 to all shareholders on the 
register at 8 april 2011 
strategic progress
the 2010 results are a reflection of the implementation of the 
group’s strategy outlined in early 2010 having taken decisive 
action in 2009 in response to the global financial crisis and 
realigned the cost base the focus in 2010 has been on growing 
the business 
we continued to invest during 2010 in opportunities for 
profitable growth through the launch of enhanced market 
leading motor insurance home insurance savings and credit 
card channels together with the acquisition of financial 
services net limited which provides a platform for the group  
to broaden its brand offering to a wider range of customer 
segments in the money and insurance verticals 
our strategy will continue to underpin the group throughout 
2011 as we launch further enhanced market leading channels 
to ensure we deliver the best customer experience through our 
websites and as we ensure our customers have the tools they 
need to compare products based on the features that are 
important to them
outlook
the new year has begun well and whilst we remain alert to  
the continuing uncertainty in the wider economic environment 
we are confident that the worst is behind us and that we will 
continue to grow in 2011 our strong market positions and our 
diversified business model will remain key strengths as 
economic conditions improve
governance and the board
since the group listed on the london stock exchange in  
2007 our board and executive governance structures have 
continually developed and improved we believe that good 
governance reduces risk and adds value to the business management corporate responsibility corporate governance general financial statements
9 moneysupermarketcom group plc
annual report 2010
business overview business review
following the changes to the board in early 2009 with the 
appointment of peter plumb as chief executive officer together 
with the appointments of graham donoghue and david osborne 
as executive directors in april 2010 the board appointed bruce 
carnegiebrown as an additional nonexecutive director 
bruce has brought a wealth of experience in the financial 
services sector to the business and has provided greater 
balance to the board
with the implementation of the uk corporate governance  
code all of our directors will retire at this year’s annual 
general meeting and being eligible will offer themselves  
for reelection
employees
2010 saw valuable additions to our team as we continued to 
position the business for future growth the quality of our 
people continues to be a core strength and i am delighted  
that we have further enhanced our capabilities in so many  
parts of the business 
our results this year are down to the performance of  
peter plumb his management team and all the employees  
who continue to build the business i would like to thank  
them all for their skill and hard work during the year 
annual general meeting
the annual general meeting will be held at 1100am on 
wednesday 4 may 2011 at doubletree by hilton chester hotel 
warrington road hoole chester ch2 3pd and i look forward 
to seeing you there
gerald corbett
chairman
  10 moneysupermarketcom group plc
annual report 2010
review of the year
in 2010 we made good progress against our strategic plan  
we benefited from the tough cost cutting measures we took in 
the first half of 2009 and the investments made in both it and 
marketing during the second half of 2009 as a result the 
group’s revenue increased in 2010 by 9 from £1369m  
to £1489m and adjusted ebitda increased by 14 from  
£360m to £410m
excluding travel we delivered robust revenue growth of 13 
despite the challenging economic conditions during the year 
our motor insurance channel had a particularly strong year 
despite the competitive market place delivering revenue growth 
of 18 
our customers experienced motor insurance policy inflation of 
more than 25 as motor insurers acted to recover increased 
costs of personal injury claims and reduced investment 
returns this trend appears to be continuing into 2011 
our credit cards channel was the second strongest growth driver 
in 2010 as the year progressed a growing range of credit cards 
were made available to customers 2011 starts with more credit 
card products available than in january 2010 our home 
insurance and savings channels also had a good year with  
strong second half revenue growth after their relaunch
our travel business was not immune from the challenging 
economic conditions throughout 2010 as the travel market 
continued to decline we managed the business for margin with 
the consequence that revenue declined by 14 compared to 
2009 during the year we reviewed the travel market worked 
with our customers to understand their online travel needs  
and rebuilt our package holidays channel ready for its relaunch 
in january 2011
our marketing team continued to drive efficiency through our 
2010 campaigns reducing our overall media investment from 
45 of group revenue in 2009 to 43 of group revenue in 2010 
whilst still delivering 9 revenue growth 
key strategic priorities
b e s t 	 p r o d u ct s
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 can not  • 
get a better deal anywhere else
chief executive’s report
2 0 1 0 	 w as 	 a 	 g o o d 	 y e ar 	 f o r 	 t h e 	 g r o u p  	 b o t h	 	
i n 	 t e r m s 	 o f 	 fi n an c i al 	 p e rf o r m an c e 	 an d 	 s t r a t e gi c	
d e v e l o p m e n t  	 w e 	 ar e 	 i n 	 a 	 s t r o n g 	 p o s i t i o n	 	
t o 	 t ak e 	 ad v an t a ge 	 o f 	 an y 	 o p p o rt u n i t i e s 	 as 	 t h e y 	 ar i s e 
p e t e r 	 p l u m b	
ch i e f 	 e x e cu t i v e 	 o f fi c e r management corporate responsibility corporate governance general financial statements
11 moneysupermarketcom group plc
annual report 2010
business overview business review
this was achieved through flat online media spend but 
increased offline investment focused on building our brand 
awareness through tv and radio advertising our ‘haggle hero’ 
campaign featuring omid djalili resonated with the british 
public as he challenged us all to ‘save super amounts of money’ 
at moneysupermarketcom 
as a sector price comparison remained fiercely competitive 
especially in the motor insurance market however we stuck  
to our strategy of only targeting visitors who we were confident 
would use our services and be profitable to both ourselves and 
our providers 
review of the group’s strategic progress during 2010
in last year’s report we outlined the group’s strategy which  
is also outlined in my report although simple it requires 
complete focus on building a long term brand and relationships 
with our customers and providers the four elements of the 
group’s strategy are to
build the best shop • 
stock our shop with the best products • 
use data to make life easier for our customers • 
build an every day brand • 
this strategy has ensured that the group has remained 
completely focused as one team on building a successful long 
term business during 2010 we have made significant progress 
against our strategy as outlined below 
building the best shop
in the second half of 2009 and the first half of 2010 we increased 
our it investment programme rebuilding our core channels 
new credit cards savings home insurance motor insurance 
and energy channels were launched during the year 
our approach has been to engage both providers and 
customers in the design process ensuring product features  
and price can be fully explored by customers and product 
benefits can be promoted by providers ultimately customer 
feedback after launch is what counts and on these rebuilt 
channels it has been extremely encouraging with motor 
insurance home insurance and credit cards all being voted 
market leading 
stocking our shop with the best products
our business is based on the ‘success fee’ marketing model  
in which the majority of our providers only pay a fee for 
customers who purchase their product we constantly strive  
to offer the most cost effective route to market for our providers 
which requires a great understanding of their business models 
and needs
having invested in building a stronger more experienced sales 
team i am pleased to be able to report that our relationships 
with our key providers are strong this helped to ensure that we 
received significant allocations of their marketing spend and 
were able to secure exclusive market leading deals for our 
customers across our business the result was that during 
2010 we increased the number of paying providers on the 
group’s websites
using data to make life easier for our customers
we only want our customers to have to enter their details once 
so that it becomes ever easier for them to make the most of 
their money and to find the best and most relevant products
we spent 2010 increasing both our data analysis and customer 
relationship management crm capabilities the result of this 
work is that we now look after data for more than 10 million 
individuals and talk on a regular basis to many of them through 
our weekly moremoney communication and personalised 
marketing campaigns  12 moneysupermarketcom group plc
annual report 2010
as an indication of the progress we have made our revenue 
from our crm campaigns increased by 74 in 2010 compared 
to 2009 we will continue to build out our crm capability in 2011 
across our business 
building an every day brand
our 2010 offline advertising campaign ‘a great deal easier’ 
featuring omid djalili as our ‘haggle hero’ proved to be very 
successful our increased offline investment communicated 
our breadth and depth of products on both tv and radio 
online we continued to optimise our marketing spend we 
exited or scaled back a number of portal partnership deals 
which although delivering visitor numbers were uneconomic 
due to the lower propensity such visitors had to actually use  
our services and purchase products 
our investment in paid search also continued to be optimised 
through our bid management systems resulting in a flat spend 
whilst we experimented with facebook advertising particularly 
for financial products
during 2010 we acquired financial services net limited fsn 
fsn owns and operates a number of highly relevant financial 
services websites which provide a platform for the group to 
broaden its brand offering to a wider range of customer 
segments in the money and insurance verticals
2011 strategy
i see no need for a change of strategy in 2011 our focus on 
building the best shop and stocking it with the best products 
has served us well over the past 18 months we have a strong 
energised team and a growing brand
our continued investment programme means that we enter 
2011 with rebuilt package holidays and stocks and shares isa 
channels we have also completed the roll out of our innovative 
‘smart channels search’ tool to all credit card categories 
allowing customers to check their likelihood of acceptance 
before applying for a card – a great service to customers and  
providers alike
chief executive’s report continued
key strategic priorities
b e s t 	 s h o p
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
ensuring our customers have the tools • 
they need to compare products based 
on the features that are important  
to them
data
protecting data and keeping it safe • 
enabling our customers to store their • 
details to improve their experience 
when they visit us again management corporate responsibility corporate governance general financial statements
13 moneysupermarketcom group plc
annual report 2010
business overview business review
2011 started with some entertaining new adverts with  
john prescott promoting our motor insurance business and 
jedward relaunching travelsupermarketcom after two years 
off air this year we are proud to be the new sponsors of itv’s 
britain’s got talent which gives us a unique and exciting 
opportunity to broaden our brand reach across the uk in a way 
that standard advertising can not this is a key component of 
our brand strategy for this year
we will continue to build stronger and deeper relationships with 
our providers ensuring we deliver a valuable and cost effective 
service to them 
summary
2010 was a good year for the group both in terms of financial 
performance and strategic development 
our strong market positions the clear strategic focus of the 
group the cash generative nature of our business and our 
diversified business model all provide a solid platform for the 
group to grow we are in a strong position to take advantage of 
any opportunities as they arise 
peter plumb
chief executive officer
key strategic priorities
b rand
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 14 moneysupermarketcom group plc
annual report 2010
financial and 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 2010 and 31 december 2009 along with a reconciliation to adjusted ebitda revenue in 2010 was £1489m  
2009 £1369m which generated a net profit after tax of £77m 2009 £19m 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 2010
       2010  2009 
       £000  £000
revenue       148892 136874
cost of sales       42763 42627
gross profi t       106129 94247
distribution expenses       21621 18446
 administrative expenses – excluding directors’ and senior managers’ sharebased compensation  71920 69140
 administrative expenses – directors’ and senior managers’ sharebased compensation and related costs 1851 4355
administrative expenses       73771 73495
profit from operating activities       10737 2306
reconciliation to adjusted ebitda  
profit from operating activities       10737 2306
sharebased compensation       554 4067
amortisation of intangible assets       24194 25200
costs relating to the acquisition of financial services net limited     668 –
depreciation       4851 4436
adjusted ebitda       41004 36009
adjusted earnings per ordinary share  
– basic p       52 46
– diluted p       50 45
notes
1 basis of preparation
the results show the trading results for the years ended 31 december 2010 and 31 december 2009 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 £240m and £252m expensed in 2010 and 2009 
respectively management corporate responsibility corporate governance general financial statements
15 moneysupermarketcom group plc
annual report 2010
business overview business review
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 
2009 and 2010
on 14 october 2010 the group acquired financial services • 
net limited the group incurred costs of £07m in relation  
to the acquisition including settling both its own and the 
sellers’ professional fees associated with the acquisition 
the acquisition also gave rise to £61m of intangible assets 
which are to be written off over a period of 310 years and 
which gave rise to an amortisation charge of £02m in the 
current period
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 prelisting share option charges and costs 
incurred in relation to the acquisition of financial services  
net limited the basis for calculating adjusted earnings per 
share is described on page 21
overview
revenue for the year was £1489m 2009 £1369m generating 
adjusted ebitda of £410m 2009 £360m with trading 
improving throughout the course of the year
during 2010 the group has continued to focus on developing 
and enhancing its existing product portfolio while continuing to 
develop its brand building on the momentum of the second half 
of 2009
this investment has delivered significant improvements to our 
website during the year including new credit cards and savings 
channels in the money vertical new motor and home insurance 
channels in the insurance vertical a new package holidays 
channel in the travel vertical the launch of a new mobile 
application for vouchers and a new energy channel in the home 
services vertical 
the group continued to develop its brand proposition launching 
a new television advertising campaign featuring comedian  
omid djalili in the first quarter of 2010 this has helped the 
group to grow its gross margins as the proportion of direct to 
site revenue has increased as detailed below the group 
invested an additional £33m in its media campaign in 2010 
offline advertising spend increased to approximately one third 
of total spend from around 25 historically moving forward 
offline marketing is likely to represent a greater part of the total 
marketing mix
financial performance
revenue increased by 9 to £1489m 2009 £1369m and 
adjusted ebitda increased by 14 to £410m 2009 £360m 
the group saw solid revenue growth in its insurance money 
and home services verticals whilst travel revenue declined in 
what remains a challenging economic environment for 
consumers revenue improved throughout the course of the 
year with fourth quarter uk internet revenue 15 ahead of the 
same period last year ebitda in the second half of the year 
was 32 ahead of the same period last year
group gross margin at 713 improved by more than two 
percentage points compared to last year the group improved 
its proportion of direct to site revenue in the year from 62  
of revenue to 67 of total revenue 
the adjusted administrative and distribution cost base 
increased by 11 to £699m from £627m in the year adjusted 
administrative costs increased by 9 over the prior year to 
£484m adjusted staff costs including contract resource 
increased marginally from £267m to £271m headcount 
decreased from 442 to 420 distribution expenses increased by 
£32m over the prior year including an increase of £33m in 
media related costs as the group increased the proportion of 
its marketing budget allocated to offline media 16 moneysupermarketcom group plc
annual report 2010
the group invested approximately £24m in third party resource  
to improve its core technology and product in 2010 making  
a number of significant releases to its product set as referred  
to above
other costs increased by £40m over last year as expenditure 
on inter alia television advertising and professional fees 
increased together with the increase in the vat rate to 175 
which was effective from the beginning of the year the group 
incurred a loss of £06m in germany in 2010 2009 loss of 
£18m following a review of its german business the group 
took the decision in early 2010 to wind down its operations and 
the costs incurred in 2010 largely reflect closure costs 
adjusted ebitda margin increased to 275 from 263 against 
the same period last year 
the group operates its internet business across four vertical 
markets these are discussed below 
 revenue
 31 december 2010 
i
 31 december 2009
 £000  £000 
money 44006 30 38132 28
insurance 84520 57 75669 55
travel 13926 9 16305 12
home services 6206 4 5539 4
other – uk 71 0 – 0
total internet uk 148729 100 135645 99
germany 130 0 361 0
total internet 148859 100 136006 99
intermediary 33 0 868 1
total 148892 100 136874 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 on the following pages 
financial and business review continued management corporate responsibility corporate governance general financial statements
17 moneysupermarketcom group plc
annual report 2010
business overview business review
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
money
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  
  2010 2009 change
visitors 000  31761 35178 10
transactions 000  13585 11650 17
revenue £000 – click based  39196 32812 19
revenue £000 – other  4810 5320 10
revenue £000 – total  44006 38132 15
rpv  £139 £108 
rpt  £289 £282 
total revenue in the money vertical increased by 15 from 
£381m to £440m and click based revenue by 19 from  
£328m to £392m visitors to the money vertical were 10 
lower than last year this in part reflects deliberate actions 
taken by the group to step away from a number of unprofitable 
portal partner relationships together with lower levels of 
consumer confidence particularly impacting visitors to the 
group’s credit related channels 
despite fewer visitors the transaction count in the money 
vertical increased by 17 helped in part by the product 
developments referred to above in particular the 
improvements made to the credit cards and savings channels in 
the first half of the year helped drive improved revenue in these 
channels as consumer conversion increased on both the 
group’s and providers’ websites
conditions in the credit markets improved in 2010 trading 
during 2009 was characterised by limited provider budgets for 
the acquisition of credit customers and by very tight credit 
underwriting criteria although underwriting criteria continued 
to remain challenging for consumers providers set either much 
higher or uncapped acquisition budgets particularly in relation 
to credit cards customers where revenue grew significantly in 
2010 over 2009 in addition the group continued to improve its 
contracted coverage of the money market with particular focus 
on the most competitive providers in its key channels 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 
approximately 18 ahead of the same period last year 
revenue from other banking products particularly savings  
and current accounts was also ahead of the same period  
last year with strong trading in the second half of the year 
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 by 
approximately £05m or 10 over the year trading was 
broadly flat in most categories but in a number of minor areas 
