moneysupermarketcom group plc
annual report 2007 company overview
we operate the uk’s leading price comparison website
we offer a free online service to consumers enabling them to compare a wide range 
of products through a single search in the ﬁnance insurance home services and 
travel markets to ﬁnd the product most suited to their needs
we offer product providers and advertisers access to signiﬁcant volumes of informed 
consumers who having compared the market are ready to make a purchase 
improving the focus and efﬁciency of their marketing spend
  
contents
our business
01 highlights 2007
02 our business
04 how we do it
06 chairman’s statement
07 chief executive’s report
10 business review
our governance
18 principal risks and uncertainties
20 board of directors and  
executive management team
22 corporate responsibility report
23 corporate governance report
28 audit committee report
29 nomination committee report
30 directors’ remuneration report
36 directors’ report
40 independent auditors’ report
financial statements
41 accounts and notes
general
65 shareholder information 01 annual report 2007 wwwmoneysupermarketcom
revenue
increased by
559

2007
£1629m
2006
£1045m
adjusted ebitda
increased by
57 2

2007
£529m
2006
£337m
highlights  
2007
our business
financial highlights
1
financial performance in line with market expectations
revenues increased by 559 from £1045m to £1629m  
with internet revenues increasing by 637 from  
£930m to £1522m
gross margins increased from 611 to 667 driven by 
an increase in directtosite revenues and a change in 
sales mix in favour of the internet business
adjusted ebitda
2
 increased by 572 from £337m  
to £529m
final dividend of 163p per ordinary share
cash balances of £540m at 31 december 2007
operational highlights
visitors to the group’s website increased 
by 540 to 910m
transactions on the group’s website increased by 
524 to 582m
improved revenue per transaction rpt and  
revenue per visitor rpv in each vertical
online brand recognition increased to 73 in 
november 2007
continued diversiﬁcation across the internet business 
as the travel and home services verticals continue to 
expand rapidly
strong start to the current ﬁnancial year
1 the ﬁnancial highlights relate to the pro forma income statement covering the years ended 31 december 
2006 and 31 december 2007 assuming a debt free acquisition of moneysupermarketcom financial group 
limited by the company on 1 january 2006 from which date intangible amortisation commenced and a share 
option charge which reﬂects the average charge over the vesting period of currently unexercised options 
 the directors anticipate presenting ﬁnancial information on a similar basis until the ﬁnal results for the year 
ended 31 december 2008 thereafter the need to present a pro forma income statement will not be 
required because the relevant comparator period will be consistent with the current period further 
information on the pro forma income statement is set out in the business review on page 10
2 adjusted ebitda is calculated by the directors by making certain adjustments to the historical compensation 
levels of the directors and senior managers and share based bonus awards to employees on the listing of the 
company these adjustments reﬂect the directors’ and senior managers’ proﬁt share discretionary bonus and 
related employer’s national insurance contribution they also include charges relating to the issue of free 
shares to each eligible employee to the value of £3000 charges relating to the conditional share award made 
to gerald corbett on listing and charges related to share based compensation relating to options issued prior 
to listing following listing these elements of compensation no longer apply at these levels for further 
information see page 10 02 wwwmoneysupermarketcom annual report 2007
our business
our internet business operates across four verticals money insurance 
travel and home services covering 26 price comparison channels
our business
money travel insurance home services
the money vertical offers consumers the opportunity to search 
for and compare ﬁnance products in the following channels
• business ﬁnance
• credit cards
• current accounts
• debt solutions
• loans
• mortgages
• savings accounts
the travel vertical offers consumers the opportunity to search for 
and compare travel products in the following channels
• airport parking
• car hire
• flights
• hotels
• package holidays
the insurance vertical offers consumers the opportunity to search 
for and compare insurance products in the following channels
• breakdown • mortgage payment protection
• dental • motor
• home • payment protection
• life insurance • pet
• medical  • travel
the home services vertical offers consumers the opportunity  
to search for and compare home services products in the 
following channels
• broadband
• mobile telephone
• shopping
• utilities 03 annual report 2007 wwwmoneysupermarketcom our business
revenue
£780
m
number of visitors
27 7
m
up by 487 from 2006
up by 195 from 2006
revenue
£150
m
number of visitors
37 0
m
up by 1009 from 2006
up by 872 from 2006
revenue
£544
m
number of visitors
207
m
up by 747 from 2006
up by 547 from 2006
revenue
£45
m
number of visitors
57
m
up by 2802 from 2006
up by 1029 from 2006
established 1999
providers include
capital one
first plus
alliance  leicester
barclaycard
cahoot
•
•
•
•
•
established 2003
providers include
swiftcover
admiral
esure
aa
marks  spencer
•
•
•
•
•
established 2004
providers include
opodo
ebookers
mytravel
thomson
british airways
•
•
•
•
•
established 2006
providers include
scottish power
scottish  southern
british gas
bt
o
2
•
•
•
•
• 04 wwwmoneysupermarketcom annual report 2007
how we do it
our price comparison services offer a compelling value proposition
to both consumers and product providers by simplifying consumers’ 
research improving the consumer’s shopping experience and 
enabling product providers and advertisers to effectively target their
marketing spend
our business strategy
the group has a highly focused business strategy to ensure  
it maintains its position as the uk’s leading price comparison 
website and to support its continued growth
growing the moneysupermarketcom brand
we invest signiﬁcantly in marketing including television 
advertising to promote awareness in our brand and to ensure
it is synonymous amongst consumers with price comparison
in the uk
improving the consumer experience
improving the consumer experience sits at the heart of our 
business strategy we continually improve website functionality 
introduce new features such as mymoneysupermarket new 
products additional editorial content consumer and expert 
reviews forums and community features this enables consumers 
to consider a wide range of factors before making their 
purchasing decision and increases their conﬁdence trust and 
loyalty in the moneysupermarketcom brand and the beneﬁts of 
the services we offer
innovating and maintaining our position as the uk’s leading 
price comparison website
we focus our resources on innovation across all aspects of  
our business consumers see the beneﬁt of this innovation  
in enhanced website functionality improvements in existing 
products or the addition of new products or features we 
continually enhance the consumer experience so that we  
remain their preferred choice for price comparison in the uk
leveraging our existing consumer base technology and 
marketing expertise 
we utilise our signiﬁcant sales marketing and industry expertise 
to drive the growth of the group in the price comparison 
marketplace we identify opportunities to offer new services  
and products to our consumer base and to use our technology  
in innovative new ways 
how we generate revenue
we generate revenue by introducing consumers to product 
providers whose products feature in the price comparison results 
on our website in return for a fee from that provider on either a 
cost per click ‘cpc’ or cost per action ‘cpa’ basis
revenue is earned under cpc pricing arrangements when a 
consumer clicks through from our website to a provider’s 
website having chosen the provider’s product from our price 
comparison results page
revenue is earned under cpa pricing arrangements when a 
consumer clicks through from our website to a provider’s 
website having chosen the provider’s product and either 
completes an application for a product or purchases a product 
from that provider
we also generate revenue from the display of advertisements on 
our website on a cost per thousand impressions ‘cpm’ basis 
we generate an ‘impression’ of an advertisement each time it 
appears on one of our web pages viewed by a consumer
our business 05 annual report 2007 wwwmoneysupermarketcom
how we attract and retain consumers
our brand is one of our most important and valuable assets  
we have invested heavily as part of a highly focused marketing 
strategy to develop the moneysupermarketcom brand and  
to market it to existing and new consumers this ensures we 
continue to attract increasing numbers of visitors to our website 
and continue to maintain our position as the uk’s leading price 
comparison website in 2007 our website attracted 910m 
visitors representing an increase of 319m visitors on 2006
our marketing strategy incorporates the following elements
ofﬂine marketing
television
between 1 january and 31 december 2007 we spent £17m on 
television advertising including programme sponsorship the 
television campaigns have generated a signiﬁcant increase in 
directtosite trafﬁc and brand awareness television advertising 
has helped improve our online brand recognition from 40 of 
internet subscribing uk adults in july 2006 to 73 in november 
2007 according to a survey commissioned from yougov
radio
we utilise radio advertising to promote speciﬁc channels and the 
moneysupermarketcom brand generally we currently focus on 
balancing advertising to promote overall brand awareness and 
targeted advertising to increase consumer trafﬁc to speciﬁc high 
value channels such as motor insurance in march when 
consumers tend to renew their motor insurance
press
we pursue a focused strategy to ensure we feature heavily in  
the national press through news articles expert commentary  
on topical issues and the provision of comparison ‘best buy’ 
tables to a number of national newspapers including  
the telegraph independent and times these often  
feature the moneysupermarketcom brand which builds 
consumer association with the group as the uk’s leading  
price comparison website
online marketing
search engine optimisation ‘seo’
we utilise seo activities to maximise directtosite trafﬁc from 
search engines such as google to our website seo activities 
focus on enhancing the rankings of our website in the natural 
results of search engines when a consumer makes an internet 
search search engines do not charge for trafﬁc generated in  
this way
search engine marketing ‘sem’
sem focuses on the purchase of sponsored listings on search 
engines generated when a consumer makes an internet search 
sponsored listings typically appear at the top or right hand side 
of a search engine results page we aim to feature our website  
at or near the top of the sponsored listings table for relevant 
keyword searches undertaken by a consumer
portal partners
we have relationships with over 200 portal partners including 
many of the leading websites in the uk such as the financial 
times telegraph sky and virgin media we integrate our 
ﬁnancial comparison content and best buy tables within the 
portal partner and these contain hyperlinks which drive 
consumer trafﬁc to our website 
our business 06 wwwmoneysupermarketcom annual report 2007
chairman’s statement
‘i am pleased to report a strong set of results for the period ending 
31 december 2007  revenues for the year grew by 559 to £1629m 
with signiﬁcant growth across all areas of the internet business
this year has begun positively and we are conﬁdent that our business 
is sufﬁciently robust and diversiﬁed for the group to continue to 
prosper during the so called credit crunch’ 
it has been a year of great change and 
growth for the group culminating with the 
ﬂotation of the company on the london 
stock exchange on 31 july 2007 and strong 
revenue and proﬁt growth throughout  
the year the shareholding structure was 
revised earlier in the year with simon nixon 
acquiring the bulk of duncan cameron’s 
stake this facilitated the subsequent 
ﬂotation which leaves simon with 545  
of the company 
i became chairman in june ahead of the 
ﬂotation michael wemms who is our 
senior independent nonexecutive 
director and chairs the remuneration 
committee also joined me prior to the 
ﬂotation rob rowley joined the board in 
september to chair our audit committee 
both are hugely experienced businessmen 
with many years of public company service 
our challenge is to support simon and his 
team as the group grows and makes the 
transition from private to public greater 
size and complexity inevitably requires 
more process and structure but at the 
same time the entrepreneurial spirit at the 
heart of the group’s success must not be 
stiﬂed and must ﬂourish the new board 
has made a good start addressing the 
issues in an open and constructive way
i am pleased to report a strong set of 
results for the period ending 31 december 
2007 revenues for the year grew by 559 
to £1629m with signiﬁcant growth across 
all areas of the internet business this was 
underpinned by growth in the number of 
visitors and an increase in the revenues 
generated by each visitor across each of 
the internet verticals that the group 
operates within 
visitor growth has been in part driven by a 
rigorous television advertising campaign 
this has signiﬁcantly improved brand 
recognition and encouraged consumers  
to visit our website directly thereby 
improving gross margins revenue per 
visitor has increased from a continual 
improvement in the product sets we offer 
and generally from consumers’ increased 
conﬁdence in transacting online as a result 
of increased broadband penetration 
adjusted ebitda increased by 572 to 
£529m which was slightly in excess of 
revenue growth the adjusted cost base 
increased from £313m to £573m with the 
main increases from television advertising 
which rose £122m over last year and 
adjusted employee costs which grew  
by £66m to £228m as we continued to 
develop our product ranges
over the next year the board will be 
focused upon improving the process and 
structure within the group working closely 
with the executive management team 
this will ensure we have the right balance 
between entrepreneurial culture and 
operational efﬁciency 
this year has begun positively and we are 
conﬁdent that our business is sufﬁciently 
robust and diversiﬁed for the group to 
continue to prosper during the so called 
credit crunch this conﬁdence underpins 
the board’s decision to recommend a ﬁnal 
dividend of 163p per ordinary share to be 
paid on 30 april 2008 to ordinary 
shareholders on the register of members 
on 25 march 2008 the group did not pay 
an interim dividend in 2007
the new board has settled in well and i 
would like to thank my colleagues for their 
contributions more importantly on behalf 
of the board i would like to thank our 
executive management team and all of 
the group’s employees for their hard work 
and commitment this strong result is to 
their credit and gives us all conﬁdence for 
the future
gerald corbett
chairman
our business 07 annual report 2007 wwwmoneysupermarketcom our business
chief executive’s report
‘i am pleased to present my ﬁrst chief executive’s report for
what has been a very successful year for the group we have 
continued to grow the business substantially whilst investing 
signiﬁcantly for the future’
i am pleased to present my ﬁrst chief 
executive’s report for what has been a 
very successful year for the group we 
have continued to grow the business 
substantially whilst investing signiﬁcantly 
for the future this has all taken place  
in a year when we ﬂoated the group on  
the london stock exchange in the very 
challenging and volatile markets of july 
2007 the group entered the ftse 250 in 
september 2007 
group revenues grew by 559 in 2007 to 
£1629m internet revenues increased by 
637 to £1522m and adjusted ebitda by 
572 to £529m all areas of the internet 
business performed well whilst the 
intermediary business was broadly stable 
in 2007 
despite the well documented turbulence 
in credit markets in 2007 the money 
vertical traded successfully throughout  
the year revenues grew by 487 and we 
believe this demonstrates the value that 
our business delivers to both consumers 
and providers we believe providers 
reduced advertising spend on other  
media whilst maintaining their commercial 
relationships with the group because it 
offers targeted and focused advertising 
spend and generates a greater return  
on investment than many other forms  
of media
in the insurance vertical revenues grew by 
747 to £544m in 2007 we maintained a 
strong market position in a sector which 
continues to show rapid growth through 
greater consumer awareness and 
increasing use of online aggregators  
we have the most complete insurance 
comparison engine in the uk offering the 
consumer the widest choice of providers 
we have a very strong brand with 73  
of online consumers recognising the 
moneysupermarketcom brand this gives 
the group a strong competitive advantage 
and a powerful base from which to defend 
and grow its position as the uk’s leading 
price comparison website
 
the travel vertical increased its  
revenues by 1009 to £150m  
the travelsupermarketcom brand is 
recognised in its own right and is the  
clear market leader in its ﬁeld we have 
made the product more comprehensive 
adding additional channels which enable 
the business to cater for more of our 
consumers’ requirements inventory  
has been increased allowing the  
consumer to compare more providers this 
improves the consumer experience and 
engenders trust in the group ultimately 
we believe these factors will make 
travelsupermarketcom the preferred and 
most trusted travel website in the uk
home services revenues have increased by 
2802 to £45m the focus this year has 
been on growing market share in a vertical 
where there were already established 
competitor businesses we have been 
successful in the application of this 
strategy we have leveraged our already 
substantial user base the strength of  
our brand and our sales and marketing 
expertise to take market share from the 
incumbents home services continues to 
show rapid growth albeit from a small 
base but also beneﬁts the business by 
widening the group’s offering to the 
consumer this gives the consumer even 
more reasons to return to our website
we launched our business in germany 
wwwicerode in october 2007 initially 
offering home and motor insurance 
partnering with a third party who provided 
the technology we had some success in 
2007 but are working hard now to improve 
and focus our offering to the consumer in 
2008 we will not commit signiﬁcant 
investment to promoting the service until 
we are satisﬁed with progress in this area
i believe the group has achieved a  
great deal in 2007 and its success is  
largely down to the dedication of our 
employees i would like to thank them  
for their continuing efforts 08 wwwmoneysupermarketcom annual report 2007 our business
different ‘retailers’ at the click of a mouse 
it is not good enough to be the best and 
most trusted in 70 of the things you  
do because ultimately the remaining  
30 of the business will suffer product  
is therefore key to our success this is 
encapsulated through two of our key 
operating values
to build services that we would feel 
proud to recommend to close family 
and friends
to endeavour to offer our consumers 
the widest selection of products 
enabling them to compare and buy 
online in all of the major sectors  
of the market content is therefore 
paramount
these values sit at the heart of all of the 
products and services we develop
product development introduces more 
relevant consumers to more relevant 
product providers and improves both 
consumer satisfaction and provider 
conversion by constantly improving our 
service to both of these key stakeholders 
the group will continue to prosper and 
maintain its position as the uk’s leading 
price comparison website
in 2007 we introduced a number of key 
developments in this area for example
we extended the question set within  
our motor insurance channel to enable 
consumers to obtain a more tailored 
quote for their particular circumstances 
the response has been good and we 
have seen an increase in conversion  
rates recorded by providers this has 
generated increased revenues per visitor 
in the motor insurance channel since the 
new question set was introduced 
•
•
•
strategic context 
as the uk’s leading price comparison 
website the group is very well placed to 
respond to a continuing structural shift in 
consumers’ and advertisers’ behaviour 
increasing broadband penetration in the 
uk has dramatically improved the online 
experience it is ‘always on’ and gives 
much faster access than a dialup 
connection as a result consumers are 
spending ever increasing amounts of time 
online the consumption of internet media 
now accounts for more than one quarter of 
all media consumption in the uk as 
consumers’ online time increases so their 
conﬁdence and familiarity with transacting 
over the internet improves advertisers  
are increasingly recognising this in their 
consumer acquisition strategies and are 
allocating ever increasing amounts of their 
advertising budgets from traditional ofﬂine 
media to the internet we believe the 
group provides the largest and most 
effective price comparison marketplace  
in the uk matching relevant and ready 
totransact consumers with providers 
our strategy which aims to capitalise  
on this structural shift is built upon two 
primary objectives
to continue to innovate with a constant 
focus on improving our existing 
products and improving the consumer
provider experience
to improve the volumes and mix of 
trafﬁc to the group’s website by 
increasing brand awareness of 
moneysupermarketcom
innovation and product development
it is imperative we maintain our leading 
edge in product development the 
internet is unique in that it offers 
consumers the ability to move between 
•
•
chief executive’s report continued
‘as the uk’s leading price comparison website the group is very well 
placed to respond to a continuing structural shift in consumers’ and 
advertisers’ behaviour’ 09 annual report 2007 wwwmoneysupermarketcom our business
in july 2007 we introduced 
mymoneysupermarket this enables 
consumers to enter their details once 
within our safe and secure systems 
these details can then be used to 
prepopulate application forms which 
can save the consumer time and effort 
at the time of renewal it also through 
the log in feature enables us to get a 
better understanding of our consumers 
and tailor our products and services to 
their individual needs
we have added more user and 
professional reviews and signiﬁcantly 
grown our forums feature we now have 
more than 24000 registered users and 
many times more viewers of our forums 
who interact with each other to discuss 
topics of interest and concern to them 
which increases consumers’ afﬁnity with 
the website
we believe that these developments in 
particular contributed signiﬁcantly to 
increasing the revenue per visitor across 
our business during 2007
brand awareness
marketing and pr drive new consumers to 
our website we began ofﬂine initiatives a 
number of years ago with the supply of 
best buy tables to the personal ﬁnance 
sections of national newspapers this 
continues and today we supply the best 
buy tables for seven newspapers including 
the telegraph times and independent 
more recently in 2006 we extended our 
ofﬂine initiatives into television and radio 
advertising which have stepped up 
considerably in 2007 the success of  
this is reﬂected in two key areas
our online brand recognition increased 
from 40 in july 2006 to 73 in 
november 2007 according to a yougov 
survey commissioned for the group
•
•
•
our gross margins increased from  
611 to 667 as the group earned  
a greater proportion of its revenues 
from consumers who came directly  
to the website rather than from  
search engine marketing or portal 
partners where there is a direct  
cost of consumer acquisition 
we need to retain our position in the  
front of consumers’ minds as a trusted 
consumer champion and to become their 
de facto choice when considering  
their ﬁnancial insurance travel and  
home services requirements
current trading and outlook
we have made a strong start to the current 
ﬁnancial year the money vertical has 
enjoyed double digit growth year to date 
with broadly ﬂat performance in loans and 
mortgages in a declining market offset by 
very strong growth in credit card and 
savings products the other verticals 
insurance travel and home services have 
maintained the momentum experienced in 
the second half of 2007 in line with our 
business plan we anticipate a step up in 
costs in the ﬁrst half of 2008 associated 
with our continued investment in the 
business and development of our german 
subsidiary we remain very conﬁdent in our 
diverse business model and the beneﬁt it 
brings to consumers and providers 
given current trading and the ongoing 
investment programme we are conﬁdent 
that we can have another successful year
simon nixon
chief executive ofﬁcer
• 10 wwwmoneysupermarketcom annual report 2007
revenue
increased by
559

