moneysupermarketcom group plc
annual report and accounts 2014
investing 
for growth
moneysupermarketcom group plc annual report and accounts 2014 ifc highlights
01 our brands
02 at a glance
04 our markets and trends
06 moneysupermarket
08 travelsupermarket
10 moneysavingexpert
12 chairman’s statement
14 chief executive’s review
15 business model
16 vision values and 
strategy
18 business review
24 principal risks
26 corporate responsibility 
report
28 chairman’s governance 
introduction
30 board of directors and 
company secretary
32 corporate governance 
report
37 audit committee report
40 nomination committee 
report
41 risk committee report
43 directors’ remuneration 
report
58 directors’ report
62 independent auditor’s 
report
65 consolidated statement 
of comprehensive 
income
66 consolidated statement 
of financial position
67 consolidated statement 
of changes in equity
68 consolidated statement 
of cash flows
69 notes to the 
consolidated financial 
statements
87 company balance sheet
88 notes to the company 
financial statements
93 shareholder 
information
94 financial calendar
we help our customers get away for less 
across package holidays city breaks 
flights hotels and car hire – taking  
the hard work and cost out of  
holiday planning
see page 8 for more details
we help our customers grow save and 
manage their money across their 
household bills the help we provide 
ensures their money goes further – 
making their lives that little bit more epic
see page 6 for more details
we are dedicated to cutting consumers’ 
bills and fighting their corner through 
journalistic research cutting edge tools 
and a massive community
see page 10 for more details
moneysupermarket travelsupermarket moneysavingexpert 
our brands
01 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
01 moneysupermarket annual report  accounts 2014 2014 highlights
• group revenue increased by 10 to £2481m
• group adjusted ebitda increased by 13 
to £952m
• group profit after tax increased by 52 
to £528m
• technology investment increased to £161m
• final dividend up 11 to 569p per share
• total dividends for the year up 10 to 80p per 
share
• net cash of £131m at 31 december 2014
• adjusted earnings per share increased by 14 
to 123p per share
 excluding special dividends
 as detailed in the business review on page 18
our brands provide our customers with 
free easy to use online services so they 
can search for a wide range of products 
and find the product most suited to 
their needs – helping them to make the 
most of their money
revenue £
operating profit £
2014
2481m
2014
639m
2013
2256m
2013
445m
2012
2048m
2012
315m
2011
1810m
2011
240m
10
43
adjusted ebitda £
adjusted operating profit £
2014
952m
2014
873m
13
12
profit after tax £
2014
528m
52
adjusted earnings per share p
2014
123
14
dividend per share p
2014
800
10
525m
2011
478m
2011
665m
2012
581m
2012
840m
2013
778m
2013
168m
2011
453
2011
248m
2012
574
2012
347m
2013
728
2013
66
2011
89
2012
108
2013 since 1999 we have been helping 
uk households save money on 
their household bills and finances 
we help consumers through three 
leading brands 
moneysupermarket 
travelsupermarket and 
moneysavingexpert
our strategic priorities
our strategy is to build on our core 
business of helping customers to 
find the right product investing in 
our technology customer data and 
tools allows us to build deeper 
relationships delivering more value 
to both customers and providers
our performance
we increased the number of 
people engaging with us this 
helped grow our revenues and 
market shares our technology 
investment programme is 
ongoing
we launched new platforms for 
several of our channels in the 
late autumn our new car 
insurance site went into live test 
our new platforms leverage 
technology investment across our 
brands and services 
our customer account myprofile 
allowed more than 15m 
customers to keep their data up 
to date and use it to save money 
with us we recruited 23m new 
customers who want to do 
business with us in our money 
channels we worked hard to get 
marketleading products
we made significant 
improvements to our crm  
and organic search capability 
helping providers reach the right 
customers 
we take pride in being a 
profitable and efficient company 
that has a clear focus on its 
customers we delivered on these 
goals in 2014
best site
be the easiest way for 
customers to find providers  
and products
earn customer 
loyalty
be the destination brand for 
users and customers
preferred partner
be the best way for 
providers to acquire 
customers
core values
one team always making 
things better for customers 
colleagues and providers
our vision
we help every household make 
the most of their money
customers
we provide our customers with 
free easy to use online services 
so they can search for a wide 
range of products and find the 
product most suited to their 
needs
how do we make money
for the majority of our services 
we receive a small fee from the 
provider for customers who take 
out a product
at a glance
02 moneysupermarket annual report  accounts 2014 our new kpis from 2015
measuring our performance 
against our strategy is key to our 
future
our future
we continue to focus on delivering 
our technology investment and 
deepening our understanding of 
our customers – to help them 
make the most of their money
our principal risks
our business is building 
relationships and trust with 
customers and providers
225m 3
average monthly  
unique visitors
158m 17
unique adults choosing  
to share data
38 1
net promoter score
£143bn 16
savings made by customers
723 12
number of providers
£248m 10
revenue
£87m 12
adjusted operating profit
£84m 14
operating cash flow
£161m £9m
investment in technology
65 1
marketing margin
2015 will see exciting innovation in 
travelsupermarket continued 
rollout of new technology to more 
moneysupermarket channels and 
new tools for moneysavingexpert
the sites need to continually 
adapt to changing customer 
needs there is a risk that our 
technology takes longer to 
implement than planned or does 
not deliver the expected benefits 
to customers and returns to the 
group
we will continue to add new 
channels to myprofile we will 
offer customers a greater range 
of services and analysisbased 
insights to help them save money
the group needs to continue to 
invest in its brands and its 
product offerings there are 
always risks that we make 
mistakes in these our 
relationships with our customers 
are dependent on our ability to 
protect the data they choose to 
leave with us 
we will use our data tools 
analytics and position as the only 
major independent price 
comparison website to develop 
relationships with providers and 
secure market leading exclusive 
products for customers
our business is dependent on 
providers continuing to want to 
acquire new customers and to 
want to use price comparison 
websites for this
our strategy focuses on efficiency 
and on our customers in 2015 
we will measure ourselves on 
adjusted operating profit rather 
than adjusted ebitda reflecting 
our technology investment
weakness in the uk economy 
could reduce the range of 
attractive products available for 
our customers which could 
impact our revenues and 
margins
note the figures for kpis represent 2014 performance compared to 2013
financial statements general governance overview strategic report
03 moneysupermarket annual report  accounts 2014 with clear trends in our chosen 
markets we have a strong and diverse 
mix of growth opportunities across
our key markets
markets trends impact opportunities brands affected
price comparison regulatory focus
greater focus from governmental and 
regulatory bodies including the financial 
conduct authority on treating customers 
fairly transparency of information and 
helping consumers make an informed 
choice
regulation will become an increasing 
feature of the price comparison sector
the group’s market position and strategy together with its 
systems controls and infrastructure means it is well placed 
to deal with the impacts of any increase in regulation in 
the price comparison sector and to differentiate itself from 
its competitors through enhanced customer journeys and 
enhanced product offerings
insurance motor insurance premiums
the trend of falling motor insurance 
premiums appears to be ending with 
premiums increasing in the second half of 
2014
the increase in motor insurance 
premiums may encourage consumers 
to switch their motor insurance 
provider for a better deal
as one of the leading motor insurance price comparison sites 
moneysupermarket is well placed to benefit from consumers 
seeking to use its services to lower their motor insurance 
premiums and switch their motor insurance policy to a better 
deal
money competition
increasing competition among financial 
services providers for consumers who 
want credit products such as loans and 
credit cards
the increasing competition among 
financial services providers to acquire 
consumers looking for credit products 
such as loans and credit cards results 
in an increase in the volume and 
quality of such products
consumers are more likely to compare and switch to higher 
quality products and make greater savings through the group
home services political and regulatory focus
increased political and regulatory focus 
on the costs of energy for consumers and 
the level of competition in the energy 
marketplace
economic changes
falling oil prices worldwide leading to  
a fall in wholesale energy costs
the increased political and regulatory 
focus on energy costs may lead to 
increasing consumer awareness of the 
costs of energy and the benefits of 
switching their energy provider
falls in oil prices result in lower energy 
tariffs and may result in greater 
savings for consumers who switch 
their energy product
moneysupermarket is one of the leading energy comparison 
sites and moneysavingexpert provides its cheap energy club 
and collective switches for consumers the group is therefore 
well placed to benefit from consumers seeking to reduce their 
energy costs and switch their energy provider
travel household budgets
consumers with tight household budgets 
looking for the best deal for their holiday
consumers are looking to compare the 
costs of holiday components including 
flights hotels and car hire to find the 
best deal on their holiday
travelsupermarket continues to focus on building leading 
comparison services for consumers to help them find the 
best deal for their holiday and to benefit from this increasing 
consumer demand
04 moneysupermarket annual report  accounts 2014 04 moneysupermarket annual report  accounts 2014
our markets and trends markets trends impact opportunities brands affected
price comparison regulatory focus
greater focus from governmental and 
regulatory bodies including the financial 
conduct authority on treating customers 
fairly transparency of information and 
helping consumers make an informed 
choice
regulation will become an increasing 
feature of the price comparison sector
the group’s market position and strategy together with its 
systems controls and infrastructure means it is well placed 
to deal with the impacts of any increase in regulation in 
the price comparison sector and to differentiate itself from 
its competitors through enhanced customer journeys and 
enhanced product offerings
insurance motor insurance premiums
the trend of falling motor insurance 
premiums appears to be ending with 
premiums increasing in the second half of 
2014
the increase in motor insurance 
premiums may encourage consumers 
to switch their motor insurance 
provider for a better deal
as one of the leading motor insurance price comparison sites 
moneysupermarket is well placed to benefit from consumers 
seeking to use its services to lower their motor insurance 
premiums and switch their motor insurance policy to a better 
deal
money competition
increasing competition among financial 
services providers for consumers who 
want credit products such as loans and 
credit cards
the increasing competition among 
financial services providers to acquire 
consumers looking for credit products 
such as loans and credit cards results 
in an increase in the volume and 
quality of such products
consumers are more likely to compare and switch to higher 
quality products and make greater savings through the group
home services political and regulatory focus
increased political and regulatory focus 
on the costs of energy for consumers and 
the level of competition in the energy 
marketplace
economic changes
falling oil prices worldwide leading to  
a fall in wholesale energy costs
the increased political and regulatory 
focus on energy costs may lead to 
increasing consumer awareness of the 
costs of energy and the benefits of 
switching their energy provider
falls in oil prices result in lower energy 
tariffs and may result in greater 
savings for consumers who switch 
their energy product
moneysupermarket is one of the leading energy comparison 
sites and moneysavingexpert provides its cheap energy club 
and collective switches for consumers the group is therefore 
well placed to benefit from consumers seeking to reduce their 
energy costs and switch their energy provider
travel household budgets
consumers with tight household budgets 
looking for the best deal for their holiday
consumers are looking to compare the 
costs of holiday components including 
flights hotels and car hire to find the 
best deal on their holiday
travelsupermarket continues to focus on building leading 
comparison services for consumers to help them find the 
best deal for their holiday and to benefit from this increasing 
consumer demand
financial statements general governance overview strategic report
05 moneysupermarket annual report  accounts 2014 saving money feeling epic 
“in the last two months i’ve saved money 
on my insurance at moneysupermarket  
i saved a third on my home insurance  
last month and have just halved my car 
insurance saving me over £300 a year 
thank you for saving me time and money”
whilst the uk economy is feeling more 
buoyant we know that our customers still 
feel the pinch with rising bills and 
stagnating salaries still a concern for 
many we focus on empowering our 
customers to take control of their own 
household finances
choice we work with as many providers 
as possible to give our customers the 
choices they deserve and the ability to find 
the product that is most suited to their 
needs this is why we compare up to 30 
credit card and personal loan providers 
over 50 mortgage providers over 90 home 
insurance brands and over 150 car 
insurance brands 
scale our scale helps us negotiate  
great rates across all of our channels  
and work with our providers to deliver 
marketleading deals exclusive to 
moneysupermarket that are not  
available elsewhere
expertise we are here for our customers 
whether through the expert content  
on our website our online chat service or 
our dedicated phone lines supporting 
those channels such as energy 
comparison where that extra bit of help 
can make all the difference to a customer’s 
peace of mind
data our new customer account 
myprofile helps our customers to keep 
their data up to date and use it to save 
money with us it also helps us to provide a 
service that is personalised to their needs
the moneysupermarket ‘aggregation 
engine’ is the technology that takes 
customer information and sends it to our 
providers so they can return an accurate 
insurance quote in seconds in 2014 we 
invested in moving our ‘aggregation 
engine’ to a more scalable technology 
platform with many clear benefits 
including i greater efficiency in the 
technology and lower costs to operate ii 
a platform for providers to selfserve and 
configure their own products – 
permitting greater agility in getting 
products to market and iii a scalable 
platform for expansion paving the way 
for further growth
 
investment 
case study
brand portfolio
06 moneysupermarket annual report  accounts 2014 06 moneysupermarket annual report  accounts 2014 financial statements general governance overview strategic report
07 moneysupermarket annual report  accounts 2014 “i used your website and found a good 
deal very helpful and saved me loads”
getting more for less holidays and 
weekend breaks are precious we 
recognise this and focus our energy on 
getting our customers more holiday for 
their money – be it a cheaper flight a 
superior hotel or a car hire upgrade for  
the same budget 
one stop shop whilst going on holiday is 
great booking one can be arduous so 
much choice so many variables so much 
to consider we do the hard work for our 
customers – comparing over 34 holiday 
providers over 650 airlines and over 
200000 hotels in a matter of seconds 
investment in a new technology 
architecture for car hire and flights has 
transformed the business for the future 
helping providers find the right 
customers and significantly improving 
our customers’ experience on our site 
across both car hire and flights the new 
technology offers a range of filtering and 
sorting tools all of which work equally 
well across any device making it even 
easier for customers to save money and 
find the right option for them 
 
investment 
case study
brand portfolio
each to their own no one customer is 
the same when it comes to their holiday 
needswe give our customers as much 
choice as possible whether through our 
sheer breadth of package holiday range or 
by helping customers build their own 
holiday from component parts right down 
to paying for parking at the airport travel 
insurance or the best travel money 
solution 
08 moneysupermarket annual report  accounts 2014 08 moneysupermarket annual report  accounts 2014 financial statements general governance overview strategic report
09 moneysupermarket annual report  accounts 2014 “i’ve saved £77yr switching to santander 
£135yr on my mobile contract haggling 
i swapped my phone broadband and tv 
package saving £150yr plus i joined the 
mse energy switch and even with a 
penalty saved £150 per year by changing 
provider i haven’t touched the insurance 
companies yet thank you mse” 
cutting your bills fighting your 
corner moneysavingexpert is one of the 
uk’s biggest consumer websites and is 
dedicated to cutting your bills and fighting 
your corner with journalistic research 
cutting edge tools and a massive 
community – all focused on finding deals 
saving cash and campaigning for financial 
justice
editorial integrity moneysavingexpert 
operates with full editorial independence 
and integrity – focusing on doing what’s 
best for consumers 
campaigning at our heart 
moneysavingexpert has successfully lobbied 
for change on payment protection 
insurance bank charges payday loans 
financial education in schools energy 
regulation and much more we’re proud of 
our campaigning stance – it’s what makes us 
‘us’ 
power to you more than 10 million people 
have signed up to receive our weekly email 
empowering people to make better financial 
decisions with more than 13 million site 
users each month it has an active and 
passionate community that helps one 
another ― and the collective power of this 
user base has been harnessed to provide 
cheaper deals such as the cheap energy 
club collective switch 
more than 50 of our users now engage 
with our site via a mobile or tablet device 
accessible unique and easy to 
understand content is at the heart of 
what moneysavingexpert does so 
ensuring our content and tools are 
responsive for a mobile or tablet device 
has become paramount last year 
moneysavingexpert invested 
considerable technological and editorial 
resources to start its journey to 
becoming a fully responsive multi
platform publishing site more than 70 
of our guides are now fully responsive 
with the final 30 due to be completed 
this year the full impact of this is yet to 
be seen but already it has significantly 
improved browse time and overall 
engagement we will continue to develop 
our user experience by implementing 
intuitive navigation and empowering 
users to personalise content if required
 
investment 
case study
brand portfolio
10 moneysupermarket annual report  accounts 2014 10 moneysupermarket annual report  accounts 2014 financial statements general governance overview strategic report
11 moneysupermarket annual report  accounts 2014 our three leading brands give us significant 
strength breadth and diversity generating 
growth and increasing the predictability of 
the business all of our brands are consistent 
in their ambition to ‘help every household 
make the most of their money’
results and strategic progress
in 2014 the group’s revenue increased by 
10 from £2256m to £2481m and 
adjusted ebitda increased by 13 from 
£840m to £952m
once again the group achieved growth 
across all three brands 
moneysupermarket travelsupermarket 
and moneysavingexpert with 
travelsupermarket and 
moneysavingexpert performing 
particularly well within 
moneysupermarket all our business areas 
grew as customers used our services to 
help them meet their financial needs
our three leading brands give us 
significant strength breadth and diversity 
generating growth and increasing the 
predictability of the business all of our 
brands are consistent in their ambition to 
‘help every household make the most of 
their money’
during 2014 we began a significant 
capital investment programme to 
improve our technology our data 
capabilities and our customer journeys 
early results from the investment in our 
motor insurance channel are encouraging 
and further investment will be made in 
2015 to improve the customer journey in 
home insurance and thereafter in other 
channels this investment will enable us 
to generate additional growth from the 
business and will further differentiate our 
brands from our competitors
in parallel we continued to invest 
significantly in our marketing strategy 
including the strengthening of our 
digital marketing capability and 
the continuation of our ‘you’re so 
moneysupermarket’ advertising campaign 
both of which helped to drive visitors 
to the group’s websites the ‘you’re so 
moneysupermarket’ theme has continued 
into the early part of 2015 with the launch 
of our latest advertising campaign
we continue to maintain a strong financial 
position with good cash generation cash 
generated from operations during the year 
was £84m after repaying £30m of the 
loan facility during 2014 the group ended 
the year with net cash of £131m
dividends
our continued confidence in the underlying 
strength and growth prospects for our 
business is reflected in our progressive and 
sustainable dividend policy
having reviewed the cash required by the 
business and the performance of the 
group the company paid an interim 
dividend of 231p 2013 216p and a special 
dividend of 1292p per ordinary share on 
12 september 2014 the interim dividend 
represented an increase of 7 on the 
interim dividend paid in 2013 excluding 
the special dividend
during the year the business continued to 
generate cash and with the business 
growing the board is recommending a 
final dividend of 569p 2013 512p per 
ordinary share representing an increase 
of 11 on the final dividend in 2013 
if approved by shareholders at the 
forthcoming annual general meeting this 
will bring the total dividend for the year to 
800p 2013 728p excluding the special 
dividend per ordinary share and will be 
paid on 8 may 2015 to all shareholders on 
the register on 27 march 2015 the total 
dividend for the year will represent an 
increase of 10 on the total dividend paid 
in 2013 excluding the special dividend
board composition and diversity
we have a strong and balanced board 
with a range of complementary skills to 
support the strategic and operational 
direction of the group during the year we 
appointed andrew fisher and genevieve 
shore as independent nonexecutive 
directors both have added to the board’s 
skills and experience and their 
backgrounds are set out more fully on 
page 31 of this report we recognise the 
importance of diversity at board level and 
our board members represent a wide 
range of business backgrounds during the 
year we also further improved the 
representation of women at board level
gerald corbett retired as chairman of the 
board in april 2014 and i would like to 
thank gerald for his leadership of the 
group over seven years from the ipo in 
2007 and through the difficult period of 
the financial crisis under gerald’s 
chairmanship the group returned close to 
£300m to shareholders in ordinary and 
special dividends 
matthew price joined the group as chief 
financial officer in april 2014 and brings 
his diverse career experience to our 
group helping us shape our strategy and 
future direction as we become a larger and 
more complex business
chairman’s statement
12 moneysupermarket annual report  accounts 2014 at the annual general meeting in april 
michael wemms and robin klein will step 
down from the board michael joined the 
board at the ipo and has been our senior 
independent director throughout his time 
on the board whilst robin joined the board 
in 2013 i would like to thank michael and 
robin for their significant contributions to 
the board over the years
board effectiveness
as chairman i am responsible for the 
leadership of the board and ensuring its 
effectiveness in all aspects of its role  
the board is responsible for setting the 
strategic direction of the group monitoring 
the achievement of its business objectives 
managing the risks inherent in the business 
and maintaining a system of effective 
corporate governance 
governance
the board is committed to high standards 
of corporate governance and supports the 
principles laid down in the uk corporate 
governance code published in september 
2012 by the financial reporting council 
code
key areas of focus in 2014 included the 
formation of a new board risk committee 
which has established a risk framework for 
the group and manages the risks in the 
business against a number of risk metrics 
we also conducted an external board 
evaluation with the assistance of sct 
consultants which has helped the board to 
review how we work our skills our 
diversity our capabilities and how we can 
improve our effectiveness we will continue 
to focus on board effectiveness over the 
coming year 
given the increasing complexity of the 
group and the formation of a new board 
risk committee the board reviewed the 
membership of all the committees during 
the year and made a number of changes 
with effect from 1 january 2015 to ensure 
the committees continue to operate 
effectively the current membership of the 
committees are set out in the corporate 
governance report on page 33 
in line with good corporate governance 
during the year i ceased to be a member 
of the board committees with the 
exception of the nomination committee 
which i chair the board agreed that sally 
james as chairman of the risk committee 
should be a member of all the committees 
to ensure that risk is appropriately 
considered in each committee
the corporate governance report 
together with the audit committee report 
nomination committee report risk 
committee report and the directors’ 
remuneration report are set out on pages 
32 to 57 and describe how the principles of 
the code are applied by the group and 
reports on the group’s compliance with 
the code’s provisions
employees
our results this year once again reflect the 
dedication and quality of all our employees 
across the group we rely on their skills 
experience competence and hard work to 
drive our business forwards their 
passion innovation and performance are 
key assets for the group and critical to its 
future success on behalf of the board i 
would like to thank all of our employees 
for their significant contribution to the 
performance of the group 
outlook
the new year has begun positively and whilst 
we remain alert to the continuing uncertainty 
in the wider economic environment we 
remain confident about our prospects in 
2015 our great brands strong market 
positions experienced people scale and 
breadth of offering together with the 
investments we are making to improve our 
technology and customer journeys will 
remain key strengths in the coming year and 
enable us to continue to differentiate 
ourselves from our competition
bruce carnegiebrown
chairman
13 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report 2014 has been a successful year for the 
business with strong second half growth 
building good momentum as we head into 
2015 i am very pleased with what we have 
achieved
most importantly however the business 
has used 2014 to address the key 
components needed to execute our 
growth strategy for the next three  
years of
• best site be the easiest way for 
customers to find providers and 
products
• earn customer loyalty be a destination 
brand for users and customers
• preferred partner be the best way for 
providers to acquire customers 
although our strategy has remained pretty 
much unchanged for several years to 
ensure its continued focus and execution 
required a change in structure skills and 
investment
moneysupermarket is now a group of 
successful brands united by the common 
purpose of ‘helping every household make 
the most of their money’ we estimate that 
together moneysupermarket 
travelsupermarket and 
moneysavingexpert were visited by an 
average of 225m monthly unique visitors 
each brand needs to thrive to continue to 
engage its users whilst of course 
benefiting from shared group resources
therefore i have restructured the 
organisation with leaders of each business 
unit being responsible for engaging users 
building their brand working with 
providers doing the right thing for 
customers and of course delivering against 
their financial targets
i am determined to keep the group 
structure responsible for technology 
talent finance and strategy lightweight 
and agile
our group technology team work under 
the principle of ‘build once use across all 
business units’ this means that our 
smaller businesses can benefit from the 
leading edge technology investments in 
moneysupermarket building solid and 
robust infrastructures capable of 
sustaining significant future growth across 
our portfolio of businesses 
this is particularly relevant as we pioneer 
the implementation of the market leading 
content management systems future 
proofing the group for whatever devices 
users choose to access our services in the 
years ahead our migration to cloud 
infrastructure is essential to break free 
from fixed cost old traditional data centre 
architecture designed for peak loads to a 
world of variable cost based operating 
platforms whose capacity and resources 
flex with customer demand no matter 
what time of day or day of week
finally and most importantly the 
development of a group enterprise data 
warehouse will support all our businesses 
with a single secure infrastructure in 
which to keep customer data safe and 
drive superior and innovative 
personalisation and relevancy in real time
sharing talent and career development 
across the group companies is essential 
for our longterm success we have hired 
the most talented people we could find 
across both our london and chester 
offices we are exploring new ways of 
working including tribes utilising multisite 
and virtual working tools 
the right acquisitions are of course a key 
part of our planning after the successful 
purchase of moneysavingexpert in 2012 
our earlier investment in hd decisions 
the data analytics business in 2011 
pioneered new and exclusive services for 
both moneysupermarket and 
moneysavingexpert through a suite of 
smart search tools and eligibility checker 
services our most recent acquisition 
ontrees is a sophisticated account 
aggregation mobile app service it is 
already benefiting from group technology 
support whilst retaining its 
entrepreneurial culture and ways of 
working
i am confident we are now structured for 
success focused on a clear strategy and 
working hard to continue to hire and grow 
the best and most talented people we can 
find 
our brands are saving more people more 
money each year a mission we intend to 
continue to invest and pioneer towards in 
the years ahead
finally it is worth reflecting on where we 
have come from when i joined the 
business in 2008 we were a young 
technology business struggling to work 
closely with providers but passionate 
about using technology to help people 
save time and money when shopping for 
financial services products for customers 
it was all about finding the cheapest prices 
we have come a long way 
recently our services have attracted a 
greater attention from our regulators in 
part due to the growing habit exhibited by 
consumers to use price comparison 
services the fca cma and ofgem have 
all taken a closer look at our services and 
ways of working we have of course 
increased our internal governance and 
focus on doing the right thing for our 
customers i am sure that like any business 
we have areas where we can do better 
however i am very encouraged that the 
overarching theme for our engagement 
with these bodies is that we have helped 
bring new competition to the markets in 
which we operate and that this has been 
good for consumers 
looking forward our ambition is to take 
comparison services beyond price a plan 
we have shared with our regulators and 
one they are actively encouraging the 
group to pursue reassuringly it is the 
main focus of our current investment 
programme to lead what will be the next 
exciting chapter of ‘helping more people 
save more money’ within the 
moneysupermarket group
peter plumb
chief executive officer
peter plumb
chief executive officer
14 moneysupermarket annual report  accounts 2014
chief executive’s review we have a simple business model  
– matching customers to the right provider
business model
for our customers
we offer our customers a free easy to 
use online service so they can search for 
a wide range of products and find the 
product most suited to their needs
for our providers
we offer our providers an efficient and 
costeffective way to reach considerable 
volumes of potential customers who are 
actively looking for products and are 
ready to purchase enabling our providers 
to target their marketing spend
how do we make money
for the majority of our services we  
receive a small fee from the provider  
for customers who take out a product  
it is a success based marketing fee
using our services to 
find the most 
appropriate product
we utilise our expertise whether 
through our technology our customer 
journeys our content our tools and 
guides expert videos forums or  
the number of leading products 
available to help our customers 
research and find the product that is 
most suited to their needs
attracting  
and retaining 
customers
we attract and retain 
customers by building 
brands and services that 
customers want to use 
this includes our tv and 
radio advertising our 
content our tools and 
guides our expert videos 