the group scaled back lead based activities towards click based 
revenues or more generally reduced its volumes in certain 
areas where the business was transacted at lower margins 18 moneysupermarketcom group plc
annual report 2010
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
insurance
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  
  2010 2009 change
visitors 000  25492 24143 6
transactions 000  14095 13189 7
revenue £000 – click based 79040 68599 15
revenue £000 – other  5480 7070 22
revenue £000 – total  84520 75669 12
rpv  £332 £313 
rpt  £561 £520 
revenue in the insurance vertical increased by 12 from 
£757m to £845m click based revenue increased by 15  
from £686m to £790m visitors increased by 6 to 255m 
helped in part by the increased media spend and new media 
campaign referred to previously
revenue grew across most of the vertical’s major channels 
with solid growth delivered in motor home and life insurance 
whilst travel insurance revenue remained flat despite a 
turbulent travel market motor insurance is the largest channel 
within the insurance vertical and was the fastest growing of the 
group’s major channels
as in the money vertical both the motor and home insurance 
channels benefited from investment made in site design and 
usability which has helped to improve conversion and the 
average rpv in the insurance vertical
other revenue which includes revenue from the sale of leads 
through paa commission based sales through mcat for 
insurance products and advertising revenue declined 
approximately £16m or 22 over the year this was largely due 
to changes made to the website as part of the redesign referred 
to above which reduced the volume of real estate made 
available for banner advertising delivering an improved 
consumer experience
financial and business review continued management corporate responsibility corporate governance general financial statements
19 moneysupermarketcom group plc
annual report 2010
business overview business review
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
travel
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  
  2010 2009 change
visitors 000  37949 42970 12
transactions 000  22121 28904 23
revenue £000 – click based 12515 14768 15
revenue £000 – other  1411 1537 8
revenue £000 – total  13926 16305 14
rpv  £037 £038 
rpt  £057 £051 
revenue in the travel vertical declined by 14 from £163m to 
£139m and click based revenue declined by 15 from £148m 
to £125m 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 
continued to reduce discretionary expenditure in response to 
economic uncertainty package holidays revenue did however 
grow fractionally over the same period last year 
accordingly the group continued to manage the travel vertical 
for margin particularly in the first half of the year trading 
improved in the second half relative to the same period last 
year and the group has begun to refresh its travel offering 
commencing with the launch of a new package holidays channel 
early in the first quarter of 2011 supported by a new media 
campaign
other revenue representing impression based advertising fell 
by 8 due to reduced numbers of visitors compared to the 
same period last year together with weaker demand from 
providers for advertising real estate 20 moneysupermarketcom group plc
annual report 2010
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
0 7473
0 24036
000 038
0 35178
0 13585
000 139
000 289
0 14095
000 332
000 561
0 25492
0 28904
000 057
0 42970
00 03
000 103
35178
visitors 000 
31761   10
2010 31761
2009
t ransactions 000
13585   17
2010 13585
2009 11650
revenue per visitor £
139   27
2010 139
2009 108
revenue per transaction £ 
289   2
2010 289
2009 282
24143
visitors 000 
25492    6
2010 25492
2009
t ransactions 000
14095   7
   
2010 14095
2009 13189
revenue per visitor £
332    6
2010 332
2009 313
revenue per transaction £ 
561   8
2010 561
2009 520
42970
visitors 000 
37949   12
2010 37949
2009
t ransactions 000
22121   23
2010 22121
2009 28904
revenue per visitor £
037   3
2010 037
2009 038
revenue per transaction £ 
057   11
2010 057
2009 051
18216
visitors 000 
24036   32
2010 24036
2009
t ransactions 000
7473   44
2010 7473
2009 5177
revenue per visitor £
026   11
2010 026
2009 030
revenue per transaction £ 
080   22
2010 080
2009 103
home services
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  
  2010 2009 change
visitors 000  24036 18216 32
transactions 000  7473 5177 44
revenue £000 – click based  5994 5322 13
revenue £000 – other  212 217 2
revenue £000 – total  6206 5539 12
rpv  £026 £030 
rpt  £080 £103 
revenue in the home services vertical increased by 12 from 
£55m to £62m in the year visitors increased by 32 largely 
from visitors to the shopping and vouchers channels revenue 
from utilities which represents the largest channel in the 
vertical increased particularly in the second half of the year  
as utility prices began to increase
the increase in visitors to the shopping and vouchers channels 
which are lower revenue generating channels reduced the 
vertical’s rpv against the prior period
acquisition of financial services net limited
on 14 october 2010 the group completed the acquisition  
of financial services net limited ‘fsn’ for an initial 
consideration of £44m rising to a total consideration of up  
to £88m payable over 3 years depending on the achievement  
of certain financial targets and the conclusion of outstanding 
tax matters related costs of approximately £07m have been 
expensed in the year
 
fsn owns and operates a number of website domains which 
will provide a platform for the group to broaden its brand 
offering to a wider range of customer segments in the money 
and insurance verticals
all consideration payments have been or will be settled in cash 
out of existing resources
cash balance and dividend
as at 31 december 2010 the group had a cash balance of 
£366m 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 2010  
of 253p per ordinary share 
together with the interim dividend of 13p per ordinary share 
paid on 17 september 2010 this gives a total dividend for  
the year of 383p per ordinary share reflecting the board’s 
confidence in the ability of the business to generate cash on  
an ongoing basis 
the board is committed to adopting a progressive dividend policy 
with ongoing monitoring of the appropriate capital structure
the exdividend date for the final dividend is 6 april 2011 with  
a record date of 8 april 2011 and a payment date of 13 may 2011 
shareholders have the opportunity to elect to reinvest their 
cash dividend and purchase existing shares in the company 
through a dividend reinvestment plan
financial and business review continued management corporate responsibility corporate governance general financial statements
21 moneysupermarketcom group plc
annual report 2010
business overview business review
tax
the group tax charge of £33m in the consolidated statement of 
comprehensive income represents an effective tax rate of 30 
2009 40 this is higher than the prevailing rate of 28 due to 
the tax effect of share based payments a prior year adjustment 
arising on deferred tax and other permanent differences 
mainly arising from professional fees and nonqualifying 
depreciation in addition the current year has been impacted by 
losses from its german operation of £06m for which a deferred 
tax asset has not been recognised in future the group expects 
the underlying effective rate of tax to be close to the standard 
uk corporation tax rate
earnings per ordinary share 
basic statutory earnings per ordinary share for the year to  
31 december 2010 was 15p 2009 04p adjusted basic 
earnings per ordinary share increased from 46p to 52p per 
share the adjusted earnings per ordinary share is based on 
profit before tax after adding back intangible amortisation 
sharebased payment charges arising from prelisting share 
options and costs incurred in relation to the acquisition of 
financial services net limited a tax rate of 28 2009 28 
has been applied to calculate adjusted profit after tax 
key contractual arrangements
moneysupermarketcom limited a subsidiary of the company 
is party to contracts and other arrangements which the 
directors judge are essential to the group’s business
as with any internet business the group is dependent upon  
its ability to attract customers to its website either directly or 
through paid search or portal partners and revenue generated 
from commercial arrangements with its providers
the group uses television advertising to attract customers  
to its website directly the group incurred costs of £189m 
2009 £156m relating to television and other offline advertising 
in 2010 the group has contracts with a number of media 
agencies to acquire advertising inventory from commercial 
television companies the group typically has a commitment  
of between 6 and 10 weeks expenditure at any one time 
television and other offline advertising costs represent  
87 2009 85 of distribution costs 
the group uses search engines to acquire traffic via paid 
search the group spent £296m 2009 £308m on paid search  
in 2010 although there are a number of search engines that 
operate in the uk google is the dominant search engine and 
accounts for the majority of the group’s spend in this area  
the group has no forward commitment to search engines and 
manages its spend on a real time basis
the group has a number of contracts with portal partners 
which are not considered to be material with the exception  
of one portal partner which accounted for 7 2009 5 of 
group internet revenue in 2010
the group has a number of contracts with providers which are 
based either on a cost per click basis or a cost per action basis  
or a hybrid of the two it also has a number of commercial 
arrangements based on the number of page impressions served 
in the case of banner advertising the group does not consider  
it has any material contracts with providers in any one channel 
the group does however frequently deal with providers  
across a range of different channels managed under different 
contracts often to different parts of the same organisation  
and occasionally through third party media agencies at this 
consolidated channel level the largest individual provider 
represented approximately 5 2009 4 of group internet 
revenue in 2010
  22 moneysupermarketcom group plc
annual report 2010
principal risks and uncertainties
risk area potential impact mitigation
significant worsening 
in credit markets
financial institutions may reduce the quantum 
of lending and tighten their acceptance criteria 
for customers seeking to obtain credit this 
may reduce group revenue providers may 
increase their focus on customer retention 
rather than acquisition this may reduce 
commissions available to price comparison 
websites
the group continues to focus on building strong 
relationships with providers to ensure the group is 
able to provide solutions to the needs of providers and 
to maximise the opportunities for providers to acquire 
customers in a cost effective manner 
reduction of providers providers may consolidate withdraw their 
products from price comparison websites or 
reduce their customer acquisition activity via 
price comparison websites this may reduce 
competition for business customer choice 
group revenue and the customer proposition  
of price comparison websites
the group continues to focus on building strong 
relationships with providers to ensure the group is 
able to provide solutions to the needs of providers and 
to maximise the opportunities for providers to acquire 
customers in a cost effective manner 
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 investments in new products  
and services or new geographies fails to  
make a return
investments in new areas typically leverage existing 
expertise and experience built up over many 
years capital requirements are relatively low and 
investment is managed in stages such that it is not 
finally committed until there is good visibility of a 
return
financial services 
and other markets 
regulation 
the business model in financial services or 
other lines of business may be compromised 
by changes to existing regulation or the 
introduction of new regulation
the group has a team of regulatory specialists who 
work with the business to ensure that it remains 
compliant with existing regulation and informed of 
impending regulation the group has embraced 
regulation to date and shares the vision of the 
regulators generally to make the market more 
transparent to the end customer
the tables below summarise the material financial and operational risks to the group  
and how the group seeks to mitigate them in the daytoday running of the business
financial risks management corporate responsibility corporate governance general financial statements
23 moneysupermarketcom group plc
annual report 2010
business overview business review
risk area potential impact mitigation
competitive 
environment
loss of market share and erosion of margins 
from increased competition
the group continues to focus on building market 
leading products to improve its proposition to 
customers this includes investment in customer 
retention tools and technology including crm 
initiatives which deliver additional features and 
functionality to customers
brand perception and 
reputation
reduction in customer loyalty with existing 
customers and an inability to attract new 
customers if the business fails to maintain its 
position as a leading price comparison website 
or if its reputation is negatively impacted by  
any event such as the loss or misuse of 
customer personal data
continued investment in television advertising 
reinforced through press activity will maintain the 
group in customers’ minds rigorous checking of the 
website through audit and review will maintain the 
accuracy of the information displayed rigorous use 
of internal controls and testing of the group’s systems 
will ensure the integrity and robustness of the 
group’s systems additional investment in initiatives 
increases transparency to the customer helping to 
protect brand values 
business continuity 
capacity and 
functionality of  
it and systems
failure to provide adequate service levels to 
customers or maintain revenue generating 
services
the group maintains two separate data centres with 
n  1 redundancy in relation to its core infrastructure 
to ensure that service is maintained in the event of 
a disaster at the primary data centre developed 
software is rigorously tested and the group operates 
a robust release process which mitigates the 
likelihood of software being released into a live 
environment without being fully tested
loss of key 
management
loss of key management resulting in a lack of 
necessary expertise or continuity to execute 
strategy
existing key management and new hires are tied in 
through attractive equity incentive packages and 
rewarding career structures in addition succession 
plans have been developed for key members of the 
management team which are regularly reviewed
reliance on search 
engine natural listings
reduction in gross margin through reduction 
in revenue derived from search engine 
optimisation activities
the group will continue to invest in sustainable 
search engine optimisation activities which adhere  
to search engine guidelines 
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
operational risks 24 moneysupermarketcom group plc
annual report 2010
board of directors  
and company secretary
1 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 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 chairman of ssl international plc from 
2005 to 2010 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
2 simon nixon 
deputy chairman
simon cofounded the group’s business in 1993 and since then 
has been involved in the management and development of the 
business including the launch of moneysupermarketcom in 
1999 and travelsupermarketcom in 2004 simon was appointed 
to the board as chief executive officer in april 2007 and 
became deputy chairman in february 2009
3 peter plumb 
chief executive officer 
peter was appointed an executive director in january 2009 and 
became chief executive officer of the group in february 2009 
prior to joining the group peter was the uk managing director 
of dunnhumby limited between 2006 and 2008 and was 
previously general manager of europe disney consumer 
products international director of dyson appliances limited 
and held senior commercial roles at pepsico international 
peter has an mba from imd in switzerland
4 paul doughty 
chief financial officer
paul joined the group in 2004 as chief financial officer he 
previously had commercial finance 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
5 david osborne
marketing director 
david was appointed an executive director in february 2009 
between 2005 and 2009 david was uk regional general 
manager at easyjet he previously worked in senior marketing 
roles at ing direct orange amazoncouk and diageo 
1
2
3
4
5 corporate responsibility corporate governance general financial statements
25 moneysupermarketcom group plc
annual report 2010
business overview business review management
6 graham donoghue
managing director financial services
graham joined the group in 2008 as managing director travel 
and was appointed an executive director in february 2009 he 
was appointed managing director financial services in january 
2011 prior to joining the group graham was new media 
director of tui travel plc between 2006 and 2008 
7 michael wemms abc
senior independent nonexecutive director and 
chairman of the remuneration committee
michael was appointed a nonexecutive director in july 2007 
michael has been a nonexecutive director of howden joinery 
group plc since 2006 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
8 rob rowley abc
independent nonexecutive director and  
chairman of the audit committee
rob was appointed a nonexecutive director in september 
2007 rob has been a nonexecutive director of capital 
shopping centres group plc since 2004 where he is the senior 
independent director and chairs its audit committee rob was 
appointed a nonexecutive director of taylor wimpey plc in 
january 2010 he was formerly deputy chairman of cable  
wireless plc between 2003 and 2006 and a nonexecutive 
director of prudential plc between 1999 and 2006 where he 
chaired its audit committee rob was previously at reuters plc 
from 1978 to 2001 where he was a director between 1990 and 
2001
9 bruce carnegiebrown abc
independent nonexecutive director
bruce was appointed a nonexecutive director in april 2010 
bruce is nonexecutive chairman of conduit capital markets 
limited and has been a nonexecutive director of close 
brothers group plc since 2006 where he is the senior 
independent director and chairs its remuneration committee 
bruce was appointed a nonexecutive director of catlin group 
limited in august 2010 where he is the senior independent 
director and chairs its remuneration committee he was 
previously managing partner of 3i quoted private equity and a 
member of the 3i group plc’s executive committee chief 
executive officer of marsh limited between 2003 and 2006 and 
prior to that was a managing director at jp morgan
10 darren drabble
company secretary and general counsel
darren joined the group as company secretary and general 
counsel in may 2007 darren has a corporate and commercial 
law background originally qualifying as a solicitor with 
addleshaw goddard llp before working as a senior legal 
counsel at united utilities group plc
a member of the audit committee
b member of the remuneration committee
c member of the nomination committee 
6
7
8
9
10 26 moneysupermarketcom group plc
annual report 2010
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 and 2010 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 2010 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  
23 charities including
clwyd crimebeat
welsh scout council
money advice trust
wrexham group rda
claire house
save the family
miles of smiles
samantha dickson brain tumour trust
pride of flintshire children’s awards
hannah jones for brain tumour trust
north wales super kids – denbigh home start
the north wales chrysalis trust
in addition to the community initiative the group and its 
employees continue to select and support a charity on an annual 
basis 
the 2010 charity of the year was hope house childrens’ hospice 
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 £5729 
for hope house with the group donating £5729 bringing the total 
donated to hope house during the year to £11458
employees have selected wales air ambulance as its 2011 charity 
of the year the charity provides emergency air cover for 
individuals who face life threatening illness or injury via the 
operation of three helicopters
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 
employees
the group actively encourages employee involvement and 
consultation and places considerable emphasis on keeping its 
employees informed of the group’s activities via formal half yearly 
business performance updates regular update briefings regular 
team meetings the group’s intranet site which enables easy 
access to the latest group information as well as group policies 
and the circulation to employees of relevant information including 