2007
£1629m
2006
£1045m
gross profit
increased by
702

2007
£1086m
2006
£638m
adjusted ebitda
increased by
572

2007
£529m
2006
£337m
moneysupermarketcom group plc the ‘company’ was formed as a new holding 
company on 14 march 2007 and it acquired moneysupermarketcom financial group 
limited and its subsidiaries together the ‘group’ on 22 june 2007 accordingly  
the group is presenting consolidated results for the period from 22 june 2007  
to 31 december 2007 these have been presented on pages 41 to 59 revenues  
in the period were £883m 2006 £nil generating a net proﬁt before tax of £76m  
2006 £nil including a tax credit for the period of £18m total proﬁt for the  
period was £94m
the group is also presenting below a pro forma income statement for the years ended 
31 december 2006 and 31 december 2007 to show what the ﬁnancial results would 
have been had the company acquired moneysupermarketcom financial group limited 
on 1 january 2006 the directors believe that this will allow users of the ﬁnancial 
information to gain a better understanding of the underlying performance of the 
business this is consistent with the presentation in both the interim statements for 
2007 and in the prospectus issued in connection with the listing of the group in july 
2007 the pro forma income statement forms the basis of the commentary contained  
in the business review presented below unless otherwise stated 
 
unaudited pro forma income statement
for the year ended 31 december 2007 
   2007 2006 
   £000 £000
revenue    162882 104459
 internet   152220 92985
 intermediary    10662 11474
cost of sales   54268 40661
gross proﬁt   108614 63798
other operating income   – 193
distribution expenses   19640 7406
 administrative expenses – excluding directors’ and  
  senior managers’ proﬁt share and discretionary bonuses  
  and share based compensation   62837 49141
 administrative expenses – directors’ and senior managers’  
  proﬁt share and discretionary bonuses   4967 17572
 administrative expenses – share based compensation  4433 4192
administrative expenses   72237 70905
proﬁtloss from operating activities   16737 14320
adjusted ebitda
proﬁtloss from operating activities   16737 14320
directors’ and senior managers’ proﬁt share and  
 discretionary bonuses   4967 17572
share based compensation   4433 4192
amortisation of intangible assets   25200 25200
depreciation    1612 1039
adjusted ebitda   52949 33683
pro forma earnings per ordinary share
– basic   75p 47p
– diluted   73p 46p
business review
our business 11 annual report 2007 wwwmoneysupermarketcom
notes
basis of preparation
the pro forma results show the trading results of the group for the years ended
31 december 2006 and 31 december 2007 adjusted for the following assumptions
the acquisition of moneysupermarketcom financial group limited by the company 
occurred debt free on 1 january 2006
the charge included within the pro forma results for share options is the average 
expected charge over the vesting period of options still to be exercised following 
the listing of the company on 31 july 2007
pro forma basic and diluted earnings per ordinary share ﬁgures have been included 
which are based on an adjusted net proﬁt ﬁgure assuming that the number of ordinary 
shares and options in issue at 31 december 2007 had been in issue since 1 january 
2006 the diluted earnings per ordinary share calculation for the year ended 31 
december 2007 does however include a weighting for long term incentive plan awards 
made on 28 december 2007 the pro forma earnings per share calculations assume a 
30 tax rate for 2006 and 2007
the directors regard an adjusted ebitda ﬁgure as being the most meaningful proﬁt 
measure for this period the following adjustments have been made to the pro forma 
income statement
the acquisition of moneysupermarketcom financial group limited by the company 
gave rise to £2072m of intangible assets these are to be written off over a period  
of 310 years with a charge of £252m per annum to be recorded in each of the ﬁrst 
three years this has been shown within administrative expenses as a charge of 
£252m in the 2006 and 2007 pro forma income statements 
with effect from the listing of the company on 31 july 2007 directors’ and senior 
management’s compensation was revised and the individuals entered into new 
service agreements directors’ and certain senior management’s proﬁt share 
discretionary bonus and employer’s national insurance contributions have been 
added back to reﬂect the fact that following listing on 31 july 2007 these elements 
of compensation no longer apply to these individuals 
share option charges relating to directors senior management and other 
employees of the group have been added back to calculate adjusted ebitda  
prior to the acquisition of moneysupermarketcom financial group limited by the 
company moneysupermarketcom financial group limited issued share options  
to employees on terms that will not be offered moving forwards on listing the 
company also issued ‘free’ shares to the value of £3000 as a ‘bonus’ to each eligible 
employee as part of its share incentive plan scheme on listing the company  
also entered into an agreement with gerald corbett under which gerald corbett 
purchased 117647 ordinary shares in the company and provided he completes three 
years service as chairman of the company from listing and he retains those ordinary 
shares he purchased he will be entitled to subscribe at nominal value for 235294 
ordinary shares in the company the company does not currently intend to make 
similar awards in the future it does however anticipate making conditional share 
awards under the terms of the company’s long term incentive plan in the future to 
key staff on commercial terms conditional awards were made under the company’s 
long term incentive plan on 28 december 2007 no charge is included in the pro 
forma results in either 2006 or 2007
•
•
•
•
•
our business 12 wwwmoneysupermarketcom annual report 2007
visitors
increased by
540

2007
910m
2006
591m
gross margin
increased by
56

pts
2007
667
2006
611
overview of ﬁnancial performance
revenues grew strongly by 559 to £1629m 2006 £1045m and adjusted ebitda by 
572 to £529m 2006 £337m the internet business generated £1522m of revenues 
representing 935 of turnover in the year to 31 december 2007 compared to £930m in 
the corresponding period which represented 890 of turnover
group gross margins increased over the period from 611 to 667 partly as a result of 
a more favourable mix as the lower margin intermediary business contributed 65 of 
group revenues in 2007 compared to 110 in 2006 the group also saw directtosite 
revenues increase as a proportion of total revenues over the period the directors’ 
believe that the improvement in directtosite revenues has been driven by increased 
brand awareness supported by continued investment in brand building including 
television advertising which commenced in march 2006 and a focus on search engine 
optimisation seo which has helped to maintain and improve the group’s rankings in 
the free listings in the major search engines for key search terms
the adjusted cost base before depreciation increased from £303m to £557m much of 
the increase is attributable to an increase in distribution expenses which consist 
primarily of television advertising marketing and pr expenses these have grown 
signiﬁcantly from £74m in 2006 to £196m in 2007 television advertising did not 
commence until march 2006 and the 2007 results therefore include a full year’s activity 
compared to 10 month’s in 2006 however throughout 2007 we increased the level of 
advertising activity the success of this has been demonstrated by a signiﬁcant 
improvement in online brand recognition from 40 in july 2006 to 73 in november 
2007 as measured by a yougov survey regularly commissioned by the group 
administration costs have also increased substantially headcount increased from 523 
to 647 over the period primarily in it and operations as work continues on improving 
our consumer offering and the development of new products and services adjusted 
staff costs increased by £66m to £228m in 2007
other costs including irrecoverable vat increased by £71m driven by a change in sales 
mix towards sales which were exempt from vat together with an increase in outsourced 
call centre costs associated with the growth in the sale of insurance leads included in 
the adjusted cost base is £10m of costs that relate to the launch of our german 
business wwwicerode in october 2007
adjusted ebitda margins improved from 322 in 2006 to 325 in 2007
the group operates two different business segments in the uk internet and 
intermediary the internet business operates across four vertical markets these are 
discussed below
 31 december 2007  31 december 2006
 £000  £000 
money 78030 48 52468 50
insurance 54402 33 31144 30
travel  15004 9 7469 7
home services 4540 3 1194 1
other – uk 87 0 710 1
total internet uk 152063 93 92985 89
germany 157 0 – –
total internet 152220 93 92985 89
intermediary  10662 7 11474 11
total  162882 100 104459 100
business review continued
our business 13 annual report 2007 wwwmoneysupermarketcom
transactions
increased by
524

2007
582m
2006
382m
money revenue
increased by
487

2007
£780m
2006
£525m
internet business
the uk internet business accounted for 93 of group revenues the directors use key 
performance indicators ‘kpis’ to assess the performance of the internet business 
against our 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 website as the number of unique 
visitors per day per channel measured on a cumulative basis using cookiebased 
tracking methodologies
number of transactions
the group measures transactions at the point in time that the consumer leaves its 
website having clicked through to a third party website or in some cases having 
completed an application form hosted on the group’s website
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
the relative performance of each of the internet verticals is discussed below
money
the money vertical currently offers the consumer the ability to search for and compare 
ﬁnance products for business ﬁnance credit cards current accounts mortgages loans 
debt solutions and savings accounts it also includes elements of the group’s lead 
business paa and advisory business mcat together with advertising revenues that 
derive from money products
the kpis for the money vertical are shown below
  31 december 31 december  
  2007 2006 change
visitors 000  27676 23152 20
transactions 000  12557 11006 14
revenue £000 – click based revenue  60779 37714 61
revenue £000 – other  17 251 14754 17
revenue £000 – total  78030 52468 49
rpv  £282 £227
rpt  £484 £343
revenues in the money vertical in total have increased by 49 from £525m to £780m 
and transaction revenue by 61 from £377m to £608m growth has been driven by 
both an increase in visitors of 20 and a shift in sales mix away from unsecured lending 
towards secured lending products these generate higher revenues for the group and 
this has signiﬁcantly improved average rpt and rpv in the money vertical which have 
increased by 41 and 24 respectively the group saw little impact on the reported 
results from the volatility of the credit markets in 2007
our business 14 wwwmoneysupermarketcom annual report 2007
insurance revenue
increased by
747

2007
£544m
2006
£311m
travel revenue
increased by
1009

2007
£150m
2006
£75m
business review continued
our business
other revenues grew 17 in the period broadly in line with visitor growth this includes 
revenues from the sale of leads through paa commission based sales through mcat 
for mortgages and loans and advertising revenues 
insurance
the insurance vertical currently offers the consumer the ability to search and compare 
insurance quotations for 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 revenues that derive from insurance products
the kpis for the insurance vertical are shown below
1

 
  31 december 31 december  
  2007 2006 change
visitors 000  20677 13365 55
transactions 000  13291 8918 49
revenue £000 – click based revenue  46674 27480 70
revenue £000 – other  7728 3664 111
revenue £000 – total  54402 31144 75
rpv  £263 £233
rpt  £351 £308
revenue in the insurance vertical increased by 75 from £311m to £544m and 
transaction revenue grew by 70 from £275m to £467m rpt increased 14 to £351  
as consumer sales conversion improved on provider websites in respect of home and 
motor insurance driven by upgrades in the search functionality on the website for 
example an enhanced question set was added to motor insurance in july 2007 which 
enabled consumers to obtain a more tailored quote for their particular circumstances 
further increasing conversion on the providers’ websites this improved rpt in the 
motor insurance channel
other revenues increased by 111 with the launch of the leads bidding system which 
enabled motor and home leads to be retailed on the group’s online bidding platform
travel
the travel vertical currently offers the consumer the ability to search for and compare 
airport parking car hire ﬂights hotels and package holidays
 
the kpis for the travel vertical are shown below
  31 december 31 december  
  2007 2006 change
visitors 000  36964 19749 87
transactions 000  30636 17205 78
revenue £000 – click based revenue  13080 6796 92
revenue £000 – other  1924 673 186
revenue £000 – total  15004 7469 101
rpv  £041 £038
rpt  £043 £040
revenues in the travel vertical have grown by 101 from £75m to £150m and 
transaction revenue by 92 from £68m to £131m visitors have grown by 87 over the 
period and each of rpt and rpv has increased by 8 car hire and hotels now account 
for a greater proportion of revenues in 2007 than 2006 there has also been some 
beneﬁt with the widening of the product portfolio late in 2006 which saw the launch of 
airport parking and a top deals promotion where consumers are periodically sent  15 annual report 2007 wwwmoneysupermarketcom
details of some of the best deals found on the website the existing product set has 
been further developed in 2007 to include ﬂight sectors with bbs being added to the 
hotels offering the increased product set and content has increased page impressions 
and has enabled the group to generate greater advertising revenues which are shown 
within other revenues
home services
the home services vertical was launched in 2006 it offers consumers the opportunity 
to search for and compare products for broadband mobile telephone shopping  
and utilities 
the kpis for the home services vertical are shown below
2

 
  31 december 31 december  
  2007 2006 change
visitors 000  5721 2819 103
transactions 000  1699 1107 53
revenue £000 – click based revenue  4345 1194 264
revenue £000 – other  195 – na
revenue £000 – total  4540 1194 280
rpv  £079 £042
rpt  £256 £108
revenues in the home services vertical have grown by 280 from £12m to £45m 
revenues in 2006 were predominantly generated from utilities which was a white 
labelled offering with content provided by a third party and the group was 
remunerated on a cost per click basis late in 2006 the group developed its own 
utilities offering introduced a number of other channels and the majority of commercial 
deals migrated towards cost per action based arrangements this increased rpv in 
2007 over 2006
germany
the german business launched in october 2007 it provides a range of products 
including home and motor insurance revenues were £02m and the group incurred 
£1m in associated costs the group will focus in the coming months on how it can 
improve its product offering in germany 
1 as noted in the prospectus issued in connection with the listing of the company the group’s visitor 
numbers during the period between june 2006 and may 2007 were understated due to certain visitors not 
being assigned a unique global user id the issue was resolved in may 2007 and has not impacted visitor 
numbers in the insurance vertical after may 2007 the group has not been able to quantify the exact extent 
of the understatement
2 the kpis in respect of 2006 do not include the new car channel which was discontinued in the second half  
of 2006
our business
brand recognition
increased by
33

pts
november 2007
73
july 2006
40
home services revenue
increased by
2802

2007
£45m
2006
£12m 16 wwwmoneysupermarketcom annual report 2007
pro forma earnings per share
increased by
596

2007
75p
2006
47p
final dividend 
per ordinary share
163p
intermediary business
intermediary revenues declined from £115m to £107m over the period in june 2006 
the group disposed of its 50 shareholding in hl partnership limited a network 
business this contributed £08m of revenues in 2006 and nil proﬁt trading in the 
underlying business remained stable in 2007
acquisition of moneysupermarketcom financial group limited and listing
as noted above on 22 june 2007 the company at that time controlled by simon nixon 
purchased the entire issued share capital of moneysupermarketcom financial group 
limited this was funded partially by a cash payment of £162m to one of the founder 
shareholders duncan cameron and a shareforshare exchange this transaction has 
had a number of impacts on the accounts of the company in the current period and will 
also impact on subsequent periods 
goodwill and intangibles
the acquisition of moneysupermarketcom financial group limited gave rise to 
£1250m of goodwill and the recognition of £2072m of intangible assets individual 
intangible assets will be amortised over their useful lives which are in the range of  
310 years with a charge of £252m per annum in the ﬁrst three years in the full year 
accounts a charge of £133m has been included in the accounts covering the period 
from 22 june 2007 to 31 december 2007 a full year’s charge of £252m has been 
included in the pro forma income statement for the years ended 31 december 2006 
and 31 december 2007
costs of transaction
the company incurred total transaction costs relating to the acquisition of 
moneysupermarketcom financial group limited the raising and draw down of  
the required ﬁnancing and the ﬂotation on the london stock exchange of £158m
the company incurred costs and stamp duty of £28m relating to the acquisition of 
duncan cameron’s shares in moneysupermarketcom financial group limited these 
costs have been capitalised and recorded as a cost of investment on the company’s 
balance sheet
the acquisition of duncan cameron’s shares in moneysupermarketcom financial 
group limited was funded by an all senior debt facility of £150m the company 
incurred costs of £36m directly associated with the raising and draw down of the loan 
facility the debt was repaid from the proceeds of the listing on 31 july 2007 the costs 
have therefore been expensed in the current period and shown as a ﬁnance charge in 
the statutory accounts the pro forma income statement has been prepared on a debt 
free basis and consequently there have been no costs recognised in it in respect of the  
debt raised
the remaining balance of £94m relates to costs incurred in relation to the listing of the 
company these costs have been written off against the share premium account
business review continued
our business 17 annual report 2007 wwwmoneysupermarketcom our business
treasury and funding
the company raised £180m from the proceeds of the listing on 31 july 2007 
approximately £178m of the proceeds raised were used to fund the costs of the 
acquisition by the company of duncan cameron’s shares in moneysupermarketcom 
financial group limited including all related costs and expenses of the acquisition  
the raising and draw down of debt ﬁnance and the costs of the listing the company 
acquired £14m of cash at the acquisition and has continued to generate cash from 
operations it has no debt the company had cash balances of £540m at 31 december 
2007 the company has invested its cash over the period predominantly in instant 
access cash deposits and shortterm deposits less than six months as such the 
interest earned has closely followed movements in the bank of england base rate 
dividend
the directors currently intend to adopt a progressive dividend policy initially targeting 
a dividend payout of approximately one third of net income each year payable by way 
of an interim and ﬁnal dividend each year
the board is declaring a ﬁnal dividend subject to shareholder approval consistent  
with the policy above in respect of the period ended 31 december 2007 of two thirds 
of the annual targeted payout ratio representing one third of adjusted net income  
this equates to £81m and represents 163p per ordinary share the exdividend  
date is 19 march 2008 with a record date of 25 march 2008 and a payment date  
of 30 april 2008
tax
the group tax credit of £18m in the statutory income statement represents an 
effective tax rate of –252 this is signiﬁcantly below the prevailing rate for the period 
of 30 the current year rate has been impacted by a number of items the deferred 
tax liability relating to the intangible assets has been revalued to reﬂect the change in 
corporation tax rates from 30 to 28 from 5 april 2008 this has generated a credit in 
the current period to tax of £37m the group has also recognised a deferred tax credit 
of £17m relating to share based payments arising from shares and options issued prior 
to the listing in future the group expects the underlying effective rate of tax to revert 
to close to the standard uk corporation tax rate of 28
earnings per ordinary share
basic statutory earnings per ordinary share for the period to 31 december 2007
were 30p details can be found in note 9 of the ﬁnancial statements pro forma basic 
earnings per ordinary share increased from 47p to 75p per share the pro forma 
earnings per ordinary share is based on adjusted ebitda after deducting depreciation 
and adding estimated interest income for each period to calculate pro forma proﬁt 
before tax a tax rate of 30 has been applied to calculate pro forma proﬁt after tax 18 wwwmoneysupermarketcom annual report 2007
principal risks and uncertainties
the tables below summarise the material operational 
and ﬁnancial risks to the group and how we seek to 
mitigate them in the daytoday running of the business
our governance
risk area potential impact mitigation
competitive environment loss of market share and erosion of  we continue to focus on building best of 
 margins from increased competition breed products to improve our proposition  
  to the consumer this includes investment   
  in consumer retention tools and technology  
  such as mymoneysupermarket which deliver 
  additional features and functionality to 
  the consumer
brand perception reduction in consumer loyalty with existing  continued investment in television 
 consumers and an inability to attract new  advertising reinforced through press activity 
 consumers if the business fails to maintain  will maintain the group in consumers’ minds 
 its position as a consumer champion rigorous checking of the website through   
  audit and review will maintain the  
  accuracy of the information displayed 
capacity and functionality of our  failure to provide adequate service capacity planning is carried out at least 
it and systems infrastructure levels to consumers or maintain revenue  quarterly with a view to maintaining 
 generating services capacity at three times peak load  
  additionally the group maintains n  1  
  redundancy in relation to its core  
  infrastructure in both its primary and  
  secondary sites
retention of key management lack of necessary expertise or continuity  key existing management and new hires are 
 to execute strategy  tied in through attractive equity incentive  
  packages and rewarding career structures
reliance on search engines paid  reduction in gross margin through the group will continue to invest in 
search and natural listings  reduction in revenues derived from  sustainable search engine optimisation   
 search engine optimisation or failure   activities which adhere to search 
 to manage search engine marketing  engine guidelines a new software  
 campaigns appropriately solution will be rolled out to assist in 
  managing the proﬁtability of search engine 
  marketing campaigns
operational risks 19 annual report 2007 wwwmoneysupermarketcom our governance
risk area potential impact mitigation
revenue assurance reduction of or a failure to recognise  we will continue to perform independent 
 revenues from contracted providers where  reviews using third parties to gain assurance 
 the group is remunerated on a cost per  that the group is being correctly 
 action basis  remunerated for the sales it introduces to  
  contracted providers
investment in new areas capital invested in new products and  investments in new areas typically leverage 
 services or new geographies fail to make  existing expertise and experience built up 
 a return 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  the business model in ﬁnancial services or we have a team of regulatory specialists 
markets regulation and taxation  other lines of business may be compromised  who work with the business to ensure that it 
 by changes to existing regulation or the  remains compliant with existing regulation 
 introduction of new regulation or changes  and informed of impending regulation the  
 to the taxation legislation particularly value group has embraced regulation to date  
 added tax and shares the vision of the regulators  
  generally to make the marketplace more  
  transparent to the end consumer 
 