our organic and paid 
search activities to help 
our customers find us our 
email and crm activities 
and our myprofile account 
management capabilities
customers take 
out the product
after our customers have 
used our services and 
chosen the right product 
for them we utilise our 
unique insights to help us 
improve our services and 
how we attract and retain 
customers 
customer insights to 
improve how we attract 
and retain customers
customer insights to 
improve our services
15 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report overview strategic report
15 moneysupermarket annual report  accounts 2014 driven by a clear  
strategy for growth
vision values and strategy
strategic priorities
our strategy is to build on our core 
business of helping customers to find the 
right product investing in our technology 
customer data and tools allows us to build 
deeper relationships delivering more 
value to both customers and providers
we continue to focus on delivering our 
technology investment and deepening 
our understanding of our customers – to 
help them make the most of their money
our new kpis
as we implement our growth strategy and 
investment programme we need to 
measure our performance against our 
strategy differently to how we have done 
it before measuring our performance 
against our growth strategy is key to our 
future as part of our evolved strategy we 
will now focus on a new select number of 
key performance indicators from 2015 
which are set out on page 3 
risk management
we recognise that the management of risk 
has a key role to play in the achievement 
of our strategy since risks can hinder or 
help us meet our desired level of 
performance the relationship between 
our principal risks and our strategy is 
identified in the principal risks section of 
this report on pages 24 and 25
16 moneysupermarket annual report  accounts 2014 16 moneysupermarket annual report  accounts 2014
01
best 
site
03 
preferred 
partner
02 
earn 
customer 
loyalty 
our vision
we help every household
make the most of their money
our core values
do what you say
take pride in what you do
find the right way today
innovate for tomorrow
listen and understand
live the brand 01
best site
be the easiest way for customers to find 
providers and products
what we did in 2014
•  aggregation engine
during the year we invested in a new 
aggregation engine that will be the 
platform for our aggregation channels 
utilising that new technology 
travelsupermarket launched new car 
hire and flights channels in 2014 and 
in the autumn moneysupermarket’s 
new car insurance site went into live 
test
•  customer journey
we spent a great deal of time during 
the year understanding how we can 
improve our customer journeys to 
make it even easier for customers to 
use our services and importantly to 
help them make an informed choice on 
the products that are most suited to 
their needs
•  collective switch
in 2014 moneysavingexpert launched 
the first of its collective switches by 
utilising the power of its loyal users to 
negotiate exclusive market leading 
energy tariffs from energy providers 
and then collectively switching users to 
those tariffs
what we will do in 2015
we will continue to invest in our 
technology in 2015 and roll out that 
technology to more channels across our 
brands we will constantly search out new 
opportunities to help our customers 
make an informed choice on the products 
that are most suited to their needs
02
earn customer loyalty 
be a destination brand for users and 
customers
what we did in 2014
•  myprofile
we continued to invest in our customer 
account myprofile to enable 
customers to securely store their data 
with us and then use it to search for 
different products without having to 
input their details again making it 
easier and quicker for our customers 
to make the most of their money 
•  best price
moneysupermarket worked with our 
providers during 2014 to offer our 
customers exclusive market leading 
products or deals that were not 
available elsewhere including at times 
car insurance quotes that were lower 
than were available through our 
competitors
•  mobile optimised
as more of our customers engage with 
us on a mobile device we have 
continued to invest throughout the 
year in making our brands mobile 
optimised this included 
moneysavingexpert where over 70 of 
its guides are now fully responsive on a 
mobile device
what we will do in 2015
we will continue to focus on our customer 
account capabilities to make it even easier 
for our customers to use their data across 
more of our channels so that they can 
quickly and easily find the right product 
for themselves we recognise that more 
and more customers want to use our 
services through a mobile device and so 
we will continue to design our customer 
journeys and our content to ensure they 
work well on a mobile device we will 
continue to work hard with our providers 
to identify opportunities to offer our 
customers exclusive market leading deals
03
preferred partner
be the best way for providers to acquire 
customers
what we did in 2014
•  customer insights
during 2014 we continued to work 
with our providers through the 
provision of insights about our 
customers to help them understand 
what our customers want so that they 
can improve their products 
•  marketing
we made significant improvements to 
our crm and organic search capability 
during the year which helped our 
providers to get their brands in front of 
more of our customers with their key 
messages
•  relationships
as the only major independent price 
comparison site our commercial 
teams focused throughout 2014 on 
building stronger relationships with 
our providers with the aim of being 
their partner of choice we worked 
hard to understand our providers 
objectives and to identify 
opportunities for us to work together 
to help our customers
what we will do in 2015
we will continue to develop our 
capabilities to offer improved customer 
insights to our providers to help them 
improve their products and by building 
stronger relationships with our providers 
we can help them to identify new 
opportunities we will also focus on 
developing our crm and search capability 
to ensure our providers are able to target 
more customers with their key marketing 
messages
turning strategy
into action
17 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report overview strategic report
17 moneysupermarket annual report  accounts 2014 the group traded strongly in the year with revenue increasing 10 to £2481m and net profit after tax of £528m 2013 £347m the 
group invested £161m enhancing its technology as part of a threeyear capital investment programme and acquired ontrees a 
current account and credit card aggregation service for £15m 
when reviewing performance the directors use a number of adjusted measures including adjusted ebitda this is reconciled below
extract of consolidated statement of comprehensive income
for the year ended 31 december 2014
note
2014
£000
2013
£000
revenue 248131 225553
cost of sales 52443 50156
gross profit 195688 175397
distribution expenses 34037 30708
administrative expenses 97787 100170
operating profit 63864 44519
reconciliation to adjusted ebitda
operating profit 63864 44519
amortisation of acquisition related intangible assets 1 19569 24745
contingent payable in relation to the acquisition of moneysavingexpertcom 2 3908 7960
corporate finance fees 3 – 553
adjusted operating profit 87341 77777
depreciation 3446 3648
amortisation of internally generated technology related intangible assets 4388 2555
adjusted ebitda 95175 83980
adjusted earnings per ordinary share
– basic p 123 108
– diluted p 122 107
notes
basis of preparation
the results show the trading results for the years ended 31 december 2014 and 2013 respectively the following adjustments have been made in arriving at adjusted 
ebitda
1 amortisation of acquisition related intangible assets
 the acquisition of moneysupermarketcom financial group limited by the company prior to listing gave rise to £2072m of intangible assets these will be 
written off over a period of 3–10 years with a charge of £178m expensed in 2014 2013 £230m 
 the acquisition of the trade and certain assets of moneysavingexpertcom and a sole trader business from martin lewis together ‘mse’ on 21 september  
2012 by the group gave rise to £129m of intangible assets these will be written off over a period of 3–10 years with a charge of £17m included within 2014  
2013 £17m 
2 contingent payable in relation to the acquisition of moneysavingexpert
 the group has recognised an administrative expense relating to deferred remuneration which is linked to continued employment in the consolidated statement 
of comprehensive income in 2014 of £39m 2013 £80m 
3 corporate finance fees
 during the prior year the group incurred fees of £06m in relation to advice relating to a special dividend of £700m paid to shareholders in july 2013
reference is made below to adjusted cost base and adjusted distribution and administration expenses these measures represent costs charged to the 
consolidated statement of comprehensive income less intangible amortisation relating to acquisitions costs recognised in respect of the contingent payable in 
relation to the acquisition of moneysavingexpert and corporate finance fees
matthew price
chief financial officer
business review
18 moneysupermarket annual report  accounts 2014 during 2014 the moneysupermarketcom business continued to grow with revenues ahead of last year in all business areas growth 
was strong in the insurance and money businesses after a period of falling motor insurance premiums premiums increased which 
encourages switching revenues in the money vertical increased primarily through demand for comparing unsecured loans and credit 
cards growth rates accelerated in the second half of the year as the group regained its natural search rankings
travelsupermarketcom grew its revenues for the full year by 28 it benefited from focused tv advertising in the key trading months 
and from ongoing investment in technology 
revenue in moneysavingexpertcom was 17 ahead of last year prior to eliminating intragroup revenues growth was driven by 
credit cards and utilities which has again benefited from the success of the cheap energy club launched in 2013  
moneysavingexpertcom contributed £152m to group adjusted ebitda 2013 £133m
the group remains committed to its technology development and invested £161m in 2014 this investment as part of a threeyear 
programme focuses on three areas – developing our data asset building a new aggregation engine and upgrading our customer 
experience and journey the investment allows for greater flexibility and scalability across our different channels and any future 
channels customers will benefit from better connectivity across channels and be able to seamlessly use different devices to conduct 
the same transaction the group believes this investment will allow it to deliver services more effectively to customers especially on 
mobile devices
group gross margins increased from 778 to 789 largely as a result of increased volumes of traffic through natural search and the 
continued optimisation of paid search the proportion of direct to site revenues increased from 75 in 2013 to 79 in 2014 paid search 
represented 17 of revenue in the year 2013 20 with a notable reduction from the second quarter of 2014 onwards this will affect 
year on year margin improvement comparisons from the second quarter of 2015 onwards
distribution costs were 11 higher than 2013 primarily due to higher offline marketing earlier in the year the group continued the 
‘you’re so moneysupermarket’ campaign on television supported by radio and print campaigns
adjusted administrative costs increased by 11 from £670m to £743m in 2014 adjusted staff costs including contract resource were 
9 higher at £419m largely driven by increased bonus levels other administrative costs increased by £24m mainly as a result of 
development project work
adjusted ebitda margins increased from 372 to 384 against the same period last year
the group operates across a number of businesses and markets these are discussed below
revenue
1
31 december 2014 31 december 2013
£000  £000 
money 58903 24 52070 23
insurance 138013 56 127566 57
home services
2
22351 9 21728 10
moneysupermarketcom 219267 89 201364 89
travelsupermarketcom 22648 9 17704 8
moneysavingexpertcom 22848 9 19522 9
other businesses 214 – 346 –
intercompany revenue
1
16846 7 13383 6
total 248131 100 225553 100
1 in the above table revenues in moneysupermarketcom arising from traffic from moneysavingexpertcom have been shown in both moneysupermarketcom and 
moneysavingexpertcom to present the revenues from moneysupermarketcom on a consistent basis and to show the contribution of the moneysavingexpertcom 
business to the group intercompany revenues have been eliminated as shown above
2 home services revenue in 2013 has been restated to remove the shopping and vouchers channel
moneysupermarketcom
the directors use key performance indicators kpis to assess the performance of the business against the group’s strategy these are 
reviewed on a regular basis the principal kpis for the business are as follows
visitors – the group measures the number of visitors to its websites as the number of unique visitors per day per channel per device 
measured on a cumulative basis using cookiebased tracking methodologies
transactions – the group measures transactions at the point in time that the customer leaves the group’s websites having clicked 
through to a third party website or in some cases having completed an application form hosted on the group’s websites
revenue per visitor rpv – the group measures the total revenue including click and other internet revenue divided by the number 
of visitors defined above
revenue per transaction rpt – the group measures the click based revenue divided by the total number of transactions defined 
above
19 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report money
the money vertical offers customers the ability to search for and compare products including credit cards current accounts 
mortgages loans debt solutions savings accounts and business finance it also includes elements of the group’s leads business 
together with advertising revenue that derives from financial products
the kpis for the money vertical are shown below
31 december
2014
31 december
2013 change
visitors 000 40762 41727 2
transactions 000 21582 20696 4
revenue £000 – click based 56521 49004 15
revenue £000 – other 2382 3066 22
revenue £000 – total 58903 52070 13
rpv £145 £125 16
rpt £262 £237 11
total revenue increased by 13 from £521m to £589m and click based revenue by 15 from £490m to £565m visitors to the money 
vertical were 2 lower than last year
revenues from credit products defined as secured and unsecured loans credit cards debt solutions and mortgages but excluding 
impressionbased advertising accounted for almost 80 of the growth in the money vertical
trading improved in the second half of the year relative to the first half money revenues were 22 ahead in the second half of the year 
against a first half where revenues were 6 ahead largely driven by the increase in the volume and quality of credit card and loan 
products available on our site including marketleading and exclusive deals the group chose to stop operating in the payday loans 
market in the middle of 2013 reducing revenues in the second half of 2013 thereby improving half on half growth in 2014
the group’s noncredit business and in particular its savings revenues have continued to be impacted by the government’s ‘funding 
for lending’ scheme which means financial institutions can borrow from the bank of england at attractive rates and don’t need to 
compete for retail deposits the government announced on 2 december that the scheme was to be extended for a further period to 29 
january 2016 
other revenue which includes revenue from the sale of leads and advertising fell by £07m the group has continued to focus upon 
improving its core click based offering reducing impressionbased advertising revenues
insurance
the insurance vertical offers customers the ability to search for and compare insurance products such as breakdown dental home 
life medical motor pet and travel insurance amongst other things it also includes elements of the group’s leads business and 
advisory business together with advertising revenue related to insurance products
the kpis for the insurance vertical are shown below
31 december
2014
31 december
2013 change
visitors 000 36194 35155 3
transactions 000 16207 15595 4
revenue £000 – click based 118377 110912 7
revenue £000 – other 19636 16655 18
revenue £000 – total 138013 127566 8
rpv £381 £363 5
rpt £730 £711 3
revenues in the insurance vertical increased 8 from £1276m to £1380m clickbased revenue increased by 7 from £1109m to 
£1184m visitors increased by 3 over the period
revenues in the second half of the year accelerated compared with the first half whereby revenues were 13 ahead of the 
corresponding second half period following a 4 first half increase 
motor insurance premiums increased in the second half of the year after a period of decline this encouraged greater interest in 
switching home insurance premiums continued to decline in addition the group recovered its natural search rankings after may 
2014
travel insurance showed good growth benefiting from improvements to the site life insurance also grew strongly following a redesign 
of the customer journey
business review
20 moneysupermarket annual report  accounts 2014 home services
the home services vertical offers customers the ability to search for and compare products such as broadband mobile phones 
vouchers shopping and utilities
the kpis for the home services vertical are shown below
31 december
2014
31 december
2013 change
visitors 000 16630 14805 12
transactions 000 6243 5204 20
revenue £000 – click based 22351 21728 3
revenue £000 – other – – –
revenue £000 – total 22351 21728 3
rpv £134 £147 9
rpt £358 £418 14
revenue in the home services vertical increased for the full year by 3 from £217m to £224m 
the kpis reported for this vertical used to include the shopping and vouchers business which would have added revenue of £02m and 
74m visitors in the year to the table above revenue of £02m and 96m visitors in 2013 the shopping and voucher business is not a 
priority for the group and so is excluded from the table to allow better visibility of the underlying performance of the vertical
revenues from utility switching which account for the majority of revenues within the home services vertical were strong as the 
channel continued to benefit from the popular cheap energy club service launched by moneysavingexpertcom in 2013 this service 
allows consumers to register for alerts when savings available against their current tariff exceed a predetermined amount set by the 
consumer in the last quarter of 2014 the group ran a highly successful collective switch allowing customers to apply for market
leading tariffs available exclusively through the group
travelsupermarketcom
travelsupermarketcom offers customers the ability to search for and compare car hire flights hotels and package holidays amongst 
other things
the kpis for travelsupermarketcom are shown below
31 december
2014
31 december
2013 change
visitors 000 64083 55857 15
transactions 000 31318 26304 19
revenue £000 – click based 21084 16986 24
revenue £000 – other 1564 718 118
revenue £000 – total 22648 17704 28
rpv £035 £032 9
rpt £067 £065 3
revenues increased by 28 from £177m to £226m click based revenue increased by 24 to £211m
trading was very strong in the year particularly in the seasonally stronger first half the travel business benefitted from a focused 
television and radio campaign in the important january and july trading periods which resonated well with consumers
the group’s ongoing investment in technology has enabled the business to replatform a number of its core channels and will allow it 
to make future changes to the customer proposition in a more agile manner
moneysavingexpertcom mse
moneysavingexpertcom generated revenues of £228m 2013 £195m of which £168m 2013 £134m related to revenues also 
recognised within moneysupermarketcom generated from traffic referred to it by mse it contributed £152m 2013 £133m to group 
adjusted ebitda
trading trends have been consistent with those seen by moneysupermarketcom with good growth in revenues from borrowing 
utilities revenues continued to be driven by the cheap energy club and the collective switch referred to earlier
the acquisition of the trade and certain assets of moneysavingexpertcom and a sole trader business from martin lewis included a 
deferred element payable in part against the achievement of certain nonfinancial metrics over a three year period and in part at the 
board’s discretion subject to the continued employment of martin lewis the deferred element will be settled on the third anniversary 
of completion in september 2015 the group has recognised in administrative expenses a charge of £39m 2013 £80m in the 
consolidated statement of comprehensive income in respect of deferred remuneration linked to continued employment
21 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report acquisition of ontrees
on 14 march 2014 the group acquired the trade and assets of the ontrees bank account and credit card aggregation service for £15m 
this web and mobile app allows consumers to see an overview of their finances by connecting their bank accounts and credit cards in a 
single tool this tool gives a breakdown of all income and expenditure across accounts and helps users see where they are spending 
most and where they can save
disposal of hd decisions limited
on 7 may 2014 the group disposed of its 25 holding in its credit scoring technology associate hd decisions limited for cash 
consideration of £53m resulting in a profit on disposal of £39m in addition further contingent consideration of up to £19m may 
become payable dependent upon certain financial targets over a three year earnout period
cash balance and dividend
as at 31 december 2014 the group had net cash of £131m 2013 net debt £211m 
having reviewed inter alia the performance of the group and the cash required by the business the board is recommending a final 
dividend subject to shareholder approval in respect of the year ended 31 december 2014 of 569p per ordinary share
together with the interim dividend of 231p per ordinary share paid on 12 september 2014 this gives a total normal dividend for the 
year of 800p per ordinary share 2013 728p excluding the special dividend paid during that year reflecting the board’s confidence in 
the ability of the business to generate cash on an ongoing basis
the board is committed to a progressive dividend policy with ongoing monitoring of the appropriate capital structure
the exdividend date for the final dividend is 26 march 2015 with a record date of 27 march 2015 and a payment date of 8 may 2015 
shareholders will have the opportunity to elect to reinvest their cash dividend and purchase existing shares in the company through a 
dividend reinvestment plan
tax
the group tax charge of £131m in the consolidated statement of comprehensive income represents an effective tax rate of 199 
2013 195 this is lower than the prevailing rate of 215 2013 2325 due to the profit on disposal of hd decisions limited being 
exempt from corporation tax under the substantial shareholdings exemption
in future and once the statutory rate of tax has settled the group expects the underlying effective rate of tax to approximate to the 
standard uk corporation tax rate
earnings per ordinary share
basic statutory earnings per ordinary share for the year ended 31 december 2014 was 97p 2013 64p adjusted basic earnings per 
ordinary share increased from 108p to 123p per share the adjusted earnings per ordinary share is based on profit before tax after 
adding back intangible amortisation related to acquisitions costs related to the contingent consideration payable for 
moneysavingexpertcom the profit on disposal of hd decisions limited and fees associated with the special dividend paid in the prior 
year a tax rate of 215 2013 2325 has been applied to calculate adjusted profit after tax
business review
22 moneysupermarket annual report  accounts 2014 key contractual arrangements
moneysupermarketcom limited a subsidiary of the company is party to contracts and other arrangements which the directors judge 
are essential to the group’s business
as with any internet business the group is dependent upon its ability to attract customers to its website either directly or through paid 
search or portal partners and revenue generated from commercial arrangements with its providers
the group uses television advertising to attract customers to its website directly the group incurred costs of £282m 2013 £256m 
relating to television and other offline advertising the group has contracts with a number of media agencies to acquire advertising 
inventory from commercial television companies the group typically has a commitment of between 6 and 10 week’s expenditure at 
any one time television and other offline advertising costs represent 83 2013 83 of distribution costs
the group uses search engines to acquire traffic via paid search the group spent £391m 2013 £391m on paid search during the 
year although there are a number of search engines that operate in the uk google is the dominant search engine and accounts for the 
majority of the group’s spend in this area the group has no forward commitment to search engines and manages its spend on a real 
time basis
the group has a number of contracts with providers which are based either on a cost per click basis or a cost per application basis or a 
hybrid of the two it also has a number of commercial arrangements based on the number of page impressions served in the case of 
banner advertising the group does not consider it has any material contracts with providers in any one channel the group does 
however frequently deal with providers across a range of different channels managed under different contracts often to different 
parts of the same organisation and occasionally through third party media agencies at this consolidated channel level the largest 
individual provider represented approximately 4 2013 3 of group revenue in 2014
23 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report how we mitigate risk
during 2014 the group has made 
enhancements to the risk management 
framework including embedding risk 
reporting and enhancing management 
information to facilitate customer  
focused outcomes
risk management
in common with all businesses the group 
faces risks the effective management of 
which is necessary to enable it to achieve 
its strategic objectives and secure the 
business for the long term risk 
management is critical to the effective 
running of the business and provides a 
greater prospect of achieving the strategic 
objectives whilst also giving a competitive 
advantage risk management is 
considered as part of the group’s decision 
making processes
risk appetite
risk appetite is an expression of the 
amount and type of risk the group is 
willing to accept in order to achieve its 
strategic objectives the group’s risk 
appetite influences the business culture 
and operating decisions and is reflected in 
the risk management framework risk 
exposures outside of appetite are 
escalated and reported to the risk 
committee alongside action plans to 
reduce the risk on a timely basis 
the tables below summarise in the opinion of the board the principal risks to the group and how the group seeks to mitigate them in 
the daytoday running of the business
strategic priority best site
be the easiest way for customers to find providers and products
risk area description risk type mitigating activities
competition loss of market share or reduction in 
margins as a result of channels and 
platforms not delivering expected 
benefits to customers and the group
strategic risk • the group continues to focus on 
building market leading propositions 
for its customers including investment 
in new platforms across a range of 
channels which deliver additional 
features and functionality to 
customers
• evolution of existing platforms to 
improve customer experience and 
make comparing products easier
changing 
consumer 
demand
reduction in customers if the group fails 
to adapt to changing customer behaviours 
in using new technologies such as 
increasing use of mobile devices to access 
the internet or social media
strategic risk • regular engagement with customers 
to understand changes in the way in 
which they utilise the group’s services
• the group has invested significantly 
in technology to allow customers to 
access the group’s websites across 
multiple devices
strategic priority earn customer loyalty
be a destination brand for users and customers
risk area description risk type mitigating activities
brand 
strength
loss of confidence by customers in the 
brands operated by the group resulting 
in reduced engagement and loyalty from 
customers
strategic risk • continued investment in advertising 
across a range of media to maintain 
the group brands in customers’ minds
product offering reduction in customer loyalty with 
existing customers and an inability to 
attract new customers if the business 
fails to maintain a competitive price 
and product offering as a leading price 
comparison business
operational
conduct risk
• the group seeks to build strong 
relationships with providers to develop 
varied product offerings including 
exclusive products and offers and 
competitive pricing
• the group undertakes rigorous 
checking of its websites through audit 
and review to maintain the accuracy of 
information displayed
customer 
trust
negative impact on reputation and loss 
of customer trust through impact of an 
operational event such as loss or misuse 
of customer personal data
operational
conduct risk
• investment in flexible systems to put 
customers in control of how personal 
data is held and used
• rigorous controls and regular testing 
of the group’s systems and investment 
in infrastructure will ensure the 
integrity and robustness of the group’s 
systems
principal risks
24 moneysupermarket annual report  accounts 2014 risk management processes
the group adopts a formal risk 
identification and management process 
designed to ensure that risks are properly 
identified prioritised evaluated and 
mitigated to the extent that is possible 
risks are reviewed across the group on a 
regular basis and formally reported to the 
risk committee 
the risk  compliance function provides 
challenge to the business in their 
assessment and management of risks with 
particular focus on the actions being taken 
to reduce the risk internal audit and 
compliance monitoring findings are an 
additional consideration in the assessment 
of risks 
each risk is owned by a member of the 
executive management team who review 
the assessment and are responsible for 
delivery of mitigating actions possible 
future risks are also considered and 
preventative measures taken as 
appropriate
strategic priority preferred partner
be the best way for providers to acquire customers
risk area description risk type mitigating activities
relevance 
to partners
providers may increase their focus 
on customer retention rather than 
acquisition or seek alternative sources 
of customer acquisition outside of price 
comparison websites
strategic risk • the group seeks to innovate in the 
solutions and benefits it can offer 
to providers and maximise the 
opportunities for providers to acquire 
customers in a cost effective manner
core values
one team always making things better for customers colleagues and providers
risk area description risk type mitigating activities
economic 
uncertainty
weaknesses in the economic environment 
may cause providers to reduce product 
range or tighten acceptance criteria for 
customers seeking to obtain credit this 
may reduce competition for business 
customer choice group revenue and the 
customer proposition of price comparison 
websites
strategic risk • commercial arrangements exist with 
a wide range of providers offering 
genuine choice to customers
• building strong relationships with 
providers to ensure that the group is 
able to provide solutions to the needs 
of providers
• focus on maintaining control of cost 
base in order that the business is an 
efficient customer acquisition route for 
providers
regulation changes to existing regulation or 
the introduction of new regulatory 
requirements requires changes to the 
core business model in order to comply
strategic risk • the group seeks to have a strong 
relationship with regulators and shares 
the vision of regulators generally to 
make products more accessible and 
understandable to customers
• the group risk  compliance function 
works across the business to ensure 
it remains compliant with existing 
regulation and is able to highlight 
where changes may impact business 
processes
25 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
identify 
the risks
quantify 
the gross
risk
monitor  
and 
control
identify 
existing 
risk  
mitigation
identify  
if further 
controls 
needed
quantify 
the net  
risk the board considers that the management of 
safety health environment social and ethical 
matters forms a key element of effective 
corporate governance which in turn supports 
the strategy longterm performance and 
sustainability of the business
communities and charities
the group’s community initiative was 
launched in 2008 and has continued to 
develop during 2014 the initiative is 
focused on providing support to charities 
and community groups located within a 
few miles of the group’s offices in ewloe 
so support is targeted primarily in 
flintshire and cheshire
a volunteer group of employees meet 
regularly to review requests for donations 
and to allocate funds according to agreed 
donation guidelines employees are also 
active in researching and seeking out local 
good causes that the group can help 
support the initiative has been effective 
at harnessing the energy and enthusiasm 
of the group’s employees to benefit the 
communities in which it operates
in 2014 the group made £2000 per month 
available for the community initiative 
this funding has been channelled via the 
charities aid foundation enabling the 
group to make gross donations to 
registered charities
over the course of the year the group has 
supported over 40 charities and 
community groups including
• barnadosflintshire young carers 
• danger point talacre
• ty nos homeless shelter
• hawarden rangers 
• action for sick children 
• wrexham womens aid 
in addition to the community initiative 
the group and its employees continue to 
select and support a charity of the year on 
an annual basis
the 2014 charity of the year was mind the 
charity provides help and support to those 