corporate announcements this also helps to achieve a common 
awareness amongst employees of the financial and economic 
factors affecting the performance of the group 
the group has an established employee forum through which 
nominated representatives ensure that employees’ views are 
taken into account regarding issues that are likely to affect them 
a robust employee engagement survey process is also in place to 
ensure that employees are given a voice in the organisation and 
that the group can take action based on employee feedback
the group is committed to an equal opportunities policy  
the group aims to ensure that no employee is discriminated 
against directly or indirectly on the grounds of colour race 
ethnic and national origins sexual orientation or gender marital 
status disability religion or belief being part time or on the 
grounds of age
the group recognises the importance of health and safety  
and the positive benefits to the group 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
corporate responsibility report business overview business review management general
27 moneysupermarketcom group plc
annual report 2010
financial statements corporate responsibility 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 2010
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 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 pages 8 and 9 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 2010
corporate governance
the corporate governance report the audit committee 
report the nomination committee report and the directors’ 
remuneration report on pages 31 to 42 are incorporated  
by reference into this report and are deemed to form part  
of this report
results and dividends
the group’s and company’s audited financial statements  
for the financial year ended 31 december 2010 are set out on 
pages 44 to 70
an interim dividend of 13p 2009 interim dividend of 13p  
and special dividend of 493p per ordinary share was paid  
to shareholders on 17 september 2010
the directors recommend a final dividend of 253p 2009 711p 
comprising a dividend of 22p and special dividend of 491p per 
ordinary share if approved by shareholders at the forthcoming 
annual general meeting this will be paid on 13 may 2011  
to shareholders on the register at the close of business on  
8 april 2011 
the final dividend together with the interim dividend paid on  
17 september 2010 gives a total dividend for the year of 383p 
2009 1334p 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  42946562 843
fil limited  25452692 501
blackrock inc  25408888 499
capital research   
management company  24480000 493
state street nominees limited  20581165 414
share capital and control
the issued share capital of the company comprises a single 
class of shares referred to as ordinary shares of 002p each as 
at 31 december 2010 the issued share capital of the company 
was £101857 comprising 509288007 ordinary shares of 002p 
each full details of the share capital of the company and 
changes to the share capital during the year are set out in note 
16 to the group financial statements on pages 61 and 62 all the 
information detailed in note 16 on pages 61 and 62 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  
31 march 2010 shareholders authorised the directors to allot 
up to 338010000 ordinary shares in the capital of the company 
directors will seek authority from shareholders at the 
forthcoming annual general meeting to allot up to 339180000 
ordinary shares 
on a show of hands at a general meeting of the company every 
holder of ordinary shares present in person or by proxy and 
entitled to vote shall have one vote and on a poll every holder 
of ordinary shares present in person or by proxy and entitled to 
vote shall have one vote for every ordinary share held there 
are no issued shares in the company with special rights with 
regard to control of the company
the notice of the annual general meeting specifies deadlines 
for exercising voting rights and appointing a proxy or proxies  
to vote in relation to resolutions to be passed at the annual 
general meeting all proxy votes are counted and the numbers 
for against or withheld in relation to each resolution are 
announced at the annual general meeting and published  
on the company’s website after the meeting
there are no restrictions on the transfer of ordinary shares in 
the company other than
certain restrictions may from time to time be imposed by • 
laws and regulations for example insider trading laws
pursuant to the listing rules of the financial services • 
authority whereby certain directors officers and 
employees of the group require the approval of the 
company to deal in ordinary shares of the company
directors’ report 28 moneysupermarketcom group plc
annual report 2010
under the rules of the moneysupermarketcom group plc 
share incentive plan ‘plan’ eligible employees were provided 
with the opportunity to receive ‘free’ shares on the listing of  
the company ‘listing’ with a value as at the date of listing of 
£3000 and all employees are entitled to purchase ordinary 
shares in the company using money deducted from their pretax 
salary plan shares are held in trust for participants by capita 
irg trustees limited ‘trustees’ voting rights are exercised  
by the trustees on receipt of participants’ instructions if a 
participant does not submit an instruction to the trustees no 
vote is registered in addition the trustees do not vote on any 
unawarded or forfeit shares held under the plan as surplus 
assets as at the date of this report the trustees held 015  
of the issued ordinary share capital of the company
the company is not aware of any agreements between 
shareholders that may result in restrictions on the transfer  
of securities andor voting rights
the company and simon nixon entered into a relationship 
agreement on 11 july 2007 to regulate the ongoing relationship 
between them ‘relationship agreement’ the company and 
simon nixon have agreed in the relationship agreement that 
simon nixon is entitled to appoint such number including 
himself one nonexecutive director for as long as he holds the 
beneficial interest in at least 15 of the ordinary shares of the 
company two nonexecutive directors for as long as he holds 
the beneficial interest in at least 30 of the ordinary shares of 
the company and three nonexecutive directors for as long as 
he holds the beneficial interest in at least 50 of the ordinary 
shares of the company the relationship agreement will 
terminate if simon nixon holds less than 15 of the ordinary 
shares of the company as at the date of this report simon 
nixon had not appointed any nonexecutive directors pursuant 
to his rights in the relationship agreement
save in respect of peter plumb’s service agreement details of 
which are set out on page 40 and provisions of the company’s 
share schemes which may cause options and awards granted  
to employees under such schemes to vest on a takeover there 
are no agreements between the company and its directors  
or employees providing for compensation for loss of office  
or employment whether through resignation purported 
redundancy or otherwise that occurs because of a takeover bid
save in respect of the company’s share schemes there are no 
significant agreements to which the company is a party that 
take effect alter or terminate upon a change of control 
following a takeover bid
the company’s articles of association may only be amended by 
a special resolution at a general meeting of shareholders no 
amendments are proposed to be made to the existing articles 
of association at the forthcoming annual general meeting 
authority to purchase own shares
at the annual general meeting of the company held on  
31 march 2010 shareholders authorised the company to 
purchase in the market up to 50753272 of its own ordinary 
shares either to be cancelled or retained as treasury shares  
as at the date of this report the company had not purchased 
any of its own ordinary shares in the market
directors will seek authority from shareholders at the 
forthcoming annual general meeting for the company  
to purchase in the market up to 50928800 of its own  
ordinary shares either to be cancelled or retained as treasury 
shares the directors will only use this power after careful 
consideration taking into account the financial resources of  
the company the company’s share price and future funding 
opportunities the directors will only purchase such shares 
after taking into account the effects on earnings per share and 
the interests of shareholders generally
research and development
innovation is important to the future success of the group and 
to the delivery of 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 2010 gerald corbett 
simon nixon peter plumb paul doughty david osborne 
graham donoghue michael wemms rob rowley and bruce 
carnegiebrown appointed 15 april 2010 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 election at the first annual general meeting 
following their appointment and to stand for reelection at least 
every three years following their election or last reelection 
in accordance with the company’s articles of association and 
the uk corporate governance code all of the directors will 
retire at the forthcoming annual general meeting and being 
eligible will offer themselves for election or reelection
directors’ remuneration
the remuneration committee on behalf of the board has 
adopted a policy that aims to attract and retain the directors 
needed to run the group successfully details of the directors’ 
remuneration is set out in the directors’ remuneration report 
on pages 37 to 42
directors’ report continued business overview business review management corporate responsibility general
29 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
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 37 to 42 no director 
has any other interest in any shares or loan stock of any  
group company
the details of transactions with directors of the company  
and related party transactions in the financial year ended  
31 december 2010 are set out in note 21 to the group financial 
statements on pages 65 and 66 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 2010 and up to the 
date of this report the company has maintained liability insurance 
for its directors and officers 
the company has granted indemnities to each of its directors 
and the company secretary to the extent permitted by law and 
its articles of association qualifying third party indemnity 
provisions and qualifying pension scheme indemnity provisions 
were in force throughout 2010 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 31 to 35 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  30 moneysupermarketcom group plc
annual report 2010
the group has an established employee forum through which 
nominated representatives ensure that employees’ views are 
taken into account regarding issues that are likely to affect 
them a robust employee engagement survey process is also  
in place to ensure that employees are given a voice in the 
organisation and that the group can take action based on 
employee feedback
all employees are able to participate in the  
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 2010 2009 £nil
financial risk management
it is the group’s objective to manage its financial risk so as to 
minimise the adverse fluctuations in the financial markets on 
the group’s profitability and cash flow the specific policies for 
managing each of the group’s main financial risk areas are set 
out in note 17 to the group financial statements on page 62
political and charitable donations
during the financial year ended 31 december 2010 the group 
did not make any political donations 2009 £nil and made 
charitable donations of £29729 2009 £33379
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 2010 was 508 days 2009 584 the 
company is a holding company and therefore had no trade 
creditors at 31 december 2010 2009 nil
disclosure of information to auditors
the directors who held office at the date of this report confirm 
that so far as they are each aware there is no relevant audit 
information of which the company’s auditors are unaware and 
each such director has taken all the steps that he ought to have 
taken as a director to make himself aware of any relevant audit 
information and to establish that the company’s auditors are 
aware of that information
auditors
kpmg audit plc have indicated their willingness to accept 
reappointment as auditors of the company a resolution 
proposing their reappointment is contained in the notice of the 
forthcoming annual general meeting and will be proposed to 
shareholders at that meeting
annual general meeting
the forthcoming annual general meeting of the company will 
be held at doubletree by hilton chester hotel warrington road 
hoole chester ch2 3pd on wednesday 4 may 2011 at 1100am
the notice convening the forthcoming annual general meeting 
of the company with details of the business to be transacted at 
the meeting and explanatory notes is set out in a separate 
circular which has been sent to all shareholders at the same 
time as this report
by order of the board
darren drabble
company secretary
28 february 2011
directors’ report continued business overview business review management corporate responsibility general
31 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
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 2010 and to the date of this report except as set 
out below 
board of directors
the board currently has nine members comprising the 
nonexecutive chairman gerald corbett three independent 
nonexecutive directors michael wemms rob rowley and 
bruce carnegiebrown and five executive directors simon 
nixon paul doughty peter plumb graham donoghue and 
david osborne michael wemms has been designated as the 
senior independent nonexecutive director 
the board normally meets on at least eight occasions in each 
financial year including a two day strategy conference to 
enable the nonexecutive directors to more freely discuss the 
performance of the group’s management the chairman meets 
with the nonexecutive directors at least once each year 
without the executive directors present
the board considers that all the directors are able to devote 
sufficient time to their duties as directors biographies of the 
board are set out on pages 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 
rob rowley and bruce carnegiebrown to be independent 
being independent in character and judgement and free from 
relationships or circumstances which are likely to affect  
or could appear to affect their judgement 
conflicts of interest
the company’s articles of association were amended at the 
2008 annual general meeting in line with the companies act 
2006 to allow the board to authorise potential conflicts of 
interest that may arise and to impose limits or conditions 
as appropriate when giving any authorisation any decision  
of the board to authorise a conflict of interest is only effective  
if it is agreed without the conflicted directors voting or without 
their votes being counted and in making such a decision the 
directors must act in a way they consider in good faith will  
be most likely to promote the success of the company 
the company has established a procedure for the appropriate 
authorisation to be sought prior to appointment of any new 
director or prior to a new conflict arising and for the regular 
review of actual or potential conflicts of interest during the 
year this procedure was adhered to and operated effectively
relationship agreement
the majority shareholder of the company is simon nixon  
the company and simon nixon entered into a relationship 
agreement on 11 july 2007 to regulate the ongoing relationship 
between them ‘relationship agreement’ the principal 
purpose of the relationship agreement is to ensure that  
the company is capable of carrying on its business 
independently of simon nixon and that transactions and 
relationships with simon nixon are at arm’s length and on 
normal commercial terms
the company and simon nixon have agreed in the relationship 
agreement that simon nixon is entitled to appoint such number 
including himself as a director one nonexecutive director for 
as long as he holds the beneficial interest in at least 15 of the 
ordinary shares of the company two nonexecutive directors 
for as long as he holds the beneficial interest in at least 30 of 
the ordinary shares of the company and three nonexecutive 
directors for as long as he holds the beneficial interest in at 
least 50 of the ordinary shares of the company the 
relationship agreement will terminate if simon nixon holds 
less than 15 of the ordinary shares of the company
the relationship agreement also includes a protocol to be 
observed in relation to any nonexecutive director appointed  
by simon nixon to deal with potential conflicts of interest and 
the provision of confidential information
as at the date of this report simon nixon had not appointed  
any nonexecutive directors pursuant to his rights in the 
relationship agreement
division of responsibilities
the positions of chairman and chief executive officer are  
not combined ensuring a clear division of responsibility at the  
head of the company the division of roles and responsibilities 
between the chairman and chief executive officer is clearly 
established set out in writing and has been approved by  
the board 
the chairman is responsible for leadership of the board 
setting its agenda and monitoring its effectiveness he ensures 
effective communication with shareholders and that the board 
is aware of the views of major shareholders he facilitates  
both the contribution of the nonexecutive directors and 
constructive relations between the executive and  
nonexecutive directors 
corporate governance report 32 moneysupermarketcom group plc
annual report 2010
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 at least one of the board’s regular meetings each year is devoted  
to reviewing and approving the group’s strategic direction
board committees
the board has three principal committees audit nomination and remuneration to which various matters are delegated the 
committees all have formal written terms of reference that have been approved by the board and are published on the 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 35 to 42
the directors who served on each of the committees during the year are set out below
committee chairman member member member
audit rob rowley gerald corbett michael wemms  bruce carnegiebrown
nomination gerald corbett michael wemms rob rowley  bruce carnegiebrown
remuneration michael wemms gerald corbett rob rowley  bruce carnegiebrown
board and committee attendance
the attendance record of the directors at scheduled board and committee meetings during the year is set out in the following 
table the board scheduled eight 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     7 – – –
peter plumb     8 – – –
paul doughty     8 – – –
graham donoghue     8 – – –
david osborne     7 – – –
nonexecutive directors
gerald corbett      8 3 4 5
michael wemms      8 3 4 5
rob rowley      8 3 4 5
bruce carnegiebrown     6 2 2 2
total number of scheduled meetings held      8 3 4 5
  bruce carnegiebrown was appointed a nonexecutive director on 15 april 2010 and attended all of the board and committee meetings during the 
year following his appointment
the executive directors of the company may attend meetings of the committees at the invitation of the chairman of the  
respective committee
directors
the company’s articles of association require that new directors appointed by the board must retire and submit themselves for 
election by shareholders at the next annual general meeting following their appointment the company’s articles of association 
further require that all directors must retire and submit themselves for reelection at least every three years in accordance with 
the uk corporate governance code all of the directors will retire at the forthcoming annual general meeting and being eligible 
will offer themselves for reelection
corporate governance report continued business overview business review management corporate responsibility general
33 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
the company provides directors’ and officers’ insurance cover 
for the benefit of directors in respect of claims arising in the 
performance of their duties the company has also granted 
indemnities to each of its directors and the company secretary 
to the extent permitted by law and its articles of association 
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  
nonexecutive 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 identified strengths and 
development areas and confirmed that the board and its 
committees were operating effectively the principal 
development areas included the need for a greater focus on  
the group’s competitors and its employees each of which would 
become regular agenda items at board and committee meetings
development
the chairman and company secretary are responsible for 
preparing and implementing an induction programme for 
directors including business related presentations by senior 
management below board level as well as guidance on their 