  the group continues to monitor ongoing   
  european union developments in respect   
  of the review of the provision of ﬁnancial   
  intermediary services with regard to value  
  added tax and any relevant case law in this  
  area as it emerges
signiﬁcant worsening in credit markets financial institutions may reduce the  we have invested heavily in our smart 
 quantum of lending and increase their  search technology which matches 
 acceptance criteria for consumers  consumers with providers offering products 
 seeking to obtain credit this may  that are suitable to their particular credit 
 reduce group revenues circumstances this enables the results and  
  information presented to consumers to  
  reﬂect price for risk and reﬂects lenders’  
  appetite to lend to different consumer  
  risk categories increasing the relevance  
  of the results presented thereby helping to  
  protect group revenues
financial risks 20 wwwmoneysupermarketcom annual report 2007 our governance
board of directors and executive management team
the board and company secretary
gerald corbett abc age 56
chairman of the board and chairman of 
the nomination committee
gerald was appointed chairman of the 
board on 28 june 2007 he has been 
chairman of ssl international plc since 
august 2005 and chairman of britvic plc 
since november 2005 gerald is also a non
executive director of greencore group plc 
and is chairman of the board of trustees of 
the royal national institute for the deaf 
gerald was chairman of woolworths group 
plc from 2001 to june 2007 chief executive 
of railtrack plc from 1997 to 2000 and 
group ﬁnance director of grand 
metropolitan plc from 1994 to 1997
michael wemms abc age 68
senior independent nonexecutive 
director and chairman of the 
remuneration committee
michael was appointed a nonexecutive 
director on 10 july 2007 michael has been 
a nonexecutive director of ad pharma 
since 2006 galiform plc since 2006 
inchcape plc since 2004 and majid al 
futtaim group since 2005 he was formerly 
chairman of the british retail consortium 
between 2004 and 2006 and chairman  
of house of fraser plc between 2001  
and 2006 michael was previously an 
executive director of tesco plc between 
1989 and 2000
simon nixon age 40
chief executive ofﬁcer
simon became a selfemployed mortgage 
consultant in 1989 and started his own 
trade publication comparing available 
mortgages he cofounded the group’s 
business in 1993 and in 1994 launched a 
mortgage comparison tool for brokers 
since then simon has been continuously 
involved in the management and 
development of the business as chief 
executive ofﬁcer including the launch  
of moneysupermarketcom in 1999 and 
thereafter travelsupermarketcom  
simon was appointed to the board  
on 12 april 2007
rob rowley abc age 58
independent nonexecutive director  
and chairman of the audit committee
rob was appointed a nonexecutive 
director on 19 september 2007 rob has 
been a nonexecutive director of liberty 
international plc since 2004 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’s early career was 
at reuters plc from 1978 to 2001 where he 
was a director between 1990 and 2001
paul doughty age 39
chief financial ofﬁcer
paul joined the group in 2004 as chief 
financial ofﬁcer he has 14 years of 
commercial ﬁnance experience with 
motorola limited national power plc and 
morse plc he is a qualiﬁed associated 
chartered accountant having trained and 
qualiﬁed at price waterhouse paul was 
appointed to the board on 12 april 2007
darren drabble age 33
company secretary and general counsel
darren joined the group as company 
secretary and general counsel on  
21 may 2007 darren has a corporate  
and commercial law background  
originally qualifying as a solicitor  
with addleshaw goddard before  
working as the international  
solicitor for united utilities plc 
a member of the audit committee
b member of the remuneration committee
c member of the nomination committee 21 annual report 2007 wwwmoneysupermarketcom our governance
executive management team
in addition to the executive directors the executive management team comprises
stuart glendinning age 44
managing director money
stuart joined the group in 2000 and is 
currently the managing director for the 
money vertical an associate of the 
chartered institute of bankers he has over 
22 years of experience in ﬁnancial services 
prior to joining the group stuart worked 
for the yorkshire building society and the 
staffordshire building society
chris nixon age 35 
managing director travel
chris joined the group in 2002 and  
is currently the managing director  
for the travel vertical a role he took  
in 2007 having overseen the launch  
of the travel vertical in 2004 and its 
subsequent development 
richard mason age 44
managing director insurance and
home services
richard joined the group in 2000 and is 
currently the managing director for both 
the insurance vertical and the home 
services vertical prior to joining the 
group richard spent 11 years working for 
barclays dealing with small and medium 
sized businesses and 9 years at the 
britannia building society richard  
has a degree in banking and finance  
and is an associate of the chartered 
institute of bankers 
alan cairns age 41
human resources director
alan joined the group in december 2007 
as human resources director alan has 
over 20 years of experience in international 
human resource management gained 
across alstom rhm jcb ge exide 
technologies penauille servisair and 
littlewoods professionally qualiﬁed in 
mechanical engineering alan holds two 
post graduate diplomas in human 
resource management 22 wwwmoneysupermarketcom annual report 2007
this is the ﬁrst time the group has commented on its role as a 
corporate citizen although the group has always operated with 
an underlying awareness of its wider responsibilities
communities and charities
the group recognises it has a responsibility to support the 
development of local communities and has fostered links with 
them over a number of years through its donations to local 
charitable causes in august each year employees vote for their 
choice of local charity for the following 12 months various events 
are then held within the group during that year to raise money 
for that charity the group matches amounts raised by 
employees from those events
between august 2006 and july 2007 a total of £8185 was 
donated by the group to capricorn animal rescue a local  
welsh charity which cares for animals
the current group charity of the year is bird brain injury 
rehabilitation  development a chester based charity which 
provides a unique programme to aid the rehabilitation of people 
with neurological impairment as at 31 december 2007 £2425 
had been raised for bird 
environment
the group strives to reduce energy and raw material usage to 
support environmental and ﬁnancial performance the group 
currently provides facilities for paper to be recycled and utilises 
energy saving systems in its ofﬁces
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 emphasis on keeping its employees 
informed of the group’s activities by regular brieﬁngs and the 
circulation to employees of relevant information including 
corporate announcements and the group newsletter
corporate responsibility report
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 nationality citizenship sex 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 our 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 the 
health and safety handbook is regularly reviewed and updated
supporting students
in order to build links between the group and schools and 
colleges the group offers work experience and placements to 
students in doing so we strive to make work placements 
positive challenging and relevant to participants’ current studies 
and their future job prospects
consumers
the group is committed to providing a high quality price 
comparison service to consumers enabling them to compare  
a wide range of products in the ﬁnance insurance travel and 
home services markets and to ﬁnd the product most suited  
to their needs
to maintain high levels of consumer satisfaction the group is 
constantly assessing the views of its consumers and undertaking 
consumer testing of its website the group provides consumers 
with information from a variety of sources such as editorial 
content consumer and expert reviews forums and community 
features to enrich their shopping experience
our governance 23 annual report 2007 wwwmoneysupermarketcom
corporate governance report
moneysupermarketcom group plc the ‘company’ was incorporated on 14 march 2007 the company became the holding 
company of the moneysupermarketcom group the ‘group’ when it acquired the entire issued share capital of moneysupermarket
com financial group limited and its subsidiaries on 22 june 2007 the company was admitted to the ofﬁcial list and to trading on 
the london stock exchange on 31 july 2007 ‘listing’
the board of directors the ‘board’ of the company is committed to high standards of corporate governance the requirements of 
the combined code on corporate governance published in june 2006 by the financial reporting council the ‘combined code’ 
ﬁrst applied to the company on listing on 31 july 2007 in the period between the incorporation of the company and listing the 
company was not required to comply with the combined code it is the board’s view that throughout the period from listing until 
31 december 2007 it complied with the combined code except as set out below 
board of directors
the board currently has ﬁve members comprising the nonexecutive chairman gerald corbett two independent nonexecutive 
directors michael wemms and rob rowley and two executive directors simon nixon and paul doughty all of the directors bring 
strong judgement to the board’s deliberations 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
in anticipation of listing the board appointed gerald corbett and michael wemms as directors on 28 june 2007 and 10 july 2007 
respectively michael wemms was designated as the senior independent nonexecutive director with effect from rob rowley’s 
appointment as a nonexecutive director on 19 september 2007 half of the board excluding the chairman comprised non
executive directors
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 page 20 including details of the signiﬁcant commitments of the chairman in the period to 31 december 2007  
gerald corbett has ceased to be chairman of woolworths group plc
the board considers that gerald corbett was independent on appointment and considers michael wemms and rob rowley to be 
independent being independent in character and judgement and free from relationships or circumstances which are likely to affect 
or could appear to affect their judgement when determining the chairman’s independence on appointment the board had regard 
to his share award ‘share award’ under the share award gerald corbett purchased ordinary shares in the company on listing at 
£170 per ordinary share to the value of £200000 and provided he completes three years’ service as chairman of the company from 
listing and retains the ordinary shares he purchased on listing during that three year period he will be entitled to subscribe at 
nominal value for two times the number of ordinary shares he purchased on listing the board believes that the number of ordinary 
shares subject to the share award is not sufﬁcient to have an impact on his independence and thus concludes that the chairman 
was independent on appointment shareholder approval was obtained prior to the entry by the company into the share award
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 directors have direct and unfettered access to the advice and services of the company secretary both the appointment and 
removal of the company secretary are matters for the board as a whole the company secretary is responsible for good information 
ﬂow ensures that board procedures are complied with and provides advice to the board on corporate governance directors can 
where they judge it necessary to discharge their responsibilities as directors obtain independent professional advice at the 
company’s expense furthermore directors have the right to request that any concerns they may have are recorded in the 
appropriate board or committee minutes
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 
simon nixon and paul doughty were appointed directors of the company on 12 april 2007 with effect from listing they each 
entered into new service agreements with the company which provides for 12 months’ notice to be given by either the director  
or the company
the company’s articles of association require that new directors appointed by the board must submit themselves for reelection  
by shareholders at the next annual general meeting following their appointment each of the present directors were appointed by 
the board on or after the company’s incorporation on 14 march 2007 and therefore retires and offers himself for reelection at the 
forthcoming annual general meeting
the company’s articles of association require that all directors stand for reelection at intervals of not more than three years 
however in view of the date upon which all directors were ﬁrst appointed this provision of the articles of association has no 
practical effect in relation to the forthcoming annual general meeting but it will be applied in future years the board will conﬁrm 
to shareholders when proposing the reelection of a director in the future that the director’s performance continues to be effective 
and that the director continues to demonstrate commitment to the role
our governance 24 wwwmoneysupermarketcom annual report 2007
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 was agreed by the board on 27 november 2007 
all members of the board take collective responsibility for the group’s performance the board has adopted a schedule of matters 
reserved to it for decision making and matters delegated to committees of the board which are available on the company’s website 
at wwwmoneysupermarketcom the board determines the group’s strategy risk management policies business plan and annual 
operating budget acquisitions and disposals and other major investments and capital projects accounting policies and changes 
thereto dividend policy shareholder communications prosecution defence or settlement of material litigation remuneration 
policy the terms of reference of board committees and board structure composition and succession 
the board has delegated through the chief executive ofﬁcer and the chief financial ofﬁcer appropriate responsibilities to the 
executive management team who are responsible for the daytoday running of the group carrying out agreed strategy and 
implementing speciﬁc board decisions relating to the operation of the group
the company provides directors’ and ofﬁcers’ insurance cover for the beneﬁt of directors in respect of claims arising in the 
performance of their duties
relationship agreement
the majority shareholder of the company is simon nixon simon nixon has considerable knowledge and experience of the price 
comparison market accordingly the other directors believe that his membership of the board and participation in the management 
of the company is important to the continued success and growth of the company 
the company and simon nixon entered into a relationship agreement on 11 july 2007 to regulate the ongoing relationship between 
the company and simon nixon the ‘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 in the company two nonexecutive directors for as long as he holds the beneﬁcial interest in at least 30 of the 
ordinary shares in the company and three nonexecutive directors for as long as he holds the beneﬁcial interest in at least 50 of 
the ordinary shares in the company the relationship agreement will terminate if simon nixon holds less than 15 of the ordinary 
shares in 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 31 december 2007 simon nixon had not appointed any nonexecutive directors pursuant to his rights in the  
relationship agreement
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 which are published on the company’s 
website at wwwmoneysupermarketcom and which are available in hard copy form on application to the company secretary
the directors who served on each of the committees from listing to 31 december 2007 and their dates of appointment to those 
committees are set out below
committee chairman member member
audit rob rowley gerald corbett michael wemms
 19 september 2007 19 september 2007 19 september 2007
nomination  gerald corbett michael wemms rob rowley
 31 july 2007 31 july 2007 19 september 2007
remuneration michael wemms gerald corbett rob rowley
 31 july 2007 31 july 2007 19 september 2007
details of the work of the audit nomination and remuneration committees are given in the reports of those committees on pages 
28 to 35
board and committee attendance
the board meets regularly to review the affairs and trading progress of the group if and when required meetings in addition to
the scheduled meetings are held either in person or by telephone conference the board intends to meet at least eight times in 
each year
corporate governance report continued
our governance 25 annual report 2007 wwwmoneysupermarketcom
the attendance of the directors at board and committee meetings for the period ended 31 december 2007 are shown in the 
following table
      audit nomination remuneration 
name     board committee committee committee
gerald corbett     4 4 1 1 1 1 3 3
simon nixon     4 4 – – –
paul doughty     4 4 – – –
michael wemms     4 4 1 1 1 1 3 3
rob rowley     2 2 1 1 0 0 2 3
the number in brackets represents the maximum number of meetings in the period that each individual director was entitled  
to attend
the executive directors of the company may attend meetings of the committees at the invitation of the chairman of the  
respective committees
the chairman and the nonexecutive directors met without the executive directors being present 
performance reviews and directors’ development
the board has only recently been established with its current membership and it would be premature to conduct any evaluation  
of the board until it has been in place for one year it is therefore the intention of the board to undertake formal evaluation of its  
own performance of its committees and of individual directors in 2008 the senior independent nonexecutive director will  
be responsible for conducting the evaluation of the chairman’s performance
during the period ended 31 december 2007 each of the appointments of gerald corbett michael wemms and rob rowley were 
made on merit and after a selection process conducted with the aid of third party executive search consultants
the chairman and company secretary are responsible for preparing and implementing an induction programme for directors 
including guidance as to their duties responsibilities and liabilities as a director of the company and business familiarisation 
business familiarisation involves directors visiting the company’s ofﬁces and giving the directors the opportunity to meet the 
executive management team and other senior managers in the business they also have the opportunity to discuss organisational 
operational and administrative matters every director has access to appropriate training as required subsequent to appointment 
shareholder relations
the board is committed to maintaining good communications with shareholders senior executives including the chairman  
chief executive ofﬁcer and chief financial ofﬁcer have dialogue with individual institutional shareholders in order to develop  
an understanding of their views which is fed back to the board general presentations are given to analysts and investors covering 
the annual and interim results the company secretary generally deals with questions from individual shareholders
the results and results presentations together with all information reported to the market via a regulatory information service press 
releases and other shareholder information are published on the company’s website at wwwmoneysupermarketcom to be viewed 
and accessed by all shareholders 
the senior independent nonexecutive director is available to shareholders if they have concerns which contact through the  
normal channels of chairman chief executive ofﬁcer or chief financial ofﬁcer have 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 and at all other times by
emailing or writing to the company the chairmen of the audit nomination and remuneration committees will be available to 
answer questions at the forthcoming annual general 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 non
executive directors of the company 
the company will prepare separate resolutions on each substantially separate issue the results of the votes on each resolution will 
be published on the company’s website after the annual general meeting and will be announced via a regulatory information 
service
in the period prior to listing the executive directors met on a number of occasions with a large number of prospective shareholders 
of the company
internal control and risk management
the board has overall responsibility 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 there are inherent 
limitations in any system of internal ﬁnancial control and accordingly even the most effective system can provide only reasonable 
and not absolute assurance with respect to the preparation of ﬁnancial information and safeguarding of assets
our governance 26 wwwmoneysupermarketcom annual report 2007
the board reviews the reports from the executive management team meetings which are held shortly before a board meeting to 
consider whether signiﬁcant risks are identiﬁed evaluated managed and controlled and whether any signiﬁcant weaknesses are 
promptly remedied and indicate a need for more extensive monitoring 
board members are given appropriate documentation in advance of each board or committee meeting this normally includes a 
detailed report on current trading a ﬁnancial review and full papers on matters where the board or committee will be required to 
make a decision or give its approval speciﬁc business related presentations are given when appropriate additionally the board 
considers reports from the executive management team this ensures the board are briefed on the latest developments and are 
able to make fully informed decisions
there is an established procedure for the preparation and review at least annually by the board of business plans and the annual 
budget the board receives regular reports on performance against the business plan and budget 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
prior to listing and as part of the listing process the board documented and reviewed the effectiveness of the group’s system of 
internal controls
the board meeting held in october 2007 was combined with a two day strategy event to highlight evaluate and address the key 
risks facing the group using an external independent facilitator the executive management team were invited to join the strategy 
event to present to the board and participate in discussions action plans have been developed following the strategy event to 
address and manage the key risks facing the group
the group’s internal controls are further strengthened by an established governance framework including matters reserved to the 
board and the terms of reference of each of its committees
the board is reasonably satisﬁed that effective controls are in place and that risks have been managed to an acceptable level
compliance with the combined code
the company was not required to comply with the combined code prior to listing on 31 july 2007
the directors consider that during the period between listing on 31 july 2007 and 31 december 2007 the company complied with 
the combined code except as follows
a13a61 – gerald corbett was appointed chairman of the company with effect from 28 june 2007 and had not completed one 
year as chairman before 31 december 2007 led by the senior independent nonexecutive director the nonexecutive directors 
will meet without the chairman present in 2008 to appraise the chairman’s performance as at 31 december 2007 this appraisal had 
not taken place
a21 – the division of responsibilities between the chairman and chief executive ofﬁcer was clearly established set out in writing 
and agreed by the board at the board meeting held on 27 november 2007 prior to that date the division of responsibilities 
between the chairman and chief executive ofﬁcer was not formally set out in writing
a32 – with effect from rob rowley’s appointment as a nonexecutive director on 19 september 2007 at least half the board 
excluding the chairman comprised nonexecutive directors determined by the board to be independent prior to rob rowley’s 
appointment excluding the chairman the board comprised two executive directors and michael wemms who the board 
determined to be independent the board considers that gerald corbett was independent on appointment as chairman
a41 – with effect from rob rowley’s appointment as a nonexecutive director on 19 september 2007 a majority of members of 
the nomination committee comprised independent nonexecutive directors prior to that date the nomination committee 
comprised michael wemms who the board determined to be an independent nonexecutive director and gerald corbett 
b21 – the remuneration committee comprises michael wemms and rob rowley both of whom the board has determined to be 
independent nonexecutive directors and gerald corbett accordingly the remuneration committee does not comprise at least 
three independent nonexecutive directors 
c21 – in 2007 prior to listing and as part of the listing process the board documented and reviewed the effectiveness of the 
group’s system of internal controls in the period between listing on 31 july 2007 and 31 november 2007 the board did not conduct 
a further review of the effectiveness of the group’s system of internal controls in november 2007 the audit committee commenced 
a review of the effectiveness of the group’s system of internal controls which will be concluded during 2008
corporate governance report continued
our governance 27 annual report 2007 wwwmoneysupermarketcom
c31 – the audit committee was established on 19 september 2007 following the appointment of rob rowley as a nonexecutive 
director with effect from rob rowley’s appointment as a nonexecutive director the audit committee has comprised rob rowley 
and michael wemms both of whom the board has determined to be independent nonexecutive directors and gerald corbett 
accordingly the audit committee does not comprise at least three independent nonexecutive directors 
c34 – in 2007 prior to listing and as part of the listing process the board reviewed arrangements by which staff of the group may 
in conﬁdence raise concerns about possible improprieties in matters of ﬁnancial reporting or other matters these arrangements 
formed part of the employee handbook of the group during 2007 in the period between the establishment of the audit committee 
on 19 september 2007 and 31 december 2007 the audit committee did not undertake such a review although it scheduled a review 
for 2008 on 19 february 2008 the audit committee reviewed the arrangements by which staff of the group may in conﬁdence 
raise such concerns and approved a new policy to enable such concerns to be raised
c35 – prior to listing the board considered the need to establish an internal audit function and concluded that the control 
mechanisms at that time were sufﬁcient for the size and complexity of the group such that an internal audit function was not 
required on 27 november 2007 the audit committee commenced a review of the effectiveness of and the framework for the 
group’s system of internal control and risk management which it will conclude during 2008 this review will include consideration  
of the need to establish an internal audit function
 