affected by mental health problems over 
the course of the year the group’s 
employees raised £66832 for mind with 
the group also donating £31267 bringing 
the total donated to mind during the year 
to £98099
the 2015 charity of the year is the national 
autistic society the charity provides help 
and support to those affected by autism
the group launched a volunteering 
scheme in october 2011 through which the 
group supports a total of 60 volunteering 
days per year to help those who are less 
fortunate and thereby make a valuable 
contribution to our local community 
during the year employees volunteered in 
a diverse range of activities including save 
the family at plas belin oakenholt and the 
sponsored ‘kilimanjaro challenge’
environment 
the group is committed to reducing 
energy and raw material usage to support 
environmental and financial performance 
and have implemented the following 
initiatives to support this aim
• the installation of solar panels at the 
group’s ewloe office resulting in energy 
savings of approximately 5092kwh 
during 2014
• the installation of led lighting at the 
group’s ewloe office
• the replacement of pcs and printers 
with more energy efficient models
the group estimates that during 2014 it 
recycled on average over 80 of its 
commercial waste
greenhouse gas ghg emissions 
this section includes our mandatory 
reporting of greenhouse gas emissions 
pursuant to the companies act 2006 
strategic report and directors’ report 
regulations 2013 the methodology used to 
calculate our emissions is based on the ghg 
protocol corporate standard emissions 
reported correspond with our financial year 
we have included emissions from both our 
owned and leased assets for which we are 
responsible emissions are predominantly 
from gas combustion and electricity use at 
our offices and data centres we have 
reported on all material emission sources 
which we deem ourselves to be responsible 
for emission factors are from uk 
government conversion factor guidance 
current for the year reported
in order to express our annual emissions 
in relation to a quantifiable factor 
associated with our activities we have 
used revenue as our intensity ratio as this 
is a relevant indication of our growth and 
is aligned with our business strategy
greenhouse gas emissions data
for period from 1 january to 31 december
tonnes of co
2
e
2014 2013
emissions from
combustion of fuel and 
operation of facilities 264 253
electricity heat steam  
and cooling purchased 
for own use 9686 9180
company’s chosen intensity 
measurement tonnes of  
co
2
e per £m revenue 401 418
total co
2
e by emission type in 2014
electricity heat steam and cooling 
purchased for own use  976 
combustion of fuel and operation 
of facilities  24 
24
976
corporate responsibility report
26 moneysupermarket annual report  accounts 2014 the group is committed to an equal 
opportunities policy the group aims to 
ensure that no employee is discriminated 
against directly or indirectly on the 
grounds of colour race ethnic and 
national origins sexual orientation or 
gender marital status disability religion 
or belief being part time or on the 
grounds of age
approximately 57 of our employees are 
male and 43 female in our senior 
leadership team approximately 85 of the 
team are male and 15 female whilst on 
our board 82 of the directors are male 
and 18 female
the group recognises the importance of 
health and safety and the positive benefits 
to the group the group has a health and 
safety policy which is communicated to all 
employees through a health and safety 
handbook which is regularly reviewed and 
updated
supporting students 
in order to build links between the group 
and local schools and colleges work 
experience and placements are offered to 
a number of students in doing so the 
group strives to make work placements 
positive challenging and relevant to 
participants’ current studies and their 
future job prospects
business ethics 
the group has formal ethics and anti
bribery policies which incorporate the 
group’s key principles and standards 
governing business conduct towards our 
key stakeholder groups we believe we 
should treat all of these groups with 
honesty and integrity
employees
the group actively encourages employee 
involvement and consultation it places 
considerable emphasis on keeping its 
employees informed of the group’s 
activities via formal business 
performance updates regular update 
briefings regular team meetings the 
group’s intranet site which enables easy 
access to the latest group information as 
well as group policies and the circulation 
to employees of relevant information 
including corporate announcements 
this also helps to achieve a common 
awareness amongst employees of the 
financial and economic factors affecting 
the performance of the group
a robust employee engagement survey 
process is also in place to ensure that 
employees are given a voice in the 
organisation and that the group can take 
action based on employee feedback
3 2
1
1 kilimanjaro 12 employees took part in the 
kilimanjaro charity challenge to raise funds for 
mind
2 volunteering employees volunteered at the 
save the family youth project
3 racing employees raced in the chester dragon 
boat races to raise money for mind
27 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report uk corporate governance code
as a board of directors we aspire to establish a governance 
structure for the business which provides effective control and 
oversight of the business without harming the entrepreneurial 
spirit which has been the hallmark of the group’s success in 
striving to help every household make the most of their money
our corporate governance report is set out on pages 32 to 36 
this section of the annual report sets out how we lead the 
group and comply with the provisions of the uk corporate 
governance code it also outlines any governance initiatives 
undertaken in the year
key areas of focus this year included the formation of a new risk 
committee to give a specific focus to the risks faced by the group 
and to ensure that they are appropriately managed by the group 
and an external board evaluation with the assistance of sct 
consultants which has helped the board to understand how we 
work our skills our diversity our key strengths and how we can 
improve our effectiveness we will continue to focus on board 
effectiveness over the coming year
our statement of compliance with the uk corporate governance 
code is set out on page 36
board effectiveness
as chairman i am responsible for the leadership of the board and 
ensuring its effectiveness in all aspects of its role the board is 
responsible for the group’s strategic development monitoring 
achievement of its business objectives oversight of risk and 
maintaining a system of effective corporate governance
board and committee composition
we have a strong and balanced board with a range of 
complementary skills to support the strategic and operational 
direction of the group during 2014 these skills were further 
strengthened following the appointments of andrew fisher in 
august and genevieve shore in september as additional 
independent nonexecutive directors both andrew and 
genevieve bring digital entrepreneurial and technology 
experience from the media and technology sectors to the board 
providing valuable challenge and insight during the board’s 
deliberations
in april 2014 matthew price was appointed chief financial officer 
succeeding paul doughty who stepped down from the board 
matthew brings his diverse career experience to our group 
helping us shape our strategy and future direction as we become 
a larger and more complex business
given the increasing complexity of the group and the formation 
of a new board risk committee the board reviewed the 
membership of all the committees during the year and made a 
number of changes with effect from 1 january 2015 to ensure the 
committees continue to operate effectively the current 
members of each of the committees is set out in the corporate 
governance report on page 33
in line with good corporate governance during the year i ceased 
to be a member of each committee with the exception of the 
nomination committee which i chair the board also agreed that 
sally james as chairman of the risk committee should be a 
member of all the board committees to ensure that risk is 
appropriately considered in each committee
bruce carnegiebrown
chairman
28 moneysupermarket annual report  accounts 2014
chairman’s governance introduction succession planning and diversity
to maintain an effective board it is essential to plan for the future 
and to ensure the right individuals are appointed to the board 
from a diverse pool of talent we recognise the importance of 
diversity at board level the board considers itself diverse in 
terms of the background and experience which each individual 
brings to the board 
all future appointments will continue to be based on merit 
however the board aspires to achieve a significant level of female 
representation on the board and i am pleased that we have made 
further progress towards this objective in 2014 more detail on 
our diversity policy can be found in our nomination committee 
report on page 40 details of the proportion of women on the 
board in senior leadership positions and within the whole 
organisation can be found on page 27 of the corporate 
responsibility report 
ethics and governance
there is a strong relationship between ethics and good 
governance we remain committed to operating ethically 
demonstrating integrity and acting responsibly in our 
undertakings with our customers our shareholders and our 
wider stakeholders further information on ethics and social 
responsibility is contained in our corporate responsibility report 
on pages 26 and 27
board operation
we continue to operate a clear line of distinction between 
management led by peter plumb chief executive officer who is 
responsible for the day to day running of the business and the 
board acting under my leadership which provides constructive 
challenge to management ensuring an open culture of debate 
that creates and preserves value for our shareholders
during 2015 and beyond i will ensure that the board continues to 
operate in a constructive and open manner with honesty and 
integrity as its core principles 
bruce carnegiebrown
chairman
2 march 2015
29 moneysupermarket annual report  accounts 2014
financial statements general overview strategic report overview governance bruce carnegiebrown
chairman of the board and chairman of the 
nomination committee
bruce was appointed chairman of the board at the 
annual general meeting in april 2014 he has been 
a nonexecutive director of the group since april 
2010 he has been nonexecutive chairman of aon 
uk plc since september 2012 and a nonexecutive 
director of santander uk plc since october 2012  
he was a nonexecutive director of close brothers 
group plc between 2006 and 2014 and a 
nonexecutive director of catlin group limited 
between 2010 and 2014 he was previously 
managing partner of 3i group chief executive 
officer of marsh limited and a managing director 
of jp morgan
term of office bruce was appointed to the board 
as a nonexecutive director in april 2010 and 
became chairman of the board in april 2014
independent on appointment
external appointments bruce is nonexecutive 
chairman of aon uk plc and a nonexecutive 
director of santander uk plc
committee membership bruce chairs the 
nomination committee and attends meetings of 
the risk remuneration and audit committees by 
invitation
matthew price
chief financial officer 
matthew joined the group in 2014 as chief 
financial officer prior to joining the group 
matthew was finance director at costa coffee 
between 2009 and 2014 and managing director of 
its business in china matthew previously held 
senior finance and commercial roles at sodexo and 
j sainsbury including retail finance director and 
property director matthew is a qualified chartered 
accountant having trained and qualified with 
deloitte in its corporate finance practice
term of office matthew was appointed to the 
board in april 2014
independent not applicable
external appointments none
committee membership matthew attends 
meetings of the audit and risk committees by 
invitation
simon nixon
nonexecutive deputy chairman 
simon cofounded the group’s business in 1993 
and since then has been involved in the 
management and development of the business 
including the launch of moneysupermarket in 1999 
and travelsupermarket in 2004
term of office simon was appointed to the board 
as chief executive officer in april 2007 and 
became deputy chairman in february 2009 
simon became nonexecutive deputy chairman in 
april 2013
independent no
external appointments simon is a director of 
sndc ltd compara online beaufort capital 
management uk ltd simon family office limited 
atlantic paradise ltd atlantic serenity holding ltd 
and simon escapes properties sl
committee membership none
graham donoghue
chief product officer 
graham joined the group in 2008 as managing 
director travel and was appointed managing 
director financial services in january 2011 he 
became chief product officer in 2013 prior to 
joining the group graham was new media 
director of tui travel plc between 2006 and 2008
term of office graham was appointed to the 
board in february 2009
independent not applicable
external appointments none
committee membership graham attends 
meetings of the risk committee by invitation
peter plumb
chief executive officer 
peter was appointed chief executive officer in 
february 2009 prior to joining the group peter 
was the uk managing director of dunnhumby 
limited between 2006 and 2008 before that he 
was general manager of europe disney consumer 
products international director of dyson 
appliances limited and held senior commercial 
roles at pepsico international peter has an mba 
from imd in switzerland
term of office peter was appointed to the board 
in january 2009 and became chief executive 
officer in february 2009
independent not applicable
external appointments none
committee membership peter attends meetings 
of the risk remuneration audit and nomination 
committees by invitation
michael wemms
senior independent nonexecutive director 
michael has been a nonexecutive director of 
howden joinery group plc since 2006 he was 
formerly a nonexecutive director of inchcape plc 
between 2004 and 2011 and chairman of house of 
fraser plc between 2001 and 2006 michael was 
previously an executive director of tesco plc 
between 1989 and 2000
term of office michael was appointed to the 
board as a nonexecutive director in july 2007 
michael will step down as a director of the 
company at the annual general meeting on 30 
april 2015
independent yes
external appointments michael is a non
executive director of howden joinery group plc
committee membership michael is a member of 
the remuneration audit nomination and risk 
committees
board of directors and company secretary
30 moneysupermarket annual report  accounts 2014 30 moneysupermarket annual report  accounts 2014 rob rowley
independent nonexecutive director and 
chairman of the audit committee
rob has been a nonexecutive director of taylor 
wimpey plc since 2010 where he is the senior 
independent nonexecutive director and chairs its 
audit committee he has been a nonexecutive 
director of morgan advanced materials plc since 
2014 where he chairs its audit committee and a 
nonexecutive director of greene king plc since 
2014 rob was previously at reuters plc from 1978 
to 2001 where he was finance director from 1990
term of office rob was appointed to the board as 
a nonexecutive director in september 2007 rob 
will become the senior independent non
executive director when michael wemms steps 
down as a director of the company at the annual 
general meeting on 30 april 2015
independent yes
external appointments rob is a nonexecutive 
director of taylor wimpey plc morgan advanced 
materials plc and greene king plc 
committee membership rob chairs the audit 
committee and is a member of the nomination 
and risk committees
andrew fisher
independent nonexecutive director and 
chairman of the remuneration committee
andrew is currently executive chairman and was 
previously chief executive officer of shazam 
entertainment limited prior to that andrew was 
european managing director of infospace inc and 
founder and managing director of tdlicom
term of office andrew was appointed to the 
board as a nonexecutive director in august 2014
independent yes
external appointments andrew is executive 
chairman of shazam entertainment limited
committee membership andrew chairs the 
remuneration committee and is a member of the 
nomination and risk committees
sally james
independent nonexecutive director and  
chairman of the risk committee
sally has been a nonexecutive director of rotork 
plc since 2012 and a nonexecutive director of 
towry holdings limited since 2011 sally was 
previously a nonexecutive director of ubs limited 
between 2009 and january 2015 and before that 
held a number of senior legal roles in investment 
banks in london and chicago including emea 
general counsel at ubs investment bank from 
2001 to 2008
term of office sally was appointed to the board 
as a nonexecutive director in april 2013
independent yes
external appointments sally is a nonexecutive 
director of rotork plc and towry holdings limited
committee membership sally chairs the risk 
committee and is a member of the remuneration 
audit and nomination committees
genevieve shore
independent nonexecutive director 
genevieve has been a nonexecutive director of 
stv group plc since 2012 and a nonexecutive 
director of next 15 communications group plc 
since february 2015 where for both companies 
she chairs their respective remuneration 
committees genevieve was appointed to the 
advisory board of great fridays in september 
2014 she has previously held senior leadership 
roles at pearson plc including chief information 
officer and chief product officer
term of office genevieve was appointed to the 
board as a nonexecutive director in september 
2014
independent yes
external appointments genevieve is a non
executive director of stv group plc and next 15 
communications group plc and she is a member 
of the advisory board of great fridays
committee membership genevieve is a member 
of the risk remuneration audit and nomination 
committees
robin klein
independent nonexecutive director
robin is a venture partner of index ventures and a 
founding partner of the accelerator group he is a 
nonexecutive director or board observer in a 
number of companies in which index ventures or 
the accelerator group have invested including 
moo print limited zoopla property group limited 
adhunter limited farfetch limited osper ltd just 
park ltd and mybuilder ltd
term of office robin was appointed a non
executive director in june 2013 robin will step 
down as a director of the company at the annual 
general meeting on 30 april 2015
independent yes
external appointments robin is a nonexecutive 
director or board observer in a number of 
companies including moo print limited zoopla 
property group limited adhunter limited 
farfetch limited osper ltd just park ltd and 
mybuilder ltd
committee membership robin is a member of 
the nomination committee and the audit 
committee
darren drabble
company secretary and group general counsel 
darren joined the group as company secretary 
and group general counsel in may 2007 darren 
has a corporate and commercial law background 
originally qualifying as a solicitor with addleshaw 
goddard llp before working as a senior legal 
counsel at united utilities group plc
term of office darren was appointed company 
secretary in june 2007
31 moneysupermarket annual report  accounts 2014
financial statements general strategic report
31 moneysupermarket annual report  accounts 2014
overview governance governance
32 moneysupermarket annual report  accounts 2014
corporate governance report
the board of directors board of moneysupermarketcom group 
plc company is committed to high standards of corporate 
governance and supports the principles laid down in the uk 
corporate governance code published in september 2012 by the 
financial reporting council code this corporate governance 
report describes how the principles of the code are applied by 
the company and reports on the company’s compliance with the 
code’s provisions
compliance
the board considers that the company has complied with the 
provisions of the code throughout the year ended 31 december 
2014 and to the date of this report except as set out below
board of directors
the board currently has eleven members comprising the 
nonexecutive chairman bruce carnegiebrown six independent 
nonexecutive directors michael wemms rob rowley sally 
james robin klein andrew fisher and genevieve shore one 
nonindependent nonexecutive director simon nixon deputy 
chairman and three executive directors peter plumb chief 
executive officer matthew price and graham donoghue 
michael wemms has been designated as the senior independent 
nonexecutive director
at the annual general meeting held on 23 april 2014 gerald 
corbett stepped down as chairman and as a nonexecutive 
director of the company and he was succeeded by bruce 
carnegiebrown as chairman from that date paul doughty also 
stepped down as an executive director at the annual general 
meeting on 23 april 2014 and he was succeeded by matthew price 
who was appointed an executive director on 1 april 2014
at the annual general meeting to be held on 30 april 2015 
michael wemms and robin klein will step down as nonexecutive 
directors of the company rob rowley will become the senior 
independent nonexecutive director from that date
the board normally meets on at least eight occasions in each 
financial year including a two day strategy conference to 
enable the nonexecutive directors to more freely discuss the 
performance of the group’s management the chairman meets 
with the nonexecutive directors at least once each year without 
the executive directors present
the board considers that all the directors are able to devote 
sufficient time to their duties as directors biographies of the 
board are set out on pages 30 and 31 including details of the 
significant commitments of the chairman the board is satisfied 
that these appointments do not conflict with the chairman’s 
ability to carry out his duties and responsibilities effectively for 
the group
the board has reviewed the recommendations of the davies 
review as part of a wider diversity discussion and has endorsed 
a board diversity statement which is set out in the nomination 
committee report on page 40 the board supports the aims 
objectives and recommendations of the davies review and in line 
with the code will continue to make board appointments on 
merit against objective criteria and with due regard for the 
benefits of diversity on the board including gender
independencenonexecutive directors
the chairman and the nonexecutive directors bring wide and 
varied commercial experience to board and committee 
deliberations the practice of the company is to appoint 
nonexecutive directors for specified terms of three years 
subject to a maximum of up to three months’ notice within that 
period and also subject to reelection and to companies act 
provisions relating to the removal of a director each of the 
nonexecutive directors including the chairman currently holds 
a letter of appointment reflecting this
the board considers that bruce carnegiebrown was 
independent on appointment as chairman and considers 
michael wemms rob rowley sally james robin klein andrew 
fisher and genevieve shore 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 the board does not consider 
simon nixon to be independent
conflicts of interest
the company’s articles of association were amended at the 2008 
annual general meeting in line with the companies act 2006 to 
allow the board to authorise potential conflicts of interest that 
may arise and to impose limits or conditions as appropriate 
when giving any authorisation any decision of the board to 
authorise a conflict of interest is only effective if it is agreed 
without the conflicted directors voting or without their votes 
being counted in making such a decision the directors must act 
in a way they consider in good faith will be most likely to promote 
the success of the company
the company has established a procedure for the appropriate 
authorisation to be sought prior to appointment of any new 
director or prior to a new conflict arising and for the regular 
review of actual or potential conflicts of interest during the year 
this procedure was adhered to and operated effectively
darren drabble
company secretary 33 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
relationship agreement
the single largest shareholder of the company is simon nixon the company and simon nixon entered into a relationship agreement 
on 11 july 2007 to regulate the ongoing relationship between them relationship agreement the principal purpose of the relationship 
agreement is to ensure that the company is capable of carrying on its business independently of simon nixon and that transactions 
and relationships with simon nixon are at arm’s length and on normal commercial terms
the company and simon nixon have agreed in the relationship agreement that simon nixon is entitled to appoint such number 
including himself as a director one nonexecutive director for as long as he holds the beneficial interest in at least 15 of the 
ordinary shares of the company two nonexecutive directors for as long as he holds the beneficial interest in at least 30 of the 
ordinary shares of the company and three nonexecutive directors for as long as he holds the beneficial interest in at least 50 of 
the ordinary shares of the company the relationship agreement will terminate if simon nixon holds less than 15 of the ordinary 
shares of the company
the relationship agreement also includes a protocol to be observed in relation to any nonexecutive director appointed by simon 
nixon to deal with potential conflicts of interest and the provision of confidential information
division of responsibilities
the positions of chairman and chief executive officer are not exercised by the same individual ensuring a clear division of 
responsibility at the head of the company the division of roles and responsibilities between the chairman and chief executive officer 
is clearly established set out in writing and has been approved by the board
the chairman is responsible for leadership of the board setting its agenda and monitoring its effectiveness he ensures effective 
communication with shareholders and that the board is aware of the views of major shareholders he facilitates both the contribution 
of the nonexecutive directors and constructive relations between the executive and nonexecutive directors
the chief executive officer is responsible for the day to day running of the group carrying out agreed strategy and implementing 
specific board decisions
role of the board
the board is collectively responsible for the group’s performance and meets regularly to review the operation and performance of 
the group the board has a formal schedule of matters reserved to it for decision making and matters delegated to committees of the 
board which are available on the investor relations section of the group’s website at wwwmoneysupermarketcom these include the 
group’s strategy business plan and annual budget acquisitions and disposals and other major investments and capital projects
there is an established procedure for the preparation and approval each year by the board of business plans and the annual 
budget the board receives reports on performance against the business plan and budget and reviews any significant variances each 
time it meets this information enables business performance to be monitored evaluated discussed and challenged where necessary 
and enables informed sound decisions to be made at least one of the board’s regular meetings each year is devoted to reviewing and 
agreeing the group’s strategic direction
board committees
the board has four principal committees audit nomination remuneration and risk to which various matters are delegated 
the committees all have formal written terms of reference that have been approved by the board and are published on the investor 
relations section of the group’s website at wwwmoneysupermarketcom they are also available in hard copy form on application to 
the company secretary
details of the work of the audit nomination remuneration and risk committees during the year are given in the reports of those 
committees on pages 37 to 57
the directors who serve on each of the committees are set out below
committee chairman members
audit rob rowley michael wemms robin klein sally james genevieve shore
nomination bruce carnegiebrown michael wemms rob rowley robin klein sally james andrew fisher genevieve shore
remuneration andrew fisher michael wemms sally james genevieve shore
risk sally james rob rowley michael wemms genevieve shore andrew fisher
with effect from bruce carnegiebrown’s appointment as chairman of the board on 23 april 2014 bruce carnegiebrown became 
chairman of the nomination committee and he ceased to be a member of the audit committee
with effect from andrew fisher’s appointment as a nonexecutive director on 6 august 2014 andrew fisher became chairman of the 
remuneration committee and bruce carnegiebrown ceased to be a member of the remuneration committee 34 moneysupermarket annual report  accounts 2014
governance
corporate governance report  
continued
board and committee attendance
the attendance record of the directors at scheduled board and committee meetings during the year is set out in the following table 
the board scheduled nine meetings during the year and ad hoc conference calls and committee meetings were also convened to deal 
with specific matters which required attention between scheduled meetings
board
audit 
committee
nomination 
committee
remuneration 
committee 
risk 
committee
executive directors
peter plumb 9 – – – –
paul doughty resigned on 23 april 2014 3
3
– – – –
matthew price appointed on 1 april 2014 7
7
– – – –
graham donoghue 9 – – – –
nonexecutive directors
bruce carnegiebrown 9 1
1
4 3
3
–
gerald corbett resigned on 23 april 2014 3
3
1
1
2
2
2
2
–
simon nixon 8 – – – –
michael wemms 9 4 4 4 4
rob rowley 8 4 4 3 3
sally james 9 4 4 4 4
robin klein 8 – – 3 –
andrew fisher appointed on 6 august 2014 3
3
1
1
1
1
1
1
1
1
genevieve shore appointed on 17 september 2014 2
2
1
1
– 1
1
1
1
total number of scheduled meetings held 9 4 4 4 4
note the number in brackets is the number of meetings that the respective directors were eligible to attend
the executive directors of the company may attend meetings of the committees at the invitation of the chairman of the respective 
committee bruce carnegiebrown attends meetings of the audit risk and remuneration committees at the invitation of the chairman 
of the respective committees
directors
the company’s articles of association require that new directors appointed by the board must retire and submit themselves for 
election by shareholders at the next annual general meeting following their appointment the company’s articles of association 
further require that all directors must retire and submit themselves for reelection at least every three years in accordance with 
the code all of the directors will retire at the forthcoming annual general meeting and being eligible will offer themselves for election 
or reelection with the exception of michael wemms and robin klein who will be stepping down as nonexecutive directors at the 
annual general meeting
the company provides directors’ and officers’ insurance cover for the benefit of directors in respect of claims arising in the 
performance of their duties the company has also granted indemnities to each of its directors and the company secretary to the 
extent permitted by law and its articles of association
board evaluation
the formal annual evaluation of the performance of the board its committees and individual directors was undertaken during the 
year this consisted of an externally facilitated evaluation undertaken by sct consultants ltd in accordance with the requirements of 
the code the evaluation output has been used to identify strengths and development areas and confirmed that the board and its 
committees were operating effectively particular development areas that will be actioned in 2015 include a greater focus on the 
group’s talent strategy and a greater focus on effective investment appraisal 
individual performance was also appraised based on onetoone interviews with the chairman or in the case of the chairman with 
the senior independent nonexecutive director following consultation with each of the other directors 
sct consultants ltd has no other connection or relationship with the group and has not provided any other services to the group 
during the financial year ended 31 december 2014 
development
the chairman and company secretary are responsible for preparing and coordinating an induction programme for newly appointed 
directors including business related presentations by senior management below board level as well as guidance on their duties 
responsibilities and liabilities as a director of the company every director has access to appropriate training as required following 
their appointment and is encouraged to develop their understanding of the group 35 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
information
board members are given appropriate documentation in a timely 
manner in advance of each board or committee meeting this 
normally includes a detailed report on current trading and 
comprehensive papers on matters where the board or 
committee will be required to make a decision or give its 
approval specific business related presentations are given by 
senior management below board level when appropriate
the directors have access to the advice and services of the 
company secretary the company secretary is responsible for 
ensuring that board procedures are followed and providing 
advice to the board on corporate governance both the 
appointment and removal of the company secretary are matters 
for the board as a whole
directors can where they judge it necessary to discharge their 
responsibilities as directors obtain independent professional 
advice at the company’s expense no such advice was sought by 
any director during the year directors have the right to require 
that any concerns they may have are recorded in the appropriate 
board or committee minutes
shareholder relations
the board is committed to establishing and maintaining good 
communications with shareholders senior executives including 
the chief executive officer and chief financial officer regularly 
meet with analysts and institutional shareholders to keep them 
informed of significant developments and to develop an 