duties responsibilities and liabilities as a director of the company 
every director has access to appropriate training as required 
following their appointment and is encouraged to develop their 
understanding of the group
information
board members are given appropriate documentation in a 
timely manner in advance of each board or committee meeting 
this normally includes a detailed report on current trading and 
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 by senior 
management below board level when appropriate
the directors have access to the advice and services of the 
company secretary the company secretary is responsible for 
ensuring that board procedures are followed and providing advice 
to the board on corporate governance both the appointment  
and removal of the company secretary are matters for the board 
as a whole 
directors can where they judge it necessary to discharge their 
responsibilities as directors obtain independent professional 
advice at the company’s expense no such advice was sought  
by any director during the year directors have the right to 
require that any concerns they may have are recorded in the 
appropriate board or committee minutes
shareholder relations
the board is committed to establishing and maintaining  
good communications with shareholders senior executives 
including the 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 nonexecutive 
director to raise any issue with one or all of the nonexecutive 
directors of the company
the company will prepare separate resolutions on each 
substantially separate issue at the forthcoming annual  
general meeting the result of the vote on each resolution  
will be published on the group’s website after the annual 
general meeting and will be announced via the regulatory 
information service 34 moneysupermarketcom group plc
annual report 2010
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 those key risks
an annual two day strategy conference to discuss and • 
approve the group’s strategic direction plans and 
objectives and the risks to achieving them
in addition the audit committee receives
reports from the external auditors in relation to the • 
financial statements and the material financial reporting 
judgements contained in them
reports from the external auditors in relation to the • 
system of internal control and the reviews by the external 
auditors of that system
the audit committee has reviewed the effectiveness of  
the group’s system of internal control and risk management  
during the financial year ended 31 december 2010 the board 
considers that in the context of the control environment 
described above the group’s system of internal control  
and risk management is effective and satisfactory
share capital
details of the company’s share capital are set out in the 
directors’ report on pages 27 and 28
compliance with the combined code
the directors consider that during the financial year ended  
31 december 2010 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 nonexecutive 
directors the directors consider that the board is of sufficient 
size and diversity that the balance of skills and experience  
is considered to be appropriate for the requirements of the 
group at the current time 
b21 – prior to the appointment of bruce carnegiebrown on  
15 april 2010 the remuneration committee did not comprise at 
least three independent nonexecutive directors
c31 – prior to the appointment of bruce carnegiebrown on  
15 april 2010 the audit committee did not comprise at least 
three independent nonexecutive directors
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 nonexecutive director believes he is 
aware of the views of major shareholders unless requested by 
major shareholders the senior independent nonexecutive 
director does not attend meetings with them
this report was approved by the board and signed on its behalf by
darren drabble
company secretary
28 february 2011
corporate governance report continued business overview business review management corporate responsibility general
35 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
the audit committee presents a separate report in relation to the 
financial year ended 31 december 2010
composition of the audit committee
the audit committee comprises the four nonexecutive 
directors rob rowley chairman of the audit committee  
gerald corbett michael wemms and bruce carnegiebrown 
since 15 april 2010 rob rowley michael wemms and bruce 
carnegiebrown are considered by the board to be independent 
gerald corbett was considered by the board to be independent on 
appointment biographies of the members of the audit committee 
are set out on pages 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 capital shopping centres 
group plc the board is satisfied that rob rowley has recent  
and relevant financial experience
operation of the audit committee
the audit committee met on three occasions during the year 
details of the attendance at audit committee meetings are set  
out in the corporate governance report on page 32
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 
audit committee report
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 reviews each year the 
effectiveness of and the framework for the group’s system of 
internal control and risk management this includes annual 
consideration as to whether there is a need to establish an 
internal audit function
the audit committee undertook a review of the effectiveness of 
and the framework for the group’s system of internal control and 
risk management including financial operational and compliance 
controls during the year in addition to this review the external 
auditors provided the audit committee with comprehensive 
reports of the results of their controls testing as part of the 
external audit on a half yearly basis the audit committee also 
reviewed the key risks facing the group and the actions being 
taken by management to mitigate and manage them
during the year the audit committee considered the need to 
establish an internal audit function and concluded that the control 
systems are sufficient for the size and complexity of the group 
such that an internal audit function is not required at this time 
this will be reviewed in 2011
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
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 certain  
nonaudit services to the group and anticipates that this will 
continue in 2011
the audit committee having considered the external auditors’ 
performance during their period in office recommends their 
reappointment a full breakdown of the audit and nonaudit 
related fees is set out in note 5 to the group financial 
statements on page 55 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
28 february 2011 36 moneysupermarketcom group plc
annual report 2010
the nomination committee presents a separate report in 
relation to the financial year ended 31 december 2010
composition of the nomination committee
the nomination committee comprises the four nonexecutive 
directors gerald corbett chairman of the nomination 
committee michael wemms rob rowley and bruce carnegie
brown since 15 april 2010 rob rowley michael wemms and 
bruce carnegiebrown are considered by the board to be 
independent gerald corbett was considered by the board to be 
independent on appointment biographies of the members of 
the nomination committee are set out on pages 24 and 25 
operation of the nomination committee
the nomination committee met on four occasions during  
the year details of the attendance at nomination committee 
meetings are set out in the corporate governance report  
on page 32
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 
this process was followed during the year in connection with 
the appointment of bruce carnegiebrown as an additional 
nonexecutive director of the company
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 
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 
28 february 2011
nomination committee report business overview business review management corporate responsibility general
37 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
directors’ remuneration report
this directors’ remuneration report has been prepared by the 
remuneration committee and approved by the board for the 
financial year ended 31 december 2010 it has been prepared in 
accordance with the companies act 2006 this report provides 
the company’s statement of how it has applied the principles of 
good governance relating to directors’ remuneration and is 
intended to communicate the company’s policies and practices 
on executive remuneration
this report will be subject to an advisory shareholder vote at 
the forthcoming annual general meeting kpmg audit plc have 
audited the content of the report described as ‘audited 
information’ to the extent required by law
remuneration committee
the remuneration committee comprises the four non
executive directors michael wemms chairman of the 
remuneration committee gerald corbett rob rowley and 
bruce carnegiebrown since 15 april 2010 michael wemms 
rob rowley and bruce carnegiebrown are considered by the 
board to be independent gerald corbett was considered by the 
board to be independent on appointment biographies of the 
members of the remuneration committee are set out on pages 
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 32 
the remuneration committee’s terms of reference are 
published on the group’s website at  
wwwmoneysupermarketcom and are available in hard copy 
form on application to the company secretary
advisors
during the year the remuneration committee received advice 
from towers watson and mmk limited each of whom 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 – with 
towers watson taking over as advisors during the year towers 
watson is a member of the remuneration consultants group 
and is committed to that group’s voluntary code of practice for 
remuneration consultants in the uk neither towers watson 
nor mmk limited has any other connection or relationship 
with the group neither towers watson nor mmk limited 
provided any other services to the group during the financial 
year ended 31 december 2010
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 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 and that will 
reward successful execution of the group’s short term and  
long term strategy the remuneration committee believes  
that this requires
the provision of midmarket base salaries with appropriate • 
leverage to reward sustained exceptional performance 
provided stretching and demanding performance 
conditions are met
a reward structure that balances short term and long term • 
performance
competitive incentive arrangements that are underpinned • 
by a balance of financial and operational performance 
metrics to provide both a focus on business performance 
and alignment with the interests of shareholders
the remuneration committee believes that the remuneration  
of executive directors should provide an appropriate balance 
between fixed and variable performance related pay elements 
with a significant proportion of potential total remuneration being 
performance related elements for target performance in 2011  
it is anticipated that approximately 60 of total remuneration  
for executive directors will be performance related
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 2010 remains appropriate and that it 
will continue in 2011
components of remuneration
the main components of the remuneration packages of the 
executive directors consist of the following elements  38 moneysupermarketcom group plc
annual report 2010
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 
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 2010 awards under the long term incentive plan were  
made to 38 employees of the group and were made over  
shares worth between 60 and 200 of those employees’ 
annual base salaries
for the awards made in 2010 as detailed below vesting of 70 
of the award is subject to an absolute total shareholder return 
tsr performance condition and vesting of the remaining 30 
of the award is subject to a comparative tsr performance 
condition both of these performance conditions are assessed 
over a three year performance period as detailed below
for the absolute tsr element of the award to vest in full the 
annual compound tsr of the company must be at least 20 
over the period 2010 to 2012 inclusive
no award will vest in relation to the absolute tsr element for 
performance below threshold with 50 of the absolute tsr 
element of the award vesting at threshold performance of 
annual compound tsr of 10 rising to 150 vesting at stretch 
performance of annual compound tsr of 20 on a straightline 
basis in order for the absolute 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 
for the comparative tsr element of the award to vest in full 
the company’s relative tsr must rank in the upper quartile of 
the ftse 250 excluding investment trusts over the period 
2010 to 2012 inclusive
no award will vest in relation to the comparative tsr element 
for performance below median with 30 of the comparative 
tsr element of the award vesting at median performance 
rising to 150 vesting at upper quartile performance on a 
straightline basis in order for the comparative 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 
absolute tsr and comparative tsr as the performance targets 
for the 2010 award under the long term incentive plan to 
provide closer alignment of management with shareholder 
interests and to incentivise management to generate long  
term sustainable returns for shareholders the remuneration 
committee believes that the absolute tsr performance target 
also provides closer alignment with underlying financial 
performance than relative tsr growth alone
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
base salary
base salary for each executive director is reviewed annually by 
the remuneration committee taking account of the director’s 
performance experience and responsibilities the annual salary 
review budget for the group business performance and 
remuneration levels at a peer group of uk companies of similar 
size and scope to the group when determining executive 
director’s base salaries the remuneration committee also has 
regard to the remuneration and employment terms and 
conditions including levels of pay for group employees
performance related bonus
targets are approved by the remuneration committee at the 
beginning of each year and are aligned to internal targets and 
strategic business objectives 
for 2010 up to 125 of base salary for peter plumb and 100 of 
base salary for each of the other executive directors excluding 
simon nixon were payable for the achievement of target 
performance for the achievement of exceptional performance 
targets a maximum bonus 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 were payable
in setting bonus targets the remuneration committee seeks  
to link targets to areas of the business in which the executive 
directors have particular influence and responsibility while 
also seeking to maintain a keen team ethos the executive 
directors’ bonuses are based on a variety of individual and team 
objectives which for 2010 comprised between 30 to 40 of 
the total bonus and financial targets which for 2010 comprised 
between 60 to 70 of the total bonus the bonus that 
resulted from the delivery of these objectives was reviewed by 
the remuneration committee based on its view of the executive 
director’s overall performance
the core targets for the 2010 bonus included the delivery of 
returns to shareholders through an adjusted ebitda financial 
target and increases to the proportion of direct to site visitors 
the total number of visitors and employee engagement through 
the individual and team objectives
for 2010 performance against the adjusted ebitda financial 
target exceeded target performance and the individual and 
team objectives were partially met bonus awards for the 
executive directors ranged from 95 to 134 of base salary
the bonus structure for the executive directors for 2011 was 
reviewed and it was felt appropriate to place greater emphasis 
on financial targets which for 2011 will comprise 80 of the 
total bonus and to increase the bonus potential for paul 
doughty from 100 to 110 of base salary for target 
performance and from 150 to 160 of base salary for the 
maximum potential bonus the individual and team objectives 
will also be different to reflect the key strategic objectives of the 
group in 2011
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 
directors’ remuneration report continued business overview business review management corporate responsibility general
39 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
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
these figures relate to the maximum available if the performance targets are met in full representing 150 of the actual awards made
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 all remaining options under this scheme held by the executive directors vested in february 
2010 and were exercised during 2010 see page 42 for further details there were no performance conditions applicable to this 
scheme as it was a historic scheme used prior to listing principally as a means of retaining key employees 
pension 
the company operates a contributory money purchase pension scheme for the benefit of the executive directors in all cases 
base salary only is pensionable during the year the company provided pension contributions of up to 10 of base salary for the 
benefit of the executive directors 
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
chairman’s share award
under a share award agreement between the company and gerald corbett dated 31 july 2007 ‘share award’ gerald corbett  
was 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  
in february 2010 an adjustment to the share award in accordance with the rules of the share award as a result of that adjustment 
gerald corbett became entitled to subscribe at nominal value for an additional 13318 ordinary shares in the company reflecting the 
reduction in the value of the share award arising from the payment of that special dividend
gerald corbett exercised his rights under the share award during 2010 and subscribed for 248612 ordinary shares in the 
company representing the original share award entitlement to subscribe for 235294 ordinary shares and the additional  
13318 ordinary shares approved by the remuneration committee following such exercise the share award ceased to exist
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 nonexecutive 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 2010
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 31 july 2010 31 12 12
michael wemms 31 july 2010 31 12 12
rob rowley 19 september 2010 33 0 12
bruce carnegiebrown 15 april 2010 28 12 12
1 executive directors are appointed on 12 month rolling contracts the letters of appointment of each of gerald corbett michael wemms and rob rowley have been extended 
for a further three year term 40 moneysupermarketcom group plc
annual report 2010
20
40
60
80
100
120
jan 11 jul10 jan10 jul09 jan09 jul08 jan08 jul07
moneysupermarketcom group plc
ftse 250 index 
excluding investment trusts
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 no other executive director holds any directorship of any other company 
outside the group
nonexecutive directors
the nonexecutive directors do not have service agreements but instead have letters of appointment for a three year term  
the current policy is for nonexecutive directors’ letters of appointment notice periods to be normally no longer than 12 months 
each of the nonexecutive directors currently has a letter of appointment reflecting this
following the exercise by gerald corbett of his rights under the chairman’s share award as set out on page 39 the remuneration 
of nonexecutive directors consists solely of fees the remuneration of the chairman is determined by the remuneration 
committee and the remuneration of the other nonexecutive directors is determined by the executive directors the  
nonexecutive directors do not participate in any of the group’s bonus pension share option or other performance related  
incentive schemes 
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’ remuneration report continued business overview business review management corporate responsibility general
41 moneysupermarketcom group plc
annual report 2010
financial statements corporate governance
directors’ interests in shares
the beneficial interests of the directors and their connected persons in the shares of the company are shown below
     
   31 december 2010 31 december 2009
executive directors
simon nixon   267257021 267257021
peter plumb   – –
paul doughty   2905724 2317346
graham donoghue   – –
david osborne   – –
nonexecutive directors
gerald corbett   237246 117647
michael wemms   6791 6125
rob rowley   – –
bruce carnegiebrown   20000 –
the directors’ shareholdings shown above are all beneficial interests and include the interests of their spouses civil partners and 
infant children or stepchildren together with the interests in shares held on behalf of the executive directors by the trustee of the 