d11 – as a result of regular feedback provided to the board by the chief executive ofﬁcer chief financial ofﬁcer and chairman 
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
our governance 28 wwwmoneysupermarketcom annual report 2007
audit committee report
the audit committee presents a separate report in relation to the period from listing until 31 december 2007 the audit committee 
was established on 19 september 2007 following the appointment of rob rowley as a nonexecutive director of the company
composition of the audit committee
the audit committee comprises the three nonexecutive directors rob rowley gerald corbett and michael wemms rob rowley 
and michael wemms are considered by the board to be independent biographies of the members of the audit committee are set 
out on page 20 the chairman of the audit committee rob rowley is a qualiﬁed accountant and formerly a ﬁnance director of 
reuters plc and chairman of the audit committee at prudential plc the board is satisﬁed that rob rowley has recent and relevant 
ﬁnancial expertise
operation of the audit committee
the audit committee met once between its establishment on 19 september 2007 and 31 december 2007 the attendance record of 
the nonexecutive directors at the audit committee meeting is set out on page 25 prior to the establishment of the audit 
committee the external auditors presented to the board on 13 september 2007 in relation to their work in conducting an interim 
review of the ﬁnancial results of the company for the period ended 30 june 2007 
the chief financial ofﬁcer together with the external auditors will normally attend meetings at the invitation of the chairman of  
the audit committee 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 external auditors may also request a meeting of the audit committee if they consider it necessary
the audit committee’s duties include
reviewing the company’s ﬁnancial statements and the material ﬁnancial reporting judgements contained in them
reviewing the company’s internal ﬁnancial controls and the company’s internal control and risk management systems 
advising on the appointment and removal of external auditors and the remuneration and terms of engagement of the external auditors
developing and implementing policy on the engagement of the external auditors to supply nonaudit services and
considering the requirement for an internal audit function
the terms of reference of the audit committee are published on the company’s website at wwwmoneysupermarketcom 
the audit committee intends to undertake its activities in line with an annual work plan the audit committee will receive reports 
from the external auditors and will hold discussions with the external auditors without management present the audit committee 
will periodically review the company’s procedures for handling allegations from employees who raise concerns about possible 
improprieties in matters of ﬁnancial reporting or other matters in order to ensure that arrangements are in place for the 
proportionate and independent investigation of such matters and for appropriate followup action
in order that the board is kept fully appraised of the audit committee’s work the chairman of the audit committee will report on 
the audit committee’s work at the next board meeting the board will also receive a copy of the minutes of each meeting of the 
audit committee
internal control and risk management
the board is responsible for the group’s system of internal control which includes risk management and for reviewing its 
effectiveness the audit committee will monitor and undertake an annual review of the effectiveness of and the framework for  
the group’s system of internal control and risk management this will include annual consideration as to whether there is a need  
to establish an internal audit function
prior to listing the board considered the need to establish an internal audit function and concluded that the control mechanisms  
at that time were sufﬁcient for the size and complexity of the group such that an internal audit function was not required on  
27 november 2007 the audit committee commenced a review of the effectiveness of and the framework for the group’s  
system of internal control and risk management which it will conclude during 2008 this review will include consideration  
as to whether there is a need to establish an internal audit function
review of the work of the external auditors
subject to the annual appointment of the auditors by shareholders the audit committee conducts a continuous review of the 
relationship between the group and the auditors this review includes
the consideration of audit fees and advance approval of fees for nonaudit related work
the consideration of the external auditors’ independence and objectivity and
the nature and scope of the external audit
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 ﬁnancial statements on page 51 
the audit committee discussed the level of fees and considered them appropriate given the current size of the group and the level 
of corporate activity undertaken by the company during the ﬁnancial year including the listing the audit committee believes the 
level and scope of nonaudit services does not impair the independence and objectivity of the external auditors
this report was approved by the board on 25 february 2008 and signed on its behalf by
rob rowley
chairman of the audit committee
•
•
•
•
•
•
•
•
our governance 29 annual report 2007 wwwmoneysupermarketcom
nomination committee report
the nomination committee presents a separate report in relation to the period from listing until 31 december 2007  
the nomination committee was established with effect from the listing of the company on 31 july 2007 
composition of the nomination committee
the nomination committee comprises the three nonexecutive directors gerald corbett michael wemms and rob rowley  
rob rowley and michael wemms are considered by the board to be independent gerald corbett was considered by the  
board to be independent on appointment biographies of the members of the nomination committee are set out on  
page 20 rob rowley became a member of the nomination committee with effect from his appointment as a nonexecutive  
director on 19 september 2007
operation of the nomination committee
the nomination committee met once between its establishment on 31 july 2007 and 31 december 2007 the attendance record  
of the directors at the nomination committee meeting is set out on page 25
the nomination committee meets as necessary and is responsible for evaluating the balance of skills knowledge and experience  
of the board and where appropriate recommending to the board persons who are appropriate for appointment as directors 
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 dealing with the appointment of a successor to the  
chairman the senior independent nonexecutive director will chair the nomination committee instead of the chairman 
when the nomination committee has identiﬁed following an interview process a suitable candidate to be appointed as a director 
the chairman of the nomination committee will make a recommendation to the board with the board making the ﬁnal decision
prior to the listing of the company each of the appointments of gerald corbett and michael wemms were made by the board on 
merit and after a selection process conducted with the aid of third party executive search consultants 
during the year the nomination committee identiﬁed nominated and recommended to the board the appointment of rob rowley 
as an additional nonexecutive director of the company with the board making the ﬁnal decision the selection process for the 
appointment of rob rowley was conducted with the aid of third party executive search consultants 
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
at the invitation of the chairman of the nomination committee the chief executive ofﬁcer chief financial ofﬁcer and human 
resources director attend the meetings of the nomination committee
the terms of reference of the nomination committee are published on the company’s website at wwwmoneysupermarketcom 
each of the nonexecutive directors has written letters of appointment their respective letters of appointment set out their 
expected time commitment to the company each of the nonexecutive directors has undertaken that they have sufﬁcient time to 
meet what is expected of them
in order that the board is kept fully appraised of the nomination committee’s work the chairman of the nomination committee will 
report on the nomination committee’s work at the next board meeting the board will also receive a copy of the minutes of each 
meeting of the nomination committee
this report was approved by the board on 25 february 2008 and signed on its behalf by
gerald corbett
chairman of the nomination committee
our governance 30 wwwmoneysupermarketcom annual report 2007
directors’ remuneration report
this report has been prepared by the remuneration committee of the board of the company the ‘remuneration committee‘ and 
approved by the board for the period between incorporation of the company on 14 march 2007 and 31 december 2007 it has been 
prepared in accordance with the companies act 1985 as amended and the directors’ remuneration report regulations 2002 ‘the 
regulations‘ 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
as required by the regulations 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  
the regulations
remuneration committee
the board constituted the remuneration committee on the admission of the company to the ofﬁcial list and to trading on the 
london stock exchange on 31 july 2007 ‘listing‘ with effect from listing the remuneration committee has comprised solely of 
the nonexecutive directors of the company michael wemms chairman of the remuneration committee and gerald corbett 
became members of the remuneration committee from listing rob rowley became a member of the remuneration committee 
from his appointment as a nonexecutive director on 19 september 2007 each of michael wemms and rob rowley are 
independent nonexecutive directors gerald corbett was independent on his appointment as chairman of the company
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
at the invitation of the chairman of the remuneration committee the chief executive ofﬁcer chief financial ofﬁcer and  
human resources director attend the meetings of the remuneration committee except when their own remuneration is  
under consideration no director is involved in determining his own remuneration
the remuneration committee met three times during the period between listing and 31 december 2007 details of the attendance 
at remuneration committee meetings are set out in the corporate governance report on page 25 the chairman of the 
remuneration committee reports the outcome of the meetings to the board the board will also receive a copy of the minutes of 
each meeting of the remuneration committee
the remuneration committee meets not less than twice a year and is responsible for i determining and agreeing with the  
board the framework and broad policy for the remuneration including beneﬁts pension arrangements and termination payments 
of the chairman executive directors and the senior management of the company ii within the terms of the agreed framework  
and broad policy determining the total individual remuneration package of each executive director including where appropriate 
bonuses incentive payments share options and pension arrangements and iii determining awards under the company’s share 
option schemes
the remuneration committee’s terms of reference are published on the company website at wwwmoneysupermarketcom and are 
available in hard copy form on application to the company secretary
advisors
the remuneration committee has appointed mmk limited who are independent remuneration consultants as its principal 
advisor the remuneration committee has taken advice from them in relation to executive remuneration matters and in particular 
awards under the group’s long term incentive plan mmk limited has no other connection or relationship with the group prior
to listing mmk limited provided the company with advice in relation to executive remuneration of the executive directors
and executive management team mmk limited provided no other services to the group during the period ended
31 december 2007
remuneration policy
the remuneration policy with respect to the executive directors and the executive management team has been designed to 
provide market competitive remuneration relative to uk listed companies of similar size and scope
the principal objective of the remuneration policy is to provide remuneration in a form and amount to attract retain and motivate 
executive directors and an executive management team of appropriate calibre and experience which is essential to the future 
success of the company the importance of aligning the interests of the executive directors and executive management team with 
the creation of shareholder value over both the short and long term is key to this objective the remuneration committee believes 
that this requires
the provision of midmarket base salaries and the opportunity to receive incentives with appropriate leverage to reward 
sustained exceptional performance and support the future growth aspirations of the company and
a reward structure that places an equal emphasis on short term and long term performance to support operating performance 
and to reward sustained longer term performance
the company believes that in order to meet its remuneration objective the remuneration of executive directors and the executive 
management team should provide a balance between ﬁxed and variable performance related pay elements with a signiﬁcant 
proportion of potential total remuneration comprising performance related elements 
the remuneration committee will during 2008 and thereafter constantly review the remuneration policy to ensure that it is 
sufﬁciently ﬂexible to take account of future changes in the group’s business operations and environment and recognises key 
developments in remuneration practice and alignment to shareholders’ interests 
•
•
our governance 31 annual report 2007 wwwmoneysupermarketcom
components of remuneration
the potential components of the remuneration packages of the executive directors consist of a number of separate elements 
namely base salary a performance linked bonus pension contributions car allowance long term incentive plan share option 
scheme and share incentive plan in addition paul doughty will participate in the simon nixon scheme which is further described 
on page 32 
with effect from listing the remuneration of the executive directors and the executive management team was established by 
reference to the remuneration offered to senior executives with similar roles in comparable uk listed companies the company took 
advice from mmk limited and market comparisons were made with the assistance of a speciﬁc survey commissioned from mmk 
limited prior to listing the remuneration of the executive directors was determined by the board of moneysupermarketcom 
financial group limited the former parent company of the group
base salary
salaries for the executive directors and executive management team will be reviewed annually in june to take account of market 
movement individual contribution and increases elsewhere in the company directors’ salaries and those of the executive 
management team will be benchmarked each year against a selected group of comparable companies
performance related bonus
targets for the executive directors for the period prior to listing were approved by the board of moneysupermarketcom financial 
group limited the former parent company of the group and were aligned to internal targets and strategic business objectives  
up to 100 of salary was payable for the achievement of target revenue performance in the case of simon nixon and target proﬁt 
before tax performance in the case of paul doughty simon nixon and paul doughty also participated in a proﬁt share scheme under 
which they were entitled to receive a share of the proﬁt of the group in addition an amount of up to £150000 per annum was 
payable to paul doughty on the achievement of target proﬁt before tax performance
targets for the executive directors and executive management team for the period from listing to 31 december 2007 were 
approved by the board prior to listing and were aligned to internal targets and strategic business objectives in substitution for 
previous bonus schemes for the achievement of target revenue performance up to £200000 per annum was payable to simon 
nixon for the achievement of target proﬁt before tax performance up to £125000 per annum was payable to paul doughty proﬁt 
before tax and revenue targets were chosen as they provided focus on the delivery of the group’s ﬁnancial targets
the bonus levels earned by the executive directors for the period from 22 june 2007 to 31 december 2007 are set out in the table 
on page 34 
for 2008 the remuneration committee has decided that the target bonuses will be paid for achievement of performance measures 
based on ebitda set at appropriately stretching levels and the achievement of certain objectives based on a balanced scorecard 
approach up to 125 of base salary for simon nixon and 100 of base salary for paul doughty is payable for the achievement of 
target performance for the achievement of performance greater than target the bonus amounts increase on a straight line basis 
according to a set formula the remuneration committee has decided to use this measure as it is aligned to internal targets 
strategic business objectives and to shareholders’ interests 
pension contributions
the company operates a contributory money purchase pension scheme for the beneﬁt of its employees including the executive 
directors in all cases base salary only is pensionable the company matches pension contributions up to 1 of base salary for the 
beneﬁt of its employees including the executive directors 
car allowance
the company provides a car allowance of £7200 per annum for each of the executive directors the amount of the car allowance is 
reviewed annually
long term incentive plan
the long term incentive plan was approved by shareholders at the company’s extraordinary general meeting held on 9 july 2007 
conditional free 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 awards normally vest at the end of a three year period subject to the 
achievement of performance conditions and continued employment 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 prior to the date of grant 
in the period ending 31 december 2007 awards under the long term incentive plan were made to 38 employees of the group and 
were made over shares worth between 28 and 167 of an employee’s annual base salary no awards were made to the executive 
directors in the period ending 31 december 2007 for 100 of the award to vest the company must achieve at least 100 of its 
cumulative adjusted ebitda target for the ﬁnancial years 2008 to 2010 inclusive no award will vest for performance below 90 of 
this cumulative adjusted ebitda target with 50 of the award vesting for performance of 90 of this cumulative adjusted ebitda 
target increasing on a straight line basis to 100 of the award vesting 
our governance 32 wwwmoneysupermarketcom annual report 2007
the remuneration committee has chosen a cumulative adjusted ebitda target as the performance target for the initial awards 
under the long term incentive plan as this measure is aligned to internal growth targets and shareholders’ interests the 
remuneration committee will meet after the three year plan period results are available to ascertain whether the performance 
conditions have been satisﬁed as determined by the audited ﬁnancial results of the company and its subsidiaries for the period 
2008 to 2010 inclusive
share option scheme
prior to listing the group operated the moneysupermarketcom financial group limited share option scheme all options under 
this scheme were granted prior to listing the group does not intend to grant any further options under this scheme the options 
vest over a three year period from the date of grant subject to continued employment and will lapse on the earlier of the tenth 
anniversary of the date of grant and the date the option holder ceases to be employed by the group there are no performance 
conditions applicable to this share option scheme as it is a historic scheme used prior to listing and principally as a means to retain 
key employees
share incentive plan
at the company’s extraordinary general meeting held on 9 july 2007 shareholders approved the establishment of a new hmrc 
approved all employee share incentive plan ‘sip’ the sip provided all eligible employees with the opportunity to receive ‘free’ 
ordinary shares on listing with a value as at the date of listing of £3000 and provides all employees with the opportunity to 
purchase ordinary shares using money deducted from their pretax salary on a monthly basis
simon nixon scheme
simon nixon is to establish an additional incentive arrangement for the beneﬁt of paul doughty and certain other members of the 
executive management team payment under these arrangements will be settled by simon nixon in cash but will be linked to the 
value of a number of his ordinary shares the awards will vest and be payable over a three year period subject to the achievement of 
certain performance conditions andor continued employment with the group paul doughty will receive a cash sum equal to the 
market value of up to 3974448 ordinary shares in the company subject to continued employment on 31 july 2010 andor the 
achievement of certain group and individual targets in the ﬁnancial years 2008 to 2010
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 2007 months months
executive directors
simon nixon
1 2
 31 july 2007 12  12 12
paul doughty
1 3
 31 july 2007 12  12 12
nonexecutive directors
gerald corbett 28 june 2007 30 12 12
michael wemms 10 july 2007 31 12 12
rob rowley 19 september 2007 33 0 12
1 executive directors are appointed on 12 month rolling contracts
2 there was no service agreement in place for simon nixon prior to listing simon nixon entered into a service agreement with effect from listing
3 paul doughty’s service agreement applicable prior to listing was replaced with a new service agreement with effect from listing
there are no special provisions for executive 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
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 unique eventures limited and its 
subsidiaries abacus permanent limited online leads limited 1st source partnership limited dotcom travel limited and virtual 
processing limited in each of which simon nixon is the majority shareholder in addition to his directorship of companies in the 
group paul doughty is a director of unique eventures limited
directors’ remuneration report continued
our governance 33 annual report 2007 wwwmoneysupermarketcom
total shareholder return moneysupermarketcom group plc and ftse 250 index excluding investment trusts
value of a hypothetical £100 holding since listing
£110
£100
£90
£80
june 2007
moneysupermarketcom group plc
ftse 250 index excluding investment trusts
september 2007 december 2007
value of hypothetical £100 holding
date
since date of listing 31 july 2007
nonexecutive directors
remuneration of nonexecutive directors consists solely of fees each of the nonexecutive directors were appointed for three year 
terms under letters of appointment 
the nonexecutive director fees are subject to a review in june each year the nonexecutive directors are not eligible to 
participate in the company’s bonus share option or other incentive schemes
performance graphs
the following graph shows the total shareholder return of the company in comparison to an appropriate index for the period  
since listing
the remuneration committee considers the ftse 250 excluding investment trusts index to be an appropriate index for  
total shareholder return and comparison disclosure as it represents a broad equity market index in which the company  
is a constituent member
directors’ interests in shares 
as at 14 march 2007 date of incorporation of the company 22 june 2007 31 july 2007 listing and 31 december 2007 the directors’ 
beneﬁcial interests in the share capital of the company were as follows
 14 march 2007 
 incorporation 
 of the company 22 june 2007 31 july 2007 listing 31 december 2007
executive directors
simon nixon
1
 – 427500000  271905882 270538243 
       b ordinary shares
4
 ordinary shares ordinary shares 
    95294118 95294118 
   deferred shares  deferred shares
paul doughty
2
 – 1635000  1769 2055 
         ordinary shares
5
 ordinary shares ordinary shares
nonexecutive directors
gerald corbett
3
 – – 117647  117647 
   ordinary shares ordinary shares
michael wemms – – – –
rob rowley – – – –
1 on 12 april 2007 the subscriber’s two ordinary shares in the company were transferred to simon nixon on 22 june 2007 these two ordinary shares were redesignated 
as b ordinary shares on 22 june 2007 the company purchased all of simon nixon’s shares in moneysupermarketcom financial group limited in consideration of the 
issue of 85498 b ordinary shares in the company on 9 july 2007 at an extraordinary general meeting of the company shareholders approved that each b ordinary 
share in the company be subdivided into 5000 b ordinary shares resulting in simon nixon holding 427500000 b ordinary shares in the company in accordance with 
the company’s articles of association in place prior to listing simon nixon’s shareholding of 427500000 b ordinary shares in the company converted into 
332205882 ordinary shares and 95294118 deferred shares in the company simon nixon sold 60300000 ordinary shares on 31 july 2007 on the listing of the 
company on 30 august 2007 1367639 ordinary shares were acquired from simon nixon by credit suisse securities europe limited pursuant to the overallotment 
arrangements in the underwriting agreement between amongst others the company simon nixon and credit suisse securities europe limited dated 11 july 2007
2 on 9 may 2005 paul doughty was granted an option to acquire 327 ordinary shares in moneysupermarketcom financial group limited on 23 may 2007 paul doughty 
agreed to exercise his option over these 327 ordinary shares and agreed that the 327 ordinary shares acquired by him pursuant to this exercise should be transferred to 
the company in consideration of the issue by the company to him of shares in the company on a oneforone basis the exercise of paul doughty’s option over 327 
ordinary shares in moneysupermarketcom financial group limited occurred on 18 june 2007 the shareforshare exchange completed on 22 june 2007 on 9 july 
2007 at an extraordinary general meeting of the company shareholders approved that each ordinary share in the company should be subdivided into 5000 
ordinary shares resulting in paul doughty owning 1635000 ordinary shares in the company paul doughty sold 1635000 ordinary shares on 31 july 2007 on the 
our governance 34 wwwmoneysupermarketcom annual report 2007
listing of the company as at 31 july 2007 paul doughty as a beneﬁciary under the company’s share incentive plan trust ‘trust‘ was deemed to be interested in 
1769 ordinary shares held in the trust representing ‘free shares’ with a value of £3000 as at 31 december 2007 paul doughty as a beneﬁciary under the trust was 
deemed to be interested in 2055 ordinary shares held in the trust representing 1769 ‘free shares’ and 286 ordinary shares purchased by him under the share incentive 
plan between 31 july 2007 and 31 december 2007 
3 the interest of gerald corbett in 117647 ordinary shares represents the ordinary shares purchased by him under the share award further details of the share award 
are set out on page 23
4 427500000 b ordinary shares represents the number of b ordinary shares held by simon nixon assuming the subdivision of each ordinary share into 5000 ordinary 
shares that took place on 9 july 2007 at the extraordinary general meeting had already taken place at 22 june 2007 simon nixon was actually beneﬁcially interested in 
85500 b ordinary shares as at 22 june 2007 
5 1635000 ordinary shares represents the number of ordinary shares held by paul doughty assuming the subdivision of each ordinary share into 5000 ordinary shares 
that took place on 9 july 2007 at the extraordinary general meeting had already taken place at 22 june 2007 paul doughty was actually beneﬁcially interested in 327 
ordinary shares as at 22 june 2007
the shareholdings shown on the previous page are all beneﬁcial interests and include shares held on behalf of the executive 
directors by the trustee of the company’s share incentive plan which is detailed on page 32 no director held a nonbeneﬁcial 
interest in any shares
in the period 31 december 2007 to 14 march 2008 there has been no change in the directors’ interests in shares in the company 
other than through the monthly purchases in january february and march 2008 of ordinary shares under the company’s share 
incentive plan by paul doughty and the purchase of 5500 ordinary shares in the market by michael wemms on 3 march 2008 this 
has resulted in an increase in the interests held by paul doughty of 316 ordinary shares during this period and to the balance of the 
ordinary shares held in the trust on his behalf which as at 14 march 2008 is 2371 ordinary shares 
audited information
the following information has been audited by the company’s auditors as required by the companies act 1985
directors’ remuneration 
details of individual directors’ remuneration received during the period from 22 june 2007 to 31 december 2007 are as follows
      performance 
    basic salary taxable related pension 
    and fees beneﬁts bonus contributions total 
    £
2
 £
3
 £ £ £
executive directors
1
simon nixon    157771 3000 77692 – 238463
paul doughty    107833 3780 86561 – 198174
nonexecutive directors
gerald corbett
4 5 6
    195000 12500 – – 207500
michael wemms
5 7
    86080 – – – 86080
rob rowley
7
    17000 – – – 17000
total emoluments    563684 19280 164253 – 747217
1 the remuneration of the executive directors in this table shows the remuneration of the executive directors from 22 june 2007 to 31 december 2007 the  
company became the holding company of the group when it acquired the entire issued share capital of moneysupermarketcom financial group limited  
and its subsidiaries on 22 june 2007 prior to 22 june 2007 the company had no interest in moneysupermarketcom financial group limited of which  
the executive directors were employees
2 in the period prior to listing simon nixon and paul doughty were paid a basic salary of £302500 and £130000 respectively per annum with effect from listing 
simon nixon and paul doughty are paid a basic salary of £300000 and £225000 respectively per annum
3 beneﬁts incorporate all beneﬁts and expense allowances arising from employment which relate to the provision of a car allowance of £7200 per annum simon nixon 
became entitled to a car allowance with effect from listing
4 under a share award agreement between the company and gerald corbett dated 31 july 2007 gerald corbett will be 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
5 payments were made to gerald corbett and michael wemms on 31 july 2007 of £100000 and £50000 respectively in respect of additional time and effort they were 
required to devote to the company in connection with its listing these are included within ‘basic salary and fees’
6 gerald corbett receives an annual fee of £190000 together with an annual allowance of £25000 less tax and national insurance contributions for a motor vehicle  
and associated costs
7 the basic fee of each of michael wemms and rob rowley is £50000 per annum 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
directors’ remuneration report continued
our governance 35 annual report 2007 wwwmoneysupermarketcom
directors’ interests in share options and the long term incentive plan
full details of the options over ordinary shares in the company held by the executive directors under the share option scheme for 
the period between incorporation of the company 14 march 2007 and 31 december 2007 are shown below as at 31 december 
2007 no awards had been made to the executive directors under the long term incentive plan
  options      market price  
  held at options options options options option of shares date 
  incorporation granted exercised lapsed held at exercise at date from which 
 date of the during during during end of price of exercise option expiry 
 of grant company period period period period p p exercisable  date
simon nixon – – – – – – – – – –
total  – – – – –    
paul doughty
1 2
 9 may 2005   1635000
4
 – 1635000 – – 6 170 –
 18 june 2007 – 
    