understanding of their views which are discussed with the board 
formal presentations are given to analysts and shareholders 
covering the full year and half year results and the company 
seeks to maintain a dialogue with the various bodies which 
monitor the company’s governance policies and procedures 
the company secretary generally deals with questions from 
individual shareholders
the results and results presentations together with all 
information reported to the market via the regulatory 
information service press releases and other shareholder 
information are published on the investor relations section of 
the group’s website at wwwmoneysupermarketcom to be 
viewed and accessed by all shareholders
the senior independent nonexecutive director is available to 
shareholders if they have concerns which contact through the 
normal channels of chairman chief executive officer or chief 
financial officer has failed to resolve or for which such contact 
is inappropriate
all shareholders will have the opportunity to ask questions at the 
forthcoming annual general meeting the chairs of the audit 
nomination remuneration and risk committees will be available 
to answer questions at that meeting shareholders may also 
contact the chairman the chief executive officer or if more 
appropriate the senior independent nonexecutive director to 
raise any issue with one or all of the nonexecutive directors of 
the company
the company will prepare separate resolutions on each 
substantially separate issue at the forthcoming annual 
general meeting the result of the vote on each resolution 
will be published on the group’s website after the annual 
general meeting and will be announced via the regulatory 
information service 
internal control and risk management
the board has established a continuous process for identifying 
evaluating and managing the principal risks the group faces and 
for determining the nature and extent of the principal risks it is 
willing to take to achieve its strategic objectives the risk 
management framework and a description of the principal risks 
is provided on pages 24 and 25
in addition the board is responsible for the group’s system of 
internal control the system of internal control is designed to 
manage rather than eliminate the risk of failure to achieve 
business objectives and can only provide reasonable and not 
absolute assurance against material misstatement or loss
the board is responsible for performing an assessment of the 
effectiveness of the risk management framework and the internal 
control system on at least an annual basis
the key features of the group’s system of internal control and 
risk management are
• a comprehensive annual business planning and budgeting 
process requiring board approval against which the group’s 
actual performance and any significant variances are regularly 
reviewed by the board
• an annual two day strategy conference to discuss and approve 
the group’s strategic direction plans and objectives and the 
risks to achieving them
• a schedule of matters reserved for the board’s approval to 
ensure it maintains control over appropriate strategic 
financial organisational compliance and capital 
investment issues
• an organisation structure with clearly defined lines of 
responsibility and delegation of authority
• formal risk and control policies with supporting procedures 
manuals
• regular reviews of the key risks facing the group to 
ensure key risks are being identified evaluated and 
appropriately managed
• a process for the regular assessment of key controls across 
the group
• a risk and compliance function responsible for overseeing 
the implementation of the risk management framework
• an internal audit function providing assurance over key risks 
processes and controls
in addition the audit committee receives
• reports from the external auditor in relation to the financial 
statements and the material financial reporting judgements 
contained in them
• reports from the internal and external auditors in relation to 
the system of internal control and the reviews by the internal 
and external auditors of that system
the audit committee has reviewed the effectiveness of the 
group’s system of internal control and risk management during 
the year the board considers that in the context of the control 
environment described above the group’s system of internal 
control and risk management is effective and satisfactory
share capital
details of the company’s share capital are set out in the 
directors’ report on pages 58 and 59 36 moneysupermarket annual report  accounts 2014
governance
corporate governance report  
continued
compliance with the code
the directors consider that during the financial year ended 
31 december 2014 and to the date of this report the company 
complied with the code except as follows
c31 – during the year gerald corbett was a member of the audit 
committee until he stepped down as a nonexecutive director 
and chair of the board on 23 april 2014 upon his appointment as 
chair of the board on 23 april 2014 bruce carnegiebrown 
ceased to be a member of the audit committee accordingly with 
effect from 23 april 2014 the company complied with the code 
provision c31
d21 – bruce carnegiebrown continued to chair the 
remuneration committee following his appointment as chairman 
of the board on 23 april 2014 until he stepped down as a member 
of the remuneration committee on 6 august 2014 when andrew 
fisher became a nonexecutive director and chairman of the 
remuneration committee accordingly with effect from 6 august 
2014 the company complied with the code provision d21
e11 – as a result of regular feedback provided to the board by 
the chief executive officer and chief financial officer following 
their dialogue with major shareholders the senior independent 
nonexecutive director believes he is aware of the views of major 
shareholders unless requested by major shareholders the 
senior independent nonexecutive director does not attend 
meetings with them
this report was approved by the board and signed on its 
behalf by
darren drabble
company secretary
2 march 2015 37 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
audit committee report
the audit committee presents a separate report in relation to the 
financial year ended 31 december 2014
composition of the audit committee
the audit committee comprises five of the nonexecutive 
directors rob rowley chairman michael wemms sally james 
genevieve shore and robin klein michael wemms sally james 
genevieve shore and robin klein are considered by the board to 
be independent rob rowley was considered by the board to be 
independent on appointment biographies of the members of the 
audit committee are set out on pages 30 and 31 rob rowley is a 
qualified accountant and was formerly finance director of reuters 
plc and chairman of the audit committee at prudential plc he is 
currently chairman of the audit committee at taylor wimpey plc 
and morgan advanced materials plc the board is satisfied that 
rob rowley has recent and relevant financial experience
terms of reference
the terms of reference of the audit committee are published 
on the investor relations section of the group’s website at  
wwwmoneysupermarketcom and are available in hard copy 
form on application to the company secretary these include
• monitoring the integrity of the financial statements of the 
company any formal announcements relating to the 
company’s financial performance and any significant issues 
and judgements contained therein 
• reviewing the group’s financial statements and the material 
financial reporting judgements contained in them 
• advising the board on whether the committee believes this 
annual report and the financial statements contained within 
it when taken as a whole are fair balanced and 
understandable and provide the information necessary for 
shareholders to assess the group’s strategy business 
activities and financial performance 
• reviewing and monitoring the external auditor’s 
independence and objectivity and the effectiveness of the 
audit process taking into consideration relevant uk 
professional regulatory requirements 
• developing and implementing a policy on the level and 
amount of external auditor nonaudit services 
• advising the board on the appointment reappointment and 
removal of the external auditor and the remuneration and 
terms of engagement of the external auditor 
• monitoring the effectiveness of the group’s internal financial 
controls and the internal control and risk management 
systems 
• reviewing the scope activities and results of the group’s 
internal audit function 
• reviewing the audit committee’s terms of reference carrying 
out an annual performance evaluation exercise and noting the 
satisfactory operation of the committee 
• reporting to the board how it has discharged its 
responsibilities
operation of the audit committee
the audit committee met on four occasions during the year 
details of attendance at audit committee meetings is set out in 
the corporate governance report on page 34
the chairman of the board chief executive officer 
chief financial officer and company secretary together with 
appropriate members of the management team with 
responsibility for risk and internal control and the external 
auditor will normally attend meetings at the invitation of the 
chairman of the audit committee the external auditor is 
regularly invited by the audit committee to advise them of any 
matters which they consider should be brought to the audit 
committee’s attention without the executive directors present 
the external auditor may also request a meeting with the audit 
committee if they consider it necessary
the company secretary acts as secretary to the audit 
committee the members of the audit committee can where 
they judge it necessary to discharge their responsibilities obtain 
independent professional advice at the company’s expense
financial statements and significant accounting matters
the committee is responsible for reviewing the appropriateness 
of the group’s halfyear reporting and annual financial 
statements it does this by considering amongst other things the 
accounting policies and practices adopted by the group the 
correct application of applicable financial reporting standards 
and compliance with broader governance reporting 
requirements the approach taken by management to report the 
key judgemental areas of reporting and the comments of the 
external auditor on management’s chosen approach
during the year the committee considered key accounting issues 
matters and judgements in relation to the group’s financial 
statements and disclosures relating to
revenue
the majority of the group’s revenue is derived from success
based commercial deals which compensate the group for each 
product sold by a provider to a customer referred to it by the 
group the group recognises this revenue at the point at which a 
customer leaves one of the group’s websites and clicks through 
to a provider site
rob rowley
chairman of the audit committee 38 moneysupermarket annual report  accounts 2014
governance
management operates a number of key controls in relation to the 
recording of revenue a completeness check is performed by 
reconciling all ‘click’ activity on the website and ensuring that an 
invoice has been raised or revenue has been accrued where 
appropriate a review is performed to compare accrued revenue 
at the end of the previous month and actual revenue invoiced 
during the following month with significant differences 
investigated to provide evidence that revenues are correctly 
stated in addition a programme of revenue assurance is 
operated by the group’s internal audit function this helps 
provide assurance that revenues are correctly stated by 
reviewing provider systems and controls to ensure that sales 
made by providers resulting from referrals made by the group 
have been correctly identified and allocated in the provider 
systems in addition management regularly reviews the quantum 
and aging of any accrued revenue balances
an assessment of the group’s information system which records 
the clicks together with the reconciliation of revenue to cash 
receipts therefore form a key part of the audit the results of 
kpmg’s testing are included in the audit report prepared for the 
committee
capitalisation of software and development costs
as more fully described on pages 79 to 80 of the group’s financial 
statements the group holds intangible asset balances arising 
from the capitalisation of certain software and development 
costs the judgments in relation to software and development 
assets largely relate to the future economic benefits associated 
with the assets and that capitalisation is in accordance with the 
relevant accounting standards the committee addressed these 
matters through examining investment appraisals on key it 
projects received from management outlining the basis for the 
key assumptions used and was comfortable with management’s 
justification the committee gains comfort that business plans in 
relation to the capitalised assets have received board approval 
this is also a significant risk area for the audit and therefore 
kpmg provide to the committee their comments on the approach 
taken by management during the year ended 31 december 2014 
the committee critically reviewed the analysis performed on the 
capitalisation of software and development costs and agreed that 
the projected future cash flows from these assets supports their 
carrying values
contingent remuneration
the group acquired the business and assets of 
moneysavingexpertcom and a sole trader business from martin 
lewis in september 2012 as described more fully in note 3 to the 
group’s financial statements on page 73 the remuneration is 
contingent upon various nonfinancial performance criteria 
together with a discretionary element and the continuing 
employment for a period of three years of martin lewis the 
judgement involved in estimating the benefit payable relates to 
several aspects of moneysavingexpertcom’s performance the 
committee has reviewed the accounting valuations of the 
contingent remuneration and in light of the performance to date 
and anticipated future performance reported by management 
agreed that the amount recorded in the consolidated statement 
of comprehensive income and the consolidated statement of 
financial position is appropriate in addition since this is an area 
of significant audit risk the committee also received reporting 
from kpmg detailing their views on the judgements which 
management have made
uk corporate governance code
the board requested and the audit committee has advised that it 
believes that the annual report and the financial statements 
taken as a whole are fair balanced and understandable and 
provides the information necessary for shareholders to assess 
the group’s performance business model and strategy
external auditor
the external auditor attends all meetings of the committee it is 
the responsibility of the committee to provide oversight of the 
external audit process and assess the effectiveness objectivity 
and independence of the external auditor
the audit committee reviewed the following in order to provide 
oversight of the external audit process
• the terms areas of responsibility associated duties and scope 
of the audit as set out in the external auditor’s engagement 
letter for the forthcoming year 
• the external auditor’s overall work plan for the forthcoming year 
• the external auditor’s fee proposal 
• the major issues that arose during the course of the audit and 
their resolution 
• key accounting and audit judgements and estimates 
• the levels of errors identified during the audit and 
• recommendations made by the external auditor in their 
management letters and the adequacy of management’s 
response 
the audit committee reviewed the independence of the auditor 
having regards to
• a report from the external auditor describing their 
arrangements to identify report and manage any conflicts of 
interest and 
• the extent and nature of nonaudit services provided by the 
external auditor 
the audit committee is responsible for the development 
implementation and monitoring of policies and procedures on 
the use of the external auditor for nonaudit services in 
accordance with professional and regulatory requirements 
these policies are kept under review to meet the objective of 
ensuring that the group benefits in a costeffective manner from 
the cumulative knowledge and experience of its auditor whilst 
also ensuring that the auditor maintains the necessary degree of 
independence and objectivity consequently any nonaudit work 
to be undertaken by the auditor in excess of £50000 is required 
to be authorised by the chairman of the audit committee and the 
chief financial officer prior to its commencement individual 
assignments of less than £50000 are approved by the chief 
financial officer the aggregate expenditure with the external 
auditor is reviewed by the audit committee
during the year the value of nonaudit services provided by 
kpmg amounted to £01m 2013 £02m nonaudit services 
amounted to 66 of the value of the audit new eu legislation on 
permitted nonaudit services will come into effect from 
17 june 2016 which introduces a permitted nonaudit services fee 
cap of 70 of the average audit fee over a consecutive 3 year 
period this cap will come into effect for the group in the financial 
year ending 31 december 2020 a significant proportion of 
nonaudit services relates to the following
• reviewing the group’s half year reporting 
• the provision of tax compliance services in relation to direct 
taxation 
• the provision of advice in relation to the preparation and 
submission of claims for research and development rd 
relief and 
• the provision of regulatory advice in relation to 
documentation and control 
the assurance provided by the external auditor on the items 
above is considered by the group as strictly necessary in the 
audit committee report  
continued 39 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
interests of the group the level of nonaudit services offered 
reflects the auditor’s knowledge and understanding of the group 
the group has also continued with the appointment of other 
accountancy firms to provide certain nonaudit services to the 
group in connection with tax and regulatory advice and 
anticipates that this will continue in 2015
the provision of tax advisory services due diligence and 
regulatory advice is permitted with the committee’s prior 
approval in line with the approval limits set out above the 
provision of internal audit services valuation work and any other 
activity that could result in the external auditor reviewing and 
relying on its own work and conclusions is prohibited kpmg was 
not engaged during the year to provide any services which may 
have given rise to a conflict of interest
the audit committee considers the effectiveness of the external 
audit process on an annual basis reporting its findings to the 
board as part of its recommendation this process is completed 
through completion of a detailed questionnaire which includes 
consideration of the audit partner the approach communication 
independence objectivity and reporting this is completed by 
members of the committee and senior members of the finance 
team who regularly interact with the external auditor the results 
of the questionnaire are reported to and discussed by the 
committee it also assessed the cost effectiveness and value for 
money aspect of the audit
the audit committee holds private meetings with the external 
auditor at least twice each year after committee meetings to 
review key issues within their sphere of interest and responsibility
kpmg have acted as the auditor to the group since 2004 and 
were appointed as the auditor to the company on its flotation in 
2007 the lead audit partner rotates every five years to ensure 
independence the kpmg audit partner stuart burdass will be 
rotated off the audit on 30 april 2015 and the new audit partner’s 
fiveyear term will end in 2020 in accordance with the frc’s ethics 
standard 3 revised the committee considered the length of 
kpmg’s tenure and the results of the detailed questionnaire when 
assessing their continued effectiveness independence and 
reappointment the committee continues to consider kpmg to 
be independent and when considering the most suitable timing 
for a future audit tender took account of frc guidance 
concerning the alignment of the tender date with the rotation of 
the audit partner and new eu legislation which requires 
mandatory rotation of the audit firm every ten years
the committee continues to remain satisfied with the work of 
kpmg and that they continue to remain independent and 
objective the committee has therefore recommended to the 
board that a resolution is put to shareholders recommending 
their reappointment together with their terms of engagement 
and remuneration at the annual general meeting of the 
company this will continue to be assessed on an annual basis
internal control
the audit committee monitors and reviews each year the 
effectiveness of and the framework for the group’s system of 
internal control and risk management
the audit committee undertook a review of the effectiveness of 
and the framework for the group’s system of internal control and 
risk management including financial operational and compliance 
controls during the year in addition to this review the external 
auditor provided the audit committee with comprehensive 
reports of the results of their controls testing as part of the 
external audit
internal audit
the group has an internal audit function which reviews financial 
operational and regulatory matters the group has continued to 
invest in this area during 2014 and will continue to do so in 2015 
recognising that regulation in particular as price comparison 
continues to become an ever more important part of the 
distribution chain of financial services will become more 
important the group is committed to fully meeting its regulatory 
obligations a rolling twelve month internal audit plan is reviewed 
and approved by the committee at each meeting and defines the 
scope of the work which the internal audit function will undertake 
the results of this work are reported to the committee at each 
meeting and will typically include an update against the audit plan 
results from audits performed since the last meeting including any 
unsatisfactory audit findings and related action plans and 
progress against findings from previous audits
in addition the committee meets with the head of internal audit 
throughout the year as necessary
compliance
the group has a compliance function which reviews the group’s 
standards and values together with regulatory matters in relation 
to the various bodies that regulate a number of the areas that the 
group operates in these include the financial conduct authority 
fca the office of fair trading oft the information 
commissioners office and the office of gas and electricity 
markets ofgem which operates a voluntary code relating to 
energy price comparison that the group subscribes to
in april 2014 those areas of the business previously under the 
regulatory regime of the oft namely unsecured lending 
including credit cards and personal loans came under the 
regulatory control of the fca in addition to those areas namely 
the group’s insurance businesses that were already regulated by 
the fca
an annual compliance plan is reviewed and approved by the 
committee and defines the scope of the work that the compliance 
team will undertake the results of the work are reported to the 
committee at each meeting and will typically include an update 
against the compliance plan and the results of the work 
performed since the last meeting
the group recognises that regulation in general and in particular 
the regulatory regime imposed by the fca will become an 
increasing feature of the price comparison market the group has 
invested and will continue to invest in additional skills and 
resources in this area in 2015
risk committee
the group established a separate risk function in 2014 headed by 
the chief risk officer cro a separate risk committee was also 
established in 2014 which is chaired by sally james the risk 
committee operates separately but alongside the audit 
committee a separate report of the work and responsibilities of 
the risk committee is set out on pages 41 and 42 
audit committee effectiveness
the board as part of its general review of its overall ffectiveness 
concluded that the audit committee was working effectively
this report was approved by the board and signed on its behalf by
rob rowley
chairman of the audit committee
2 march 2015 governance
40 moneysupermarket annual report  accounts 2014
nomination committee report
the nomination committee presents a separate report in relation 
to the financial year ended 31 december 2014
composition of the nomination committee
the nomination committee comprises seven of the non
executive directors bruce carnegiebrown chairman michael 
wemms rob rowley robin klein sally james andrew fisher and 
genevieve shore bruce carnegiebrown succeeded gerald 
corbett as chairman of the nomination committee when bruce 
became chairman of the board on 23 april 2014 biographies of 
the members of the nomination committee are set out on pages 
30 and 31
operation of the nomination committee
the nomination committee met on four occasions during the 
year details of the attendance at nomination committee 
meetings are set out in the corporate governance report on 
page 34
the nomination committee’s duties include
• evaluating the balance of skills knowledge experience and 
independence of the board 
• reviewing the size structure and composition of the board 
including board diversity 
• where necessary considering and recommending to the 
board persons who are appropriate for appointment as 
directors 
• ensuring that succession planning for the board is in place 
the nomination committee has a formal rigorous and 
transparent procedure for the appointment of new directors to 
the board the process involves the nomination committee 
interviewing suitable candidates who are proposed by either 
existing board members or by an external search firm
careful consideration is given to ensure proposed appointees 
have enough time available to devote to the role and that the 
balance of skills knowledge and experience on the board is 
maintained
when the nomination committee has identified a suitable 
candidate the chairman of the nomination committee will make 
a recommendation to the board with the board making the final 
decision 
when dealing with the appointment of a successor to the 
chairman the senior independent nonexecutive director will 
chair the nomination committee instead of the chairman
during the year the nomination committee reviewed the balance 
of skills knowledge and experience of the board together with 
the size structure and composition of the board including board 
diversity and reviewed the succession plans for the board
the nomination committee having followed the procedure 
outlined above for the appointment of new directors to the board 
recommended to the board during the year the appointment of 
andrew fisher and genevieve shore as additional independent 
nonexecutive directors in connection with these appointments 
the company used russell reynolds as the external search firm 
russell reynolds has no other connection with the company
at the invitation of the chairman of the nomination committee 
the chief executive officer human resources director and 
company secretary may attend meetings of the nomination 
committee the company secretary acts as secretary to the 
nomination committee
the members of the nomination committee can where they 
judge it necessary to discharge their responsibilities obtain 
independent professional advice at the company’s expense
the terms of reference of the nomination committee are 
published on the investor relations section of the group’s website 
at wwwmoneysupermarketcom and are available in hard copy 
form on application to the company secretary
boardroom diversity
the board’s statement on diversity is as follows
“the board of moneysupermarketcom group plc welcomed the 
publication in february 2011 of the davies review on women on 
boards moneysupermarketcom group plc is committed to 
ensuring that any board vacancies arising are filled by the most 
qualified candidates and recognises the value and importance of 
diversity in the composition of the board when board positions 
become available the company will remain focused on ensuring 
that a diverse range of candidates are considered whilst ensuring 
that appointments continue to be based on merit measured 
against objective criteria and the skills and experience the 
individual offers the board has targeted a minimum female 
representation on the board of 25 by 2016”
as at the date of this report 18 of the board are female
this report was approved by the board and signed on its behalf by
bruce carnegiebrown
chairman of the nomination committee
2 march 2015
bruce carnegiebrown
chairman of the nomination committee 41 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
the risk committee presents a separate report in relation to the 
financial year ended 31 december 2014
composition of the risk committee
the risk committee was formed in 2014 and comprises five of the 
nonexecutive directors sally james chairman rob rowley 
michael wemms andrew fisher and genevieve shore 
biographies of the members of the risk committee are set out on 
pages 30 and 31
the committee maintains close links with the audit committee 
with the chairman of each committee being a member of the 
other this crossmembership facilitates effective linkage 
between both committees and ensures that any matters relating 
to internal control and financial reporting are considered in an 
effective manner in addition the committee works with the 
remuneration committee to ensure that risk is properly 
considered in setting the group’s remuneration policy and the 
chairman is a member of the remuneration committee
terms of reference
the committee is responsible for assisting the board in its 
oversight of risk within the group including risk appetite risk 
tolerance and the risk management framework
the committee operates under formal terms of reference which 
are reviewed annually and are published on the investor relations 
section of the group’s website at wwwmoneysupermarketcom 
or are available in hard copy form on application to the company 
secretary the principal responsibilities are
• advising the board on the group’s overall risk appetite 
tolerance strategy and culture
• overseeing and advising the board on the current risk 
exposures of the group and future risk strategy
• reviewing and approving the group’s risk policies
• reviewing the adequacy and effectiveness of the group’s 
internal financial controls and other internal control and risk 
management systems in conjunction with the audit 
committee
• reviewing reports received from the group’s management on 
the effectiveness of the internal control and risk management 
systems established and in conjunction with the audit 
committee the conclusions of any testing carried out by the 
internal or external auditors
• reviewing the group’s proceduressystems and controls for 
detecting fraud preventing bribery identifying money 
laundering and ensuring compliance with relevant legal and 
regulatory requirements
• in relation to proposed strategic transactions including 
material acquisitions or disposals ensuring that a due 
diligence appraisal of the proposition is undertaken which 
includes an assessment of risk aspects and implications for 
the risk appetite and tolerance of the group
• considering and approving the remit of the risk  compliance 
function and ensuring it has adequate resources and 
appropriate access to information to enable it to perform its 
function effectively and in accordance with relevant 
professional standards the risk committee also ensures the 
function has adequate independence and is free from 
management and other restrictions
operation of the risk committee
the risk committee met on four occasions during the year 
details of attendance at risk committee meetings are set out in 
the corporate governance report on page 34
the chairman of the board chief executive officer chief 
financial officer chief product officer and company secretary 
together with the chief risk officer and other members of the 
management team with responsibility for risk management and 
regulatory matters normally attend meetings at the invitation of 
the chairman of the risk committee 
the risk committee holds private meetings with the chief risk 
officer at least once a year after committee meetings to review 
key issues
the company secretary acts as secretary to the risk committee 
the members of the risk committee can where they judge it 
necessary to discharge their responsibilities obtain independent 
professional advice at the company’s expense
principal activities in 2014
the committee has an annual schedule of work developed from 
its terms of reference with standing items that it considers at 
each meeting in addition to any specific matters upon which the 
committee has decided to focus this schedule of work is 
expected to evolve to reflect the group’s strategy and changes to 
the economic and regulatory environment in which the group 
operates the risk committee receives regular reports from the 
chief risk officer the chief executive officer and the company 
secretary on current and emerging risks and issues arising in 
connection with the group’s activities
sally james
chairman of the risk committee
risk committee report governance
42 moneysupermarket annual report  accounts 2014
risk committee report
continued
during 2014 significant progress has been made in developing 
and improving the group’s risk appetite and risk management 
framework supported by enhancements to the reports and 
management information which the committee receives the 
risk committee activities have included the following
• overseeing the risk management framework across the 
group including the assessment of key risks to the group 
analysis of the potential impact and resulting management 
actions specific consideration has been given to the risk 
management and internal control requirements of the uk 
corporate governance code further details of the group’s 
risk management practices are provided in the principal risks 
on pages 24 to 25
• overseeing the implementation of the treating customers 
fairly and conduct framework across the group
• assessing the identification and management of risks 
connected to the group’s capital investment programme
• monitoring the interactions and relationship between the 
group and regulatory bodies in particular assessing the 