company’s share incentive plan which is detailed on page 39 no director held a nonbeneficial interest in any shares
in the period 31 december 2010 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 2011 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 301 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
details of individual directors’ remuneration received during the year are as follows
     performance    
   basic salary taxable related pension total total  
   fees benefits bonus contributions 2010 2009 
   £000
1
 £000
2
 £000
3
 £000 £000 £000
executive directors        
simon nixon   100 – – – 100 144
peter plumb   350 14 470 34 868 686
paul doughty   250 14 263 25 552 478
graham donoghue   220 14 226 22 482 380
david osborne   190 18 181 19 408 315
nonexecutive directors     
gerald corbett   190 25 – – 215 215
michael wemms   75 – – – 75 75
rob rowley   60 – – – 60 60
bruce carnegiebrown   36 – – – 36 –
total   1471 85 1140 100 2796 2353
1  with effect from 1 january 2011 gerald corbett’s basic annual fee increased from £190000 to £200000 and each of the other nonexecutive directors’ basic annual fee 
increased from £50000 to £55000 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 with effect from  
1 january 2011 simon nixon’s basic salary increased from £100000 to £105000 peter plumb’s basic salary increased from £350000 to £375000 paul doughty’s basic 
salary increased from £250000 to £260000 graham donoghue’s basic salary increased from £220000 to £226600 and david osborne’s basic salary increased from 
£190000 to £200000 the fees for bruce carnegiebrown represent those payable in respect of services since appointment on 15 april 2010
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 42 moneysupermarketcom group plc
annual report 2010
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 1250000 – 1250000 – – 6 7198 18 june  18 june 
 2007        2008 2017
total   1250000 – 1250000 – – 
1 the options granted to paul doughty on 18 june 2007 vested 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 page 39 
2 aggregate gains made by paul doughty on the exercise of options over 1250000 ordinary shares in the year were £824750 
3 a payment of £61625 was made to paul doughty in april 2010 as compensation for the reduction in value of his options caused by the payment of the special dividend of 493p  
per share on 16 october 2009 
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  awards    of shares   
  at start of  made  vested  lapsed  awards  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
 7 april 2010 – 1035519 – – 1035519 750 7 april 2013
total  1145288 1035519 – – 2180807  
paul doughty 8 april 2009 1308901 – – – 1308901 535 8 april 2012
 7 april 2010 – 556133 – – 556133 750 7 april 2013
total  1308901 556133 – – 1865034  
graham donoghue 8 april 2009 863874 – – – 863874 535  8 april 2012
 7 april 2010 – 489396 – – 489396 750 7 april 2013
total  863874 489396 – – 1353270  
david osborne 8 april 2009 484293 – – – 484293 535  8 april 2012
 7 april 2010 – 422661 – – 422661 750 7 april 2013
total  484293 422661 – – 906954  
1 awards of nil cost options made in 2009 vest 30 at threshold and 100 at maximum with 70 of the award subject to an annual adjusted editda performance condition 
and 30 of the award subject to a comparative tsr performance condition
2 details of the performance conditions relating to the awards of nil cost options made in 2010 are set out on page 38
3 the figures for the awards made in 2010 are the maximum available if the performance targets are met in full representing 150 of the actual awards made please refer  
to page 38 for further details
in the period from 1 january 2010 to 31 december 2010 the highest midmarket price of the company’s share was 885p and the 
lowest midmarket price was 610p and at 31 december 2010 it was 780p
this report was approved by the board and signed on its behalf by
michael wemms
chairman of the remuneration committee 
28 february 2011
directors’ remuneration report continued business overview business review management corporate responsibility corporate governance general financial statements
43 moneysupermarketcom group plc
annual report 2010
we have audited the group and company financial statements the ‘financial statements’ of moneysupermarketcom group plc 
the ‘company’ for the year ended 31 december 2010 set out on pages 44 to 70 the financial reporting framework that has been 
applied in the preparation of the group financial statements is applicable law and international financial reporting standards 
‘ifrss’ as adopted by the eu the financial reporting framework that has been applied in the preparation of the company 
financial statements is applicable law and uk accounting standards uk generally accepted accounting practice
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 
2006 our audit work has been undertaken so that we might state to the company’s members those matters we are required to 
state to them in an auditors’ report and for no other purpose to the fullest extent permitted by law we do not accept or assume 
responsibility to anyone other than the company and the company’s members as a body for our audit work for this report or for 
the opinions we have formed
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement set out on page 29 the directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view our responsibility is to audit and 
express an opinion on the financial statements in accordance with applicable law and international standards on auditing uk and 
ireland those standards require us to comply with the auditing practices board’s apb’s ethical standards for auditors
scope of the audit of the financial statements
a description of the scope of an audit of financial statements is provided on the apb’s website at wwwfrcorgukapbscopeprivatecfm 
opinion on financial statements
in our opinion
the financial statements give a true and fair view of the state of the group’s and of the company’s affairs as at 31 december • 
2010 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 
the information given in the directors’ report for the financial year for which the financial statements are prepared is • 
consistent with the financial statements and
the information given in the corporate governance report set out on pages 31 to 34 with respect to internal control and risk • 
management systems in relation to financial reporting processes and about share capital structures is consistent with the 
financial statements
matters on which we are required to report by exception
we have nothing to report in respect of the following
under the companies act 2006 we are required to report to you if in our opinion
adequate accounting records have not been kept by the company or returns adequate for our audit have not been received from • 
branches not visited by us or
the company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with • 
the accounting records and returns or
certain disclosures of directors’ remuneration specified by law are not made or • 
we have not received all the information and explanations we require for our audit • 
under the listing rules we are required to review
the directors’ statement set out on page 28 in relation to going concern • 
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 and
certain elements of the report to shareholders by the board on directors’ remuneration • 
stuart burdass senior statutory auditor
for and on behalf of kpmg audit plc statutory auditor
chartered accountants st james’ square manchester m2 6ds
28 february 2011
independent auditor’s report to the 
members of moneysupermarketcom 
group plc 44 moneysupermarketcom group plc
annual report 2010
consolidated statement of 
comprehensive income
for the year ended 31 december 2010
       year ended year ended 
       31 december  31 december 
       2010  2009 
      note £000 £000
revenue       148892 136874
cost of sales       42763 42627
gross profit       106129 94247
distribution expenses       21621 18446
administrative expenses       73771 73495
results from operating activities      5 10737 2306
finance income      7 287 877
profit before income tax       11024 3183
income tax charge      8 3323 1267
profit for the year       7701 1916
other comprehensive income   
foreign currency translation       17 121
deferred tax on sharebased payments       165 49
other comprehensive income for the year       182 170
total comprehensive income for the year       7883 1746
profit attributable to   
equity holders of the company       7701 2068
noncontrolling interest      21 – 152
profit for the year       7701 1916
total comprehensive income attributable to   
equity holders of the company       7883 1907
noncontrolling interest      21 – 161
total comprehensive income for the year       7883 1746
earnings per share        
basic earnings per ordinary share p      9 15 04
diluted earnings per ordinary share p      9 15 04 business overview business review management corporate responsibility corporate governance general financial statements
45 moneysupermarketcom group plc
annual report 2010
       31 december  31 december 
       2010  2009 
      note £000 £000
assets   
noncurrent assets   
property plant and equipment      11 10701 12135
intangible assets      12 182541 198453
total noncurrent assets       193242 210588
current assets   
trade and other receivables      13 16320 14375
prepayments       2320 1793
cash and cash equivalents      17 36593 53805
total current assets       55233 69973
total assets       248475 280561
   
liabilities      
noncurrent liabilities      
deferred tax liability      15 32212 39011
current liabilities   
trade and other payables      14 25235 18756
current tax liabilities       3387 2126
total current liabilities       28622 20882
total liabilities       60834 59893
     
equity       
share capital      16 102 102
share premium       171297 171207
retained earnings       68239 45920
other reserves       84481 95279
total equity attributable to equity holders of the company     187641 220668
noncontrolling interest       – –
total equity       187641 220668
total equity and liabilities       248475 280561
the financial statements were approved by the board of directors and authorised for issue on 28 february 2011 they were signed 
on its behalf by
peter plumb 
paul doughty
consolidated statement of  
financial position
at 31 december 2010 46 moneysupermarketcom group plc
annual report 2010
       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 2009  101 171047 106737 20042 – 3 257846
foreign currency translation
1
  – – – – – 121 121
deferred tax recognised on  
 sharebased 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 10 – – – 42730 – – 42730
sharebased payment 18 – – – 3645 – – 3645
reserves transfer  – – 11340 11340 – – –
at 31 december 2009  102 171207 95397 45920 – 118 220668
foreign currency translation
1
  – – – – – 17 17
deferred tax recognised on  
 sharebased payments
1  
– – – 165 – – 165
profit for the year  – – – 7701 – – 7701
total income and expense  
 for the year  – – – 7866 – 17 7883
share options exercised  – 90 – – – – 90
equity dividends 10 – – – 42851 – – 42851
sharebased payment 18 – – – 1851 – – 1851
reserves transfer  – – 10815 10815 – – –
at 31 december 2010  102 171297 84582 68239 – 101 187641
1  
foreign currency translation and deferred tax recognised on sharebased 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 2010 the group held 536592 ordinary shares at a cost of 002p per share through a trust for the benefit of the 
group’s employees 
consolidated statement of  
changes in equity
for the year ended 31 december 2010 business overview business review management corporate responsibility corporate governance general financial statements
47 moneysupermarketcom group plc
annual report 2010
       year ended year ended 
       31 december  31 december 
       2010  2009 
      note £000 £000
operating activities       
profit for the year       7701 1916
adjustments to reconcile group net profit to net cash flows      
 depreciation      11 4851 4436
 amortisation of intangible assets      12 24194 25200
 loss on disposal of property plant and equipment      31 –
 finance income      7 287 877
 equitysettled sharebased payment transactions     18 1851 3645
 effects of foreign exchange differences       22 116
 income tax charge      8 3323 1267
 change in trade and other receivables       2398 1920
 change in trade and other payables       3530 1954
 income tax paid       9841 10467
net cash flow from operating activities       32977 24970
investing activities        
acquisition of minority interest in icero gmbh      – 2
interest received       282 922
acquisition of subsidiary      3 4330 –
cash acquired with subsidiary      3 68 –
acquisition of property plant and equipment     11 3448 2982
net cash flow from investing activities       7428 2062
financing activities     
proceeds from share issue       90 161
dividends paid       42851 42730
net cash flow from financing activities       42761 42569
net decrease in cash and cash equivalents       17212 19661
cash and cash equivalents at start of year       53805 73465
effect of exchange rate fluctuations on cash held      – 1
cash and cash equivalents at end of year      17 36593 53805
consolidated statement of cash flows
for the year ended 31 december 2010 48 moneysupermarketcom group plc
annual report 2010
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 2010 were authorised for issue in accordance with a resolution of the 
directors on 28 february 2011 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 67 to 70
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 2009 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 12 goodwill and other intangibles including their amortisation and impairment • 
note 13  revenue recognition • 
note 13 provision for doubtful debts • 
note 14 accruals • 
note 18 sharebased payments • 
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 
changes in accounting policies
accounting for business combinations
from 1 january 2010 the group has applied ifrs 3 business combinations 2008 in accounting for business combinations  
the change in accounting policy has been applied prospectively the impact on earnings per share is disclosed in note 3
business combinations are accounted for using the acquisition method as at the acquisition date which is the date on which 
control is transferred to the group control is the power to govern the financial and operating policies of an entity so as to obtain 
benefits from its activities in assessing control the group takes into consideration potential voting rights that currently are 
exercisable
acquisitions on or after 1 january 2010
for acquisitions on or after 1 january 2010 the group measures goodwill at the acquisition date as
the fair value of the consideration transferred plus • 
the recognised amount of any noncontrolling interests in the acquiree plus • 
if the business combination is achieved in stages the fair value of the existing equity interest in the acquiree less • 
the net recognised amount generally fair value of the identifiable assets acquired and liabilities assumed • 
when the excess is negative a bargain purchase gain is recognised immediately in profit or loss
the consideration transferred does not include amounts related to the settlement of preexisting relationships such amounts are 
generally recognised in profit or loss
notes to the consolidated  
financial statements business overview business review management corporate responsibility corporate governance general financial statements
49 moneysupermarketcom group plc
annual report 2010
2 summary of significant accounting policies continued
costs related to the acquisition other than those associated with the issue of debt or equity securities that the group incurs in 
connection with a business combination are expensed as incurred
any contingent consideration payable is recognised at fair value at the acquisition date if the contingent consideration is classified 
as equity it is not remeasured and settlement is accounted for within equity otherwise subsequent changes to the fair value of the 
contingent consideration are recognised in profit or loss
acquisitions between 22 june 2007 and 1 january 2010
for acquisitions between 22 june 2007 and 1 january 2010 goodwill represents the excess of the cost of the acquisition over the 
group’s interest in the recognised amount generally fair value of the identifiable assets liabilities and contingent liabilities of  
the acquiree when the excess was negative a bargain purchase gain was recognised immediately in profit or loss
transaction costs other than those associated with the issue of debt or equity securities that the group incurred in connection 
with business combinations were capitalised as part of the cost of the acquisition
the group was established via a series of transactions that occurred concurrently on 22 june 2007 these comprised the 
incorporation of the company with simon nixon as sole shareholder the acquisition by the company using a share for share 
exchange of simon nixon’s 45 interest in moneysupermarketcom financial group limited and the acquisition by the company  
of all other shares in moneysupermarketcom financial group limited from third parties the acquisition of simon nixon’s shares 
was between two parties being simon nixon and the company who were under common control at the time of the transaction 
the acquisition was of an interest in a company which gave the investor a significant influence in the company and it was concluded 
that this arrangement was a common control transaction and not within the scope of ifrs 3 business combinations as a result 
the company accounted for this 45 interest in moneysupermarketcom financial group limited at original carrying value rather 
than fair value at the date of the acquisition the acquisition of the remaining shares in moneysupermarketcom financial group 
limited was accounted for in accordance with ifrs 3 business combinations applying the accounting guidance for a business 
combination achieved in stages this resulted in the fair value of the identifiable assets liabilities and contingent liabilities of 
moneysupermarketcom financial group limited being recognised in full and the goodwill in respect of the acquisition from  
third parties being recognised
foreign currency
the consolidated financial statements are presented in sterling which is the company’s functional and presentation currency 
the functional currency of the foreign operation icero gmbh is the euro the income and expenses of the foreign operation are 
translated into sterling at an average exchange rate for the period in which the activity occurred the assets and liabilities of the 
foreign operation are translated into sterling using exchange rates ruling as at the balance sheet date the exchange difference 
arising upon translation is taken directly to a separate component of equity
monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency 
at the exchange rate at that date foreign currency differences arising on retranslation are recognised as a profit or loss
revenue
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 50 moneysupermarketcom group plc
annual report 2010
2 summary of significant accounting policies continued
depreciation is charged to the statement of comprehensive income on a straightline basis over the estimated useful life of each 
part of an item of property plant and equipment land is not depreciated assets under construction are not depreciated until 
brought into use the estimated useful lives are as follows
buildings 50 years
plant and equipment including it equipment  3 years
fixtures and fittings  5 years
office equipment  5 years
the useful lives and depreciation rates are reassessed at each reporting date
intangible assets
goodwill
goodwill is measured at cost less any accumulated impairment losses with the carrying value being reviewed for impairment  
at least annually and whenever there is an indication that the carrying value may be impaired
other intangible assets
the cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition after initial 
recognition intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses all 
the group’s intangible assets other than goodwill have been identified as having finite useful lives as such they are amortised on 
a straightline basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible 
asset may be impaired the amortisation period and the amortisation method for an intangible asset with a finite useful life is 
reviewed at least at each financial year end the amortisation expense on intangible assets with finite lives is recognised in the 
statement of comprehensive income in the expense category consistent with the function of the intangible asset the estimated 
useful lives are as follows
marketrelated 10 years
customer relationships  7 years
customer lists  3 years
technology  3 years
marketrelated intangible assets are defined as those that are primarily used in the marketing or promotion of products and 
services for example trademarks trade names and internet domain names
customerrelated intangible assets consist of customer lists customer contracts and relationships and noncontractual 
customer relationships for accounting purposes customer relationships and customer lists have been identified separately 