3750000
5
 – – 3750000 6 – 18 june 18 june
               2008
3
 2017
total  1635000 3750000 1635000 – 3750000    
1 on 9 may 2005 paul doughty was granted an option under the share option scheme to acquire 327 ordinary shares in moneysupermarketcom financial group 
limited at an exercise price of £300 per share on 23 may 2007 paul doughty agreed to exercise his option over 327 ordinary shares in moneysupermarketcom 
financial group limited and agreed that the 327 ordinary shares acquired by him pursuant to this exercise should be transferred to the company in consideration  
of the issue by the company to him of shares in the company on a oneforone basis the exercise of paul doughty’s option over 327 ordinary shares in 
moneysupermarketcom financial group limited occurred on 18 june 2007 the shareforshare exchange completed on 22 june 2007 on 9 july 2007 at an 
extraordinary general meeting of the company shareholders approved that each ordinary share in the company should be subdivided into 5000 ordinary  
shares resulting in paul doughty owning 1635000 ordinary shares in the company having paid an effective exercise price of 6p for each of the 1635000  
ordinary shares he acquired
2 on 18 june 2007 paul doughty was granted an option under the share option scheme to acquire 750 ordinary shares in moneysupermarketcom financial group 
limited on 18 june 2007 paul doughty gave notice to moneysupermarketcom financial group limited and the company that he wished to release his option over 
750 ordinary shares in moneysupermarketcom financial group limited in consideration of the grant to him by the company of a replacement option over 750 ordinary 
shares in the company this release and grant took place on 22 june 2007 on 9 july 2007 at an extraordinary general meeting of the company shareholders 
approved that each ordinary share in the company should be subdivided into 5000 ordinary shares resulting in paul doughty having an option over 3750000 
ordinary shares in the company at an exercise price of 6p per share 
3 the options granted to paul doughty on 18 june 2007 vest in equal one third tranches on the ﬁrst second and third anniversary of the date of grant
4 1635000 options represents the number of options over ordinary shares held by paul doughty assuming the subdivision of each ordinary share into 5000 ordinary 
shares that took place on 9 july 2007 at the extraordinary general meeting of the company had already taken place at the date of incorporation of the company  
paul doughty actually held an option over 327 ordinary shares in moneysupermarketcom financial group limited at the date of incorporation of the company
5 3750000 options represents the number of options over ordinary shares held by paul doughty assuming the subdivision of each ordinary share into 5000 ordinary 
shares that took place on 9 july 2007 at the extraordinary general meeting of the company had already taken place when those options were issued by the company 
on 18 june 2007 paul doughty was actually granted an option over 750 ordinary shares on 18 june 2007
6 the market price of the company’s ordinary shares on 31 december 2007 was 140p and the range of closing prices during the year from the date of listing was 215p  
to 13025p
7 aggregate gains made by paul doughty on the exercise of options over 1635000 ordinary shares in the period were £2681400 
this report was approved by the board on 25 february 2008 and signed on its behalf by
michael wemms
chairman of the remuneration committee
our governance 36 wwwmoneysupermarketcom annual report 2007
directors’ report
the directors are pleased to present their report and the consolidated ﬁnancial statements of the company and its subsidiaries for 
the period from incorporation of the company on 14 march 2007 and ending 31 december 2007 the ‘period‘ 
principal activities
the principal activities of the group are the introduction of business to ﬁnancial insurance travel and home services product 
providers through its internet sites moneysupermarketcom and travelsupermarketcom and the provision of mortgage 
intermediary services through mortgage 2000 limited
a fuller description of business activities is contained within the business review on pages 10 to 17
background information
the company was incorporated and registered in england and wales on 14 march 2007 as a private company limited by  
shares with the name precis 2682 limited on 18 june 2007 the shareholders of the company resolved to change the name  
of the company to moneysupermarketcom group limited on 22 june 2007 the company became the holding company of the 
moneysupermarketcom group the ‘group‘ when it acquired the entire issued share capital of moneysupermarketcom financial 
group limited and its subsidiaries on 25 june 2007 the change of name of the company became effective on 9 july 2007  
the company resolved to reregister as a public limited company on 9 july 2007 the reregistration of the company as a  
public limited company became effective admission to the ofﬁcial list and to trading on the london stock exchange  
took place on 31 july 2007 ‘listing‘ 
the registered and head ofﬁce of the company is moneysupermarket house st david’s park ewloe chester ch5 3uz
review of activities
the chairman’s and chief executive’s reports on pages 6 to 9 the business review on pages 10 to 17 and the principal risks and 
uncertainties on pages 18 and 19 report on the group’s activities during the period likely future developments and principal risks 
and uncertainties and are incorporated in this report by reference
information relating to corporate and social responsibility and employees is set out in the corporate responsibility report on  
page 22
as at 14 march 2008 being the latest practicable date prior to publication of this report there have been no important events 
affecting the business of the company or the group which have occurred since 31 december 2007
results and dividends
the group’s audited ﬁnancial statements for the period are set out on pages 41 to 59 
the directors recommend a ﬁnal dividend of 163p for each ordinary share if approved at the forthcoming annual general meeting 
this will be paid on 30 april 2008 to ordinary shareholders on the register at the close of business on 25 march 2008
there was no interim dividend paid in the period
share capital
details of the ordinary and deferred share capital of the company and changes to the share capital are set out in note 16 to the 
ﬁnancial statements on page 55 
major shareholders
as at 14 march 2008 being the latest practicable date prior to publication of this report the company had been notiﬁed of the 
following material interests in the ordinary shares of the company in accordance with the disclosure and transparency rules
 number of ordinary percentage of 
 sharesvoting  ordinary share 
shareholder rights notiﬁed capital notiﬁed
simon nixon 271905882 5480
goldman sachs  co 43053578 867
blackrock inc 32635767 658
capital research  management company 28115000 567
legal  general assurance society limited 23871108 480
state street nominees limited 20581165 414
coatue management llc 18167261 366
credit suisse securities europe limited 15334859 309
takeover directive information
where not provided elsewhere in this report the following provides the additional information required for shareholders as a result 
of the implementation of the takeover directive into english law
as at 31 december 2007 the company’s issued share capital comprised two classes of shares ordinary shares of 002p each and 
deferred shares of 002p each as at 31 december 2007 the authorised share capital of the company was £250000 comprising 
1154705882 ordinary shares of 002 p each and 95294118 deferred shares of 002p each and the issued share capital was £118420 
comprising 496806066 ordinary shares of 002p each and 95294118 deferred shares of 002p each the issued ordinary share 
capital represented 8391 of the total issued share capital of the company and the issued deferred share capital represented 
1609 of the total issued share capital of the company
our governance 37 annual report 2007 wwwmoneysupermarketcom
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 except in very limited circumstances the holders of deferred shares are not 
entitled to attend or vote at a general meeting 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 the following restrictions on the transfer of shares in the company
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 employees of the company require the  
approval of the company to deal in the company’s ordinary shares
pursuant to an underwriting agreement entered into on 11 july 2007 ‘underwriting agreement‘ each of simon nixon and  
paul doughty have agreed that subject to certain exceptions they will not without the prior written consent of credit suisse 
securities europe limited directly or indirectly sell or otherwise dispose of directly or indirectly any ordinary shares in the 
capital of the company in excess of the numbers speciﬁed below
° in the period between 11 july 2007 and 31 july 2008 nil ordinary shares
° in the period between 1 august 2008 and 31 july 2009 up to one third of the number of ordinary shares owned by them as  
at listing assuming for these purposes that any options held by them over ordinary shares had been exercised at listing
° in the period between 1 august 2009 and 31 july 2010 up to two thirds of the number of ordinary shares owned by them as  
at listing less any ordinary shares previously disposed of in accordance with the underwriting agreement as set out above 
assuming for these purposes that any options held by them over ordinary shares had been exercised at listing
pursuant to the underwriting agreement each of the nonexecutive directors and certain of the shareholders who sold shares in 
the listing and pursuant to a lockup deed a shareholder has agreed that subject to certain exceptions during the period 
between 11 july 2007 and 31 july 2008 they will not without the prior written consent of credit suisse securities europe 
limited directly or indirectly sell or otherwise dispose of directly or indirectly any ordinary shares in the capital of the company 
held by them immediately following listing
pursuant to lockup deeds in favour of the company certain of the senior managers of the group have agreed that subject to 
certain exceptions they will not without the prior written consent of the company directly or indirectly sell or otherwise dispose 
of directly or indirectly any ordinary shares in the capital of the company in excess of the numbers speciﬁed below
° in the period between 11 july 2007 and 31 july 2008 nil ordinary shares
° in the period between 1 august 2008 and 31 july 2009 up to one third of the number of ordinary shares owned by them as  
at listing assuming for these purposes that any options held by them over ordinary shares had been exercised at listing
° in the period between 1 august 2009 and 31 july 2010 up to two thirds of the number of ordinary shares owned by them as  
at listing less any ordinary shares previously disposed of in accordance with the lockup deeds as set out above assuming for 
these purposes that any options held by them over ordinary shares had been exercised at listing
under the rules of the moneysupermarketcom group plc share incentive plan the ‘plan‘ eligible employees were provided with  
the opportunity to receive ‘free shares’ on listing with a value as of 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 the ‘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 unawarded or forfeited shares held under the plan as surplus assets as at 14 march 2008 being the latest practicable date 
prior to publication of this report the trustees held 020 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 
the company and simon nixon ‘the 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 in the company two nonexecutive directors for as long as he 
holds the beneﬁcial interest in at least 30 of the ordinary shares in the company and three nonexecutive directors for as long as 
he holds the beneﬁcial interest in at least 50 of the ordinary shares in the company the relationship agreement will terminate if 
simon nixon holds less than 15 of the ordinary shares in the company as at 31 december 2007 simon nixon had not appointed 
any nonexecutive directors pursuant to his rights in the relationship agreement
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
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 other than in relation to employee share option schemes 
the company’s articles of association require that all directors must stand for election at the ﬁrst annual general meeting after 
they are appointed by the board the articles of association further require that all directors will stand for reelection at least every 
three years
•
•
•
•
•
our governance 38 wwwmoneysupermarketcom annual report 2007
the company’s articles of association may only be amended by a special resolution at a general meeting of shareholders at the 
forthcoming annual general meeting of the company a special resolution will be put to shareholders proposing amendments to  
the company’s existing articles of association in relation to the provisions of the companies act 2006
authority to purchase own shares
directors will seek authority from shareholders at the forthcoming annual general meeting for the company to purchase in the 
market up to 49680606 of its own ordinary shares for either cancellation or to retain them 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 expected 
earnings per share and the interests of shareholders generally
research and development
the group’s research and development expenditure is predominantly associated with computer and internet software  
systems successfully developed software is used to improve and extend the functionality and scope of the group’s internet  
and intermediary 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 were directors of the company during the period 
 position date of appointment
gerald corbett chairman 28 june 2007
simon nixon chief executive ofﬁcer 12 april 2007
paul doughty chief financial ofﬁcer 12 april 2007
michael wemms senior independent nonexecutive director 10 july 2007
rob rowley nonexecutive director 19 september 2007
their biographical details are set out on page 20 
details of directors’ remuneration share options and share awards are set out in the directors’ remuneration report on pages 30 to 35
in accordance with the articles of association of the company each of gerald corbett simon nixon paul doughty michael 
wemms and rob rowley will retire at the forthcoming annual general meeting and being eligible offer themselves for reelection 
directors’ interests
the directors’ interests in the share capital of the company and share options in the company as at 31 december 2007 together 
with the changes in those interests between 31 december 2007 and 14 march 2008 being the latest practicable date prior to 
publication of this report are set out in the directors’ remuneration report on pages 30 to 35 no director has any other interest  
in any ordinary shares or loan stock of any group company
transactions with directors and related party transactions
the details of transactions with directors of the company and related party transactions in the period are set out in note 21 to the 
ﬁnancial statements on page 58 and the corporate governance report on pages 23 to 27
directors’ and ofﬁcers’ insurance
during the period the group maintained liability insurance for its directors and ofﬁcers
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 parent company ﬁnancial statements in 
accordance with applicable law and regulations
company law requires the directors to prepare group and parent company ﬁnancial statements for each ﬁnancial year under that 
law they are required to prepare the group ﬁnancial statements in accordance with ifrss as adopted by the eu and applicable law 
and have elected to prepare the parent company ﬁnancial statements in accordance with uk accounting standards and applicable 
law uk generally accepted accounting practice
the group ﬁnancial statements are required by law and ifrss as adopted by the eu to present fairly the ﬁnancial position and the 
performance of the group the companies act 1985 provides in relation to such ﬁnancial statements that references in the relevant 
part of that act to ﬁnancial statements giving a true and fair view are references to their achieving a fair presentation
the parent company ﬁnancial statements are required by law to give a true and fair view of the state of affairs of the parent company 
and of the proﬁt or loss of the parent company for that period
in preparing each of the group and parent company ﬁnancial statements the directors are required to
select suitable accounting policies and then apply them consistently
make judgements and estimates that are reasonable and prudent
for the group ﬁnancial statements state whether they have been prepared in accordance with ifrss as adopted by the eu
for the parent company ﬁnancial statements state whether applicable uk accounting standards have been followed subject  
to any material departures disclosed and explained in the parent company ﬁnancial statements and
prepare the ﬁnancial statements on the going concern basis unless it is inappropriate to presume that the group and the parent 
company will continue in business
•
•
•
•
•
directors’ report continued
our governance 39 annual report 2007 wwwmoneysupermarketcom
the directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the ﬁnancial 
position of the parent company and enable them to ensure that its ﬁnancial statements comply with the companies act 1985 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 statement that comply with that law and those regulations
internal control
the corporate governance report and audit committee report on pages 23 to 28 includes the board’s assessment following  
a review 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 consults with them on matters affecting them as 
employees and on the various factors affecting the performance of the group this ensures employees’ views can be taken into 
account in making decisions which are likely to affect their interests consultation is achieved through formal and informal meetings 
regular brieﬁngs publication of the group newsletter and circulation to employees of results announcements and other corporate 
announcements this also helps to achieve a common awareness on the part of employees of the ﬁnancial and economic factors 
affecting the performance of the company and the group
all employees are able to participate in the moneysupermarketcom group plc share incentive plan which gives them the 
opportunity to purchase ordinary shares in the company using money deducted from their pretax salary on a monthly basis  
this helps develop employees’ interest in the performance of the company
the group operates a nondiscriminatory employment policy and full and fair consideration is given to applications for employment 
from disabled persons where they have the appropriate skills and abilities and to the continued employment of staff who become 
disabled wherever reasonably practicable
the group encourages the continuous development and training of its employees and the provision of equal opportunities for the 
training and career development of disabled employees
further details of policies and initiatives are given in the corporate responsibility report on page 22
borrowings
the group borrowed £150000000 on 22 june 2007 at an interest rate of 7595 this amount was repaid by the group in its entirety 
on 31 july 2007
financial instruments
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 reported proﬁtability and cash ﬂow the speciﬁc policies for managing each of the group’s main ﬁnancial risk areas are 
detailed in note 17 to the ﬁnancial statements on page 56
political and charitable donations
during the period the group did not make any political donations and made charitable donations of £4726 
creditor payment policy
the company agrees terms and conditions for its business transactions with suppliers payment is made in accordance with these 
terms provided the supplier meets its obligations the company does not hold any trade creditor balances 
disclosure of information to auditors
the directors who held ofﬁce at the date of approval of this report conﬁrm that so far as they are each aware there is no relevant 
audit information as deﬁned in the companies act 1985 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 and a resolution proposing 
their reappointment will be put to shareholders at the forthcoming annual general meeting
annual general meeting
the forthcoming annual general meeting of the company will be held at de vere carden park hotel near chester cheshire ch3 9dq 
on 22 april 2008 at 1030am
the notice convening the forthcoming annual general meeting of the company with details of the business to be transacted at the 
annual general meeting and explanatory notes accompany this annual report
approved by the board of directors on 25 february 2008 and signed on its behalf by
darren drabble
company secretary
registered ofﬁce
moneysupermarket house st david’s park ewloe chester ch5 3uz
registered in england no 06160943
our governance 40 wwwmoneysupermarketcom annual report 2007
independent auditors’ report to the members of 
moneysupermarketcom group plc
we have audited the group and parent company ﬁnancial statements the ‘ﬁnancial statements’ of moneysupermarketcom group 
plc the ‘company’ for the period ended 31 december 2007 which comprise the consolidated income statement the 
consolidated and parent company balance sheets the consolidated cash flow statement the consolidated statement of changes 
in equity and the related notes these ﬁnancial statements have been prepared under the accounting policies set out therein we 
have also audited the information in the directors’ remuneration report that is described as having been audited 
this report is made solely to the company’s members as a body in accordance with section 235 of the companies act 1985 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 
auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body for our audit work for this report or for the opinions we have formed
respective responsibilities of directors and auditors
the directors’ responsibilities for preparing the annual report and the group ﬁnancial statements in accordance with applicable 
law and international financial reporting standards ifrss as adopted by the eu and for preparing the parent company ﬁnancial 
statements and the directors’ remuneration report in accordance with applicable law and uk accounting standards uk generally 
accepted accounting practice are set out in the statement of directors’ responsibilities on pages 38 and 39
our responsibility is to audit the ﬁnancial statements and the part of the directors’ remuneration report to be audited in 
accordance with relevant legal and regulatory requirements and international standards on auditing uk and ireland
we report to you our opinion as to whether the ﬁnancial statements give a true and fair view and whether the ﬁnancial statements 
and the part of the directors’ remuneration report to be audited have been properly prepared in accordance with the companies 
act 1985 and as regards the group ﬁnancial statements article 4 of the ias regulation we also report to you whether in our 
opinion the information given in the directors’ report is consistent with the ﬁnancial statements the information given in the 
directors’ report includes that speciﬁc information presented in the business review that is cross referred from the review of 
activities section of the directors’ report
in addition we report to you if in our opinion the company has not kept proper accounting records if we have not received all the 
information and explanations we require for our audit or if information speciﬁed by law regarding directors’ remuneration and other 
transactions is not disclosed
we review whether the corporate governance report reﬂects the company’s compliance with the nine provisions of the 2006 
combined code speciﬁed for our review by the listing rules of the financial services authority and we report if it does not we are 
not required to consider whether the board’s statements on internal control cover all risks and controls or form an opinion on the 
effectiveness of the group’s corporate governance procedures or its risk and control procedures
we read the other information contained in the annual report and consider whether it is consistent with the audited ﬁnancial 
statements we consider the implications for our report if we become aware of any apparent misstatements or material 
inconsistencies with the ﬁnancial statements our responsibilities do not extend to any other information
basis of audit opinion
we conducted our audit in accordance with international standards on auditing uk and ireland issued by the auditing practices 
board an audit includes examination on a test basis of evidence relevant to the amounts and disclosures in the ﬁnancial 
statements and the part of the directors’ remuneration report to be audited it also includes an assessment of the signiﬁcant 
estimates and judgements made by the directors in the preparation of the ﬁnancial statements and of whether the accounting 
policies are appropriate to the group’s and company’s circumstances consistently applied and adequately disclosed
we planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to 
provide us with sufﬁcient evidence to give reasonable assurance that the ﬁnancial statements and the part of the directors’ 
remuneration report to be audited are free from material misstatement whether caused by fraud or other irregularity or error in 
forming our opinion we also evaluated the overall adequacy of the presentation of information in the ﬁnancial statements and the 
part of the directors’ remuneration report to be audited
opinion
in our opinion
the group ﬁnancial statements give a true and fair view in accordance with ifrss as adopted by the eu of the state of the 
group’s affairs as at 31 december 2007 and of its proﬁt for the period then ended
the group ﬁnancial statements have been properly prepared in accordance with the companies act 1985 and article 4 of the ias regulation
the parent company ﬁnancial statements give a true and fair view in accordance with uk generally accepted accounting 
practice of the state of the parent company’s affairs as at 31 december 2007
the parent company ﬁnancial statements and the part of the directors’ remuneration report to be audited have been properly 
prepared in accordance with the companies act 1985 and
the information given in the directors’ report is consistent with the ﬁnancial statements
kpmg audit plc
chartered accountants 
registered auditor
st james’ square 
manchester m2 6ds
25 february 2008
•
•
•
•
•
our governance 41 annual report 2007 wwwmoneysupermarketcom financial statements
         31 december 
         2007 
        note £000
revenue        88314
cost of sales        29057
gross proﬁt        59257
distribution expenses        10332
administrative expenses        37817
results from operating activities       5 11108
financial income       7 1336
financial expense       7 4894
net ﬁnance costs        3558
proﬁt before income tax        7550
income tax credit       8 1874
proﬁt for the period        9424
attributable to
 equity holders of the company        9472
 minority interest       21 48
proﬁt for the period        9424
earnings per share  
basic earnings per ordinary share pence       9 30
diluted earnings per ordinary share pence       9 29
consolidated income statement
for the period ended 31 december 2007 42 wwwmoneysupermarketcom annual report 2007 financial statements
consolidated balance sheet
at 31 december 2007
         31 december 
         2007 
        note £000
assets
noncurrent assets
property plant and equipment       11 12585
intangible assets       12 318853
deferred tax asset       15 3124
total noncurrent assets        334562
current assets
trade and other receivables        13 19906
prepayments         1194
cash and cash equivalents        54015
total current assets        75115
total assets        409677
liabilities  
noncurrent liabilities  
deferred tax liability       15 54243
current liabilities
trade and other payables       14 25681
current tax liabilities        2758
total current liabilities        28439
total liabilities        82682
equity
share capital       16 118
share premium        170565
retained earnings        13285
other reserves        143027
total equity attributable to equity holders of the company       326995
minority interest        –
total equity        326995
total equity and liabilities        409677
the ﬁnancial statements were approved by the board of directors and authorised for issue on 25 february 2008 they were signed 
on its behalf by
 