requirements arising from and management’s response to the 
fca thematic review of price comparison websites issued in 
july 2014
• receiving presentations on aspects of the business for 
example assessing the identification and management of it 
risks across the group including data security
the board is committed to enhancing the risk management 
framework across the group and the efforts and progress made 
during 2014 will continue
risk  compliance function
the group has a risk  compliance function headed by the chief 
risk officer which provides oversight of strategic financial and 
operational risk matters this responsibility includes regulatory 
matters in relation to the various bodies that regulate a number 
of the areas in which the group operates these include the 
financial conduct authority the information commissioners 
office and the office of gas and electricity markets which 
operates a voluntary code relating to energy price comparison to 
which moneysupermarket subscribes in april 2014 responsibility 
for the regulation of consumer credit transferred from the office 
of fair trading to the financial conduct authority this brought 
the group’s activities in respect of credit cards and personal 
loans under the regulatory control of the financial conduct 
authority alongside those areas namely the group’s insurance 
and mortgage businesses which are already regulated by the 
financial conduct authority
a sixmonthly risk  compliance plan is reviewed and approved 
by the risk committee and defines the work that the risk  
compliance team will undertake the results of the work are 
reported to the risk committee at each meeting
the group recognises that regulation in general and in particular 
the financial conduct authority regulatory regime will become 
an increasing feature of the price comparison market the group 
has invested and will continue to invest in additional skills and 
resources in this area in 2015 
risk committee effectiveness
the board as part of its general review of its overall 
effectiveness concluded that the risk committee was working 
effectively
the report was approved by the board and signed on its behalf by
sally james
chairman of the risk committee
2 march 2015 43 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
directors’ remuneration report  
annual statement
dear shareholder
i am pleased to present the directors’ remuneration report for 
the year ended 31 december 2014
during the year the remuneration committee has continued to 
focus on ensuring that our policies and procedures balance the 
incentives for our executives to create longterm value for our 
shareholders with a commitment to effective risk management
the executive team has continued to focus this year on further 
strengthening the organisation and ensuring the effective 
execution of our growth strategies
pay for performance in 2014
we believe in rewarding our executives based on their individual 
performance and on the value created for our shareholders 
during 2014 the variable elements of executive remuneration 
were focused on simple and transparent measures of market 
share growth adjusted ebitda growth total shareholder return 
and key strategic objectives our bonus and longterm incentive 
plan ltip awards in 2014 were based on challenging targets 
which we believe are in line with market best practice these are 
outlined on pages 52 and 53 and were reviewed in 2014 to ensure 
they are appropriately challenging and relevant for the markets in 
which we operate
2014 has been a good year for the group with revenue increasing 
by 10 to £2481m and adjusted ebitda increasing by 13 to 
£952m our executives performed well against their stretching 
individual performance targets and are entitled to receive a bonus 
for their performance of between 110 and 158 of their basic 
salary which represents between 73 and 92 of the maximum
our 2012 ltip award which was based on a combination of 
compound annual growth in adjusted ebitda and comparative 
total shareholder return will vest at 98 of the maximum in june 
2015 reflecting the achievements of the executives over the three 
years since the award was made our growth in total shareholder 
return of 1543 was upper quartile against the ftse 250 and we 
achieved 166 compound annual growth in adjusted ebitda
board changes
during the year paul doughty stepped down as an executive 
director and left the group the committee agreed his leaving 
arrangements in accordance with the remuneration policy he 
received a payment of £60473 in respect of two months of his 
unworked notice period in recognition of his contribution to the 
group the committee determined that he would be treated as a 
good leaver for the purposes of his unvested 2012 ltip award his 
2012 ltip will vest on the normal vesting date reduced prorata 
for time and based on the achievement of the performance 
conditions his 2013 ltip award lapsed in full he will receive a 
prorata bonus payment for the 2014 financial year to reflect the 
portion of 2014 worked by him and the two months of his 
unworked notice period
approach to remuneration in 2015
the remuneration committee continually reviews the senior 
executive remuneration policy to ensure it promotes the 
attraction motivation and retention of the high quality executives 
who are key to delivering the company’s strategy sustainable 
growth and shareholder returns
during 2015 we are proposing to make a number of changes to 
our executive remuneration including
• the introduction of malus and clawback provisions into the 
annual bonus and ltip arrangements which will allow the 
committee to cancel unvested awards or seek to reclaim paid 
or vested annual bonus or ltip awards for a period of two 
years following payment or vesting in certain circumstances
• a change to the annual bonus measures from adjusted ebitda 
to adjusted operating profit to better align our annual bonus 
with our business strategy
• a change to the ltip measures from growth in adjusted 
ebitda to growth in adjusted earnings per share to better 
align our longterm incentives with the creation of 
shareholder value and
• annual base salary increases for the executive directors of 
2 below the average increase across the group which are 
approximately 25
there will be no change to the maximum bonus or ltip award 
levels in 2015
although the performance measures are changing we remain 
committed to the use of stretching annual and longterm targets 
to deliver the company’s strategy and sustainable growth in 
shareholder returns the adjusted earnings per share target 
range for the 2015 ltip award will be 7 to 17 per annum
our current remuneration policy was approved at the 2014 agm 
and the committee had intended this policy to remain in place 
for three years however the changes proposed above cannot 
be implemented under the current policy therefore we will be 
seeking shareholder approval for a revised remuneration policy 
at this year’s agm in order to allow us to implement these 
changes and to provide greater flexibility around the 
andrew fisher
chairman of the remuneration committee governance
44 moneysupermarket annual report  accounts 2014
directors’ remuneration report  
continued
performance measures to allow the committee to adjust the 
framework appropriately for our prevailing strategy whilst at 
the same time providing sufficient clarity and safeguards 
for shareholders there are no other major changes to the 
revised policy
alignment with shareholders
we are mindful of our shareholders’ interests and are keen to 
ensure a demonstrable link between reward and value creation 
the introduction of malus and clawback arrangements into our 
annual bonus and ltips for awards made in 2015 and beyond 
together with the existing shareholding guidelines all foster an 
ongoing commitment to the business from our executives and 
continued alignment of shareholder and executive objectives
we are pleased with the support we have received in the past 
from shareholders with 9502 approval for our remuneration 
policy last year we look forward to receiving your continued 
support at the forthcoming agm
andrew fisher
chairman of the remuneration committee
2 march 2015 45 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
directors’ remuneration policy
at the annual general meeting held on 23 april 2014 shareholders approved the current remuneration policy which has operated since 
23 april 2014 the remuneration committee is proposing changes to the performance measures relating to the company’s annual bonus 
and longterm incentive plan and as a result shareholder approval is being sought for a revised remuneration policy in formulating the 
revised remuneration policy full consideration has been given to the principles set out in the uk corporate governance code and the 
committee regularly reviews the policy to ensure it takes due account of best practice and the particular circumstances of the company 
the revised directors’ remuneration policy which will operate from 30 april 2015 will be put to a binding shareholder vote and become 
formally effective at the 2015 annual general meeting
policy overview
the company aims to provide a remuneration structure that is aligned with shareholder interests and as such is competitive in the 
marketplace to attract retain and motivate executive directors of superior calibre in order to deliver continued growth of the business
company policy is that performance related components should form a significant portion of the overall remuneration package with 
maximum total potential rewards being earned through the achievement of challenging performance targets based on measures that 
reflect the best interests of shareholders
consideration of shareholder views
the committee will consider shareholder feedback received in relation to the annual general meeting each year at its next meeting 
following the annual general meeting this feedback plus any additional feedback received during any meetings from time to time will 
then be considered as part of the company’s annual review of remuneration policy in addition the committee engaged directly with 
major shareholders and their representative bodies in advance of the changes to this remuneration policy
details of votes cast for and against the resolution to approve last year’s remuneration report and any matters discussed with 
shareholders during the year are set out in the annual report on remuneration
consideration of employment conditions elsewhere in the group
the committee does not formally consult employees in relation to remuneration policy for executive directors however the company 
regularly carries out engagement surveys which enable employees to share their views with management to the extent that 
employees are shareholders they can vote on this policy at the annual general meeting
summary remuneration policy
the table below summarises the directors’ remuneration policy for 2015 onwards
base salary
purpose and  
link to strategy
to provide competitive fixed remuneration 
to attract and retain executive directors of superior calibre in order to deliver growth for the business 
intended to reflect base salaries paid to senior management of comparable companies
operation the basic salary for each executive director is reviewed annually by the remuneration committee
individual salary adjustments take into account each executive director’s performance and experience in 
role changes in responsibility and the group’s financial performance as well as comparing each 
executive director’s base salary to the external market
maximum there is no prescribed maximum base salary increases for senior management are ordinarily in line with 
the broader employee population but on occasions may need to recognise for example an increase in 
the scale scope or responsibility of the role and developments in the wider competitive market 
current base salary levels are set out on page 50
performance targets no specific targets although the committee will take into account individual performance when 
considering salary increases governance
46 moneysupermarket annual report  accounts 2014
directors’ remuneration report  
continued
benefits
purpose and  
link to strategy
to provide market consistent benefits 
operation current benefit provision is a car allowance and life insurance other benefits may be payable or provided 
where appropriate including amongst other things health insurance relocation and travel expenses
maximum not applicable
performance targets not applicable
bonus
purpose and  
link to strategy
incentivises achievement of annual performance targets
maximum bonus only payable for achieving demanding targets
operation not pensionable 
paid in cash
clawback provisions apply for a period of two years in a number of circumstances including but not 
limited to the material misstatement of results gross misconduct and error in the calculation of the 
bonus outcome
maximum up to 200 of base salary
performance targets payment is determined by reference to performance assessed over one financial year based on financial 
and strategic performance measures which the committee consider to be aligned to the annual strategy 
and the creation of shareholder value such measures may include
• adjusted operating profit or other measure of profitability
• revenue
• personalstrategic objectives
the committee determines the weightings of the performance measures each year the overall 
framework will normally be weighted towards financial measures of performance
targets are set each year by the committee by reference to factors such as the budget and strategic 
objectives for the year progress against the prior year and market expectations
the committee retains discretion to use different or additional measures weightings or payout schedules 
to ensure that the bonus framework appropriately supports the business strategy and objectives for the 
relevant year
the committee has the discretion to adjust targets for any exceptional events that may occur during 
the year
the committee will consider the group’s overall performance before determining final bonus payment 
levels
directors’ remuneration policy continued 47 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
longterm incentive plan
purpose and  
link to strategy
designed to align with both the strategic objectives of delivering sustainable earnings growth and the 
interests of shareholders
operation annual grant of nil cost optionsconditional awards which vest three years after grant subject to 
performance targets and continued service 
participants will receive a payment in cash andor shares on or shortly following the vesting of their 
awards of an amount equal to the dividends that would have been paid on those vested shares between 
the time when the awards were granted and the time when they vest
unvested awards may be reduced and clawback provisions apply for a period of two years in a number of 
circumstances including but not limited to the material misstatement of results gross misconduct and 
error in the calculation of the vesting outcome
maximum 200 of base salary in any ten year period the number of shares which may be issued under the ltip 
and under any other discretionary share scheme may not exceed 5 of the issued ordinary share capital 
of the company this is in addition to the overall limit on all share schemes of 10 of issued ordinary 
share capital in a ten year period
performance targets vesting is determined by reference to performance assessed over a period of at least three years based 
on performance measures which the committee consider to be aligned with the delivery of strategy and 
longterm shareholder value
for awards to be made in 2015 the measures are
• adjusted earnings per share eps – 70
• comparative total shareholder return tsr – 30
the committee has discretion to use different or additional quantifiable financial measures or weightings 
for awards in future years to ensure that the ltip remains appropriately aligned to the business strategy 
and objectives
the committee has the discretion to adjust targets for any exceptional events that may occur during 
the year
the threshold level of vesting is 20 of the maximum award
all employee share plans
purpose and  
link to strategy
to encourage employee share ownership and thereby increase alignment with shareholders
operation sharesave plan
hmrc approved plan under which regular monthly savings are made over a three or five year period 
and can be used to fund the exercise of an option where the exercise price is discounted by up to 20 
provides tax advantages to uk employees
share incentive plan
hmrc approved plan that provides employees with a taxefficient way of purchasing shares and allows 
the grant of free shares
maximum the current maximums for the sharesave and share incentive plans are set out below however these 
maximums may be changed in future to align with changes to hmrc limits
sharesave plan
maximum permitted savings of £500 per month across all ongoing sharesave contracts 
share incentive plan 
an employee can agree to purchase shares with a market value up to £1500 or 10 of his or her salary 
if lower in any tax year the market value of free shares that can be allocated to an employee in any tax 
year must not exceed £3000
performance targets not applicable governance
48 moneysupermarket annual report  accounts 2014
directors’ remuneration report 
continued
share ownership guidelines
purpose and  
link to strategy
to increase alignment between executives and shareholders
operation executive directors are required to retain 50 of the net of tax vested ltip shares until the guideline is 
met
maximum not applicable
performance targets minimum of 100 of base salary for executive directors
pension
purpose and  
link to strategy
to provide retirement benefits
operation defined contribution andor salary supplement arrangements 
maximum 20 of base salary
performance targets not applicable
nonexecutive director fees
purpose and  
link to strategy
reflects time commitments and responsibilities of each role 
reflects fees paid by similarly sized companies
operation cash fee paid with a base fee and additional fees dependent on additional responsibilities 
the fees for the nonexecutive directors excluding the chairman are determined by the board the fees 
for the chairman are determined by the committee
fees are reviewed on an annual basis
maximum there is no prescribed maximum annual increase the board is guided by the general increase in the 
nonexecutive director market and for the broader employee population but on occasions may need to 
recognise for example an increase in the scale scope or responsibility of the role 
current fee levels are set out on page 51 and will not exceed the aggregate maximum levels set out in the 
company’s articles of association
performance targets not applicable
nonexecutive directors do not participate in variable pay arrangements nor do they receive benefits or 
pension
notes
1 a description of how the company intends to implement the policy set out in this table for 2015 is set out in the annual report on remuneration on page 50
2 the following differences exist between the company’s policy for the remuneration of executive directors as set out above and its approach to the payment of 
employees generally
 •  a lower level of maximum annual bonus opportunity as a percentage of base salary may apply to employees other than the executive directors and certain 
senior executives
 •  benefits offered to other employees generally comprise a car allowance where required for the role or to meet market norms
 •  participation in the ltip is limited to the executive directors and certain selected senior managers other employees are eligible to participate in the 
company’s share plans details of which are provided on page 47
 • a lower level of pension rate applies to employees other than the executive directors and certain senior executives
 in general these differences arise from the development of remuneration arrangements that are market competitive for the various categories of roles they 
also reflect the fact that in the case of the executive directors and senior executives a greater emphasis tends to be placed on performance related pay
3 the choice of the performance metrics applicable to the annual bonus scheme reflects the committee’s belief that any incentive compensation should be 
appropriately challenging and aligned to the group’s strategy and the creation of shareholder value
4 the adjusted earnings per share and comparative total shareholder return performance conditions applicable to the ltip further details of which are provided 
on page 51 were selected by the remuneration committee on the basis that they reward the delivery of longterm returns to shareholders and the creation of 
shareholder value
5 the committee operates share plans in accordance with their respective rules and in accordance with the listing rules and hmrc where relevant the 
committee consistent with market practice retains discretion over a number of areas relating to the operation and administration of certain plans
6 all employee share plans do not operate performance conditions 
7 the committee reserves the right to make any remuneration payments and payments for loss of office including exercising any discretions available to it in 
connection with such payments notwithstanding that they are not in line with the policy set out above where the terms of the payment were agreed i before 
the policy came into effect or ii at a time when the relevant individual was not a director of the company and in the opinion of the committee the payment was 
not in consideration for the individual becoming a director of the company for these purposes “payments” includes the committee satisfying awards of variable 
remuneration and in relation to an award over shares the terms of the payment are “agreed” at the time the award is granted
8 the committee may make minor amendments to the policy for regulatory exchange control tax or administrative purposes or to take account of a change in 
legislation without obtaining shareholder approval
directors’ remuneration policy continued 49 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
illustrations of application of remuneration policy
the chart below illustrates how the composition of the executive directors’ remuneration packages varies at different levels of 
performance under the 2015 policy both as a percentage of total remuneration opportunity and as a total value
0
500
1000
1500
2000
2500
peter plumb chief executive oﬃcer
remuneration £’000
matthew price chief financial oﬃcer graham donoghue chief product oﬃcer
minimum on target maximum minimum on target maximum minimum on target maximum
ltip
bonus
basic salary 
beneﬁts and 
pension
£565
100
100 3830
35
35
31
31
100
32
34
34
24
37
39 £1796
£2332
£381
£1054
£1391
£357
£928
£1214
32
32
36
37
36
27
notes
1 the value of benefits receivable in 2015 is taken to be the value of benefits received in 2014 as calculated under the directors’ remuneration table set out on 
page 51
2 the value of pension is 20 of base salary
3 the ontarget level of bonus is taken to be 135 of base salary in the case of peter plumb 110 of base salary in the case of matthew price and 100 of base 
salary in the case of graham donoghue the maximum level of bonus is taken to be 185 of base salary in the case of peter plumb 165 of base salary in the 
case of matthew price and 150 of base salary in the case of graham donoghue
4 the ontarget value of vesting under the ltip is taken to be 67 of the maximum
5 no share price appreciation or depreciation has been assumed in calculating the value of the ltip
service contracts for executive directors
the service agreements of the executive directors are not fixed term and are terminable by either the company or the director on 
twelve months’ notice and make provision at the board’s discretion for early termination by way of payment of salary in lieu of twelve 
months’ notice incidental expenses may also be payable where appropriate in calculating the amount payable to a director on 
termination of employment the board would consider the circumstances on a casebycase basis taking into account the relevant 
contractual terms the circumstances of the termination any applicable duty to mitigate and the commercial interests of the company 
the remuneration committee reviews the contractual terms for new executive directors to ensure these reflect best practice
provision detailed terms
notice period 12 months
termination payment up to 12 months’ salary
remuneration entitlements a bonus may be payable prorated where relevant and outstanding share awards may vest 
prorated where relevant subject to performance conditions
change of control no executive director’s contract contains additional provisions in respect of change of control
approach to leavers
annual bonus may be payable with respect to the period of the financial year served prorated for time where relevant and paid at the 
normal date any sharebased entitlements granted to an executive director under the company’s share plans will be determined 
based on the relevant plan rules the default treatment under the ltip plan is that any outstanding awards lapse on cessation of 
employment however in certain prescribed circumstances such as death ill health disability retirement redundancy or other 
circumstances at the discretion of the committee ‘good leaver’ status may be applied for good leavers awards will normally vest 
on their normal vesting date subject to the satisfaction of the relevant performance conditions and reduced prorata where relevant to 
reflect the proportion of the performance period actually served however the remuneration committee has discretion to disapply 
time prorating governance
50 moneysupermarket annual report  accounts 2014
directors’ remuneration policy continued
approach to recruitment and promotions
the remuneration package for a new executive director – ie base salary benefits pension annual bonus and longterm incentive 
awards – would be set in accordance with the terms of the company’s prevailing approved remuneration policy at the time of 
appointment and would reflect the experience of the individual annual bonus potential will be limited to 200 of salary and longterm 
incentives will be limited to 200 of salary in addition the committee may offer additional cash andor sharebased elements when it 
considers these to be in the best interests of the company and therefore shareholders to take account of remuneration relinquished 
when leaving the former employer and would where appropriate reflect the nature time horizons and performance requirements 
attaching to that remuneration shareholders will be informed of any such payments at the time of appointment
for an internal executive director appointment any variable pay element awarded in respect of the prior role may be allowed to pay 
out according to its terms in addition any other ongoing remuneration obligations existing prior to appointment may continue 
provided that they are disclosed to shareholders in the next following directors’ remuneration report
for external and internal appointments the committee may agree that the company will meet certain relocation andor incidental 
expenses as appropriate
other appointments
the executive directors may accept outside appointments with prior board approval provided these opportunities do not negatively 
impact on the individual’s ability to perform his duties at the company whether any related fees are retained by the individual or are 
remitted to the company will be considered on a case by case basis
nonexecutive directors
nonexecutive directors are appointed under arrangements that may generally be terminated by either the company or the director 
on up to three months’ notice and their appointment is reviewed annually
annual report on remuneration
implementation of the remuneration policy for the year ending 31 december 2015
a summary of how the directors’ remuneration policy will be applied during the year ending 31 december 2015 is set out below
base salary
the remuneration committee has determined that base salaries for the executive directors will increase as follows with effect from 
1 january 2015
2015
£
2014
£

increase
peter plumb 459000 450000 2
matthew price 306000 300000 2
graham donoghue 285600 280000 2
the group’s employees are in general receiving salary increases averaging approximately 25
pension arrangements
the company will continue to provide pension contributions of 20 of base salary for the benefit of the executive directors where the 
pension contributions exceed the limits set by hmrc the group will continue to provide benefits through the provision of salary 
supplements
directors’ remuneration report 
continued 51 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
implementation of the remuneration policy for the year ending 31 december 2015 continued
annual bonus
the maximum bonus potential for the year ending 31 december 2015 will remain at 185 of base salary for the chief executive officer 
165 of base salary for the chief financial officer and 150 of base salary for any other executive director awards are determined 
based on a combination of both the group’s financial performance being growth in revenue and adjusted operating profit and the 
executive directors’ performance against specific personal objectives maximum bonus will only be payable when revenue and 
adjusted operating profit have significantly exceeded expectations
longterm incentives
the ltip award levels in 2015 will be 200 of base salary for the chief executive officer 165 of base salary for the chief financial 
officer and 150 of base salary for any other executive director
the extent to which ltip awards which will be granted in 2015 will vest will be dependent on two independent performance conditions 
as follows
metric performance condition threshold maximum
compound annual growth in 
adjusted earnings per share 
70 of the award 
compound annual growth in adjusted earnings per share over the 
three year performance period 20 vesting at threshold performance 
of compound annual growth in adjusted earnings per share of 7 and 
100 vesting at maximum performance of compound annual growth 
in adjusted earnings per share of 17 or above vesting is on a straight 
line between threshold and maximum
7 17
comparative total shareholder 
return 30 of the award
comparative total shareholder return against the constituents of the 
ftse 250 index 20 vesting at median performance and 100 vesting 
at upper quartile performance or above comparative total shareholder 
return measured over the three year performance period vesting is on 
a straight line between threshold and maximum
median upper quartile
nonexecutive directors
with effect from 1 january 2015 a fee of £1500 will be paid to each nonexecutive director for each board committee that he or she is 
a member of to reflect the increasing time commitment of the board committees the fees for the nonexecutive directors will 
increase as follows with effect from 1 january 2015
2015
£
2014
£
increase

chairman 237000 237000 0
deputy chairman 111250 111250 0
base fee 58350 58350 0
additional fees
senior independent director 15000 15000 0
committee chair fee 10000 10000 0
committee membership fee per committee 1500 – na
remuneration received by directors for the year ended 31 december 2014 audited
directors’ remuneration for the year ended 31 december 2014 was as follows
salary
and fees
£
taxable
benefits
1
£
pension
2
£
annual
bonus
3
£
longterm
incentives
4
£
total
£
peter plumb
2014 450000 14000 90000 710000 1573703 2837703
2013 425000 14000 85000 650000 1885163 3059163
paul doughty resigned on 23 april 2014
2014 157373 4667 19380 180000 660859 1022279
2013 285000 14000 57000 350000 982741 1688741
matthew price appointed on 1 april 2014
2014 225000 10500 45000 340000 – 620500
2013 – – – – – –
graham donoghue
2014 280000 14000 56000 308000 714988 1372988
2013 258995 14000 51799 220000 856444 1401238 governance
52 moneysupermarket annual report  accounts 2014
salary
and fees
£
taxable
benefits
1
£
pension
2
£
annual
bonus
3
£
longterm
incentives
4
£
total
£
gerald corbett resigned on 23 april 2014
2014 66652 7860 – – – 74512
2013 206000 25000 – – – 231000
simon nixon
2014 111250 – – – – 111250
2013 108000 – – – – 108000
michael wemms
2014 73350 – – – – 73350
2013 71650 – – – – 71650
rob rowley
2014 68350 – – – – 68350
2013 66650 – – – – 66650
bruce carnegiebrown
2014 184616 – – – – 184616
2013 66650 – – – – 66650
sally james 
2014 67517 – – – – 67517
2013 40342 – – – – 40342
robin klein
2014 58350 – – – – 58350
2013 29632 – – – – 29632
andrew fisher appointed on 6 august 2014
2014 27625 – – – – 27625
2013 – – – – – –
genevieve shore appointed on 17 september 2014
2014 16798 – – – – 16798
2013 – – – – – –
notes
1 taxable benefits 
benefits for the executive directors incorporate all benefits and expense allowances arising from employment which relate to the provision of a car allowance 
benefits for gerald corbett related to an annual allowance of £25000 for a motor vehicle and associated costs 
2 pension 
pension payments reflect defined contributions andor salary supplement arrangements where the pension contributions exceed the limits set by hmrc 
3 annual bonus payments 
maximum bonus entitlements for the year ended 31 december 2014 as a percentage of base salary were 185 for peter plumb 165 for paul doughty 165 for 
matthew price and 150 for graham donoghue for the achievement of stretching targets for adjusted ebitda and market share as well as specific individual and 
strategic objectives 
the actual adjusted ebitda performance for the year ended 31 december 2014 was £952m against a threshold performance target of £85m and a maximum 
performance target of £97m the targets for market share were met in full the personal targets were set individually for each executive director based on the key 
objectives for the year in their area of responsibility these included a focus on areas such as delivery of the new technology architecture and aggregation engine 
delivery of new personal customer journeys for motor insurance flights and car hire and optimisation of moneysavingexpert for mobile and tablet devices the 
committee assessed the personal targets and deemed they were partially met further detail on the underlying targets is commercially sensitive and cannot be 
disclosed
as a result 158 of base salary for peter plumb 148 of base salary for paul doughty 151 of base salary for matthew price and 110 of base salary for graham 
donoghue will be payable the bonus for matthew price and paul doughty has been prorated for 2014
annual report on remuneration continued
directors’ remuneration report 
continued 53 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
remuneration received by directors for the year ended 31 december 2014 audited continued
4 vesting of ltip awards 
the ltip award made on 22 june 2012 was based on performance to the year ended 31 december 2014 with 70 of the award subject to a compound annual growth 