relationships with highprofile customers provide the group with prominence in the marketplace create volume and traffic on  
the website and enhance the reputation of the brand customer lists allow the group to undertake targeted marketing activities
technologybased intangible assets relate to innovations and technical advances such as computer software patented and 
unpatented technology databases and trade secrets
impairment
the carrying amounts of the group’s assets are reviewed annually to determine whether there is any indication of impairment  
if such indication exists the asset’s recoverable amount is estimated
an impairment loss is recognised whenever the carrying amount of an asset or its cashgenerating unit exceeds its recoverable 
amount impairment losses are recognised in the statement of comprehensive income
for the purposes of impairment reviews the recoverable amount of the group’s assets is taken to be the higher of their fair value 
less costs to sell and their value in use
research and development
expenditure on research activities undertaken with the prospect of gaining technical knowledge and understanding is charged  
to the statement of comprehensive income when incurred development expenditure is capitalised when it meets the criteria 
outlined in 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
notes to the consolidated  
financial statements continued business overview business review management corporate responsibility corporate governance general financial statements
51 moneysupermarketcom group plc
annual report 2010
2 summary of significant accounting policies continued
employee benefits
defined contribution plans
obligations for contributions to defined contribution pension plans are recognised as an expense in the statement of 
comprehensive income as incurred
sharebased payment transactions
the group’s share schemes allow certain group employees to acquire ordinary shares in the company the fair value of share 
awards made is recognised as an employee expense with a corresponding increase in equity the fair value is measured at award 
date and spread over the period during which the employees become unconditionally entitled to the awards the fair values of the 
share awards are measured using the monte carlo method for options subject to a marketbased condition and the blackscholes 
model for all others taking into account the terms and conditions upon which the awards were made the amount recognised as 
an expense is adjusted to reflect the number of share awards expected to vest
short term employee benefits
short term employee benefit obligations are measured on an undiscounted basis and are recognised in the statement of 
comprehensive income as the related service is provided
a provision is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans if the group has  
a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation 
can be estimated reliably
advertising costs
the group incurs costs from advertising via a number of different media costs associated with the production of adverts are 
recognised as an expense in the statement of comprehensive income only once the advert is available to the group in a format 
ready for use having been approved for airing or displaying the cost of airing or displaying the advert is taken as an expense in  
the period in which the advert is aired or displayed
finance income
finance income comprises interest receivable which is recognised in the statement of comprehensive income as it accrues using 
the effective interest method
dividends
dividends payable to the company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the 
period in which the shareholders’ right to receive payment is established
taxation
tax on the profit or loss for the year comprises current and deferred tax tax is recognised in the statement of comprehensive 
income except to the extent that it relates to items recognised directly in equity in which case it is recognised in equity
current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at the 
balance sheet date and any adjustment to tax payable in respect of previous years
deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting 
purposes and the amounts used for taxation purposes the following temporary differences are not provided for the initial 
recognition of goodwill the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than  
in a business combination and differences relating to investments in subsidiaries to the extent that they will probably not reverse 
in the foreseeable future the amount of deferred tax provided is based on the expected manner of realisation or settlement of the 
carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the balance sheet date
a deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which  
the asset can be utilised
in the year ended 31 december 2010 a deferred tax liability was recognised at the expected future tax rate of the value of the 
intangible assets with finite lives which were acquired with financial services net limited representing the tax effect of the 
amortisation of these assets in future periods
a deferred tax liability was recognised in the year ended 31 december 2007 as 30 of the value of the intangible assets with finite 
lives which were generated upon the acquisition of moneysupermarketcom financial group limited representing the tax effect  
of the amortisation of these assets in future periods this liability was revalued at 31 december 2008 to 28 of the value of the 
intangible assets 52 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
2 summary of significant accounting policies continued
both these liabilities will decrease in line with the amortisation of the related intangible assets with the deferred tax credit 
recognised in the statement of comprehensive income in accordance with ias 12
group management of capital
the group’s objectives when managing capital are
to safeguard the entity’s ability to continue as a going concern so that it can continue to provide returns for shareholders  • 
and benefits for other stakeholders and
to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk • 
the group sets the amount of capital in proportion to risk the group manages the capital structure and makes adjustments to it 
in the light of changes in economic conditions and the risk characteristics of the underlying assets in assessing the level of capital 
all components of equity are taken into account ie share capital retained earnings and reserves where applicable as well as 
unvested share options and awards
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 2010 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
there were no changes to the group’s approach to capital management during the year
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 
2010 but are not yet effective and therefore have not yet been adopted by the group
amendments to ias 32 ‘financial instruments presentation’ – classification of rights issues is mandatory for years commencing  
on or after 1 february 2010 the amendment allows rights options or warrants to acquire a fixed number of the entity’s own equity 
instruments for a fixed amount of any currency to be classified as equity instruments provided the entity offers the rights options 
or warrants pro rata to all of its existing owners of the same class of its own nonderivative equity instruments adoption of this 
standard is not expected to have a significant impact on the group
revised ias 24 ‘related party disclosure’ is mandatory for years commencing on or after 1 january 2011 the standard amends 
the definition of a related party and modifies certain related party disclosure requirements for governmentrelated entities  
the adoption of this standard is not expected to have a significant impact on the group
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
3 acquisition of financial services net limited
on 14 october 2010 the group acquired all of the shares in financial services net limited ‘fsn’ for £44 million satisfied  
in cash with a further £400000 payable pending the outcome of certain matters and a contingent payment of up to £4 million 
payable up to the third anniversary of handover upon the achievement of specified financial targets by fsn the company operates 
a range of websites in the financial services sector aimed at putting consumers in touch with brokers or product providers  
who will provide them with the product they are looking for in the two and a half months to 31 december 2010 the subsidiary 
contributed revenue of £69000 and a net loss of £159000 to the consolidated profit for the year if the acquisition had occurred  
on 1 january 2010 group revenue would have been an estimated £1493 million and profit would have been an estimated £75m  
in determining these amounts management has assumed that the fair value adjustments that arose on the date of acquisition 
would have been the same if the acquisition occurred on the first day of the accounting period business overview business review management corporate responsibility corporate governance general financial statements
53 moneysupermarketcom group plc
annual report 2010
3 acquisition of financial services net limited continued
effect of acquisition
the acquisition had the following effect on the group’s assets and liabilities
      preacquisition  recognised 
      carrying fair value values on 
      amounts adjustments acquisition 
      £000 £000 £000
fsn’s net assets at the acquisition date       
property plant and equipment      7 7 –
intangible assets see note 12      – 6083 6083
trade and other receivables      74 – 74
cash and cash equivalents      68 – 68
trade and other payables      59 200 259
deferred tax liabilities      – 1145 1145
net identifiable assets and liabilities      90 4731 4821
goodwill on acquisition        2199
total consideration        7020
a detailed description of the different intangible assets which have been identified within the acquired business and the methods used 
to value them are provided within note 12 the deferred tax liability represents the tax effect which will result from the amortisation 
of the intangible assets estimated using the anticipated future tax rate and the fair value of the different classes of asset
        £000
consideration
initial consideration paid in cash        4412
contingent consideration        2608
total consideration    7020
the initial consideration includes a payment of £4330000 which was made during the year and a payment of £82000 which is 
expected to be made after 31 december 2010
the group incurred acquisitionrelated costs of £07m relating to legal and advisory fees including the vendor’s related expenses 
which have been expensed in administrative expenses the impact on basic and diluted earnings per share is a decrease of 014 
and 013 pence respectively
the contingent consideration includes two elements
up to £400000 which may become due dependent upon the outcome of ongoing discussions around the indirect tax treatment  • 
of certain income streams management have estimated that there is a 50 probability of this amount becoming due and have 
recognised £200000 of contingent consideration which represents its fair value at the acquisition date
up to £4million which may become due upon the achievement of financial performance measures specified in the purchase • 
agreement up to one third of this amount will be payable on each of the first three anniversaries of the handover date 
management have estimated the amount of this element which will become payable by attributing different probabilities  
to a range of possible outcomes derived from the most recent forecasts of the business’ performance the group has  
included £2408000 as contingent consideration related to this additional consideration which represents its fair value at  
the acquisition date 54 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
4 segmental information
business segments
in applying ifrs 8 – operating segments the group has disclosed four reportable segments being money insurance travel and 
home money insurance and home operate under the brand name moneysupermarketcom and travel under the brand name 
travelsupermarketcom however all four segments are reported separately 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 of the group revenue of £1489m 2009 £1369m 
reported in 2010 £1488m 2009 £1349m was generated in the uk during the year the group took the decision to wind down its 
german operation
       reportable  
      segments  
  money insurance travel home total other total 
  £000 £000 £000 £000 £000 £000 £000
year ended 31 december 2010
revenue
segment revenue  44006 84520 13926 6206 148658 234 148892
results        
operating expenses        138155
profit from operating activities        10737
finance income        287
profi t before tax        11024
income tax charge        3323
profit for the year        7701
at 31 december 2010
assets and liabilities      
intangible assets        125377
goodwill        57164
other unallocated assets        65934
total assets        248475
deferred tax liability        32212
other unallocated liabilities        28622
total liabilities        60834
other segment information
capital expenditure        
property plant and equipment        3448
intangible fixed assets        8282
total capital expenditure        11730
depreciation        4851
amortisation        24194 business overview business review management corporate responsibility corporate governance general financial statements
55 moneysupermarketcom group plc
annual report 2010
4 segmental information continued
      reportable   
      segments 
  money insurance travel home total other total 
  £000 £000 £000 £000 £000 £000 £000
year ended 31 december 2009
revenue
segment revenue  38132 75669 16305 5539 135645 1229 136874
results        
operating expenses        134568
profit from operating activities        2306
finance income        877
profit 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
5 results from operating activities
       31 december 31 december 
        2010  2009 
       £000 £000
profit on ordinary activities before taxation is stated after charging  
depreciation       4851 4436
amortisation of intangible assets       24194 25200
auditors’ remuneration      
 audit of these financial statements       81 65
 audit of subsidiaries’ financial statements       52 50
 review of interim financial statements       27 25
 services relating to direct and indirect taxation      129 146
 other services       56 61 56 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
6 staff numbers and cost
the average number of persons employed by the group including directors during the year analysed by category was as follows
       number of number of 
       employees employees 
       31 december 31 december 
       2010 2009
it operations       162 187
administration       271 295
       433 482
the aggregate payroll costs of these persons were as follows
       31 december 31 december 
       2010 2009 
       £000 £000
wages and salaries       19653 19236
compulsory social security contributions       2167 2867
contributions to defined contribution plans       468 738
equitysettled sharebased payment transactions      1851 3645
       24139 26486
7 finance income
       31 december 31 december 
       2010 2009 
       £000 £000
finance income        
interest received on bank deposits       287 877
8 income tax
income tax charged in the statement of comprehensive income
       31 december 31 december 
       2010 2009 
       £000 £000
current tax  
current tax on income for the year       11104 9202
deferred tax  
origination and reversal of temporary differences      7239 7541
deferred tax on unapproved equitysettled share awards     280 394
adjustments due to change in corporation tax rate      1172 – 
adjustment in relation to prior period       350 –
       7781 7935
tax on profit on ordinary activities       3323 1267
reconciliation of the effective tax rate
the tax charge for the year is higher 2009 higher than the standard rate of corporation tax in the uk in 2010 of 28 2009 28 
the differences are explained below
       31 december 31 december 
       2010 2009 
       £000 £000
profit for the year       11024 3183
standard rate of tax at 28 2009 28       3087 891
effects of  
expenses not deductible for tax purposes       941 1182
deferred tax not recognised at 28 2009 28      163 513
movement on deferred tax asset related to sharebased payments     46 1319
impact on deferred tax of reduction in corporation tax rate to 27     1172 –
adjustment in relation to prior period       350 –
tax on profit on ordinary activities see above      3323 1267 business overview business review management corporate responsibility corporate governance general financial statements
57 moneysupermarketcom group plc
annual report 2010
8 income tax continued
from 1 april 2011 the corporation tax rate payable by the group is to reduce to 27 with a further 1 reduction each year until tax 
year 201415 when the rate will stabilise at 24
unrecognised tax losses
the group has tax losses arising from the results of a foreign subsidiary of £584000 2009 £1830000 a deferred tax asset has 
not been recognised in respect of these losses as it is uncertain as to whether they may be used to offset taxable profits elsewhere 
in the group and they have arisen in a foreign subsidiary that is not expected to make a profit in the future 
9 earnings per share
basic earnings per share
basic earnings per share amounts are calculated by dividing the profit or loss for the year attributable to ordinary equity holders  
of the company by the weighted average number of ordinary shares outstanding during the year
diluted earnings per share
diluted earnings per share amounts are calculated by dividing the profit or loss for the year attributable to ordinary equity holders 
of the company by the weighted average number of ordinary shares outstanding during the year plus the weighted average 
number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares
earnings per share
basic and diluted earnings per share has been calculated on the following basis
       2010 2009 
       £000 £000
profit after taxation attributable to ordinary equity holders     7701 2068
basic weighted average ordinary shares in issue millions     5090 5062
dilutive effect of sharebased instruments millions      125 95
diluted weighted average ordinary shares in issue millions     5215 5157
basic earnings per ordinary share pence       15 04
diluted earnings per ordinary share pence       15 04
10 dividends
       2010 2009 
       £000 £000
declared and paid during the year
equity dividends on ordinary shares  
final dividend for 2008 22p per share        11110
interim dividend for 2009 13p per share        6598
special dividend for 2009 493p per share        25022
final dividend for 2009 22p per share       11201 –
special dividend for 2009 491p per share       25000 –
interim dividend for 2010 13p per share       6621 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares         
final dividend for 2010 253p per share        12885 – 58 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
11 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 2009   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
additions   – 96 2982 43 327 3448
transfers   – – – – – –
disposals   – 4 484 25 10 523
foreign exchange adjustments   – – 9 4 4 17
at 31 december 2010   6335 96 16222 314 684 23651
depreciation        
at 1 january 2009   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
depreciation for the year   123 – 4595 53 80 4851
disposals   – – 482 9 8 499
foreign exchange adjustments   – – 7 2 1 10
at 31 december 2010   399 – 12125 197 229 12950
carrying amounts
at 31 december 2008   6177 890 6235 135 159 13596
at 31 december 2009   6059 4 5714 145 213 12135
at 31 december 2010   5936 96 4097 117 455 10701
12 intangible assets
   market customer customer technology 
   related relationship list related goodwill total 
   £000 £000 £000 £000 £000 £000
cost
at 1 january 2009  
 and 31 december 2009   132100 68500 713 5900 124965 332178
additions   4843 791 449 – 2199 8282
at 31 december 2010   136943 69291 1162 5900 127164 340460
amortisation
at 1 january 2009   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
charged during the year   13312 9810 144 928 – 24194
at 31 december 2010   46717 34556 746 5900 70000 157919
carrying amounts        
at 31 december 2008   111905 53540 349 2894 54965 223653
at 31 december 2009   98695 43754 111 928 54965 198453
at 31 december 2010   90226 34735 416 – 57164 182541
on an annual basis or where an indication exists the group is required to assess its goodwill and intangible assets for 
impairment business overview business review management corporate responsibility corporate governance general financial statements
59 moneysupermarketcom group plc
annual report 2010
12 intangible assets continued
during 2007 the group employed the services of an appropriately qualified and experienced independent third party to value  
the intangible assets acquired from moneysupermarketcom financial group limited this valuation was used as the initial 
carrying value for these assets following the impairment provision in 2008 the market capitalisation of the group approximated 