simon nixon paul doughty
chief executive ofﬁcer chief financial ofﬁcer 43 annual report 2007 wwwmoneysupermarketcom financial statements
        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
foreign currency translation  – – – – –  9  9
total income and expense for the period  
 recognised directly in equity  – – – – –  9  9
deferred tax recognised on sharebased payments  – – – 262 – – 262
proﬁt for the period   – – –   9424  –  –  9424
total income and expense for the period  – – –   9686  –  9  9695
        
arising on acquisition of subsidiary  – –  143018  –  – –  143018
issue of share capital   118   179927  – – – –  180045
conversion of shares to deferred shares   –  –  – – – –  – 
transaction costs  –  9362 – – – – 9362
sharebased payment 18 – – –  3599 – –  3599
at 31 december 2007   118   170565   143018  13285  –  9   326995 
other reserves
the other reserves balance represents the merger and revaluation reserves generated upon the acquisition of
moneysupermarketcom financial group limited by moneysupermarketcom group plc as discussed in note 3
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 ordinary shares held by the group  
at 31 december 2007 the group held 948184 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 period ended 31 december 2007 44 wwwmoneysupermarketcom annual report 2007 financial statements
consolidated cash flow statement 
for the period ended 31 december 2007
         31 december 
         2007 
        note £000
operating activities
proﬁt for the period        9424
adjustments to reconcile group net proﬁt to net cash ﬂows
 depreciation       11 908
 amortisation of intangible assets       12 13325
 net ﬁnance costs       7 3558
 equitysettled sharebased payment transactions       18 3599
 income tax credit       8 1874
 change in trade and other receivables         2541
 change in trade and other payables        1730
 income tax paid        6254
net cash ﬂow from operating activities        23497
 
investing activities
interest received        1336
acquisition of subsidiary        164561
cash acquired with subsidiary        14296
acquisition of property plant and equipment       11 6260
net cash ﬂow from investing activities        155189
financing activities
proceeds from share issue        179951
costs from issue of shares        9362
proceeds from borrowings        150000
loan from a related party        20000
repayment of borrowings        150000
interest paid        4882
net cash ﬂow from ﬁnancing activities        185707
net increase in cash and cash equivalents        54015
cash and cash equivalents at start of period        –
cash and cash equivalents at end of period        54015 45 annual report 2007 wwwmoneysupermarketcom financial statements
1 corporate information
the consolidated ﬁnancial statements of moneysupermarketcom group plc for the period ended 31 december 2007 were 
authorised for issue in accordance with a resolution of the directors on 25 february 2008 the group 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 parent company ﬁnancial statements in accordance  
with uk gaap these are presented on pages 60 to 64 
2 summary of signiﬁcant accounting policies
basis of preparation
the ﬁnancial statements are prepared on the historical cost basis
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
in particular information about signiﬁcant areas of estimation uncertainty and critical judgements in applying accounting policies 
that have the most signiﬁcant effect on the amount recognised in the ﬁnancial statements are described in the following notes
note 3  12 goodwill and other intangibles including their amortisation and impairment
note 14 accruals for legal cases
note 18 sharebased payments
basis of consolidation
these consolidated ﬁnancial statements incorporate the ﬁnancial statements of moneysupermarketcom group plc 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
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 consumer  
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
•
•
•
notes to the financial statements
forming part of the ﬁnancial information 46 wwwmoneysupermarketcom annual report 2007 financial statements
2 summary of signiﬁcant accounting policies continued
depreciation is charged to the income statement on a straightline basis over the estimated useful life of each part of an item of 
property plant and equipment land is not depreciated assets under construction are not depreciated until brought into use the 
estimated useful lives are as follows
buildings 50 years
plant and equipment including it equipment 3 years
fixtures and ﬁttings 5 years
ofﬁce equipment 5 years
the useful lives and depreciation rates are reassessed at each reporting date
intangible assets
goodwill
business combinations are accounted for using the acquisition accounting method the excess of the cost of the business 
combination over the group’s interest in the net fair value of the acquiree’s identiﬁable assets liabilities and contingent liabilities  
is recognised in the balance sheet as goodwill and is not amortised
after initial recognition goodwill is measured at cost less any accumulated impairment losses with the carrying value being 
reviewed for impairment at least annually and whenever there is an indication that the carrying value may be impaired 
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 over  
the 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 income statement 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 tradenames and internet domain names
customerrelated intangible assets consist of customer provider lists customer provider contracts and relationships and non
contractual customer provider relationships for accounting purposes customer provider relationships and customer provider 
lists have been identiﬁed separately relationships with highproﬁle customers providers provide the group with prominence in the 
marketplace create volume and trafﬁc on the website and enhance the reputation of the brand customer provider 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 income statement
for the purposes of impairment reviews the recoverable amount of the group’s assets is taken to be the greater of their net 
realisable value and value in use 
research and development 
expenditure on research activities undertaken with the prospect of gaining technical knowledge and understanding is charged  
to the income statement 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 income statement
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 cash flow statement
employee beneﬁts
deﬁned contribution plans
obligations for contributions to deﬁned contribution pension plans are recognised as an expense in the income statement  
as incurred
notes to the financial statements continued 47 annual report 2007 wwwmoneysupermarketcom financial statements
2 summary of signiﬁcant accounting policies continued
sharebased payment transactions
the share option programme allows certain group employees to acquire shares of moneysupermarketcom group plc these 
awards are granted by moneysupermarketcom group plc the fair value of options granted is recognised as an employee expense 
with a corresponding increase in equity the fair value is measured at grant date and spread over the period during which the 
employees become unconditionally entitled to the options the fair value of the options granted is measured using the black 
scholes model taking into account the terms and conditions upon which the options were granted the amount recognised as an 
expense is adjusted to reﬂect the actual number of share options that vest except where forfeiture is due only to share prices not 
achieving the threshold for vesting
shortterm beneﬁts
shortterm employee beneﬁt obligations are measured on an undiscounted basis and are recognised in the income statement as 
the related service is provided
a provision is recognised for the amount expected to be paid under shortterm cash bonus or proﬁt sharing plans if the group has a 
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation 
can be estimated reliably
net ﬁnancing costs
net ﬁnancing costs comprise interest payable and interest receivable and are recognised in the income statement as they accrue 
using the effective interest method 
dividends
dividends payable to the company’s shareholders are recognised as a liability and deducted from shareholders’ equity in the 
period in which the shareholders’ right to receive payment is established
taxation
tax on the proﬁt or loss for the year comprises current and deferred tax tax is recognised in the income statement except to the 
extent that it relates to items recognised directly in equity in which case it is recognised in equity
current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at the 
balance sheet date and any adjustment to tax payable in respect of previous years
deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for ﬁnancial reporting 
purposes and the amounts used for taxation purposes the following temporary differences are not provided for the initial 
recognition of goodwill the initial recognition of assets or liabilities that affect neither accounting nor taxable proﬁt other than  
in a business combination and differences relating to investments in subsidiaries to the extent that they will probably not reverse  
in the foreseeable future the amount of deferred tax provided is based on the expected manner of realisation or settlement  
of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the balance sheet date
a deferred tax asset is recognised only to the extent that it is probable that future taxable proﬁts will be available against which  
the asset can be utilised 
a deferred tax liability was recognised in the period 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 will decrease in line with the amortisation of the related intangible assets with the 
deferred tax credit recognised in the income statement in accordance with ias 12 at the period end this liability was revalued at 
the enacted corporation tax rate of 28 this being the rate at which the liability will unwind
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 and retained earnings and reserves where applicable
the group has no debt as at 31 december 2007 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
•
• 48 wwwmoneysupermarketcom annual report 2007 financial statements
2 summary of signiﬁcant accounting policies continued
application of recently issuedamended ifrss
a number of new standards amendments to standards and interpretations are not effective for the year ended 31 december 2007 
and have not been applied in preparing these consolidated ﬁnancial statements
ifrs 8 – operating segments introduces the ‘management approach’ to segment reporting ifrs 8 which becomes mandatory 
for the group’s 2009 ﬁnancial statements will require the disclosure of segment information based on the internal reports 
regularly reviewed by the group’s chief operating decision maker in order to assess each segment’s performance and to 
allocate resources to them currently the group presents segment information in respect of internet and intermediary segments 
ifric 11 ifrs 2 – group and treasury share transactions requires a sharebased payment arrangement in which an entity 
receives goods or services as consideration for its own equity instruments to be accounted for as an equitysettled sharebased 
payments transaction regardless of how the equity instruments are obtained ifric 11 will become mandatory for the group’s 
2008 ﬁnancial statements with retrospective application required it is not expected to have any impact on the consolidated 
ﬁnancial statements 
ifric 12 service concession arrangements provides guidance on certain recognition and measurement issues that arise in 
accounting for publictoprivate service concessions arrangements ifric 12 which becomes mandatory for the group’s 2008 
ﬁnancial statements is not expected to have any effect on the consolidated ﬁnancial statements 
ifric 13 customer loyalty programmes addresses the accounting by entities that operate or otherwise participate in customer 
loyalty programmes for their customers it relates to customer loyalty programmes under which the customer can redeem credits 
for awards such as free or discounted goods or services ifric 13 which becomes mandatory for the group’s 2009 ﬁnancial 
statements is not expected to have any impact on the consolidated ﬁnancial statements 
ifric 14 ias 19 – the limit on a deﬁned beneﬁt asset minimum funding requirements and their interaction clariﬁes when 
refunds or reductions in future contributions in relation to deﬁned beneﬁt assets should be regarded as available and provides 
guidance on the impact of minimum funding requirements on such assets ifric 14 which becomes mandatory for the group’s 
2008 ﬁnancial statements with retrospective application required is not expected to have any impact on the consolidated 
ﬁnancial statements
amendment to ias 1 – presentation of financial statements requires presentation of all nonowner changes in equity either in  
a single statement of comprehensive equity or in an income statement plus a statement of comprehensive equity the amended 
standard which will become effective for annual periods beginning on or after 1 january 2009 with earlier adoption permitted 
will require a change in the presentation of the group’s ﬁnancial statements
amendment to ias 23 – borrowing costs requires an entity to capitalise borrowing costs directly attributable to an acquisition 
construction or production of a qualifying asset as part of the cost of the asset removing the option to recognise the costs as an 
expense the revised standard is effective for annual periods beginning on or after 1 january 2009 its effect on the consolidated 
ﬁnancial statements can only be assessed when the standard is applied
amendment to ias 27 – consolidated and separate financial statements requires changes to the accounting for a non
controlling interest in and the loss of control of a subsidiary the amendments which are effective for annual periods beginning 
on or after 1 july 2009 and apply retrospectively except in certain circumstances are not expected to have any impact on the 
consolidated ﬁnancial statements
revised ifrs 3 – business combinations extends the scope of ifrs 3 to include business combinations involving only mutual 
entities and to business combinations achieved by contract alone the revised standard is effective for annual periods beginning 
on or after 1 july 2009 the carrying amount of any assets and liabilities that arose under business combinations prior to the 
application of ifrs 3 2008 are not adjusted and therefore the revised standard is not expected to have any impact on the 
consolidated ﬁnancial statements
exposure draft for proposed amendment to ifrs 2 – sharebased payments will provide clarity that an entity that receives 
goods or services from a supplier would apply ifrs 2 even if the entity has no obligation to make the required sharebased  
cash payments related to such goods or services the amendment is not expected to have any impact on the consolidated 
ﬁnancial statements although the share based payment charge may increase when the simon nixon scheme is completed
•
•
•
•
•
•
•
•
•
•
notes to the ﬁnancial statements continued 49 annual report 2007 wwwmoneysupermarketcom financial statements
3 business combinations
on 22 june 2007 moneysupermarketcom group plc acquired 100 of the voting shares of moneysupermarketcom financial 
group limited
the provisional fair value of the identiﬁable assets and liabilities of the consolidated moneysupermarketcom financial group 
limited group of companies at the date of acquisition and the corresponding carrying amounts immediately before the  
acquisition were
       pre   
       acquisition  recognised 
       carrying fair value values on 
       amounts adjustments acquisition 
       £000 £000 £000
property plant and equipment      7233 – 7233
intangible assets      – 207213 207213
deferred tax assets      133 1706 1839
trade and other receivables      22293 – 22293
prepayments      1463 – 1463
cash and cash equivalents      14296 – 14296
       45418 208919 254337
deferred tax liabilities      – 62000 62000
trade and other payables      12346 2827 9519
       12346 59173 71519
net identiﬁable assets and liabilities      33072 149746 182818
goodwill on acquisition note 12        124965
total consideration        307783
the fair value adjustments to intangible ﬁxed assets represent the fair values calculated by an independent third party as 
attributable to the group’s marketing related intangible assets customer relationships customer lists and technology the deferred 
tax liability represents the tax effect which will result from the amortisation of the intangible assets calculated at 30 of their fair 
value the deferred tax asset and trade payables adjustment represent the recognition of the tax effect of share based payments 
the fair value adjustments will be ﬁnalised within 12 months of the acquisition date in line with the requirements of ifrs 3
the goodwill recognised on the acquisition is attributable mainly to the skills and technical talent of the acquired business’ 
workforce and expectations of the group’s future performance
the total cash element of the acquisition was £164765000 and comprised a cash payment and costs directly attributable to the 
acquisition £162000000 was paid to acquire 40 of moneysupermarketcom financial group limited and there were £2765000  
of costs associated with the acquisition
at the same time shares in moneysupermarketcom financial group limited representing 15 of share capital with fair value of 
£60750000 were exchanged as part of the acquisition
subsequently the 45500 moneysupermarketcom financial group limited shares owned by simon nixon were exchanged for 
85498 b ordinary shares in moneysupermarketcom group plc as this was a transaction between parties under common control  
it is outside of the scope of ifrs 3 and the shares have been recorded at book value at the date of transaction
consideration
         £000
cash consideration        162000
costs associated with the acquisition        2765
fair value of shareforshare exchange        60750
transfer of 45 from company under common control        82268
total        307783
 