in adjusted ebitda performance condition and 30 of the award subject to a comparative total shareholder return performance condition the performance targets 
for this award and actual performance against those targets was as follows
metric performance condition
threshold
performance
stretch
performance actual
vesting

compound annual 
growth in adjusted 
ebitda
compound annual growth in adjusted ebitda from 31 december 2011 to 31 
december 2014 30 vesting at compound annual growth in adjusted ebitda 
of 6 and 150 vesting at compound annual growth in adjusted ebitda of 
17 vesting is determined by a set formula between threshold and maximum
6 17 166 146
comparative total 
shareholder return
comparative total shareholder return against the constituents of the ftse 250 
index 30 vesting at median performance and 150 vesting at upper quartile 
performance or above comparative total shareholder return measured over 
three financial years with a one month average at the start and end of the 
performance period
median upper
quartile
upper
quartile
150
total vesting 147
the award details for the executive directors are therefore as follows
executive director
number of
shares at
grant
1
number of
shares to vest
number of
shares to lapse
dividend
equivalent on
shares to 
vest
2
£
estimated
value
3
£
peter plumb 664204 650721 13483 220855 1573703
matthew price 
4
 – – – – –
paul doughty
5
346253 273263 72990 92745 660859
graham donoghue 301771 295645 6126 100342 714988
notes
1 these figures are the maximum available if the performance targets are met in full representing 150 of the actual awards made
2 final amounts relating to dividend equivalents payable on ltip awards over the three year period ended 22 june 2015
3 the estimated value of the vested shares is based on the average share price during the three months ended 31 december 2014 £2079
4 matthew price was appointed on 1 april 2014 and did not participate in the 2012 award
5  paul doughty resigned on 23 april 2014 as a result of the remuneration committee exercising its discretion to treat paul doughty as a good leaver for the 2012 
award the maximum number of shares in his award was reduced prorata on cessation from 346253 to 278925 shares based on the achievement of the 
performance conditions explained above 273263 shares will vest on the normal vesting date the balance of his award lapsed in full
longterm incentives granted during the year audited
on 3 april 2014 the following ltip awards were made to the executive directors
executive director type of award basis of award granted
share price
at date of
grant 
£
number of 
shares over
which award
was granted
face
value
of award
£
 of maximum 
that would vest 
at threshold 
performance
1
vesting
determined by
 performance over
peter plumb nil cost option 200 of salary of £450000 186 478239 889525 20
three financial 
years to 
31 december 
2016
matthew price nil cost option 165 of salary of £300000 186 263691 490465 20
graham donoghue nil cost option 150 of salary of £280000 186 223737 416151 20
the performance targets for this award are as follows
metric performance condition threshold stretch
compound annual 
growth in adjusted 
ebitda 70 of the 
award
compound annual growth in adjusted ebitda from 31 december 2013 to 
31 december 2016 30 vesting at compound annual growth in adjusted ebitda 
of 6 and 150 vesting at compound annual growth in adjusted ebitda of 17 
vesting is determined by a set formula between threshold and maximum
6 17
comparative total 
shareholder return 
30 of the award
comparative total shareholder return against the constituents of the ftse 250 
index 30 vesting at median performance and 150 vesting at upper quartile 
performance or above comparative total shareholder return measured over three 
financial years with a one month average at the start and end of the performance 
period vesting is on a straight line between threshold and maximum
median upper quartile
notes
1 these awards were structured as a face value of 100 with a threshold vesting of 30 and an ability for maximum vesting to be 150 of the face value the 
threshold vesting as a percentage of the maximum is therefore 20 30150 governance
54 moneysupermarket annual report  accounts 2014
annual report on remuneration continued
outstanding share awards
the table below sets out details of outstanding share awards held by the executive directors
executive director scheme grant date
exercise  
price
no of 
shares at 
1 january 
2014
granted  
during 
 the year
vested  
during  
the year
lapsed  
during 
 the year
no of  
shares at  
31 december 
2014
end of  
performance  
period
vestingexercise  
date
peter plumb ltip 09032011 nil 838424 – 838424 – – 31122013 09032014
saye 28092011 £090 10044 – 10044 – – na 01112014
 – 30042015
ltip 22062012 nil 664204 – – – 664204 31122014 22062015
ltip 20032013 nil 432192 – – – 432192 31122015 20032016
ltip 03042014 nil – 478239 – – 478239 31122016 03042017
saye 02102014 £1495 – 12040 – – 12040 na 01112017
 – 30042018
paul doughty 
resigned on 23 
april 2014
ltip 09032011 nil 437073 – 437073 – – 31122013 09032014
saye 28092011 £090 10044 – 10044 – – na 01112014
 – 30042015
ltip 22062012 nil 346253 – – 67328 278925 31122014 22062015
ltip 20032013 nil 217913 – – 217913 – 31122015 20032016
matthew price
appointed on 
1 april 2014
ltip 03042014 nil – 263691 – – 263691 31122016 03042017
saye 02102014 £1495 – 7224 – – 7224 na 01112017
 – 30042018
graham 
donoghue
ltip 09032011 nil 380925 – 380925 – – 31122013 09032014
saye 28092011 £090 10044 – 10044 – – na 01112014
 – 30042015
ltip 22062012 nil 301771 – – – 301771 31122014 22062015
ltip 20032013 nil 198029 – – – 198029 31122015 20032016
ltip 03042014 nil – 223737 – – 223737 31122016 03042017
saye 02102014 £1495 – 12040 – – 12040 na 01112017
 – 30042018
1 awards of nil cost options made in 2011 vest 30 at median performance and 150 at upper quartile performance in relation to the comparative tsr 
performance condition and 50 at threshold performance and 150 at stretch performance in relation to the absolute tsr performance condition with 50 of 
the award subject to the absolute tsr performance condition and 50 of the award subject to the comparative tsr performance condition 
2 awards of nil cost options made in 2012 vest 30 at median performance and 150 at upper quartile performance in relation to the comparative tsr 
performance condition and 30 at threshold performance and 150 at stretch performance in relation to the ebitda performance condition with 70 of the 
award subject to the ebitda performance condition and 30 of the award subject to the comparative tsr performance condition 
3 awards of nil cost options made in 2013 vest 30 at median performance and 150 at upper quartile performance in relation to the comparative tsr 
performance condition and 30 at threshold performance and 150 at stretch performance in relation to the ebitda performance condition with 70 of the 
award subject to the ebitda performance condition and 30 of the award subject to the comparative tsr performance condition
4 details of the performance conditions relating to the awards of nil cost options made in 2014 are set out on page 53 
5 the figures for the longterm incentive plan awards made in 2011 2012 2013 and 2014 are the maximum available if the performance targets are met in full 
representing 150 of the actual awards made 
6 as a result of the remuneration committee exercising its discretion to treat paul doughty as a good leaver for the award made on 22 june 2012 a pro rata amount of 
this award 278925 shares will continue to vest on its normal vesting date subject to scheme performance conditions with the balance of 67328 shares lapsing the 
unvested options for paul doughty relating to the award on 20 march 2013 lapsed in their entirety following his resignation from the company 
payments to past directors audited
no payments were made to past directors 
payments for loss of office audited
a payment of salary in lieu of notice was paid to paul doughty totalling £60473 for a period of two months after he ceased to be an 
employee on 30 april 2014 to reflect the unexpired portion of his notice period
directors’ remuneration report 
continued 55 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
statement of directors’ shareholdings and share interests audited
director
beneficially
owned at
31 december
2014
outstanding
ltip
awards
outstanding
share awards
under all
employee
share plans
total
interest
in shares
shareholding
as a  of
base salary at
31 december
2014
peter plumb 951025 1574635 12040 2537700 469
matthew price 80645 263691 7224 351560 60
graham donoghue 511485 723537 12040 1247062 406
simon nixon 89795130 – – – na
michael wemms 8136 – – – na
bruce carnegiebrown 50000 – – – na
rob rowley – – – – na
robin klein 100000 – – – na
sally james 20000 – – – na
andrew fisher – – – – na
genevieve shore – – – – na
on 4 april 2014 matthew price was granted 80645 shares as part of his package on joining the company
executive directors are required to hold shares in the company worth 100 of salary and must retain 50 of the net of tax value of any 
vested ltip shares until the guideline is met the shareholding as a percentage is based on the average share price during december 
2014 of £222
in the period 31 december 2014 to the date of this report there has been no change in the directors’ interests in shares in the 
company
performance graph and table unaudited
the following graph shows the cumulative total shareholder return of the company over the last six financial years relative to the ftse 
250 index excluding investment trusts the remuneration committee considers the ftse 250 index excluding investment trusts to 
be an appropriate index for total shareholder return and comparison disclosure as it represents a broad equity market index in which 
the company is a constituent member
this graph shows the value by 31 december 2014 of £100 invested in moneysupermarketcom group plc on 31 december 2008 
compared with the value of £100 invested in the ftse 250 index excluding investment trusts on the same date the other points 
plotted are the values at intervening financial year ends
0
100
200
300
400
500
600
700
800
dec14 dec13 dec12 dec11 dec10 dec09 dec08
moneysupermarketcom group plc ftse 250 index excluding investment trusts governance
56 moneysupermarket annual report  accounts 2014
annual report on remuneration continued
the total remuneration figures for the chief executive officer during each of the last six financial years are shown in the table below 
the total remuneration figure includes the annual bonus based on that year’s performance and ltip awards based on three year 
performance periods ending in the relevant year the annual bonus payout and ltip vesting level as a percentage of the maximum 
opportunity are also shown for each of these years
year ended 31 december 2009 2010 2011 2012 2013 2014
total remuneration £660667 £868748 £1024156 £2866123 £3059163 £2837703
annual bonus  of maximum 77 77 91 94 83 85
ltip vesting  of maximum na na na 94 100 98
percentage change in chief executive officer’s remuneration unaudited
the table below shows the percentage change in the chief executive officer’s salary benefits and annual bonus between the financial 
year ended 31 december 2013 and 31 december 2014 compared to that of the total amounts for all uk employees of the group for 
each of these elements of pay
2013 2014 change 
salary
chief executive officer £ 425000 450000 6
uk employee average £ 40812 43408 6
benefits
chief executive officer £ 14000 14000 0
uk employee average £ 398 283 29
annual bonus
chief executive officer £ 650000 710000 9
uk employee average £ 9206 14088 53
average number of uk employees 523 513 2
uk employees have been selected as the most appropriate comparator pool given our headquarters are located in the uk
relative importance of spend on pay unaudited
the following table shows the company’s actual spend on pay for all employees relative to dividends tax and retained profits
2013 2014 change 
staff costs £m 338 369 9
dividends £m 1096 436 60
tax £m 84 131 56
retained profits £m 347 528 52
 2014 includes a proposed final dividend of 569p per share
£40m 2013 £35m of the staff costs figures relate to pay for the executive directors of which £18m relates to the highest paid 
director 2013 £17m total pension contributions were £02m 2013 £02m and for the highest paid director were £01m 2013 £01m
the dividends figures relate to amounts payable in respect of the relevant financial year
consideration by the directors of matters relating to director’s remuneration
the remuneration committee comprises four independent nonexecutive directors andrew fisher chairman michael wemms sally 
james and genevieve shore biographies of the members of the remuneration committee are set out on pages 30 and 31
at the invitation of the chairman of the remuneration committee the chairman of the board the chief executive officer human 
resources director and company secretary may attend meetings of the remuneration committee except when their own 
remuneration is under consideration no director is involved in determining his or her own remuneration the company secretary acts 
as secretary to the remuneration committee the members of the remuneration committee can where they judge it necessary to 
discharge their responsibilities obtain independent professional advice at the company’s expense
the remuneration committee’s duties include
• determining the policy for the remuneration of the chairman executive directors and executive management team 
• determining the remuneration package of the chairman executive directors and executive management team including where 
appropriate bonuses incentive payments and pension arrangements within the terms of the agreed framework and policy 
• determining awards under the company’s longterm incentive schemes
the remuneration committee met on four occasions during the year details of the attendance at remuneration committee meetings 
are set out in the corporate governance report on page 34
directors’ remuneration report 
continued 57 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
the remuneration committee’s terms of reference are published on the investor relations section of the group’s website at  
wwwmoneysupermarketcom and are available in hard copy form on application to the company secretary
during 2014 the remuneration committee and the company received advice from towers watson who are independent 
remuneration consultants in connection with remuneration matters including the group’s performance related remuneration policy 
towers watson is a member of the remuneration consultants group and is committed to that group’s voluntary code of practice for 
remuneration consultants in the uk towers watson has no other connection or relationship with the group and has not provided any 
other services to the group during the financial year ended 31 december 2014
the fees paid to towers watson for providing advice in relation to executive remuneration over the financial year under review was 
£75301
with effect from january 2015 the remuneration committee has appointed deloitte llp who are independent remuneration 
consultants to provide it with advice in connection with remuneration matters including the group’s performance related 
remuneration policy deloitte llp is a member of the remuneration consultants group and is committed to that group’s voluntary 
code of practice for remuneration consultants in the uk
statement of voting at general meeting
at last year’s annual general meeting the following votes were received from shareholders
remuneration report remuneration policy
votes  votes 
votes cast in favour 422968809 9506 422780382 9502
votes cast against 21995523 494 22177641 498
total votes cast 444964332 100 444958023 100
abstentions 96423 102732
 includes chairman’s discretionary votes
this report was approved by the board and signed on its behalf by
andrew fisher
chairman of the remuneration committee
2 march 2015 governance
58 moneysupermarket annual report  accounts 2014
directors’ report
directors’ report
the directors present their report and the group and company 
financial statements of moneysupermarketcom group plc 
the ‘company’ and its subsidiaries together the ‘group’ for 
the financial year ended 31 december 2014
principal activities
the company is a public limited company incorporated in 
england registered number 6160943 with its registered office at 
moneysupermarket house st david’s park ewloe chester 
ch5 3uz
the principal activity of the group is the introduction of business 
to financial insurance travel home services and other product or 
service providers through its websites the principal activity of 
the company is that of a holding company
strategic report
pursuant to sections 414ad companies act 2006 the business 
review has been replaced with a strategic report which can be 
found on pages 14 to 27 this report sets out the development and 
performance of the group’s business during the financial year the 
position of the group at the end of the year and a description of 
the principal risks and uncertainties facing the group
uk corporate governance code
the company’s statement on corporate governance can be found 
in the corporate governance report the audit committee report 
the risk committee report the nomination committee report 
and the directors’ remuneration report on pages 32 to 57 the 
corporate governance report the audit committee report the 
risk committee report the nomination committee report and 
the directors’ remuneration report form part of this directors’ 
report and are incorporated into it by reference
results and dividends
the group’s and company’s audited financial statements for 
the financial year ended 31 december 2014 are set out on pages 
65 to 92
an interim dividend of 231p 2013 216p and a special dividend 
of 1292p per ordinary share was paid to shareholders on 
12 september 2014
the directors recommend a final dividend of 569p 2013 512p 
per ordinary share if approved by shareholders at the 
forthcoming annual general meeting this will be paid on 8 may 
2015 to shareholders on the register at the close of business on 
27 march 2015
the final dividend together with the interim dividend paid on 
12 september 2014 gives a total dividend for the year of 80p 
2013 2020p per ordinary share
post balance sheet events
there have been no balance sheet events that either require 
adjustment to the financial statements or are important in the 
understanding of the company’s current position
major shareholders
as at the date of this report the company had been notified of 
the following significant holdings of voting rights in its ordinary 
shares in accordance with the financial conduct authority’s 
disclosure and transparency rules
shareholder
number of 
ordinary  
sharesvoting  
rights notified
percentage of  
ordinary share 
capitalvoting  
rights notified
simon nixon 89795130 1646
the capital group companies inc 44036831 807
aviva plc 33232531 609
ameriprise financial inc and its group 27477015 504
kames capital 27311228 501
blackrock inc 25454379 467
fil limited 24758460 454
state street nominees limited 20581165 377
martin steven lewis 17378424 319
share capital and control
the issued share capital of the company comprises a single class 
of shares referred to as ordinary shares of 002p each as at 
31 december 2014 the issued share capital of the company was 
£109075 comprising 545374936 ordinary shares of 002p each 
full details of the share capital of the company and changes to 
the share capital during the year are set out in note 16 to the 
group financial statements on page 82 all the information 
detailed in note 16 on page 82 forms part of this directors’ report 
and is incorporated into it by reference
at the annual general meeting of the company held on 23 april 
2014 shareholders authorised the directors to allot up to 
360985412 ordinary shares in the capital of the company 
directors will seek authority from shareholders at the forthcoming 
annual general meeting to allot up to 363220000 ordinary shares
on a show of hands at a general meeting of the company every 
holder of ordinary shares present in person or by proxy and 
entitled to vote shall have one vote and on a poll every holder of 
darren drabble
company secretary 59 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
ordinary shares present in person or by proxy and entitled to 
vote shall have one vote for every ordinary share held there are 
no issued shares in the company with special rights with regard 
to control of the company
the notice of the annual general meeting specifies deadlines for 
exercising voting rights and appointing a proxy or proxies to vote 
in relation to resolutions to be passed at the annual general 
meeting all proxy votes are counted and the numbers for against 
or withheld in relation to each resolution are announced at the 
annual general meeting and published on the company’s website 
after the meeting
there are no restrictions on the transfer of ordinary shares in the 
company other than
• certain restrictions may from time to time be imposed by laws 
and regulations for example insider trading laws 
• pursuant to the listing rules of the financial conduct 
authority whereby certain directors officers and employees 
of the group require the approval of the company to deal in 
ordinary shares of the company
under the rules of the company share incentive plan plan 
eligible employees were provided with the opportunity to receive 
‘free’ shares on the listing of the company listing with a value as 
at the date of listing of £3000 and all employees are entitled to 
purchase ordinary shares in the company using money deducted 
from their pretax salary plan shares are held in trust for 
participants by capita irg trustees limited trustees voting 
rights are exercised by the trustees on receipt of participants’ 
instructions if a participant does not submit an instruction to the 
trustees no vote is registered in addition the trustees do not 
vote on any unawarded or forfeit shares held under the plan as 
surplus assets as at the date of this report the trustees held 
01 of the issued ordinary share capital of the company
the company is not aware of any agreements between 
shareholders that may result in restrictions on the transfer of 
securities andor voting rights
the company and simon nixon entered into a relationship 
agreement on 11 july 2007 to regulate the ongoing relationship 
between them ‘relationship agreement’ the company and 
simon nixon have agreed in the relationship agreement that 
simon nixon is entitled to appoint such number including 
himself one nonexecutive director for as long as he holds the 
beneficial interest in at least 15 of the ordinary shares of the 
company two nonexecutive directors for as long as he holds 
the beneficial interest in at least 30 of the ordinary shares of the 
company and three nonexecutive directors for as long as he 
holds the beneficial interest in at least 50 of the ordinary 
shares of the company the relationship agreement will 
terminate if simon nixon holds less than 15 of the ordinary 
shares of the company 
save in respect of provisions of the company’s share schemes 
which may cause options and awards granted to employees 
under such schemes to vest on a takeover there are no 
agreements between the company and its directors or 
employees providing for compensation for loss of office or 
employment whether through resignation purported 
redundancy or otherwise that occurs because of a takeover bid
save in respect of the company’s share schemes there are no 
significant agreements to which the company is a party that take 
effect alter or terminate upon a change of control following a 
takeover bid
the company’s articles of association may only be amended by a 
special resolution at a general meeting of shareholders no 
amendments are proposed to be made to the existing articles of 
association at the forthcoming annual general meeting
authority to purchase own shares
at the annual general meeting of the company held on 23 april 
2014 shareholders authorised the company to purchase in the 
market up to 54202014 of its own ordinary shares either to be 
cancelled or retained as treasury shares as at the date of this 
director’s report the company had not purchased any of its own 
ordinary shares in the market
directors will seek authority from shareholders at the 
forthcoming annual general meeting for the company to 
purchase in the market up to 54538266 of its own ordinary 
shares either to be cancelled or retained as treasury shares the 
directors will only use this power after careful consideration 
taking into account the financial resources of the company the 
company’s share price and future funding opportunities the 
directors will only purchase such shares after taking into account 
the effects on earnings per share and the interests of 
shareholders generally
research and development
innovation is important to the future success of the group and to 
the delivery of longterm value to shareholders the group’s 
research and development expenditure is predominantly 
associated with computer and internet software systems 
successfully developed software is used to develop new products 
and to improve and extend the functionality and scope of the 
group’s operations
going concern
after making appropriate enquiries the directors have a 
reasonable expectation that the company and the group as a 
whole have adequate resources to continue in operational 
existence for the foreseeable future accordingly the financial 
statements have been prepared on a going concern basis
directors
the following persons were directors of the company during the 
financial year ended 31 december 2014 gerald corbett resigned 
on 23 april 2014 bruce carnegiebrown simon nixon peter 
plumb matthew price appointed on 1 april 2014 paul doughty 
resigned on 23 april 2014 graham donoghue michael wemms 
rob rowley sally james robin klein andrew fisher appointed on 
6 august 2014 and genevieve shore appointed on 17 september 
2014 their biographical details with the exception of gerald 
corbett and paul doughty are set out on pages 30 and 31
subject to law and the company’s articles of association the 
directors may exercise all of the powers of the company and may 
delegate their power and discretion to committees
the company’s articles of association give the directors power to 
appoint and replace directors under the terms of reference of 
the nomination committee any appointment to the board of the 
company must be recommended by the nomination committee 
for approval by the board the articles of association also require 
directors to retire and submit themselves for election at the first 
annual general meeting following their appointment and to 
stand for reelection at least every three years following their 
election or last reelection governance
60 moneysupermarket annual report  accounts 2014
in accordance with the company’s articles of association and the 
uk corporate governance code all of the directors will retire at 
the forthcoming annual general meeting and with the exception 
of michael wemms and robin klein who will be stepping down as 
directors will offer themselves for election or reelection
directors’ remuneration
the remuneration committee on behalf of the board has 
adopted a policy that aims to attract and retain the directors 
needed to run the group successfully details of the directors’ 
remuneration is set out in the directors’ remuneration report on 
pages 43 to 57
directors’ interests
details of the directors’ and their connected persons’ interests in 
the ordinary shares of the company are set out in the directors’ 
remuneration report on pages 43 to 57 no director has any 
other interest in any shares or loan stock of any group company
the details of transactions with directors of the company and 
related party transactions in the financial year ended 
31 december 2014 are set out in note 22 to the group financial 
statements on page 86 during the year no director had any 
material interest in any contract of significance to the group’s 
business
directors’ and officers’ insurance and indemnities
during the financial year ended 31 december 2014 and up to the 
date of this directors’ report the company has maintained 
liability insurance for its directors and officers
the company has granted indemnities to each of its directors 
and the company secretary to the extent permitted by law and 
its articles of association these indemnities were in force 
throughout the year ended 31 december 2014 and remain in 
force as at the date of this report in relation to certain losses and 
liabilities which the directors or company secretary may incur in 
the course of acting as directors company secretary or 
employees of the company or of any associated company
directors’ responsibilities statement in respect of the annual 
report and the financial statements
the directors are responsible for preparing the annual report 
and the group and company financial statements in accordance 
with applicable law and regulations
company law requires the directors to prepare group and 
company financial statements for each financial year under that 
law they are required to prepare the group financial statements 
in accordance with ifrss as adopted by the eu and applicable law 
and have elected to prepare the company financial statements in 
accordance with uk accounting standards and applicable law uk 
generally accepted accounting practice
under company law the directors must not approve the financial 
statements unless they are satisfied that they give a true and fair 
view of the state of affairs of the group and company and of their 
profit or loss for that period in preparing each of the group and 
company financial statements the directors are required to
• select suitable accounting policies and then apply them 
consistently 
• make judgements and estimates that are reasonable and 
prudent 
• for the group financial statements state whether they have 
been prepared in accordance with ifrss as adopted by the eu
• for the company financial statements state whether 
applicable uk accounting standards have been followed 
subject to any material departures disclosed and explained in 
the company financial statements 
• prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the group and the 
company will continue in business 
the directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the company’s 
transactions and disclose with reasonable accuracy at any time 
the financial position of the company and enable them to ensure 
that its financial statements comply with the companies act 
2006 they have general responsibility for taking such steps as 
are reasonably open to them to safeguard the assets of the 
group and to prevent and detect fraud and other irregularities
under applicable law and regulations the directors are also 
responsible for preparing a strategic report directors’ report 
directors’ remuneration report and corporate governance 
report that complies with that law and those regulations
the directors are responsible for the maintenance and integrity 
of the corporate and financial information included on the 
company’s website legislation in the uk governing the 
preparation and dissemination of financial statements may differ 
from legislation in other jurisdictions
the board considers that the annual report and financial 
statements taken as a whole are fair balanced and understandable 
and provide the information necessary for shareholders to assess 
the group’s performance business model and strategy
directors’ responsibilities statement pursuant to disclosure 
and transparency rules 4112r
each of the directors whose names and functions are set out on 
pages 30 and 31 confirms that to the best of their knowledge
• the financial statements prepared in accordance with the 
applicable set of accounting standards give a true and fair 
view of the assets liabilities financial position and profit or 
loss of the company and the undertakings included in the 
consolidation taken as a whole 
• the management report which comprises the directors’ 
report and the strategic report includes a fair review of the 
development and performance of the business and the 
position of the company and the undertakings included in the 
consolidation taken as a whole together with a description of 
the principal risks and uncertainties that they face 
management report
the directors’ report and strategic report comprises the 
‘management report’ for the purposes of the financial conduct 
authority’s disclosure and transparency rules dtr 418r
internal control
the corporate governance report on pages 32 to 36 the audit 
committee report on pages 37 to 39 and the risk committee 
report on pages 41 and 42 includes the board’s assessment of 
the group’s system of internal controls
employees
the group places considerable value on the involvement of its 
employees and uses a number of ways to engage with employees 
on matters that impact them and the performance of the group 
these include formal business performance updates by members 
of the executive management team for all employees regular 
update briefings for all employees regular team meetings the 
group’s intranet site which enables easy access to the latest 
directors’ report  
continued 61 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
group information as well as group policies and the circulation 
to employees of results announcements and other corporate 
announcements this also helps to achieve a common awareness 
amongst employees of the financial and economic factors 
affecting the performance of the group
a robust employee engagement survey process is also in place to 
ensure that employees are given a voice in the organisation and 
that the group can take action based on employee feedback
all employees are able to participate in the company’s share 
incentive plan and save as you earn scheme which gives 
employees the opportunity to purchase ordinary shares in the 
company this helps to encourage employee interest in the 
performance of the group
equal opportunities
the group is committed to providing equality of opportunity to 
all employees without discrimination and applies fair and 
equitable employment policies which seek to promote entry into 
and progression within the group appointments are determined 
solely by application of job criteria personal ability behaviour 
and competency
disabled persons
disabled persons have equal opportunities when applying for 
vacancies with due regard to their skills and abilities procedures 
ensure that disabled employees are fairly treated in respect of 
training and career development for those employees becoming 
disabled during the course of their employment the group is 
supportive so as to provide an opportunity for them to remain 
with the group wherever reasonably practicable