to the total carrying value of the goodwill intangible and other noncurrent assets of the group at 31 december 2010 the  
market capitalisation exceeded the carrying value of the goodwill intangible and other noncurrent assets by more than  
100 2009 78
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 was allocated on 1 january 2009 
based on estimates of the relative values of the operating segments at that date with £307m allocated to insurance £155m to 
money £66m to travel and £22m to home services the balances at 31 december 2010 are in line with those at 1 january 2009
for the current year the recoverable amount of the assets was taken to be their value in use and was calculated by reference  
to the forecast cash flows
the present value of the future cash flows has been calculated with the following key assumptions
cash flows for year 1 for each cgu represent management’s best estimate of future cash flows as at 31 december 2010 and • 
are based upon the group’s approved budget for 2011 incorporating where possible an allocation of cost of sales and advertising 
costs the main assumptions underlying the 2011 budget relate to visitor numbers source of visitors revenue per transaction
visitor and marketing spend which incorporate past experience the forecast assumes continued improvement during the 
course of 2011 driven by new media campaigns utilisation of the group’s data asset and investments made in the core 
technology for the group’s key channels 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 further 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 • 
a pretax discount rate of 135 2009 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 to reflect the reduction in the uncertainty in the 
economic climate observed through the year and the return to growth which the group has reported
when there are clear indications that the economy has fully emerged from recession a different set of assumptions may be  
more appropriate
the analysis performed calculates that the recoverable amount of the assets allocated to the insurance money travel and home 
service segments exceeds their carrying value by in excess of 100 and as such no impairment was identified no reasonably 
possible change to a key assumption would result in an impairment
as explained in note 4 whilst the group is able to allocate revenue between the four operating segments its cost base is reviewed 
by the group’s chief operating decision maker at a group rather than segmental level and a number of the significant costs which 
the group incurs cannot be allocated either directly or on a reasonable and consistent basis to the cgus that are each operating 
segment therefore the cash flows estimated above include all of the group’s forecast revenues but only approximately 57 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 2009 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  
£152m 2009 £49m and as such no impairment was identified
with regard to the group level impairment testing an increase of 10 2009 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 £200m 2009 £60m with all other assumptions held constant would also give a value in use for the group’s assets 
equal to their carrying value 60 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
12 intangible assets continued
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
acquisition of financial services net limited
the fair value of the intangible assets recognised upon the acquisition of financial services net limited ‘fsn’ have been 
calculated as set out below
market related • 
 within fsn the main market related intangible assets are the domain names which fsn owns these assets have been valued 
using an incomebased approach namely the royalty savings method which estimates the royalty which the group would have 
to pay a third party to use the domain names if it did not own them typically as a percentage of the revenue earned from the 
domain names during their useful economic life of 10 years the group has estimated revenue based on the most recent  
3 year forecasts and for later periods has assumed inflationary increases of 5 a royalty rate of 15 has been applied based 
on available industry data a discount rate of 158 has been used to calculate the present value of the future royalty savings
customer relationships • 
 this asset represents the value present within the existing relationships which fsn has with product providers and brokers 
the valuation is based on the cash flows which are expected to result from these relationships during the 7 year useful 
economic life of the asset adjusted for estimated future attrition of the providers and relationships following the date of 
acquisition again the group has based the estimate on the most recent 3 year forecasts and for later periods has assumed  
inflationary increases of 5 with an assumed attrition rate of the provider relationships of 50 per annum based on 
management’s expectations a discount rate of 158 has been used to calculate the present value of the future benefit 
resulting from the relationships
customer lists • 
 this asset represents the value of the customer data held by fsn at the date of acquisition and is valued based on the cost  
of recreating such a database in the open market using inhouse estimates of the cost of each data element
the goodwill balance recognised upon the acquisition of fsn represents the anticipated incremental value which the group 
expects to generate by applying the existing skills and expertise within the group’s workforce to the acquired business  
and assets
given the proximity of the acquisition of the above assets to the year end date no impairment review has been completed to date 
and no indication of impairment has been identified
13 trade and other receivables 
       31 december 31 december 
       2010 2009 
       £000 £000
trade receivables       16320 14375
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 2010 trade receivables are shown net of a provision for doubtful debts of £85000 2009 £156000 which 
represents a judgement made by management of which receivable balances are unlikely to be recovered taking into consideration 
the ageing of the debt evidence of poor payment history or financial position of a particular debtor
movements in the provision for doubtful debts were as follows
       2010 2009 
       £000 £000
at 1 january       156 348 
charge for the year       83 151 
amounts written off       154 343
at 31 december       85 156 business overview business review management corporate responsibility corporate governance general financial statements
61 moneysupermarketcom group plc
annual report 2010
13 trade and other receivables continued
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 2009  14375 8266 5353 429 212 38 77
at 31 december 2010  16320 15001 1006 109 79 66 59
the group’s standard payment terms are 15 days
14 trade and other payables
       31 december 31 december 
       2010 2009 
       £000 £000
trade payables       12514 13126
nontrade payables and accrued expenses       9894 5620
deferred income       219 10
contingent consideration in relation to the acquisition of financial services net limited   2608 –
       25235 18756
as a result of click based revenue being recognised in the period that the lead is generated an accrual for the cost of sales relating 
to the revenue accrued at the year end date see note 13 is included within trade payables
as at 31 december the analysis of financial liabilities within trade payables nontrade payables and accrued expenses is as follows
  total current 030 days 3060 days 6090 days 90120 days  120 days 
  £000 £000 £000 £000 £000 £000  £000
at 31 december 2009  18746 13665 798 472 408 151 3252
at 31 december 2010  22408 16735 1101 1713 127 63 2669
as at 31 december 2010 the group did not hold any other financial liabilities requiring disclosure under ias 32
15 deferred tax assets and liabilities
deferred tax assets and liabilities are attributable to the following
     assets 
i
 liabilities
     2010 2009 2010 2009 
     £000 £000 £000 £000
at 1 january     – 362 39011 47259
deferred tax liability arising upon the acquisition of financial services net limited – – 1145 –
temporary differences     – 484 7239 7057
revaluation of ltip equitysettled share awards    – 49 166 –
revaluation of chairman’s share award     – 29 48 –
revaluation of unapproved share options at the balance sheet date   – 5 291 –
issue of ltip equitysettled share awards     – 370 56 –
reduction in corporation tax rate to 27     – – 1172 –
adjustment in relation to prior period     – – 350 –
transfers     – 1191 – 1191
at 31 december     – – 32212 39011
the deferred tax liability arises from the creation of the intangible assets upon the acquisition of moneysupermarketcom  
financial group limited by the company and the acquisition of financial services net limited by moneysupermarketcom 
financial group limited
16 capital
the following rights attached to the shares in issue during the year
ordinary shares
the holders of ordinary shares were entitled to returns of capital receive a dividend and vote 
during the year the company issued 1506671 2009 2676662 ordinary shares upon the exercising of unapproved share options 
by a number of senior management and 248612 ordinary shares to the chairman of the company under the terms of the 
chairman’s share award see note 18 62 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
16 capital continued
issued and fully paid
   ordinary 
number of shares   shares
at 1 january 2009    504856062
issued on exercising of unapproved share options    2676662
at 31 december 2009    507532724
issued on exercising of unapproved share options    1506671
issued on exercising of chairman’s share award    248612
at 31 december 2010    509288007
   ordinary 
£   shares
at 1 january 2009    100971
issued on exercising of unapproved share options    535
at 31 december 2009    101506
issued on exercising of unapproved share options    301
issued on exercising of chairman’s share award    50
at 31 december 2010    101857
the group has a long term incentive plan under which conditional nil cost awards of ordinary shares in the company have been 
made to certain directors and employees of the group see note 18
17 financial instruments
interest rate risk
the group invests its cash in a range of cash deposit accounts with uk banks interest earned therefore closely follows 
movements in bank of england base rates a movement of 1 in this rate would result in a difference in annual pretax profit  
of £366000 based on group cash cash equivalents and financial instruments at 31 december 2010 at the balance sheet date 
£20720000 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 2010 
i
 31 december 2009
     effective  effective 
     interest rate £000 interest rate £000
cash and cash equivalents     072 36593 069 53805
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 2009 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 18 2009 12 of the total trade receivables balance of £16320000 2009 £14375000 and the largest 
individual balance was £985636 2009 £585211
fair values
the group’s financial assets and liabilities are principally short term in nature and therefore their fair value is not materially 
different from their carrying value the valuation method for the group’s financial assets and liabilities can be defined as follows
level 1 quoted prices unadjusted in active markets for identical assets or liabilities
level 2  inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly  
ie as prices or indirectly ie derived from prices
level 3 inputs for the asset or liability that are not based on observable market data unobservable inputs
the contingent consideration liability held at 31 december 2010 is valued using a level 3 valuation method being its fair value with 
any change in fair value taken to the statement of comprehensive income all other financial assets and liabilities are valued at 
amortised cost using a level 1 valuation method there have been no transfers between levels in the year business overview business review management corporate responsibility corporate governance general financial statements
63 moneysupermarketcom group plc
annual report 2010
18 sharebased payments
unapproved share option scheme
grant 1
on 22 may 2007 the holders of unapproved share options in moneysupermarketcom financial group limited agreed to have their 
unapproved share options replaced with share options in the company on similar terms to those that operated under the original 
scheme options over 1460 shares were originally exchanged following the share subdivision on 9 july 2007 where each 
ordinary share was converted to 5000 ordinary shares the shares under option were subject to a similar subdivision following 
this there were therefore 7300000 share options in issue that related to the share options in moneysupermarketcom financial 
group limited exchanged for share options in the company
these share options were originally granted by moneysupermarketcom financial group limited on 9 may 2005 and vested on the 
earlier of a trade sale or a flotation provided that in the event of a flotation the options had been held for three years from the date 
of grant the exercise price 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
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
all remaining unapproved share options vested and were exercised by the participants during the financial year ended 31 
december 2010 
share incentive plan scheme sip
upon listing the company granted £3000 of ordinary shares at the price of £170 per ordinary share to each eligible employee free  
of charge if an employee left within one year of listing all of these ordinary shares were forfeit between one and two years of listing 
50 were forfeit between two and three years of listing 20 were forfeit and after three years of listing none were forfeit 948184 
shares were issued under the share incentive plan scheme in 2007 on 31 july 2010 eligible employees became entitled to receive their 
allocation of free shares 171145 shares have been withdrawn from the trust by employees during the period and a further 536592 
remain held in trust
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 2009 and 2010 none of these awards 
have vested
on 8 april 2009 conditional awards were made over 8256530 ordinary shares under the moneysupermarketcom group plc  
long term incentive plan scheme to senior employees ‘2009 ltips’ under this scheme up to 70 of the shares vest at the end  
of a three year period dependent upon the achievement of an adjusted ebitda figure for each of the three financial years from 
2009 to 2011 and up to 30 of the shares vest at the end of a three year period dependent upon the total shareholder return  
tsr of the company relative to a comparator group of defined companies
during the year conditional awards were made over 6473309 ordinary shares under the moneysupermarketcom group plc  
long term incentive plan scheme to senior employees ‘2010 ltips’ under this scheme up to 70 of the shares vest at the end  
of a three year period dependent upon the absolute total shareholder return of the company set at the start of the period and up to 
30 of the shares vest at the end of a three year period dependent upon the total shareholder return of the company relative to a 
comparator group of defined companies these awards are therefore subject to marketbased performance conditions
 the figure for the awards made in 2010 are the maximum available if the performance targets are met in full representing 150 of the actual awards made 64 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
18 sharebased payments continued
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 was entitled to subscribe at nominal value for a total of 235294 ordinary shares in the company 
following the payment of the special dividend of 493p per ordinary share on 16 october 2009 the remuneration committee 
approved in february 2010 an adjustment to the chairman’s share award in accordance with the rules of the scheme as a result 
of that adjustment gerald corbett became entitled to subscribe at nominal value for a total of 248612 ordinary shares in the 
company reflecting the reduction in the value of the chairman’s share award arising from the payment of that special dividend
in february 2010 the remuneration committee approved in accordance with the rules of the chairman’s share award the early 
subscription by gerald corbett for the shares comprising the chairman’s share award gerald corbett subscribed for all of the shares 
comprising the chairman’s share award in 2010 as at 31 december 2010 all options granted under the chairman’s share award had 
vested and been exercised
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 as at 31 december 2009 all options granted under the 
simon nixon scheme had either vested and been exercised or lapsed
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 2009       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
ltip awards made during the year       4315539 £000
ltip awards forfeit during the year        1369930 £000
unapproved options exercised during the year with a waep of £006    1506671 £006
chairman’s share award made during the year      13318 £000 
chairman’s share award exercised during the year      248612 £000
outstanding at 31 december 2010       10978314 £000 business overview business review management corporate responsibility corporate governance general financial statements
65 moneysupermarketcom group plc
annual report 2010
18 sharebased payments continued
as at 31 december 2010 all unapproved share options had vested and had been exercised
the following table lists the inputs to the blackscholes models and monte carlo simulations used for the schemes for the year 
ended 31 december 2010 
     sip 
     chairman’s 2010 2009 2008  
    unapproved award ltip ltip ltip
fair value at grant date £    157 155165 049 053 126134
share price £    170 170 075 053 138
exercise price £    006 000 000 000 000
expected volatility     300 na 532 na na
expected life of optionaward years    30 30 30 30 30
weighted average remaining contractual life years   00 00 23 13 00
expected dividend yield     30 30 00 00 00
riskfree interest rate     45 45 20 45 45
expected volatility has been estimated by considering historic average share price volatility for the company or similar companies 
staff attrition has been assessed based on historic retention rates
the share option charge in the statement of comprehensive income can be attributed to the following types of share option and 
share award
       2010 2009 
       £000 £000
unapproved share option scheme       250 1478
share incentive plan sip scheme       256 415
chairman’s share award       48 165
long term incentive plan ltip scheme       1297 286
simon nixon scheme       – 1301
       1851 3645
19 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 2010 
£467872 of contributions were charged to the statement of comprehensive income 2009 £738143 as at 31 december 2010 
£83965 2009 £70458 of contributions were outstanding on the balance sheet
20 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
21 related party transactions
the group has the following investments in subsidiaries
    country of  ownership principal 
    incorporation interest activity
moneysupermarketcom financial group limited   uk 100 holding company
moneysupermarketcom limited    uk 100 internet price comparison
travelsupermarketcom limited    uk 100 dormant
insuresupermarketcom limited    uk 100 dormant
mortgage 2000 limited    uk 100 financial intermediary services
making millionaires limited    uk 100 holding company
moneysupermarket limited    uk 100 dormant
icero gmbh    germany 100 dormant
betcomparecom limited    uk 100   dormant
financial services net limited    uk 100 financial intermediary services
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 66 moneysupermarketcom group plc
annual report 2010
notes to the consolidated  
financial statements continued
transactions with key management personnel
there were no outstanding amounts loaned to directors by the company at 31 december 2010
in addition to their salaries the group also provides noncash benefits to directors and executive officers directors and executive 
officers also participate in the group’s long term incentive plan scheme see note 18
gerald corbett michael wemms bruce carnegiebrown simon nixon and paul doughty received dividends from the group totalling 
£22760906 in 2009 and £22714964 in 2010
key management personnel compensation
key management defined as the executive management team received the following compensation during the year
       31 december 31 december 
       2010 2009 
       £000 £000
short term employee benefits       1764 1787
sharebased payments       1111 1984
post employment benefits       162 102
       3037 3873
in addition to the above the executive management team received a bonus of £1745000 2009 £1016000 in relation to the 
reporting period
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
a number of these entities transacted with the group in the prior 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 
     2010 2009 2010 2009 
director company    £000 £000 £000 £000