the consideration has resulted in the recognition of a merger reserve for 15 of the fair value of assets acquired of  
£60750000 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
         £000
cash outﬂow on acquisition
 net cash acquired with the subsidiary        14296
 cash paid        164561
net cash outﬂow        150265 50 wwwmoneysupermarketcom annual report 2007 financial statements
3 business combinations continued
from the date of acquisition moneysupermarketcom financial group limited has contributed £18869000 to the net proﬁt  
of the group
if the combination had taken place at the beginning of the year the proﬁt for the group would have been £17406000 and  
revenue from continuing operations would have been £162882000
4 segmental information 
business segments
the group’s primary format for segment reporting is business segments and its secondary format is geographical segments  
there is no material difference between the country origin of sales and the location of customer
       internet intermediary total 
       £000 £000 £000
period ended 31 december 2007
revenue
total external revenues      82586 5728 88314 
results
segment result      12077 114 11963
unallocated expenses        855
proﬁt from operating activities        11108
net ﬁnance costs        3558
proﬁt before tax        7550
income tax credit        1874
proﬁt for the period        9424
as at 31 december 2007
assets and liabilities
segment assets      35173 461 35634
intangible assets      193888 – 193888
goodwill      124965 – 124965
unallocated assets        55190
total assets        409677
segment liabilities      36765 2599 39364
deferred tax liability      54243 – 54243
unallocated liabilities        10925
total liabilities        82682
other segment information
capital expenditure
property plant and equipment      13493 – 13493
intangible ﬁxed assets      332178 – 332178
total capital expenditure        345671
depreciation      908 – 908
amortisation      13325 – 13325 
included within the unallocated assets balance is £50000000 of cash which is held by moneysupermarketcom financial group 
limited the holding company of the group prior to acquisition and £1600000 of cash held by moneysupermarketcom group plc 
as such this cash cannot be attributed to either business segment
notes to the financial statements continued 51 annual report 2007 wwwmoneysupermarketcom financial statements
4 segmental information continued
geographical segments
the following table presents revenue expenditure and certain asset information regarding the group’s geographical segments
       uk europe total 
       £000 £000 £000
period ended 31 december 2007
revenue
segment revenue      88157 157 88314
other segment information
segment assets      409215 462 409677
capital expenditure
property plant and equipment      13392 101 13493
intangible assets      332178 – 332178
total capital expenditure        345671
5 results from operating activities
         31 december 
         2007 
         £000
proﬁt on ordinary activities before taxation is stated after charging
depreciation        908
amortisation of intangible assets        13325
research and development costs        709
auditors’ remuneration
 audit of these ﬁnancial statements        66
 audit of subsidiaries’ ﬁnancial statements        50
 services relating to taxation        176
 services relating to it advisory        103
 other services        61
the auditors also provided services relating to the acquisition of moneysupermarketcom financial group limited and ﬂotation of 
the company to the value of £1229000 which have been capitalised or charged to share premium
6 staff numbers and cost
the average number of persons employed by the group including directors during the period analysed by category was as follows
         number of 
         employees 
         31 december 
         2007
it operations        269
administration        337
total        606
the aggregate payroll costs of these persons were as follows
         31 december 
         2007 
         £000
wages and salaries        9322
compulsory social security contributions        1034
contributions to deﬁned contribution plans        12
equitysettled sharebased payment transactions         3599
         13967 52 wwwmoneysupermarketcom annual report 2007 financial statements
7 finance income and expense
         31 december 
         2007 
         £000
financial income
interest received on bank deposits        1336
financial expense
interest expense on ﬁnancial liabilities        4894
net ﬁnance expense        3558
8 income tax
tax chargedcredited in the income statement
         31 december 
         2007 
         £000
current tax
current tax on income for the period        7152
current tax on equitysettled share options        247
         6905
deferred tax
origination and reversal of temporary differences        3908
adjustments due to change in corporation tax rate        3715
deferred tax on unapproved equitysettled share options       1156
         8779
tax on proﬁt on ordinary activities        1874
reconciliation of the effective tax rate
the tax chargecredit for the period is lower than the standard rate of corporation tax in the uk in 2007 of 30 the differences are 
explained below
         31 december 
         2007 
         £000
proﬁt for the period        7550
standard rate of tax at 30        2265
effects of 
expenses not deductible for tax purposes         335
deferred tax not recognised at 30        943
impact on deferred tax of reduction in corporation tax rate to 28       3715
movement on deferred tax related to sharebased payments       1702
tax on proﬁt on ordinary activities see above        1874
unrecognised tax losses
the group has tax losses arising from the results of a foreign subsidiary of £143360 deferred tax assets have not been  
recognised in respect of these losses as they may not be used to offset taxable proﬁts elsewhere in the group and they  
have arisen in a foreign subsidiary that may not make a proﬁt in the immediate future there are a further £2665000  
of losses trapped within moneysupermarketcom group plc which relate to the period before the acquisition of  
moneysupermarketcom financial group limited and therefore may not be used to offset taxable proﬁts elsewhere  
in the group a deferred tax asset has not been recognised for these losses
notes to the financial statements continued 53 annual report 2007 wwwmoneysupermarketcom financial statements
9 earnings per share
basic earnings per share 
basic earnings per share amounts are calculated by dividing proﬁt for the year attributable to ordinary equity holders of the parent 
by the weighted average number of ordinary shares outstanding during the period
diluted earnings per share
diluted earnings per share amounts are calculated by dividing proﬁt attributable to ordinary equity holders of the parent by the 
weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares 
that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares
the following reﬂects the share data used in the basic and diluted earnings per share computations 
        weighted 
        average 
        number per share 
       earnings of shares amount 
       £000 millions pence
basic earnings per share      9424 3136 30
dilutive effect of sharebased instruments      – 122 01
diluted earnings per share      9424 3258 29
10 dividends
no dividends have been declared nor paid during the period
         £000
proposed for approval at annual general meeting not recognised as a liability as at 31 december 
equity dividends on ordinary shares 
final dividend for 2007 163p per share        8098
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
on acquisition of moneysupermarketcom financial group limited  4566 100 2289 153 125 7233
additions   10 5064 1151 18 17 6260
transfers   – 100 100 – – –
disposals   – – 70 – – 70
at 31 december 2007   4576 5064 3470 171 142 13423
depreciation
depreciation for the year   48 – 801 23 36 908
disposals   –  – 70 – – 70
at 31 december 2007   48  – 731 23 36 838
net book value
at 31 december 2007   4528 5064 2739 148 106 12585
12 intangible assets
    market customer customer technology   
    related relationship list related goodwill total 
    £000 £000 £000 £000 £000 £000
cost
on acquisition of moneysupermarketcom financial group limited  132100 68500 713 5900 124965 332178
at 31 december 2007   132100 68500 713 5900 124965 332178
amortisation
charged during the period   6985 5174 126 1040 – 13325
at 31 december 2007   6985 5174 126 1040 – 13325
net book value
at 31 december 2007   125115 63326 587 4860 124965 318853 54 wwwmoneysupermarketcom annual report 2007 financial statements
12 intangible assets continued
during the period the group employed the services of an appropriately qualiﬁed and experienced independent third party to value 
the internet segment’s intangible assets this valuation has been used as the carrying value for these assets the intermediary 
segment was determined to have no intangible assets and having generated a loss for the period of £114000 to have little or no 
value accordingly all the value of the group was assigned to the internet segment which is considered to be one cash generating 
unit the group believes the most appropriate method by which to assess impairment of the internet segment is the quoted market 
price of the group at the balance sheet date the market capitalisation of the group exceeded the carrying value of the group’s 
assets by 70 the group has also undertaken an impairment review to assess the unit’s value in use this calculation has been 
based on the results for 2007 the group budget for 2008 and a discount rate of 10 has been applied this conﬁrmed no 
impairment charge is considered necessary
13 trade and other receivables
         31 december 
         2007 
         £000
trade receivables        19906
all receivables fall due within one year at 31 december 2007 trade receivables are shown net of an allowance for doubtful debts of 
£103000 which represents a judgement made by management of which receivable balances are unlikely to be recovered
movements in the provision for impairment of receivables were as follows
         £000
on acquisition of moneysupermarketcom financial group limited       –
charge for the period        188
amounts written off        85
at 31 december 2007        103
as at 31 december 2007 the analysis of trade receivables that were past due but not impaired is as follows
    neither past   past due not impaired 
    due nor      
   total impaired 30 days 3060 days 6090 days 90120 days 120 days 
   £000 £000 £000 £000 £000 £000 £000
   19906 13845 4781 757 289 45 189
the group’s standard payment terms are 15 days
14 trade and other payables
         31 december 
         2007 
         £000
trade payables due to related parties        563
other trade payables        16790
nontrade payables and accrued expenses        8288
deferred income        40
         25681
included within the nontrade payables and accrued expenses is an accrual for legal cases this has been estimated based on the 
expected exposure plus legal costs having regard to specialist legal advice plus the nature of the claims
15 deferred tax assets and liabilities
deferred tax assets and liabilities are attributable to the following
        assets liabilities 
        £000 £000
recognised on acquisition of moneysupermarketcom financial group limited    1706 61955
temporary differences       – 3997
reduction in corporation tax rate       – 3715
revaluation of unapproved options at the balance sheet date      1156 –
issue of ltip equitysettled share options       262 –
at 31 december 2007       3124 54243
the deferred tax liability arises from the creation of the intangible assets upon the acquisition of moneysupermarketcom financial 
group limited
the deferred tax asset arises from the future deduction available from the exercise of share options
notes to the financial statements continued 55 annual report 2007 wwwmoneysupermarketcom financial statements
16 capital and reserves
authorised
        2007 2007 
        thousands £
ordinary shares of 002p each       1154706 230941
deferred shares of 002p each       95294 19059
        1250000 250000
moneysupermarketcom group plc was incorporated on 14 march 2007 with an authorised share capital of £100 divided into  
100 ordinary shares of £1 each of which two were issued nil paid up to the subscriber to the memorandum of association of 
moneysupermarketcom group plc 
on 12 april 2007 the subscriber’s two ordinary shares in moneysupermarketcom group plc were transferred to simon nixon who 
on 30 may 2007 paid up the two ordinary shares
since incorporation of moneysupermarketcom group plc there have been the following changes to its authorised and issued  
share capital
by special resolution on 22 june 2007
the two ordinary shares held by simon nixon were redesignated as b ordinary shares and the remaining 98 shares  
of the authorised share capital were redesignated as ordinary shares
the authorised share capital was increased to £250000 by the creation of 249900 new ordinary shares of £1 each
the new ordinary shares of £1 each were redesignated as 154402 ordinary shares 10000 a ordinary shares and  
85498 b ordinary shares
on 29 june 2007 moneysupermarketcom group plc made the following allotments of shares
in consideration for the acquisition of 6758 ordinary shares in the issued capital of moneysupermarketcom financial group 
limited by moneysupermarketcom group plc 6758 ordinary shares were issued by moneysupermarketcom group plc to the 
holders of those ordinary shares in moneysupermarketcom financial group limited
in consideration for the acquisition of 4796 a ordinary shares in the issued capital of moneysupermarketcom financial group 
limited by moneysupermarketcom group plc 4796 a ordinary shares were issued by moneysupermarketcom group plc to 
the holders of those a ordinary shares in moneysupermarketcom financial group limited
in consideration for the acquisition of 45000 ordinary shares in the issued capital of moneysupermarketcom financial group 
limited from simon nixon 85498 b ordinary shares were issued by moneysupermarketcom group plc to simon nixon
on 9 july 2007 
each issued and unissued ordinary a ordinary and b ordinary share of moneysupermarketcom group plc was subdivided into 
5000 ordinary a ordinary and b ordinary shares respectively with a par value of 002p each 
on 31 july 2007
all of the a ordinary shares were converted and redesignated as ordinary shares 
in accordance with moneysupermarketcom group plc’s existing articles of association at that time simon nixon’s shareholding 
of 427500000 b ordinary shares were converted into 332205882 ordinary shares and 95294118 deferred shares 
the following rights attached to the shares in issue during the period
a ordinary shares
the owners of a ordinary shares had capital rights but were not entitled to receive a dividend nor vote
b ordinary shares
the owners of b ordinary shares were not entitled to any returns of capital nor receive a dividend they were entitled to vote
deferred shares
the owners of deferred shares were not entitled to any returns of capital receive a dividend nor vote
ordinary shares
the owners of ordinary shares were entitled to returns of capital receive a dividend and vote
•
•
•
•
•
•
•
•
• 56 wwwmoneysupermarketcom annual report 2007 financial statements
16 capital and reserves continued
issued and fully paid
     ordinary a ordinary b ordinary deferred  
number of shares    shares shares shares shares total
at 22 june 2007    – – 2 – 2
shares issued upon acquisition of moneysupermarketcom     
 financial group limited    6758 4796 85498 – 97052
at 29 june 2007    6758 4796 85500 – 97054
5000 for one share split    33790000 23980000 427500000 – 485270000
at 9 july 2007    33790000 23980000 427500000 – 485270000
conversion of b ordinary shares    332205882 – 427500000 95294118 –
redesignation of a ordinary shares     23980000 23980000 – – –
issued on ﬂotation    105882000  – –  –  105882000
issued on ﬂotation in relation to the share incentive plan   948184 – – – 948184
at 31 december 2007    496806066 – – 95294118  592100184
     ordinary a ordinary b ordinary deferred  
£     shares shares shares shares total
at 22 june 2007    – – 2 – 2
shares issued upon acquisition of moneysupermarketcom     
 financial group limited    6758 4796 85498 – 97052
at 29 june 2007    6758 4796 85500 – 97054
5000 for one share split    6758 4796 85500 – 97054
at 9 july 2007    6758 4796 85500 –  97054
conversion of b ordinary shares    66441 – 85500 19059 –
redesignation of a ordinary shares     4796 4796 – – –
issued on ﬂotation    21176 –  –  –  21176
issued on ﬂotation in relation to the share incentive plan   190 – – – 190
at 31 december 2007    99361 – – 19059 118420
the group has a number of share option schemes under which options to subscribe for ordinary shares in moneysupermarketcom 
group plc have been granted to certain executives and employees note 18
17 financial instruments
interest rate risk
there is no signiﬁcant exposure to interest risk as the group has no borrowings 
the group invests its cash in a range of cash deposit accounts with uk banks interest earned therefore closely follows movements 
in bank of england base rates a movement of 1 in this rate would result in a difference in annual pretax proﬁt of £343000 based 
on group cash cash equivalents and ﬁnancial instruments at 31 december 2007 at the balance sheet date £49854000 was 
invested with bank of scotland 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 balance sheet date 
  31 december 2007
        effective 
        interest rate £000
cash and cash equivalents       607 54015
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 of the group’s revenue comes from blue chip companies most of the remaining customer base is subject to 
payment terms of one week collected by direct debits at the balance sheet date the ﬁve largest trade receivables by customer 
accounted for 16 of the total trade receivables balance and the largest individual balance was £618147
fair values
the group’s ﬁnancial assets and liabilities are principally short term in nature and therefore the fair value is not materially different 
from their carrying value
notes to the financial statements continued 57 annual report 2007 wwwmoneysupermarketcom financial statements
18 sharebased payments
unapproved option scheme
grant 1
on 22 may 2007 the holders of unapproved options in moneysupermarketcom financial group limited agreed to have their 
unapproved options replaced with options in moneysupermarketcom group plc 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 options in issue that related to the options in moneysupermarketcom financial group limited 
exchanged for options in moneysupermarketcom group plc
these options were originally issued in 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 the exercise price is 6p 
per share
grant 2
on 18 and 22 june 2007 moneysupermarketcom group plc issued further unapproved options that entitled key management 
personnel and senior employees to acquire shares in moneysupermarketcom group plc 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 issue the exercise price is 6p per share
grant 3
post the subdivision of shares referred to above on 10 and 21 july 2007 moneysupermarketcom group plc issued further 
unapproved options that entitled key management personnel and senior employees to acquire shares in moneysupermarketcom 
group plc 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 issue the exercise price is 6p per share
share incentive plan scheme sip
upon listing the company granted £3000 of ordinary shares at the price of £170 to each eligible employee free of charge if an 
employee leaves within one year all of these ordinary shares are forfeit between one and two years 50 are forfeit between two 
and three years 20 are forfeit and after three years none are forfeit 948184 shares were issued under the share incentive plan 
scheme in the year
long term incentive plan scheme ltip
on 28 december 2007 moneysupermarketcom group plc made awards under the moneysupermarketcom group plc long term 
incentive plan for senior employees 
under the plan shares vest at the end of a three year period dependent upon the achievement of the cumulative adjusted ebitda 
ﬁgure for the three ﬁnancial years from 2008 to 2010
during the year 1220215 shares options were granted and none lapsed
chairman’s share award 
gerald corbett the chairman of moneysupermarketcom group plc purchased 117647 ordinary shares in the retail offer at the 
initial offer price of £170 subject to him retaining these shares for three years and provided that he completes three years’ service 
as chairman he shall be entitled to subscribe at nominal value for twice the number of shares he purchased in the retail offer
movements in the year
the following table illustrates the number and weighted average exercise price of and movements in share options during the year
        number waep
on acquisition       2703 £300
additional options granted upon 5000 to 1 share split on 9 july      13512297 £006
unapproved options granted on 10 july       65000 £006
unapproved options granted on 21 july       40000 £006
chairman’s award granted on 31 july       235294 £000
unapproved options lapsed during the period       75000 £006
ltip options granted on 28 december       1220215 £000
outstanding at 31 december 2007       15000509 £005 58 wwwmoneysupermarketcom annual report 2007 financial statements
18 sharebased payments continued
the following table lists the inputs to the blackscholes models used for the schemes for the period ended 31 december 2007
        sip  
        chairman’s  
       unapproved award ltip
fair value at grant date £      157 155165 126134
share price £      170 170 138
exercise price £      006 000 000
expected volatility       300 na na
expected life of option years      30 30 30
weighted average remaining contractual life years      09 26 30
expected dividend yield       30 30 30
riskfree interest rate       45 45 45
a charge in the income statement of £3599000 has been made for the period ended 31 december 2007 expected volatility has 
been estimated by considering historic average share price volatility for similar companies staff attrition has been assessed based 
on historic retention rates
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 proﬁt and loss account represent  
the contributions payable to the scheme in respect of the accounting period in the period ended 31 december 2007 £12000 of 
contributions were expensed to the proﬁt and loss account as at 31 december 2007 no contributions were outstanding on the 
balance sheet
20 commitments and contingencies
during the year the group entered into a contract for the installation of several pieces of it equipment as at 31 december 2007 
£122000 of that contract has not been invoiced the group has further capital commitments amounting to £113000 in relation to 
certain property conversion and refurbishment works
21 related party transactions
the group has the following investments in subsidiaries
       ownership   
      country of interest  principal 
      incorporation 2007  activity
moneysupermarketcom financial group limited     uk 100  holding company
m2 mortgage club limited     uk 100  mortgage  
         facilitators
mortgage 2000 design  processing limited     uk 100  mortgage brokers 
         and processors
moneysupermarketcom limited     uk 100  internet price  
         comparison
travelsupermarketcom limited formerly dotcom travel limited    uk 100  dormant
insuresupermarketcom limited formerly 1st source partnership limited   uk 100  auxiliary ﬁnancial  
         intermediary
mortgage 2000 limited      uk 100  auxiliary ﬁnancial  
         intermediary
making millionaires limited formerly view my accounts limited    uk 100  holding company
moneysupermarket limited     uk 100  dormant
icero gmbh     germany 90  internet price  
         comparison
moneysupermarketcom group plc is the ultimate parent entity of the group intercompany transactions with wholly owned 
subsidiaries have been excluded from this note as per the exemption offered in ias 24
transactions with key management personnel
there were no outstanding amounts loaned to directors by the company at 31 december 2007 however the group owes simon 
nixon £146000 in relation to advance ﬂotation costs paid by him directly this balance is included within nontrade payables in  
note 14
in addition to their salaries the group also provides noncash beneﬁts to directors and executive ofﬁcers executive ofﬁcers also 
participate in the group’s share option programme see note 18
notes to the financial statements continued 59 annual report 2007 wwwmoneysupermarketcom financial statements
21 related party transactions continued
key management personnel compensation
key management deﬁned as the executive management team received the following compensation during the period
         31 december 
         2007 
         £000
shortterm employee beneﬁts        1346
sharebased payments        2375
post employment beneﬁts        2
         3723
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 reporting period
the aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they 
have control or signiﬁcant inﬂuence were as follows
     balance 
    transaction value outstanding 
    year ended as at 
    31 december  31 december  
    2007 2007 
director company  £000 £000
s j nixon abacus permanent limited  333 335
s j nixon virtual processing limited  602 227
the group provides ofﬁce space and services to abacus permanent limited and virtual processing limited companies which s j 
nixon controls over 90 of the voting shares the group recharges these two companies rent and associated services at the same 
levels as it recharges wholly owned subsidiary companies these rates are based on notional open market rents for similar ofﬁces in 
the locality in addition the group provides payroll services for these related companies fully recovering salaries paid in the normal 
course of trade with these related companies the group both charges and is charged for mortgage procuration fees the level of 
these fees is at arm’s length and mirrors the going rates in the open market
the aggregate value of transactions and outstanding balances relating to icero gmbh which was not a wholly owned subsidiary  
of the group at the balance sheet date were as follows
        balance 
       transaction value outstanding 
       year ended as at 
       31 december  31 december  
       2007 2007 
       £000 £000
icero gmbh      – 663
the minority interest share of the loss for the period was £48000 no liability has been recognised in the balance sheet as there is 
no requirement for the minority interest to fund their share of the losses
on 6 september 2007 tim heidfeld was appointed a director of icero gmbh a company that was at that time a wholly owned 
subsidiary of moneysupermarketcom financial group limited on 27 december 2007 moneysupermarketcom financial group 
limited entered into a shareholder’s agreement with tim heidfeld pursuant to which moneysupermarketcom financial group 
limited transferred to tim heidfeld 10 of the shares of icero gmbh in consideration for the payment by tim heidfeld to 
moneysupermarketcom financial group limited of €2500 the shareholder’s agreement includes a contractual obligation on 
moneysupermarketcom financial group limited to acquire all the shares in icero gmbh held by tim heidfeld during the period 
2010 to 2012 in predetermined tranches the consideration to be paid by moneysupermarketcom financial group limited for the 
acquisition of the shares in icero gmbh held by tim heidfeld will be determined by the ﬁnancial performance of icero gmbh during 
the ﬁnancial years 2009 to 2011 no liability has been recognised at the balance sheet date as the consideration to be paid cannot 
be reliably measured the contingent consideration will be recognised when payment becomes probable according to the 
shareholder’s agreement the maximum consideration that can be paid by moneysupermarketcom financial group limited to  
tim heidfeld for the acquisition of his 10 shareholding in icero gmbh is €12500000 for the achievement by icero gmbh of 
ﬁnancial performance less than the target ﬁnancial performance the consideration payable by moneysupermarketcom  
financial group limited to tim heidfeld for the acquisition of the shares held by him in icero gmbh is determined  
by a formula set out in the shareholder’s agreement 
22 post balance sheet events
there have been no signiﬁcant post balance sheet events requiring disclosure 60 wwwmoneysupermarketcom annual report 2007 financial statements
moneysupermarketcom group plc company balance sheet
at 31 december 2007
         31 december 
         2007 
        note £000
fixed assets  
investments       4 181688
current assets
debtors       5 44673
cash at bank and in hand        1620
total current assets        46293
creditors amounts due within one year       6 5009
 