in the opinion of the directors all employee policies are deemed 
to be effective and in accordance with their intended aims
borrowings
during the period the group’s available loan facility decreased 
from £70m to £60m as at 31 december 2014 the group had 
net cash of £131m under the terms of the facility the amount 
available will reduce to £50m on 31 may 2015
financial risk management
it is the group’s objective to manage its financial risk so as to 
minimise the adverse fluctuations in the financial markets on the 
group’s profitability and cash flow the specific policies for 
managing each of the group’s main financial risk areas are set out 
in note 17 to the group financial statements on pages 82 and 83
political donations
during the financial year ended 31 december 2014 the group did 
not make any political donations 2013 £nil
environmental matters
information on the group’s greenhouse gas emissions is 
disclosed in the corporate responsibility report on page 26 and 
is incorporated into this directors’ report by reference
disclosure of information to auditor
the directors who held office at the date of this report confirm 
that so far as they are each aware there is no relevant audit 
information of which the company’s auditor is 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 auditor is aware 
of that information
auditor
kpmg llp have indicated their willingness to accept 
reappointment as auditors of the company a resolution 
proposing their reappointment is contained in the notice of the 
forthcoming annual general meeting and will be proposed to 
shareholders at that meeting
annual general meeting
the forthcoming annual general meeting of the company will be 
held at the chester grosvenor hotel eastgate chester ch1 1lt 
on thursday 30 april 2015 at 1100am
the notice convening the forthcoming annual general meeting 
of the company with details of the business to be transacted at 
the meeting and explanatory notes is set out in a separate 
circular which has been sent to all shareholders at the same 
time as this report
by order of the board
darren drabble
company secretary
2 march 2015 governance
62 moneysupermarket annual report  accounts 2014
opinions and conclusions arising from our audit
1 our opinion on the financial statements is unmodified
we have audited the financial statements of moneysupermarketcom group plc for the year ended 31 december 2014 set out on 
pages 65 to 92 in our opinion
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31 december 
2014 and of the group’s profit for the year then ended
• the group financial statements have been properly prepared in accordance with international financial reporting standards as 
adopted by the european union
• the parent company financial statements have been properly prepared in accordance with uk accounting standards and
• the financial statements have been prepared in accordance with the requirements of the companies act 2006 and as regards the 
group financial statements article 4 of the ias regulation
2 our assessment of risks of material misstatement
in arriving at our audit opinion above on the financial statements the risks of material misstatement that had the greatest effect on our 
audit were as follows
• moneysavingexpertcom contingent remuneration payable 
consolidated statement of financial position accrual £153 million consolidated statement of comprehensive income 
charge £42 million of which £03 million relates to interest unwind
	 r e f e r	t o	p a g e	3 8	 a u d i t	c o m m i t t e e	r e p o r t  	p a g e	7 0	a c c o u n t i n g	p o l i c y 	a n d	p a g e	8 1	 fi n a n c i a l	d i s c l o s u r e s  
 t h e	r i s k	– the quantum of contingent remuneration arising from the moneysavingexpertcom acquisition in 2012 is dependent upon 
achievement of a number of nonfinancial measures and is in part at the discretion of the board subject to continued employment 
over a 3 year period the judgemental nature of the estimate is considered a significant audit risk
 o u r	r e s p o n s e	– our audit procedures included among others comparing the relevant nonfinancial measures of moneysavingexpert
com at 31 december 2014 as reported to the board to the requirements set out in the share and purchase agreement data 
analytics were used to review the measurement bases and we challenged the group’s assessment of the potential outcomes with 
reference to the actual performance of each measure as at the year end including reviewing management’s sensitivity analysis of 
potential outcomes 
 in respect of the discretionary element we inspected board minutes and received a specific board representation to confirm that 
the estimate is consistent with the current expectations of the board
 we considered the sufficiency and adequacy of the group’s disclosures in respect of the estimate of the contingent remuneration 
recognised particularly the method of estimation significant assumptions used and degree of estimation uncertainty as required 
by relevant accounting standards
• capitalised software and development costs £159 million
	 r e f e r	t o	p a g e	3 8	 a u d i t	c o m m i t t e e	r e p o r t  	p a g e	7 1	a c c o u n t i n g	p o l i c y 	a n d	p a g e s	7 9  8 0	 fi n a n c i a l	d i s c l o s u r e s  
 t h e	r i s k	– the group has incurred significant software and development project costs in the year in respect of the technology reset 
program including platform aggregation travelsupermarket and mobile optimisation these are capitalised to the extent that 
future economic benefits are expected to be generated by these projects this requires judgements as to the successful completion 
of projects and whether sufficient revenue and profitability will be generated to ensure the recoverability of the cost being 
capitalised the key inputs in the directors’ return on investment calculations specifically customer conversion rates ability to cross 
sell products revenue growth and timing and amount of capital expenditure all require significant estimation and judgement the 
directors also apply judgement in the classification of spend as development in nature rather than ongoing operational 
expenditure given the significant value of the software and development assets and in light of the early stage of the projects this 
is considered to be an area of significant audit risk
 o u r	r e s p o n s e	– our audit procedures included detailed testing of the inputs into the group’s project forecasts assessment of the 
historical accuracy of the directors’ forecasting and interviews with key operational personnel to obtain a breadth of different views 
about project progress for the key inputs we critically assessed the reasonableness of the assumptions with reference to internal 
data we assessed whether costs had been appropriately capitalised in respect of significant projects by comparison to the 
recognition criteria of relevant accounting standards for a statistically selected sample we evaluated the adequacy of the group’s 
disclosures in respect of the risks inherent in the projects as at the year end date
independent auditor’s report
to the members of moneysupermarketcom group plc only 63 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
• revenue £2481 million
	 r e f e r	t o	p a g e	3 7	 a u d i t	c o m m i t t e e	r e p o r t  	p a g e	7 0	a c c o u n t i n g	p o l i c y 	a n d	p a g e	8 0	 fi n a n c i a l	d i s c l o s u r e s  
 t h e	r i s k	– revenue is recognised predominantly from internet lead generation click based revenues revenue accruals are made 
based on an estimation of the likely number of successful conversions revenue recognition including the existence of revenue is 
considered to be a significant audit risk because of the inherent complexities of the click recording system and the judgements 
made to estimate unbilled revenue at the period end
 o u r	r e s p o n s e	– our audit procedures included testing the general it control environment of the group’s information system where 
click activity is recorded to assess whether general it controls were in place and were operating effectively across the period this 
assessment supported the level of detailed testing by our own it specialists to assess whether the system was recording clicks in the 
correct period and that the number of clicks on which the group is basing its revenue accrual estimate were derived from a system 
that is operating effectively this detailed testing involved reperformance of clickthroughs in the live environment
 we selected a statistical sample of the year end revenue accruals and agreed these to confirmatory evidence which included cash 
receipts and confirmation of successful applications from the end providers which allowed us to make an assessment of the validity 
and accuracy of the total revenue accrual
 we compared total revenue recognised to our expectations based on cash receipts and movement of trade receivables and revenue 
accruals we analysed movements in revenue at an operating segment level based on changes in visitor numbers and transactions 
and investigated unusual trends
 we also considered the adequacy of the group’s disclosures in respect of clickbased revenue recognition
 we continue to perform work over the carrying value of goodwill and intangibles however in light of improved performance at both 
the group and individual cash generating unit level resulting in the underlying assumptions used in the group’s calculations not 
being sensitive to changes in key inputs we have not assessed this as one of the risks that had the greatest effect on our audit and 
therefore it is not separately identified in our report this year
3 our application of materiality and an overview of the scope of our audit
the materiality for the group financial statements as a whole was set at £50 million 2013 £51 million determined with reference to a 
benchmark of group profit before tax normalised to exclude moneysavingexpertcom contingent remuneration costs and profit on 
the sale of hd decisions of £663 million materiality represents 75 of normalised group profit before tax 2013 23 of group 
revenue 2014 20 of group revenue the change in the benchmark used is due to the business now being well established having 
reduced profit volatility and the integration of the moneysavingexpertcom acquisition being complete
we report to the audit committee any corrected or uncorrected identified differences exceeding £025 million in addition to other 
identified misstatements that warranted reporting on qualitative grounds
the group consists of nine components which are all audited by one audit team at the group’s head office 98 of the group revenues 
are generated from the main trading component moneysupermarketcom limited moneysupermarketcom limited’s component 
materiality is £45 million we audit the remaining components to materiality ranging from £06 million to £45 million the group audit 
scope covers 100 of group revenues 100 of group profit before taxation and 100 of total group assets
4 our opinion on other matters prescribed by the companies act 2006 is unmodified
in our opinion
• the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the companies act 
2006 and
• the information given in the strategic report and the directors’ report for the financial year for which the financial statements are 
prepared is consistent with the financial statements governance
64 moneysupermarket annual report  accounts 2014
5 we have nothing to report in respect of the matters on which we are required to report by exception
under isas uk and ireland we are required to report to you if based on the knowledge we acquired during our audit we have 
identified other information in the annual report that contains a material inconsistency with either that knowledge or the financial 
statements a material misstatement or fact or that is otherwise misleading
in particular we are required to report to you if
• we have identified material inconsistencies between the knowledge we acquired during our audit and the directors’ statement that 
they consider that the annual report and financial statements taken as a whole is fair balanced and understandable and provides 
the information necessary for shareholders to assess the group’s performance business model and strategy or
• the audit committee report does not appropriately address matters communicated by us to the audit committee
under the companies act 2006 we are required to report to you if in our opinion
• adequate accounting records have not been kept by the parent company or returns adequate for our audit have not been received 
from branches not visited by us or
• the parent company financial statements and the part of the directors’ remuneration report to be audited are not in agreement 
with the accounting records and returns or
• certain disclosures of directors’ remuneration specified by law are not made or
• we have not received all the information and explanations we require for our audit
under the listing rules we are required to review
• the directors’ statement set out on page 59 in relation to going concern and
• the part of the corporate governance statement on pages 32 to 36 relating to the company’s compliance with the ten provisions of 
the 2012 uk corporate governance code specified for our review
we have nothing to report in respect of the above responsibilities
scope and responsibilities
as explained more fully in the directors’ responsibilities statement set out on page 60 the directors are responsible for the 
preparation of the financial statements and for being satisfied that they give a true and fair view a description of the scope of an audit 
of financial statements is provided on the financial reporting council’s website at wwwfrcorgukauditscopeukprivate this report is 
made solely to the company’s members as a body and is subject to important explanations and disclaimers regarding our 
responsibilities published on our website at wwwkpmgcomukauditscopeukco2014a which are incorporated into this report as if set 
out in full and should be read to provide an understanding of the purpose of this report the work we have undertaken and the basis of 
our opinions
stuart burdass senior statutory auditor
for and on behalf of kpmg llp statutory auditor
chartered accountants
1 st peter’s square 
manchester
m2 3ae
2 march 2015
independent auditor’s report continued
to the members of moneysupermarketcom group plc only 65 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
consolidated statement of 
comprehensive income
for the year ended 31 december 2014
note
year ended
31 december
2014
£000
year ended
31 december
2013
£000
revenue 248131 225553
cost of sales 52443 50156
gross profit 195688 175397
distribution expenses 34037 30708
administrative expenses 97787 100170
operating profit 5 63864 44519
net finance costs 7 1865 1619
share of profit of associate 23 59 175
profit on disposal of associate 23 3901 –
profit before tax 65959 43075
taxation 8 13141 8416
profit for the year 52818 34659
other comprehensive income
items that may be reclassified subsequently to profit or loss
foreign currency translation 4 5
other comprehensive income for the year 4 5
total comprehensive income for the year 52814 34664
all profit and comprehensive income is attributable to the equity holders of the company
earnings per share
basic earnings per ordinary share p 9 97 64
diluted earnings per ordinary share p 9 96 63 66 moneysupermarket annual report  accounts 2014
financial statements
note
31 december
2014
£000
31 december
2013
£000
assets
noncurrent assets
property plant and equipment 11 9395 11163
intangible assets 12 166498 174314
investment in associate 23 – 1333
total noncurrent assets 175893 186810
current assets
trade and other receivables 13 27526 21907
prepayments 3096 2192
cash and cash equivalents 17 43146 38935
total current assets 73768 63034
total assets 249661 249844
liabilities
noncurrent liabilities
other payables 14 – 11087
borrowings 14 29970 59581
deferred tax liabilities 15 7754 9290
total noncurrent liabilities 37724 79958
current liabilities
trade and other payables 14 56375 31260
current tax liabilities 7440 4865
total current liabilities 63815 36125
total liabilities 101539 116083
equity
share capital 16 109 108
share premium 202217 201841
retained earnings 112838 126826
other reserves 58634 58638
total equity 148122 133761
total equity and liabilities 249661 249844
the financial statements were approved by the board of directors and authorised for issue on 2 march 2015 they were signed on its 
behalf by
peter plumb
chief executive officer
matthew price
chief financial officer
consolidated statement of  
financial position
at 31 december 2014 67 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
consolidated statement of  
changes in equity
for the year ended 31 december 2014
note
issued
share
capital
£000
share
premium
£000
other
reserves
£000
retained
earnings
£000
reserve
for own
shares
£000
total
£000
at 1 january 2013 107 201824 63791 65987 – 199735
foreign currency translation – – 5 – – 5
profit for the year – – – 34659 – 34659
total income and expense for the year – – 5 34659 – 34664
new shares issued – 17 – – – 17
exercise of ltip awards 1 – – – – 1
distribution in relation to ltip – – – 848 – 848
equity dividends 10 – – – 102902 – 102902
sharebased payments 18 – – – 2319 – 2319
tax effect of sharebased payments – – – 775 – 775
reserves transfer – – 5158 5158 – –
at 31 december 2013 108 201841 58638 126826 – 133761
foreign currency translation – – 4 – – 4
profit for the year – – – 52818 – 52818
total income and expense for the year – – 4 52818 – 52814
new shares issued – 376 – – – 376
exercise of ltip awards 1 – – – – 1
distribution in relation to ltip – – – 917 – 917
equity dividends 10 – – – 40486 – 40486
sharebased payments 18 – – – 2052 – 2052
tax effect of sharebased payments – – – 521 – 521
at 31 december 2014 109 202217 58634 112838 – 148122
other reserves
the other reserves balance represents the merger and revaluation reserves generated upon the acquisition of moneysupermarketcom 
financial group limited by the company as discussed below and a capital redemption reserve for £19000 arising from the acquisition 
of 95294118 deferred shares of 002p by the company from simon nixon
upon the acquisition of moneysupermarketcom financial group limited a merger reserve of £60750000 for 15 of the fair value of 
assets acquired a merger reserve of £16923000 for 45 of the book value transferred from a company under common control and a 
revaluation reserve of £65345000 representing 45 of the fair value of the intangible assets transferred from a company under 
common control were recognised amounts were transferred from these reserves to retained earnings as the goodwill and other 
intangibles balances which relate to this acquisition were impaired and amortised
the balance also includes a foreign currency translation reserve which comprises all foreign currency differences arising from the 
translation of the financial statements of foreign operations
reserve for own shares
the reserve for the company’s own ordinary shares comprises the cost of the company’s ordinary shares held by the group 
at 31 december 2014 the group held 242089 ordinary shares at a cost of 002p per share through a trust for the benefit of the 
group’s employees 68 moneysupermarket annual report  accounts 2014
financial statements
consolidated statement of cash flows
for the year ended 31 december 2014
note
year ended
31 december
2014
£000
year ended
31 december
2013
£000
operating activities
profit for the year 52818 34659
adjustments to reconcile group net profit to net cash flows
 depreciation of property plant and equipment 11 3446 3648
 amortisation of intangible assets 12 23957 27300
 share of profit of associate 23 59 175
 profit on disposal of associate 23 3901 –
 contingent payable in relation to the acquisition of moneysavingexpertcom 3 3908 7960
 profitloss on disposal of property plant and equipment 47 22
 net finance costs 7 1865 1619
 equitysettled sharebased payment transactions 18 2052 2319
 tax charge 8 13141 8416
 change in trade and other receivables 6524 1487
 change in trade and other payables 4715 3581
 tax paid 11404 14518
net cash flow from operating activities 83967 73344
investing activities
interest received 7 194 135
acquisition of trade and assets 3 1500 –
disposal of associate 5292 –
acquisition of property plant and equipment 11 1631 4229
acquisition of intangible assets 12 9715 4091
net cash used in investing activities 7360 8185
financing activities
proceeds from exercise of long term incentive plan 1 1
proceeds from share issue 376 17
proceeds from borrowings 17 20000 60000
repayment of borrowings 17 50000 –
payment of transaction costs relating to financing activities – 625
interest paid 7 1367 553
distribution in relation to long term incentive plan 917 848
dividends paid 10 40486 102902
net cash used in financing activities 72393 44910
net increase in cash and cash equivalents 4214 20249
cash and cash equivalents at start of year 38935 18680
effects of foreign exchange differences 3 6
cash and cash equivalents at end of year 17 43146 38935 69 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
1 corporate information
the consolidated financial statements of moneysupermarketcom group plc ‘company’ a company incorporated in england and its 
subsidiaries for the year ended 31 december 2014 were authorised for issue in accordance with a resolution of the directors on 
2 march 2015 the consolidated financial statements have been prepared and approved by the directors in accordance with 
international financial reporting standards as adopted by the eu ‘adopted ifrss’ the company has elected to prepare its company 
financial statements in accordance with uk gaap these are presented on pages 87 to 92
2 summary of significant accounting policies
basis of preparation
the financial statements are prepared on the historical cost basis comparative figures presented in the financial statements 
represent the year ended 31 december 2013 the financial statements are prepared on a going concern basis which the directors 
deem appropriate given the group’s positive cash position low level of debt continued growth and forecast profitability
use of estimates and judgements
the preparation of financial statements requires management to make judgements estimates and assumptions that affect the 
application of accounting policies and the reported amounts of assets liabilities income and expenses actual results may differ from 
these estimates
estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised in the 
period in which the estimate is revised and in any future periods affected
the most significant areas of estimation uncertainty and areas where critical judgements are made in applying accounting policies that 
have a material effect on the financial statements are listed below the uncertainties encountered and judgements made are 
described in more detail in the relevant accounting policies and accompanying notes
• note 3  contingent consideration and remuneration on acquisitions
• note 12 goodwill and other intangibles including the capitalisation of software and development costs
• note 13 revenue recognition
basis of consolidation
these consolidated financial statements incorporate the financial statements of the company and its subsidiaries and equity account 
the group’s interest in associates
subsidiaries are entities controlled by the group control exists when the group has power over the investee exposure or rights to 
variable returns and the ability to use its power over the investee to affect its returns the financial statements of subsidiaries are 
included in the consolidated financial statements from the date that control commences until the date that control ceases
associates are those entities in which the group has significant influence but not control over the financial and operating policies 
significant influence is presumed to exist when the group holds between 20 and 50 of the voting power of another entity 
investments in associates are accounted for using the equity method and are recognised initially at cost the consolidated financial 
statements include the group’s share of the profit or loss and other comprehensive income of equity accounted investees after 
adjustments to align the accounting policies with those of the group from the date that significant influence commences until the date 
that significant influence ceases
accounting for business combinations
from 1 january 2010 the group has applied ifrs 3 business combinations 2008 in accounting for business combinations the change 
in accounting policy has been applied prospectively
business combinations are accounted for using the acquisition method as at the acquisition date which is the date on which control is 
transferred to the group control is the power to govern the financial and operating policies of an entity so as to obtain benefits from 
its activities in assessing control the group takes into consideration potential voting rights that currently are exercisable
acquisitions on or after 1 january 2010
for acquisitions on or after 1 january 2010 the group measures goodwill at the acquisition date as
• the fair value of the consideration transferred plus 
• the recognised amount of any noncontrolling interests in the acquiree plus 
• if the business combination is achieved in stages the fair value of the existing equity interest in the acquiree less 
• the net recognised amount generally fair value of the identifiable assets acquired and liabilities assumed 
when the excess is negative a bargain purchase gain is recognised immediately in profit or loss
the consideration transferred does not include amounts related to the settlement of preexisting relationships such amounts are 
generally recognised in profit or loss
costs related to the acquisition other than those associated with the issue of debt or equity securities that the group incurs in 
connection with a business combination are expensed as incurred
notes to the consolidated  
financial statements 70 moneysupermarket annual report  accounts 2014
financial statements
2 summary of significant accounting policies continued
any contingent amount payable is recognised at fair value at the acquisition date if the contingent amount is classified as equity it is 
not remeasured and settlement is accounted for within equity otherwise subsequent changes to the fair value of the contingent 
amount are recognised in profit or loss where the contingent amount is dependent on future employment it shall be treated as a cost 
of continuing employment and therefore is recognised as an expense over the relevant period
acquisitions between 22 june 2007 and 1 january 2010
for acquisitions between 22 june 2007 and 1 january 2010 goodwill represents the excess of the cost of the acquisition over the 
group’s interest in the recognised amount generally fair value of the identifiable assets liabilities and contingent liabilities of the 
acquiree when the excess was negative a bargain purchase gain was recognised immediately in profit or loss
transaction costs other than those associated with the issue of debt or equity securities that the group incurred in connection with 
business combinations were capitalised as part of the cost of the acquisition
the group was established via a series of transactions that occurred concurrently on 22 june 2007 these comprised the incorporation 
of the company with simon nixon as sole shareholder the acquisition by the company using a share for share exchange of simon 
nixon’s 45 interest in moneysupermarketcom financial group limited and the acquisition by the company of all other shares in 
moneysupermarketcom financial group limited from third parties the acquisition of simon nixon’s shares was between two parties 
being simon nixon and the company who were under common control at the time of the transaction the acquisition was of an 
interest in a company which gave the investor a significant influence in the company and it was concluded that this arrangement was a 
common control transaction and not within the scope of ifrs 3 business combinations as a result the company accounted for this 
45 interest in moneysupermarketcom financial group limited at original carrying value rather than fair value at the date of the 
acquisition the acquisition of the remaining shares in moneysupermarketcom financial group limited was accounted for in 
accordance with ifrs 3 business combinations applying the accounting guidance for a business combination achieved in stages this 
resulted in the fair value of the identifiable assets liabilities and contingent liabilities of moneysupermarketcom financial group 
limited being recognised in full and the goodwill in respect of the acquisition from third parties being recognised
foreign currency
the consolidated financial statements are presented in sterling which is the company’s functional and presentation currency
the functional currency of the foreign subsidiary icero gmbh is the euro the income and expenses of the foreign operation are 
translated into sterling at an average exchange rate for the period in which the activity occurred the assets and liabilities of the foreign 
operation are translated into sterling using exchange rates ruling as at the balance sheet date the exchange difference arising upon 
translation is taken directly to a separate component of equity
monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at 
the exchange rate at that date foreign currency differences arising on retranslation are recognised as a profit or loss
revenue
the group generates fees from internet lead generation click based revenue commissions from brokerage sales and advertising 
through a variety of contractual arrangements the group recognises click based revenues and associated costs in the period that the 
lead is generated brokerage commissions are recognised at the point of completion of the transaction with the customer advertising 
revenue is recognised in the period when an advertisement is delivered to the end user
revenue is recognised net of value added tax
property plant and equipment
property plant and equipment are stated at cost less accumulated depreciation and impairment losses
where parts of an item of property plant and equipment have different useful lives they are accounted for as separate items of 
property plant and equipment
depreciation is charged to the statement of comprehensive income on a straightline basis over the estimated useful life of each part 
of an item of property plant and equipment land is not depreciated assets under construction are not depreciated until brought into 
use the estimated useful lives are as follows
buildings 50 years
plant and equipment including it equipment 3 years
fixtures and fittings 5 years
office equipment 5 years
the useful lives and depreciation rates are reassessed at each reporting date
notes to the consolidated  
financial statements continued 71 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
2 summary of significant accounting policies continued
intangible assets
goodwill
goodwill is measured at cost less any accumulated impairment losses with the carrying value being reviewed for impairment at least 
annually and whenever there is an indication that the carrying value may be impaired
other intangible assets
the cost of other intangible assets acquired in a business combination is fair value as at the date of acquisition after initial recognition 
intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses all the group’s intangible 
assets other than goodwill have been identified as having finite useful lives as such they are amortised on a straightline basis over their 
useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired the 
amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial year 
end the amortisation expense on intangible assets with finite lives is recognised in the statement of comprehensive income in the 
expense category consistent with the function of the intangible asset the estimated useful lives are as follows
marketrelated 10 years
customer relationships 7 years
noncompete agreement 4 years
customer lists 3 years
technology 3 years
marketrelated intangible assets are defined as those that are primarily used in the marketing or promotion of products and services 
for example trademarks trade names and internet domain names
customerrelated intangible assets consist of customer lists customer contracts and relationships and noncontractual customer 
relationships for accounting purposes customer relationships and customer lists have been identified separately relationships with 
highprofile customers provide the group with prominence in the marketplace create volume and traffic on the website and enhance 
the reputation of the brand customer lists allow the group to undertake targeted marketing activities
technologybased intangible assets relate to innovations and technical advances such as computer software patented and unpatented 
technology databases and trade secrets
impairment
the carrying amounts of the group’s assets are reviewed annually to determine whether there is any indication of impairment if such 
indication exists the asset’s recoverable amount is estimated
an impairment loss is recognised whenever the carrying amount of an asset or its cashgenerating unit exceeds its recoverable 
amount impairment losses are recognised in the consolidated statement of comprehensive income
for the purposes of impairment reviews the recoverable amount of the group’s assets is taken to be the higher of their fair value less 
costs to sell and their value in use
research and development
expenditure on research activities undertaken with the prospect of gaining technical knowledge and understanding is charged to 
the consolidated statement of comprehensive income when incurred development expenditure is capitalised when it meets the 
criteria outlined in ias 38 expenditure that does not meet the criteria is expensed directly to the consolidated statement of 
comprehensive income
cash and cash equivalents
cash and cash equivalents comprise cash balances and call deposits bank overdrafts that are repayable on demand are included as a 
component of cash and cash equivalents for the purpose only of the consolidated statement of cash flows
employee benefits
defined contribution plans
obligations for contributions to defined contribution pension plans are recognised as an expense in the consolidated statement of 
comprehensive income as incurred
sharebased payment transactions
the group’s share schemes allow certain group employees to acquire ordinary shares in the company the fair value of share awards 
made is recognised as an employee expense with a corresponding increase in equity the fair value is measured at award date and 
spread over the period during which the employees become unconditionally entitled to the awards the fair values of the share awards 