s j nixon abacus permanent limited    – 221 – –
s j nixon virtual processing limited    – 216 – –
the group provided office space and services to abacus permanent limited and virtual processing limited companies in  
which simon nixon controlled over 90 of the voting shares during the prior year 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
22 post balance sheet events
there have been no significant post balance sheet events requiring disclosure business overview business review management corporate responsibility corporate governance general financial statements
67 moneysupermarketcom group plc
annual report 2010
       31 december 31 december 
       2010 2009 
      note £000 £000
fixed assets
investments      4 181688 181688
current assets     
debtors      5 43642 55738
cash at bank and in hand       526 597
total current assets       44168 56335
creditors amounts due within one year      6 30340 168
net current assets       13828 56167
net assets       195516 237855
 
capital and reserves      
share capital      8 102 102
share premium      8 171297 171207
other reserves      8 16942 16942
profit and loss      8 7175 49604
       195516 237855
the financial statements were approved by the board of directors and authorised for issue on 28 february 2011 they were signed 
on its behalf by
peter plumb
paul doughty
registered number 6160943
company balance sheet
at 31 december 2010 68 moneysupermarketcom group plc
annual report 2010
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 loss after  
tax for the company was £1429000 2009 profit of £61445000 which included dividends received of £63 million
the company has taken the exemption in frs 1 5a and consequently no cash flow statement is presented for the company
investments
investments are shown at cost less provision for impairment
sharebased payment transactions
the group’s share schemes allow certain group employees to acquire ordinary shares in the company the fair value of share 
awards made is recognised as an employee expense with a corresponding increase in equity the fair value is measured at award 
date and spread over the period during which the employees become unconditionally entitled to the awards the fair value of the 
awards made is measured using an option valuation model taking into account the terms and conditions upon which the awards 
were made the amount recognised as an expense is adjusted to reflect the number of share awards expected to vest subsidiaries 
are recharged for the amount recognised as sharebased payments relating to awards to their employees the fair value of the 
recharge is recognised over the vesting period
dividends
dividends receivable are recognised when the company’s right to receive payment is established dividends payable to the 
company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the period in which the 
shareholders’ right to receive payment is established
taxation
tax on the profit or loss for the year comprises current and deferred tax tax is recognised in the profit and loss account except  
to the extent that it relates to items recognised directly in equity in which case it is recognised in equity
current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted  
at the balance sheet date and any adjustment to tax payable in respect of previous years
deferred tax is recognised without discounting in respect of all timing differences between the treatment of certain items for 
taxation and accounting purposes which have arisen but not reversed by the balance sheet date except as otherwise required  
by frs 19
2 sharebased payments
the analysis and disclosures in relation to sharebased payments are given in the consolidated financial statements in note 18
3 staff numbers and cost
the average number of persons employed by the company including directors during the year analysed by category  
was as follows
        number of number of 
       employees employees 
       31 december 31 december 
       2010 2009
administration       5 5
the aggregate payroll costs of these persons were as follows  
       31 december 31 december 
       2010 2009 
       £000 £000
wages and salaries       1170 1166
social security costs       229 601
other pension costs       99 70
sharebased payments       847 1903
       2345 3740
in addition to the above these persons received a bonus of £1139000 2009 £801000 in relation to the reporting period business overview business review management corporate responsibility corporate governance general financial statements
69 moneysupermarketcom group plc
annual report 2010
4 investments
 shares in subsidiary undertakings
        £000
cost and net book value
at 31 december 2009 and 31 december 2010       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 
       2010 2009 
       £000 £000
amount due from subsidiary undertakings       43096 55211
other debtors       – 9
corporation tax       546 518
       43642 55738
6 creditors amounts falling due within one year
       31 december  31 december 
       2010 2009 
       £000 £000
amount owed to subsidiary undertaking       30129 –
accruals       211 168
       30340 168
7 dividends
       31 december  31 december 
       2010 2009 
       £000 £000
declared and paid during the year
equity dividends on ordinary shares  
final dividend for 2008 22p per share        11110
interim dividend for 2009 13p per share        6598
special dividend for 2009 493p per share        25022
final dividend for 2009 22p per share       11201 –
special dividend for 2009 491p per share       25000  –
interim dividend for 2010 13p per share       6621 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares         
final dividend for 2010 253p per share        12885 – 70 moneysupermarketcom group plc
annual report 2010
notes to the company  
financial statements continued
8 capital and reserves
the following rights attached to the shares in issue during the year
ordinary shares
the holders of ordinary shares were entitled to returns of capital receive a dividend and vote 
during the year the company issued 1506671 2009 2676662 ordinary shares upon the exercising of unapproved share options 
by a number of senior management and 248612 ordinary shares to the chairman of the company under the terms of the 
chairman’s share award see note 18 of the consolidated financial statements
issued and fully paid
   ordinary 
number of shares   shares
at 1 january 2009    504856062
issued on exercising of unapproved share options       2676662
at 31 december 2009    507532724
issued on exercising of unapproved share options    1506671
issued on exercising of chairman’s share award    248612
at 31 december 2010    509288007
   ordinary 
£   shares
at 1 january 2009    100971
issued on exercising of unapproved share options    535
at 31 december 2009    101506
issued on exercising of unapproved share options    301
issued on exercising of chairman’s share award    50
at 31 december 2010    101857
 
the group has a long term incentive plan under which conditional nil cost awards of ordinary shares in the company have been 
made to certain directors and employees of the group see note 18 of the consolidated financial statements
other reserves
      share other profit and 
      premium reserves loss 
      £000 £000 £000
at 1 january 2009      171047 16942 27244
shares issued      160 – –
total recognised profit in year      – – 61445
equity dividends      – – 42730
sharebased payment      – – 3645
at 31 december 2009      171207 16942 49604
shares issued      90 – –
total recognised loss in year      – – 1429
equity dividends      – – 42851
sharebased payment      – – 1851
at 31 december 2010      171297 16942 7175
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 business overview business review management corporate responsibility corporate governance
71 moneysupermarketcom group plc
annual report 2010
general financial statements
shareholder information
registered office and registered number
moneysupermarket house
st david’s park
ewloe
chester ch5 3uz
no 6160943
telephone  44 01244 665700
website  wwwmoneysupermarketcom
company secretary
darren drabble
financial advisorsstockbrokers
credit suisse securities europe limited
one cabot square
london e14 4qj
ubs limited
1 finsbury avenue
london ec2m 2pp
auditors
kpmg audit plc
st james’ square
manchester m2 6ds
solicitors
herbert smith
exchange house
primrose street
london ec2a 2hs
addleshaw goddard
100 barbirolli square
manchester m2 3ab
principal bankers
lloyds banking group plc
city office
po box 1000 bx1 1lt
financial pr
tulchan communications
sixth floor
kildare house
3 dorset rise
london ec4y 8en
registrar
capita registrars
the registry
34 beckenham road
beckenham
kent br3 4tu
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
enquiring about your shareholding
if you want to ask or need any information about your shareholding 
please contact our registrar see contact details on the left 
alternatively if you have internet access you can access the group’s 
shareholder portal at wwwmoneysupermarketsharescom where you 
can amongst other things view details of your shareholding set up or 
amend a dividend mandate and update your address details
investor relations website
the investor relations section of our website
wwwmoneysupermarketcom provides further information for anyone 
interested in the group in addition to the annual report and share price 
company announcements including the half year and full year results 
announcements and associated presentations are also published there
dividend mandates
if you wish to have dividends paid directly into a bank or building society 
account you should contact our registrar see contact details on the left 
or visit the group’s shareholder portal at wwwmoneysupermarket
sharescom 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 on or after the date of this  
annual report  72 moneysupermarketcom group plc
annual report 2010
declaration date of 2010 final dividend 1 march 2011
announcement of 2010 full year results 1 march 2011
exdividend date of 2010 final dividend 6 april 2011
record date of 2010 final dividend 8 april 2011
interim management statement  april 2011
annual general meeting 4 may 2011
payment date of 2010 final dividend 13 may 2011
half year end  30 june 2011
announcement of 2011 half year results august 2011
interim management statement november 2011
full year end  31 december 2011
announcement of 2011 full year results  february 2012
 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 
financial calendar 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
	 b u si ne s s 	 ov e rv i ew
 1 highlights
 2 our business model
	 b u si ne s s 	 r e v i ew
 8 chairman’s statement
10 chief executive’s report
14 financial and business review
22 principal risks and uncertainties
	 man a gem en t
24 board of directors and company secretary
	 c or p ora t e 	 r e s p on s i b i li ty
26 corporate responsibility report
	 c or p ora t e 	 g o v er n an c e
27 directors’ report
31 corporate governance report
35 audit committee report
36 nomination committee report
37 directors’ remuneration report
43 independent auditor’s report
	 f i n an c ial 	 s t a t em en ts
44 consolidated statement of comprehensive income
45 consolidated statement of financial position
46 consolidated statement of changes in equity
47 consolidated statement of cash flows
48 notes to the consolidated financial statements
67 company balance sheet
68 notes to the company financial statements
	 g en eral
71 shareholder information
72 financial calendar
use the contents to jump 
straight to the section  
you require moneysupermarketcom group plc
annual report 2010
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
helping every 
household to 
make the most 
of their money
moneysupermarketcom group plc  annual report 2010


Summary:
 10 moneysupermarketcom group plc
annual report 2010
review of the year
in 2010 we made good progress against our strategic plan  
we benefited from the tough cost cutting measures we took in 
the first half of 2009 and the investments made in both it and 
marketing during the second half of 2009 as a result the 
group’s revenue increased in 2010 by 9 from £1369m  
to £1489m and adjusted ebitda increased by 14 from  
£360m to £410m
excluding travel we delivered robust revenue growth of 13 
despite the challenging economic conditions during the year 
our motor insurance channel had a particularly strong year 
despite the competitive market place delivering revenue growth 
of 18 
our customers experienced motor insurance policy inflation of 
more than 25 as motor insurers acted to recover increased 
costs of personal injury claims and reduced investment 
returns this trend appears to be continuing into 2011 
our credit cards channel was the second strongest growth driver 
in 2010 as the year progressed a growing range of credit cards 
were made available to customers 2011 starts with more credit 
card products available than in january 2010 our home 
insurance and savings channels also had a good year with  
strong second half revenue growth after their relaunch
our travel business was not immune from the challenging 
economic conditions throughout 2010 as the travel market 
continued to decline we managed the business for margin with 
the consequence that revenue declined by 14 compared to 
2009 during the year we reviewed the travel market worked 
with our customers to understand their online travel needs  
and rebuilt our package holidays channel ready for its relaunch 
in january 2011
our marketing team continued to drive efficiency through our 
2010 campaigns reducing our overall media investment from 
45 of group revenue in 2009 to 43 of group revenue in 2010 
whilst still delivering 9 revenue growth 
key strategic priorities
b e s t 	 p r o d u ct s
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 can not  • 
get a better deal anywhere else
chief executive’s report
2 0 1 0 	 w as 	 a 	 g o o d 	 y e ar 	 f o r 	 t h e 	 g r o u p  	 b o t h	 	
i n 	 t e r m s 	 o f 	 fi n an c i al 	 p e rf o r m an c e 	 an d 	 s t r a t e gi c	
d e v e l o p m e n t  	 w e 	 ar e 	 i n 	 a 	 s t r o n g 	 p o s i t i o n	 	
t o 	 t ak e 	 ad v an t a ge 	 o f 	 an y 	 o p p o rt u n i t i e s 	 as 	 t h e y 	 ar i s e 
p e t e r 	 p l u m b	
ch i e f 	 e x e cu t i v e 	 o f fi c e r management corporate responsibility corporate governance general financial statements
11 moneysupermarketcom group plc
annual report 2010
business overview business review
this was achieved through flat online media spend but 
increased offline investment focused on building our brand 
awareness through tv and radio advertising our ‘haggle hero’ 
campaign featuring omid djalili resonated with the british 
public as he challenged us all to ‘save super amounts of money’ 
at moneysupermarketcom 
as a sector price comparison remained fiercely competitive 
especially in the motor insurance market however we stuck  
to our strategy of only targeting visitors who we were confident 
would use our services and be profitable to both ourselves and 
our providers 
review of the group’s strategic progress during 2010
in last year’s report we outlined the group’s strategy which  
is also outlined in my report although simple it requires 
complete focus on building a long term brand and relationships 
with our customers and providers the four elements of the 
group’s strategy are to
build the best shop • 
stock our shop with the best products • 
use data to make life easier for our customers • 
build an every day brand • 
this strategy has ensured that the group has remained 
completely focused as one team on building a successful long 
term business during 2010 we have made significant progress 
against our strategy as outlined below 
building the best shop
in the second half of 2009 and the first half of 2010 we increased 
our it investment programme rebuilding our core channels 
new credit cards savings home insurance motor insurance 
and energy channels were launched during the year 
our approach has been to engage both providers and 
customers in the design process ensuring product features  
and price can be fully explored by customers and product 
benefits can be promoted by providers ultimately customer 
feedback after launch is what counts and on these rebuilt 
channels it has been extremely encouraging with motor 
insurance home insurance and credit cards all being voted 
market leading 
stocking our shop with the best products
our business is based on the ‘success fee’ marketing model  
in which the majority of our providers only pay a fee for 
customers who purchase their product we constantly strive  
to offer the most cost effective route to market for our providers 
which requires a great understanding of their business models 
and needs
having invested in building a stronger more experienced sales 
team i am pleased to be able to report that our relationships 
with our key providers are strong this helped to ensure that we 
received significant allocations of their marketing spend and 
were able to secure exclusive market leading deals for our 
customers across our business the result was that during 
2010 we increased the number of paying providers on the 
group’s websites
using data to make life easier for our customers
we only want our customers to have to enter their details once 
so that it becomes ever easier for them to make the most of 
their money and to find the best and most relevant products
we spent 2010 increasing both our data analysis and customer 
relationship management crm capabilities the result of this 
work is that we now look after data for more than 10 million 
individuals and talk on a regular basis to many of them through 
our weekly moremoney communication and personalised 
marketing campaigns  12 moneysupermarketcom group plc
annual report 2010
as an indication of the progress we have made our revenue 
from our crm campaigns increased by 74 in 2010 compared 
to 2009 we will continue to build out our crm capability in 2011 
across our business 
building an every day brand
our 2010 offline advertising campaign ‘a great deal easier’ 
featuring omid djalili as our ‘haggle hero’ proved to be very 
successful our increased offline investment communicated 
our breadth and depth of products on both tv and radio 
online we continued to optimise our marketing spend we 
exited or scaled back a number of portal partnership deals 
which although delivering visitor numbers were uneconomic 
due to the lower propensity such visitors had to actually use  
our services and purchase products 
our investment in paid search also continued to be optimised 
through our bid management systems resulting in a flat spend 
whilst we experimented with facebook advertising particularly 
for financial products
during 2010 we acquired financial services net limited fsn 
fsn owns and operates a number of highly relevant financial 
services websites which provide a platform for the group to 
broaden its brand offering to a wider range of customer 
segments in the money and insurance verticals
2011 strategy
i see no need for a change of strategy in 2011 our focus on 
building the best shop and stocking it with the best products 
has served us well over the past 18 months we have a strong 
energised team and a growing brand
our continued investment programme means that we enter 
2011 with rebuilt package holidays and stocks and shares isa 
channels we have also completed the roll out of our innovative 
‘smart channels search’ tool to all credit card categories 
allowing customers to check their likelihood of acceptance 
before applying for a card – a great service to customers and  
providers alike
chief executive’s report continued
key strategic priorities
b e s t 	 s h o p
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
ensuring our customers have the tools • 
they need to compare products based 
on the features that are important  
to them
data
protecting data and keeping it safe • 
enabling our customers to store their • 
details to improve their experience 
when they visit us again management corporate responsibility corporate governance general financial statements
13 moneysupermarketcom group plc
annual report 2010
business overview business review
2011 started with some entertaining new adverts with  
john prescott promoting our motor insurance business and 
jedward relaunching travelsupermarketcom after two years 
off air this year we are proud to be the new sponsors of itv’s 
britain’s got talent which gives us a unique and exciting 
opportunity to broaden our brand reach across the uk in a way 
that standard advertising can not this is a key component of 
our brand strategy for this year
we will continue to build stronger and deeper relationships with 
our providers ensuring we deliver a valuable and cost effective 
service to them 
summary
2010 was a good year for the group both in terms of financial 
performance and strategic development 
our strong market positions the clear strategic focus of the 
group the cash generative nature of our business and our 
diversified business model all provide a solid platform for the 
group to grow we are in a strong position to take advantage of 
any opportunities as they arise 
peter plumb
chief executive officer
key strategic priorities
b rand
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