net current assets        41284
net assets        222972
capital and reserves  
share capital       8 118
share premium       8 170565
other reserves       8 16923
proﬁt and loss       8 35366
         222972 61 annual report 2007 wwwmoneysupermarketcom financial statements
notes to the parent company financial statements
forming part of the ﬁnancial information
1 accounting policies
basis of preparation
the company was incorporated and registered in england and wales on 14 march 2007 as a private company limited by shares
with the name precis 2682 limited on 18 june 2007 the shareholders of the company resolved to change the name of the 
company to moneysupermarketcom group limited on 22 june 2007 the company became the holding company of the 
moneysupermarketcom group when it acquired the entire issued share capital of moneysupermarketcom financial group
limited and its subsidiaries on 25 june 2007 the change of name of the company became effective on 9 july 2007 the company 
resolved to reregister as a public limited company on 9 july 2007 the reregistration of the company as a public limited company 
became effective admission to the ofﬁcial list and to trading on the london stock exchange took place on 31 july 2007 the 
company has produced its accounts for the period to 31 december 2007 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 230 of the companies act 1985 the proﬁt after tax 
for the company was £31767000
the company has taken the exemption in frs1 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 share option programme allows certain employees of the group to acquire shares in the company the fair value of options 
granted is recognised as an employee expense with a corresponding increase in equity the fair value is measured at grant date and 
spread over the period during which the employees become unconditionally entitled to the options the fair value of the options 
granted is measured using an option valuation model taking into account the terms and conditions upon which the options  
were granted the amount recognised as an expense is adjusted to reﬂect the actual number of share options that vest except 
where forfeiture is due only to share prices not achieving the threshold for vesting subsidiaries are recharged for the amount 
recognised as share based payments relating to awards for 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 period comprises current and deferred tax tax is recognised in the income statement 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 period 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 group ﬁnancial statements in
note 18
3 staff numbers and cost
the average number of persons employed by the company including directors during the period analysed by category was  
as follows
         number of 
         employees 
         31 december 
         2007
administration        2
the aggregate payroll costs of these persons were as follows
         31 december 
         2007 
         £000
wages and salaries        436
social security costs        55
share based payments         1631
         2122 62 wwwmoneysupermarketcom annual report 2007 financial statements
4 investments
         shares in 
         subsidiary  
         undertakings 
         £000
cost and net book value 
at 31 december 2007        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
5 debtors
         31 december 
         2007 
         £000
amount due from subsidiary undertakings        43120
corporation tax        1553
         44673
6 creditors amounts falling due within one year
         31 december 
         2007 
         £000
amount owed to subsidiary undertaking        4735
accruals        136
amounts owed to related partiesdirectors        138
         5009
7 dividends
no dividends have been declared nor paid during the period
         £000
proposed for approval at annual general meeting not recognised as a liability as at 31 december 
equity dividends on ordinary shares 
final dividend for 2007 163p per share        8098
during the period the company received dividends of £37000000 from moneysupermarketcom financial group limited
8 capital and reserves
authorised
        2007 2007 
        thousands £
ordinary shares of 002p each       1154706 230941
deferred shares of 002p each       95294 19059
        1250000 250000
moneysupermarketcom group plc was incorporated on 14 march 2007 with an authorised share capital of £100 divided into  
100 ordinary shares of £1 each of which two were issued nil paid up to the subscriber to the memorandum of association of 
moneysupermarketcom group plc 
on 12 april 2007 the subscriber’s two ordinary shares in moneysupermarketcom group plc were transferred to simon nixon who 
on 30 may 2007 paid up the two ordinary shares
since incorporation of moneysupermarketcom group plc there have been the following changes to its authorised and issued  
share capital
by special resolution on 22 june 2007
the two ordinary shares held by simon nixon were redesignated as b ordinary shares and the remaining 98 shares of the 
authorised share capital were redesignated as ordinary shares
the authorised share capital was increased to £250000 by the creation of 249900 new ordinary shares of £1 each
the new ordinary shares of £1 each were redesignated as 154402 ordinary shares 10000 a ordinary shares and  
85498 b ordinary shares
•
•
•
notes to the parent company financial statements
continued 63 annual report 2007 wwwmoneysupermarketcom financial statements
8 capital and reserves continued 
on 29 june 2007 moneysupermarketcom group plc made the following allotments of shares
in consideration for the acquisition of 6758 ordinary shares in the issued capital of moneysupermarketcom financial group 
limited by moneysupermarketcom group plc 6758 ordinary shares were issued by moneysupermarketcom group plc to the 
holders of those shares in moneysupermarketcom financial group limited
in consideration for the acquisition of 4796 a ordinary shares in the issued capital of moneysupermarketcom financial group 
limited by moneysupermarketcom group plc 4796 a ordinary shares were issued by moneysupermarketcom group plc to 
the holders of those a ordinary shares in moneysupermarketcom financial group limited
in consideration for the acquisition of 45000 ordinary shares in the issued capital of moneysupermarketcom financial group 
limited from simon nixon 85498 b ordinary shares were issued by moneysupermarketcom group plc to simon nixon
on 9 july 2007 
each issued and unissued ordinary a ordinary and b ordinary share of moneysupermarketcom group plc was subdivided into 
5000 ordinary a ordinary and b ordinary shares respectively with a par value of 002p each 
on 31 july 2007
all of the a ordinary shares were converted and redesignated as ordinary shares 
in accordance with moneysupermarketcom group plc’s existing articles of association at that time simon nixon’s shareholding 
of 427500000 b ordinary shares were converted into 332205882 ordinary shares and 95294118 deferred shares 
the following rights attached to the shares in issue during the period
a ordinary shares
the owners of a ordinary shares had capital rights but were not entitled to receive a dividend nor vote
b ordinary shares
the owners of b ordinary shares were not entitled to any returns of capital nor receive a dividend they were entitled to vote
deferred shares
the owners of deferred shares were not entitled to any returns of capital receive a dividend nor vote
ordinary shares
the owners of ordinary shares were entitled to returns of capital receive a dividend and vote
issued and fully paid
     ordinary a ordinary b ordinary deferred  
number of shares    shares shares shares shares total
at 22 june 2007    – – 2 – 2
shares issued upon acquisition of moneysupermarketcom  
financial group limited    6758 4796 85498 – 97052
at 29 june 2007    6758 4796 85500 – 97054
5000 for one share split    33790000 23980000 427500000 – 485270000
at 9 july 2007    33790000 23980000 427500000 – 485270000
conversion of b ordinary shares    332205882 – 427500000 95294118 –
redesignation of a ordinary shares     23980000 23980000 – – –
issued on ﬂotation    105882000  – –  –  105882000
issued on ﬂotation in relation to the share incentive plan   948184 – – – 948184
at 31 december 2007    496806066 – – 95294118  592100184
     ordinary a ordinary b ordinary deferred  
£     shares shares shares shares total
at 22 june 2007    – – 2 – 2
shares issued upon acquisition of moneysupermarketcom     
 financial group limited    6758 4796 85498 – 97052
at 29 june 2007    6758 4796 85500 – 97054
5000 for one share split    6758 4796 85500 – 97054
at 9 july 2007    6758 4796 85500 –  97054
conversion of b ordinary shares    66441 – 85500 19059 –
redesignation of a ordinary shares     4796 4796 – – –
issued on ﬂotation    21176 –  –  –  21176
issued on ﬂotation in relation to the share incentive plan   190 – – – 190
at 31 december 2007    99361 – – 19059 118420
•
•
•
•
•
• 64 wwwmoneysupermarketcom annual report 2007 financial statements
8 capital and reserves continued 
the group has a number of share option schemes under which options to subscribe for ordinary shares in moneysupermarketcom 
group plc have been granted to certain executives and employees see note 18 of the consolidated group ﬁnancial statements
other reserves
       share  other  proﬁt and  
       premium  reserves  loss 
       £000 £000 £000
shares issued      179927 16923 –
total recognised proﬁt in the period      – – 31767
share based payment      – – 3599
expenses on share issue      9362 – –
at 31 december 2007      170565 16923 35366
9 related party transactions
the company has taken the exemption in frs 83 not to disclose transactions with other group companies
10 auditors’ remuneration
all auditors’ remuneration is borne by moneysupermarketcom financial group limited a wholly owned uk subsidiary  
of the company
notes to the parent company financial statements
continued registered ofﬁce and registered number
moneysupermarket house  
st david’s park  
ewloe  
chester ch5 3uz
no 06160943
financial advisorsstockbrokers
credit suisse securities europe limited
one cabot square  
london e14 4qj
ubs limited
1 finsbury avenue  
london ec2m 2pp
auditors
kpmg audit plc
st james’ square 
manchester m2 6ds
solicitors
herbert smith
exchange house  
primrose street  
london ec2a 2hs
principal bankers
lloyds tsb bank plc
city ofﬁce  
po box 1000 bx1 1lt
financial pr
tulchan communications
sixth floor  
kildare house  
3 dorset rise  
london ec4y 8en
registrar
capita registrars
northern house  
woodsome park  
fenay bridge  
huddersﬁeld hd8 0la
telephone 0871 200 1536 uk 
 calls cost 10p per minute plus network extras 
 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 above
alternatively if you have internet access you can access the 
group’s shareholder portal at wwwmoneysupermarketsharescom 
where you can amongst other things view details of your 
shareholding set up or amend a dividend mandate and update 
your address details
investor relations website
the investor relations section of our website 
wwwmoneysupermarketcom provides further information for 
anyone interested in the group in addition to the annual report 
and accounts and share price company announcements 
including the interim and preliminary results announcements  
and associated presentations are also published there
dividend mandates
if you wish to have dividends paid directly into a bank or
building society account you should contact our registrar
see contact details on the left for a dividend mandate
form or visit the group’s shareholder portal at
wwwmoneysupermarketsharescom where you can
set up or amend a dividend mandate this method of
payment removes the risk of delay or loss of dividend
cheques in the post and ensures that your account is
credited on the due date
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 0870 458 4577
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
financial calendar
declaration date of 2007 ﬁnal dividend  26 february 2008
announcement of 2007 preliminary results  26 february 2008
exdividend date of 2007 ﬁnal dividend   19 march 2008
record date of 2007 ﬁnal dividend  25 march 2008
annual general meeting   22 april 2008
payment date of 2007 ﬁnal dividend   30 april 2008
announcement of 2008 interim results   august 2008
announcement of 2008 preliminary results   february 2009
 exact dates to be conﬁrmed
further copies of this report are available from the company’s 
registered ofﬁce or may be accessed through the company’s 
website wwwmoneysupermarketcom
shareholder information
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 and applicable law the company undertakes no obligation to update or change 
any forward looking statements to reﬂect events occurring after the date of this annual report
65 moneysupermarketcom group plc – telephone 01244 665700 – web wwwmoneysupermarketcom
registered in england no 6160943 registered ofﬁce moneysupermarket house st david’s park ewloe chester ch5 3uz


Summary:
 07 annual report 2007 wwwmoneysupermarketcom our business
chief executive’s report
‘i am pleased to present my ﬁrst chief executive’s report for
what has been a very successful year for the group we have 
continued to grow the business substantially whilst investing 
signiﬁcantly for the future’
i am pleased to present my ﬁrst chief 
executive’s report for what has been a 
very successful year for the group we 
have continued to grow the business 
substantially whilst investing signiﬁcantly 
for the future this has all taken place  
in a year when we ﬂoated the group on  
the london stock exchange in the very 
challenging and volatile markets of july 
2007 the group entered the ftse 250 in 
september 2007 
group revenues grew by 559 in 2007 to 
£1629m internet revenues increased by 
637 to £1522m and adjusted ebitda by 
572 to £529m all areas of the internet 
business performed well whilst the 
intermediary business was broadly stable 
in 2007 
despite the well documented turbulence 
in credit markets in 2007 the money 
vertical traded successfully throughout  
the year revenues grew by 487 and we 
believe this demonstrates the value that 
our business delivers to both consumers 
and providers we believe providers 
reduced advertising spend on other  
media whilst maintaining their commercial 
relationships with the group because it 
offers targeted and focused advertising 
spend and generates a greater return  
on investment than many other forms  
of media
in the insurance vertical revenues grew by 
747 to £544m in 2007 we maintained a 
strong market position in a sector which 
continues to show rapid growth through 
greater consumer awareness and 
increasing use of online aggregators  
we have the most complete insurance 
comparison engine in the uk offering the 
consumer the widest choice of providers 
we have a very strong brand with 73  
of online consumers recognising the 
moneysupermarketcom brand this gives 
the group a strong competitive advantage 
and a powerful base from which to defend 
and grow its position as the uk’s leading 
price comparison website
 
the travel vertical increased its  
revenues by 1009 to £150m  
the travelsupermarketcom brand is 
recognised in its own right and is the  
clear market leader in its ﬁeld we have 
made the product more comprehensive 
adding additional channels which enable 
the business to cater for more of our 
consumers’ requirements inventory  
has been increased allowing the  
consumer to compare more providers this 
improves the consumer experience and 
engenders trust in the group ultimately 
we believe these factors will make 
travelsupermarketcom the preferred and 
most trusted travel website in the uk
home services revenues have increased by 
2802 to £45m the focus this year has 
been on growing market share in a vertical 
where there were already established 
competitor businesses we have been 
successful in the application of this 
strategy we have leveraged our already 
substantial user base the strength of  
our brand and our sales and marketing 
expertise to take market share from the 
incumbents home services continues to 
show rapid growth albeit from a small 
base but also beneﬁts the business by 
widening the group’s offering to the 
consumer this gives the consumer even 
more reasons to return to our website
we launched our business in germany 
wwwicerode in october 2007 initially 
offering home and motor insurance 
partnering with a third party who provided 
the technology we had some success in 
2007 but are working hard now to improve 
and focus our offering to the consumer in 
2008 we will not commit signiﬁcant 
investment to promoting the service until 
we are satisﬁed with progress in this area
i believe the group has achieved a  
great deal in 2007 and its success is  
largely down to the dedication of our 
employees i would like to thank them  
for their continuing efforts 08 wwwmoneysupermarketcom annual report 2007 our business
different ‘retailers’ at the click of a mouse 
it is not good enough to be the best and 
most trusted in 70 of the things you  
do because ultimately the remaining  
30 of the business will suffer product  
is therefore key to our success this is 
encapsulated through two of our key 
operating values
to build services that we would feel 
proud to recommend to close family 
and friends
to endeavour to offer our consumers 
the widest selection of products 
enabling them to compare and buy 
online in all of the major sectors  
of the market content is therefore 
paramount
these values sit at the heart of all of the 
products and services we develop
product development introduces more 
relevant consumers to more relevant 
product providers and improves both 
consumer satisfaction and provider 
conversion by constantly improving our 
service to both of these key stakeholders 
the group will continue to prosper and 
maintain its position as the uk’s leading 
price comparison website
in 2007 we introduced a number of key 
developments in this area for example
we extended the question set within  
our motor insurance channel to enable 
consumers to obtain a more tailored 
quote for their particular circumstances 
the response has been good and we 
have seen an increase in conversion  
rates recorded by providers this has 
generated increased revenues per visitor 
in the motor insurance channel since the 
new question set was introduced 
•
•
•
strategic context 
as the uk’s leading price comparison 
website the group is very well placed to 
respond to a continuing structural shift in 
consumers’ and advertisers’ behaviour 
increasing broadband penetration in the 
uk has dramatically improved the online 
experience it is ‘always on’ and gives 
much faster access than a dialup 
connection as a result consumers are 
spending ever increasing amounts of time 
online the consumption of internet media 
now accounts for more than one quarter of 
all media consumption in the uk as 
consumers’ online time increases so their 
conﬁdence and familiarity with transacting 
over the internet improves advertisers  
are increasingly recognising this in their 
consumer acquisition strategies and are 
allocating ever increasing amounts of their 
advertising budgets from traditional ofﬂine 
media to the internet we believe the 
group provides the largest and most 
effective price comparison marketplace  
in the uk matching relevant and ready 
totransact consumers with providers 
our strategy which aims to capitalise  
on this structural shift is built upon two 
primary objectives
to continue to innovate with a constant 
focus on improving our existing 
products and improving the consumer
provider experience
to improve the volumes and mix of 
trafﬁc to the group’s website by 
increasing brand awareness of 
moneysupermarketcom
innovation and product development
it is imperative we maintain our leading 
edge in product development the 
internet is unique in that it offers 
consumers the ability to move between 
•
•
chief executive’s report continued
‘as the uk’s leading price comparison website the group is very well 
placed to respond to a continuing structural shift in consumers’ and 
advertisers’ behaviour’ 09 annual report 2007 wwwmoneysupermarketcom our business
in july 2007 we introduced 
mymoneysupermarket this enables 
consumers to enter their details once 
within our safe and secure systems 
these details can then be used to 
prepopulate application forms which 
can save the consumer time and effort 
at the time of renewal it also through 
the log in feature enables us to get a 
better understanding of our consumers 
and tailor our products and services to 
their individual needs
we have added more user and 
professional reviews and signiﬁcantly 
grown our forums feature we now have 
more than 24000 registered users and 
many times more viewers of our forums 
who interact with each other to discuss 
topics of interest and concern to them 
which increases consumers’ afﬁnity with 
the website
we believe that these developments in 
particular contributed signiﬁcantly to 
increasing the revenue per visitor across 
our business during 2007
brand awareness
marketing and pr drive new consumers to 
our website we began ofﬂine initiatives a 
number of years ago with the supply of 
best buy tables to the personal ﬁnance 
sections of national newspapers this 
continues and today we supply the best 
buy tables for seven newspapers including 
the telegraph times and independent 
more recently in 2006 we extended our 
ofﬂine initiatives into television and radio 
advertising which have stepped up 
considerably in 2007 the success of  
this is reﬂected in two key areas
our online brand recognition increased 
from 40 in july 2006 to 73 in 
november 2007 according to a yougov 
survey commissioned for the group
•
•
•
our gross margins increased from  
611 to 667 as the group earned  
a greater proportion of its revenues 
from consumers who came directly  
to the website rather than from  
search engine marketing or portal 
partners where there is a direct  
cost of consumer acquisition 
we need to retain our position in the  
front of consumers’ minds as a trusted 
consumer champion and to become their 
de facto choice when considering  
their ﬁnancial insurance travel and  
home services requirements
current trading and outlook
we have made a strong start to the current 
ﬁnancial year the money vertical has 
enjoyed double digit growth year to date 
with broadly ﬂat performance in loans and 
mortgages in a declining market offset by 
very strong growth in credit card and 
savings products the other verticals 
insurance travel and home services have 
maintained the momentum experienced in 
the second half of 2007 in line with our 
business plan we anticipate a step up in 
costs in the ﬁrst half of 2008 associated 
with our continued investment in the 
business and development of our german 
subsidiary we remain very conﬁdent in our 
diverse business model and the beneﬁt it 
brings to consumers and providers 
given current trading and the ongoing 
investment programme we are conﬁdent 
that we can have another successful year
simon nixon
chief executive ofﬁcer
•