are measured using the monte carlo method for options subject to a marketbased condition and the blackscholes model for all 
others taking into account the terms and conditions upon which the awards were made the amount recognised as an expense is 
adjusted to reflect the number of share awards expected to vest 72 moneysupermarket annual report  accounts 2014
financial statements
2 summary of significant accounting policies continued
shortterm employee benefits
shortterm employee benefit obligations are measured on an undiscounted basis and are recognised in the consolidated statement of 
comprehensive income as the related service is provided
a provision is recognised for the amount expected to be paid under shortterm cash bonus or profit sharing plans if the group has a 
present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can 
be estimated reliably
advertising costs
the group incurs costs from advertising via a number of different media costs associated with the production of adverts are 
recognised as an expense in the consolidated statement of comprehensive income only once the advert is available to the group in a 
format ready for use having been approved for airing or displaying the cost of airing or displaying the advert is taken as an expense in 
the period in which the advert is aired or displayed
finance income
finance income comprises interest receivable which is recognised in the consolidated statement of comprehensive income as it 
accrues using the effective interest method
finance costs
finance costs comprise of interest charged on borrowings and the unwind of the discount on contingent remuneration borrowings 
are recognised initially at fair value less directly attributable transaction costs the effective interest rate method is then used for 
subsequent remeasurement of borrowings at amortised cost the unwind of the discount on contingent remuneration is charged to 
the consolidated statement of comprehensive income as an interest expense
operating leases
rental payments under operating leases are charged to the consolidated statement of comprehensive income on a straightline basis 
over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which 
economic benefits from the lease asset are consumed lease incentives and rentfree periods are amortised through the consolidated 
statement of comprehensive income over the term of the relevant lease
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 consolidated statement of 
comprehensive income except to the extent that it relates to items recognised directly in equity in which case it is recognised in equity
current tax is the expected tax payable on the taxable income for the year using tax rates in force for the year 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
deferred tax liabilities are recognised at the expected future tax rate of the value of the intangible assets with finite lives which are 
acquired through business combinations representing the tax effect of the amortisation of these assets in future periods
these liabilities will decrease in line with the amortisation of the related intangible assets with the deferred tax credit recognised in the 
statement of comprehensive income in accordance with ias 12
research and development tax credits are accounted for in accordance with ias 20 as a government grant the credit is recognised 
once a reasonable estimate of the amount can be made
notes to the consolidated  
financial statements continued 73 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
2 summary of significant accounting policies continued
group management of capital
the group’s objectives when managing capital are
• to safeguard the entity’s ability to continue as a going concern so that it can continue to provide returns for shareholders and 
benefits for other stakeholders and 
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk 
the group sets the amount of capital in proportion to risk the group manages the capital structure and makes adjustments to it in the light of 
changes in economic conditions and the risk characteristics of the underlying assets in assessing the level of capital all components of equity 
are taken into account ie share capital retained earnings and reserves where applicable as well as unvested share options and awards
in line with internal capital management requirements the group manages its cash balances by where possible depositing them with a 
number of financial institutions to reduce credit risk the group has made a net repayment of £30m on its revolving credit facility in the 
year with £30m remaining drawn down on the facility at 31 december 2014 the group is subject to externally imposed quarterly 
covenants as a result of this facility which are based on ebitda interest and net debt none of these covenants were breached in the 
year nor are expected to be breached within 12 months of the date of these financial statements management of capital focuses 
around the group’s ability to generate cash from its operations in order to maintain or adjust the capital structure the group may 
adjust the amount of dividends paid to shareholders return capital to shareholders issue new shares or sell assets to raise funds the 
group believes it is meeting its objectives for managing capital as funds are available for reinvestment where necessary as well as 
being in a position to make returns to shareholders where this is felt appropriate
there were no changes to the group’s approach to capital management during the year
standards amendments and interpretations adopted during the period
the group has adopted the following standards amendments and interpretations which have not had a significant impact on the 
group’s results
• ifrs 10 ‘consolidated financial statements 2011’
• ifrs 11 ‘joint ventures 2011’
• ifrs 12 ‘disclosure of interest in other entities 2011’ 
• ias 27 ‘separate financial statements revised 2011’
• ias 28 ‘investments in associates and joint ventures revised 2011’
• ias 36 ‘recoverable amount disclosures for nonfinancial assets’
standards amendments and interpretations issued but not yet effective
a number of new standards amendments to standards and interpretations have been issued but are not yet effective and therefore 
have not yet been adopted by the group these are not expected to have a material impact on the group’s accounts when adopted 
except where stated
ifrs 9 ‘financial instruments’ 2010 — on 28 october 2010 the iasb published a revised version of ifrs 9 ‘financial instruments’ the 
revised standard retains the requirements for classification and measurement of financial assets that were published in november 
2009 but adds guidance on the classification and measurement of financial liabilities as part of its restructuring of ifrs 9 the iasb also 
copied the guidance on derecognition of financial instruments and related implementation guidance from ias 39 ‘financial 
instruments recognition and measurement to ifrs 9’ on 19 november 2011 the iasb issued ‘mandatory effective date and transition 
disclosures’ ifrs 9 has not yet been adopted by the eu and the effective date is currently unknown
ifrs 15 ‘revenue from contracts with customer’ 2014  — the standard applies to an entity’s first annual statements beginning on or 
after 1 january 2017
3 acquisitions
moneysavingexpertcom mse
on 21 september 2012 the group acquired certain trade and assets from martin lewis and his company moneysavingexpertcom 
additional amounts of up to £270m may become payable on the third anniversary of the completion of the acquisition the amount 
payable depends in part upon the achievement of a number of nonfinancial performance measures specified in the purchase 
agreement and is in part at the discretion of the company’s board subject to the continued employment of martin lewis
the arrangement to pay these additional amounts has been accounted for separate to the business combination as remuneration as 
their payment is linked to the continued employment of martin lewis
the benefit payable will be charged to the consolidated statement of comprehensive income over the period in which services are 
provided the earnout period as an employment expense management has estimated the benefit payable by assessing amongst 
other things the performance of the acquired business since acquisition against the measures specified in the purchase agreement 
measurement is inherently subjective due to the nature of the earnout variables for which in one case the measurement period has 
not yet started or is in the early stages for other variables due to this subjectivity the eventual amount payable could be different 
depending upon a number of outcomes however the amount accrued at december 2014 is currently management’s best estimate of 
the likely outcome at this stage during the year £39m 2013 £80m has been charged to the consolidated statement of 
comprehensive income as an employment expense and £03m 2013 £06m has been recognised as an expense within net finance 
costs being the unwinding of the discount rate applied 74 moneysupermarket annual report  accounts 2014
financial statements
3 acquisitions continued
ontrees
on 14 march 2014 the group acquired the trade and assets of ontrees for consideration of £15m paid in cash accordingly £15m of 
goodwill has been recognised in the consolidated statement of financial position in relation to the acquisition ontrees is a bank 
account and credit card account aggregation service provider 
4 segmental information
business segments
in applying ifrs 8 — operating segments the group has disclosed five reportable segments being money insurance travel home 
services and moneysavingexpertcom money insurance and home services operate under the brand name moneysupermarketcom 
and travel under the brand name travelsupermarketcom however all four segments are reported separately moneysavingexpert is 
disclosed as a separate operating segment with revenue generated by financial services net limited local daily deals limited and 
the shopping and vouchers channel reported within ‘other’ this disclosure correlates with the information which is presented to the 
group’s chief operating decision maker the company board which reviews revenue by segment the group’s costs finance income 
tax charges and net assets are only reviewed by the chief operating decision maker at a consolidated level with the exception of 
moneysavingexpertcom and therefore have not been allocated between all segments in the analysis below all of the group revenue 
of £2481m 2013 £2256m reported in 2014 was generated in the uk
money
£000
insurance
£000
travel
£000
home
£000
money
saving
expert
£000
reportable
segments
total
£000
other
£000
inter
segmental
revenue
£000
total
£000
year ended 31 december 2014
revenue
segment revenue 58903 138013 22648 22351 22848 264763 214 16846 248131
results
operating expenses 7714 184267
operating profit 15134 63864
net finance costs 1865
share of profit of associate 59
profit on disposal of associate 3901
profit before tax 65959
taxation 13141
profit for the year 52818
at 31 december 2014
assets and liabilities
intangible assets excluding goodwill 57413
goodwill 109085
other unallocated assets 83163
total assets 249661
deferred tax liabilities 7754
other unallocated liabilities 93785
total liabilities 101539
other segment information
capital expenditure
property plant and equipment 1681
intangible assets 14641
total capital expenditure 16322
depreciation 3446
amortisation 23957
notes to the consolidated  
financial statements continued 75 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
4 segmental information continued
money
£000
insurance
£000
travel
£000
home
£000
money
saving
expert
£000
reportable
segments
total
£000
other
£000
inter
segmental
revenue
£000
total
£000
year ended 31 december 2013
revenue
segment revenue 52070 127566 17704 21728 19522 238590 346 13383 225553
results
operating expenses 6250 181034
operating profit 13272 44519
net finance costs 1619
share of profit of associate 175
profit before tax 43075
taxation 8416
profit for the year 34659
at 31 december 2013
assets and liabilities
intangible assets excluding goodwill 66729
goodwill 107585
other unallocated assets 75530
total assets 249844
deferred tax liabilities 9290
other unallocated liabilities 106793
total liabilities 116083
other segment information
capital expenditure
property plant and equipment 4229
intangible assets 4091
total capital expenditure 8320
depreciation 3648
amortisation 27300 76 moneysupermarket annual report  accounts 2014
financial statements
5 results from operating activities
31 december
2014
£000
31 december
2013
£000
profit on ordinary activities before taxation is stated after chargingcrediting
depreciation of property plant and equipment 3446 3648
amortisation of intangible assets 23957 27300
research and development expenditure 2589 2299
research and development expenditure credit 258 120
operating lease rentals 656 720
auditor’s remuneration
 audit of these financial statements 129 95
 audit of subsidiaries’ financial statements 80 80
 review of interim financial statements 28 31
 taxation compliance services 25 36
 taxation advisory services 64 99
 other services 21 62
6 staff numbers and cost
the average number of persons employed by the group including directors during the year analysed by category was as follows
number of
employees
31 december
2014
number of
employees
31 december
2013
it operations 142 145
administration 371 378
513 523
the aggregate payroll costs of these persons were as follows
31 december
2014
£000
31 december
2013
£000
wages and salaries 29641 26368
compulsory social security contributions 3512 3048
contributions to defined contribution plans 1160 1011
equitysettled sharebased payment transactions 2052 2319
social security contributions related to share awards and options 575 1076
36940 33822
in addition to the above £3908000 2013 £7960000 has been charged to the consolidated statement of comprehensive income 
during the period in relation to the contingent remuneration expected to become payable in relation to the acquisition of 
moneysavingexpertcom 
7 net finance costs
31 december
2014
£000
31 december
2013
£000
finance income
interest received on bank deposits 194 135
finance expense
interest payable on loan facility 1728 1147
unwind of discount on contingent remuneration 331 607
2059 1754
net finance costs 1865 1619
notes to the consolidated  
financial statements continued 77 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
8 taxation
tax charged in the consolidated statement of comprehensive income
31 december
2014
£000
31 december
2013
£000
current tax
current tax on income for the year 15213 13774
adjustment in relation to prior period 255 319
14958 13455
deferred tax
origination and reversal of temporary differences 1819 3837
adjustments due to change in corporation tax rate – 1329
adjustment in relation to prior period 2 127
1817 5039
tax expense for the year 13141 8416
reconciliation of the effective tax rate
the tax charge for the year is lower 2013 lower than the effective standard rate of corporation tax in the uk in 2014 of 215 
2013 2325 the differences are explained below
31 december
2014
£000
31 december
2013
£000
profit for the year 65959 43075
standard rate of tax at 215 2013 2325 14181 10015
effects of
expenses not deductible for tax purposes 279 83
deferred tax not recognised – 13
movement on deferred tax assets related to sharebased payments 13 141
impact on deferred tax of reduction in corporation tax rate to 20 – 1604
impact of changes in tax rate 240 40
profit on disposal exempt from tax 839 –
adjustment in relation to prior period 253 192
tax expense for the year 13141 8416
reduction in the uk corporation tax rate from 24 to 23 effective 1 april 2013 was substantively enacted on 3 july 2012 further 
reductions to 21 effective from 1 april 2014 and 20 effective from 1 april 2015 were substantively enacted on 2 july 2013 this will 
reduce the company’s future current tax charge accordingly and reduces the deferred tax liabilities at 31 december 2014 which have 
been calculated based on the rate of 20 substantively enacted at the balance sheet date
9 earnings per share
basic earnings per share
basic earnings per share amounts are calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the 
company by the weighted average number of ordinary shares outstanding during the year
diluted earnings per share
diluted earnings per share amounts are calculated by dividing the profit or loss for the year attributable to ordinary equity holders of 
the company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of 
ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares into ordinary shares
earnings per share
basic and diluted earnings per share has been calculated on the following basis
2014 2013
profit after taxation attributable to ordinary equity holders £000 52818 34659
basic weighted average ordinary shares in issue millions 5444 5408
dilutive effect of sharebased instruments millions 61 82
diluted weighted average ordinary shares in issue millions 5505 5490
basic earnings per ordinary share p 97 64
diluted earnings per ordinary share p 96 63 78 moneysupermarket annual report  accounts 2014
financial statements
10 dividends
2014
£000
2013
£000
declared and paid during the year
equity dividends on ordinary shares
final dividend for 2012 394p per share – 21169
special dividend for 2013 1292p per share – 70026
interim dividend for 2013 216p per share – 11707
final dividend for 2013 512p per share 27899 –
interim dividend for 2014 231p per share 12587 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares
final dividend for 2014 569p per share 31032 –
11 property plant and equipment
land and
buildings
£000
under
construction
£000
plant and
equipment
£000
office
equipment
£000
fixtures
and fittings
£000
total
£000
cost
at 1 january 2013 6335 68 22828 640 928 30799
additions – – 3202 243 784 4229
transfers – 67 117 – – 50
disposals – – 22 15 – 37
foreign exchange adjustments – – 3 1 1 5
at 31 december 2013 6335 1 26128 869 1713 35046
additions – – 1498 119 64 1681
disposals – 1 391 1 – 393
at 31 december 2014 6335 – 27235 987 1777 36334
depreciation
at 1 january 2013 645 – 18736 329 535 20245
depreciation for the year 123 – 3153 108 264 3648
disposals – – 9 6 – 15
foreign exchange adjustments – – 3 1 1 5
at 31 december 2013 768 – 21883 432 800 23883
depreciation for the year 123 – 2880 141 302 3446
disposals – – 389 1 – 390
at 31 december 2014 891 – 24374 572 1102 26939
carrying amounts
at 31 december 2013 5567 1 4245 437 913 11163
at 31 december 2014 5444 – 2861 415 675 9395
included within the above figures are accrued costs of £50000
notes to the consolidated  
financial statements continued 79 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
12 intangible assets
market
related
£000
customer
relationship
£000
customer
list
£000
technology
related
£000
goodwill
£000
total
£000
cost
at 1 january 2013 148659 69288 2323 13317 180399 413986
additions internally developed – – – 4091 – 4091
transfers – – – 50 – 50
at 31 december 2013 148659 69288 2323 17358 180399 418027
additions internally developed – – – 14641 – 14641
additions through business combination – – – – 1500 1500
disposals – – – 5900 – 5900
at 31 december 2014 148659 69288 2323 26099 181899 428268
amortisation
at 1 january 2013 78240 54892 1270 9197 72814 216413
amortisation charge for the year 14570 9785 388 2557 – 27300
at 31 december 2013 92810 64677 1658 11754 72814 243713
disposals – – – 5900 – 5900
amortisation charge for the year 14570 4611 388 4388 – 23957
at 31 december 2014 107380 69288 2046 10242 72814 261770
net book value
at 31 december 2014 41279 – 277 15857 109085 166498
at 31 december 2013 55849 4611 665 5604 107585 174314
included within the above additions are accrued costs of £49m
on an annual basis or where an indication exists the group is required to assess its goodwill and intangible assets for impairment
during 2007 the group employed the services of an appropriately qualified and experienced independent third party to value the 
intangible assets acquired from moneysupermarketcom financial group limited this valuation was used as the initial carrying value for 
these assets following the impairment in 2008 the market capitalisation of the group approximated to the total carrying value of the 
goodwill intangible and other noncurrent assets of the group at 31 december 2014 the market capitalisation exceeded the carrying 
value of the goodwill intangible and other noncurrent assets and net current assets by more than 100 2013 more than 100
on adoption of ifrs 8 the group was required to allocate goodwill between its cash generating units cgu that represent the lowest level 
within the group at which goodwill is monitored for internal management purposes but are not larger than an operating segment as 
defined by ifrs 8 these cgus are the five operating segments insurance money travel home services and moneysavingexpertcom 
the group has performed impairment testing at a cgu level for the original four segments the goodwill was allocated on 1 january 2009 
based on estimates of the relative values of the operating segments at that date with £307m allocated to insurance £155m to money 
£66m to travel and £22m to home services the balances at 31 december 2014 are inline with those at 1 january 2009 goodwill 
impairment for mse has been considered separately from the four operating segments outlined above and the group
impairment review by vertical and group
for the current year the recoverable amount of the assets was taken to be their value in use and was calculated by reference to the 
forecast cash flows
the present value of the future cash flows has been calculated with the following key assumptions
• cash flows for year 1 for each cgu represent management’s best estimate of future cash flows as at 31 december 2014 and are 
based upon the group’s approved budget for 2015 incorporating cost of sales advertising and an allocation of overhead costs the 
main assumptions underlying the 2015 budget relate to visitor volumes source of visitors revenue per transactionvisitor and 
marketing spend which incorporate past experience the forecast assumes continued growth during the course of 2015 broadly in 
line with that seen in 2014 driven by new media campaigns exploitation of the group’s data asset and further investments made 
during 2014 in the core technology underpinning the group’s key channels 
• cash flows for the second and third years assume revenue growth of approximately 10 per annum in the money and travel 
segments with a higher rate of growth in the home services segment and a lower rate of growth in the insurance segment 
costs are expected to grow broadly in line with revenues cash flows after three years assume no growth 
• cash flows into perpetuity have been incorporated into the calculations 
• a pretax discount rate of 135 2013 135 has been used in the forecast for the travel insurance money and home services segments 
a different set of assumptions may be more appropriate in future years dependent on changes to the macroeconomic environment
the analysis performed calculates that the recoverable amount of the assets allocated to the insurance money travel and home 
services segments exceeds their carrying value by in excess of 100 and as such no impairment was identified no reasonably 
possible change to a key assumption would result in an impairment 80 moneysupermarket annual report  accounts 2014
financial statements
12 intangible assets continued
as explained in note 4 whilst the group is able to allocate revenue between the insurance money travel and home services operating 
segments its cost base is reviewed by the group’s chief operating decision maker at a group rather than segmental level and a 
number of the significant costs which the group incurs cannot be allocated either directly or on a reasonable and consistent basis to 
the cgus that are each operating segment therefore the cash flows estimated for these segments include all of the group’s forecast 
revenues and an allocation of the group’s forecast costs
the group has therefore also performed a further impairment test for the group as a whole in a manner consistent with previous 
years in these calculations the group is treated as one group of cgus and the test compared the carrying amount including goodwill 
and other corporate assets to the recoverable amount
the recoverable amount has been estimated based on the present value of its future cash flows which has been calculated with a set 
of assumptions consistent with those set out above in relation to the individual operating segment calculations
the analysis performed calculates that the recoverable amount of the group’s assets exceeds their carrying value by £656m 2013 
£444m and as such no impairment was identified
with regard to the group level impairment testing no reasonably possible change to a key assumption would result in an impairment 
2013 same
at an asset category level management believe that the assumptions relating to each intangible asset remain applicable and that no 
adjustment is required to their valuation nor their useful economic lives in relation to the spend on technology related assets 
management believe that the expenditure incurred will generate future economic benefits for the group they consider that the assets 
are not yet sufficiently mature to assess their carrying amount at anything other than the carrying value shown in the financial 
statements being cost less accumulated depreciation which is charged to write off the assets over a three year period
acquisition of certain trade and assets of martin lewis and moneysavingexpertcom
the recoverable amount has been estimated based on the present value of its future cashflows using the following key assumptions
• cash flows for year 1 represent management’s best estimate of future cash flows as at 31 december 2014 and are based upon the 
group’s approved budget for 2015 the main assumptions underlying the budget relate to visitor numbers the amount of revenue 
generated per visitor and the staff resource required to run the business the forecast assumes an improvement during 2015 
driven by investments in technology and search engine optimisation 
• cash flows for the first three years assume an average 10 per annum increase in revenue with costs expected to grow at around 
10 per annum cash flows after three years assume no growth 
• cash flows into perpetuity have been built into the model
• a pretax discount rate of 162 2013 162 has been used in the forecast 
the analysis performed calculates that the recoverable amount of the assets exceeds their carrying value by £51m 2013 £24m and  
as such no impairment was identified the discount rate would need to increase to 28 2013 22 with all other assumptions held 
constant to give a value in use of mse’s assets equal to the carrying value similarly a decrease in the annual cash flows of £90m  
2013 £40m with all other assumptions held constant would also give a value in use equal to the carrying value
13 trade and other receivables
31 december
2014
£000
31 december
2013
£000
trade receivables 27526 21907
all receivables fall due within one year
as a result of click based revenue being recognised in the period that the lead is generated there is an element of subjectivity in 
calculating a revenue accrual as a result of estimating the number of successful applications on the provider’s website in the period 
between the last date of billing and the latest provider data being made available this revenue accrual can typically represent 
approximately one month’s revenue the accrued revenue is estimated by considering the volume of clicks that have passed from the 
group’s websites through to provider websites in the period the historic conversion of such clicks into completed product purchases 
and contracted revenue per transaction from historical experience and post year end confirmation the group expects any differences 
between the amounts accrued at year end and those amounts subsequently billed to be not materially different
at 31 december 2014 trade receivables are shown net of a provision for doubtful debts of £213000 2013 £122000 which represents 
a judgement made by management of which receivables balances are unlikely to be recovered taking into consideration the ageing of 
the debt evidence of poor payment history or financial position of a particular debtor
notes to the consolidated  
financial statements continued 81 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
13 trade and other receivables continued
movements in the provision for doubtful debts were as follows
2014
£000
2013
£000
at 1 january 122 72
charge for the year 149 70
amounts written off 58 20
at 31 december 213 122
as at 31 december the analysis of trade receivables that were past due but not impaired is as follows
total
£000
neither past
due nor
impaired
£000
past due not impaired
030 days
£000
3060 days
£000
6090 days
£000
90120 days
£000
120 days
£000
at 31 december 2013 21907 18183 2704 729 189 82 20
at 31 december 2014 27526 18111 4161 4322 768 – 164
the group’s standard payment terms are typically 15 days
14 trade and other payables
noncurrent
31 december 
2014 
£000
31 december 
2013 
£000
contingent remuneration in relation to the acquisition of moneysavingexpertcom – 11087
unsecured borrowings at amortised cost 29970 59581
29970 70668
contingent remuneration relates to additional amounts of up to £270m which may become payable on the third anniversary of the 
completion of the acquisition of moneysavingexpertcom the amount payable depends in part upon the achievement of a number of 
nonfinancial performance measures specified in the purchase agreement and is in part at the discretion of the company’s board 
subject to the continued employment of martin lewis
the arrangement to pay these additional amounts has been accounted for separately to the business combination as remuneration as 
their payment is linked to the continued employment of martin lewis
the benefit payable will be charged to the consolidated statement of comprehensive income over the period in which services are 
provided the earnout period as an employment expense management has estimated the benefit payable by assessing amongst 
other things the performance of the acquired business since acquisition against the measures specified in the purchase agreement 
during the year £39m 2013 £80m has been charged to the consolidated statement of comprehensive income as an employment 
expense and £03m 2013 £06m has been recognised as an expense within net finance costs being the unwinding of the discount 
rate applied
the group made a net repayment of £30m on its bank facility in the year see note 17 which is held at amortised cost resulting in an 
outstanding balance of £30m at 31 december 2014 
current
31 december 
2014 
£000
31 december 
2013 
£000
contingent remuneration in relation to the acquisition of moneysavingexpertcom 15327 –
trade payables 27611 20393
nontrade payables and accrued expenses 12883 10795
deferred income 554 72
56375 31260
as a result of click based revenue being recognised in the period that the lead is generated an accrual for the cost of sales such as partner 
revenue share agreements relating to the revenue accrued at the year end date see note 13 is included within trade payables 82 moneysupermarket annual report  accounts 2014
financial statements
15 deferred tax liabilities
deferred tax assets and liabilities are attributable to the following
2014 
£000
2013 
£000
intangible assets recognised under ifrs 6262 10093
share schemes 1230 1412
goodwill related to moneysavingexpertcom 3688 1452
accelerated capital allowances 966 843
deferred tax liability at 31 december 7754 9290
the following table illustrates the movement in the deferred tax liabilities during the year
2014 
£000
2013 
£000
at 1 january 9290 13432
temporary differences 1719 3790
revaluation of ltip equitysettled share awards 368 997
issue of ltip equitysettled share awards 187 147
reduction in corporation tax rate to 20 – 1329
adjustment in relation to prior period 2 127
at 31 december 7754 9290
deferred tax liabilities arose from the creation of the intangible assets upon the acquisition of moneysupermarketcom financial group 
limited by the company and the acquisition of moneysavingexpertcom deferred tax assets arise on share option schemes based on 
the expected tax deduction on vesting deferred tax assets and liabilities have been calculated at the tax rate enacted at the balance 
sheet date of 20
16 capital
the following rights attached to the shares in issue during the year
ordinary shares
the holders of ordinary shares were entitled to returns of capital receive a dividend and vote
issued and fully paid
number of shares
ordinary 
shares
at 1 january 2014 542014578
issued on exercising of ltip share awards 2881639
issued on exercising of saye options 478719
at 31 december 2014 545374936
£
ordinary 
shares
at 1 january 2014 108403
issued on exercising of ltip share awards 576
issued on exercising of saye options 96
at 31 december 2014 109075
the group operates a long term incentive plan under which conditional nil cost awards of ordinary shares in the company have been 
made to certain directors and employees of the group and an hmrc approved save as you earn scheme sharesave eligible to all 
employees see note 18
17 financial instruments
interest rate risk
the group invests its cash in a range of cash deposit accounts with uk banks interest earned therefore closely follows movements  
in bank of england base rates a movement of 1 in this rate would result in a difference in annual pretax profit of £99000  
2013 £303000 based on group cash cash equivalents and financial instruments at 31 december 2014 at the balance sheet date 
£43031000 was invested with lloyds banking group this being the most invested with any one bank
notes to the consolidated  
financial statements continued 83 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
17 financial instruments continued
effective interest rates
in respect of interestearning financial assets the following table indicates their effective interest rates at the year end date
31 december 2014 31 december 2013
effective 
interest rate £000
effective 
interest rate £000
cash and cash equivalents 075 43146 074 38935
credit risk
credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the group the 
group has adopted a policy of only dealing with credit worthy counterparties as a means of mitigating risk of financial loss from 
default the group’s exposure is continuously monitored by the credit control team and finance management
of the top 75 of the group’s providers by revenue approximately 50 2013 50 of these are uk quoted companies with the 
remainder being a mixture of larger uk independent companies and overseas owned or quoted companies at the balance sheet date 
the five largest trade receivables by provider accounted for 15 2013 19 of the total trade receivables balance of £27526000 
2013 £21907000 and the largest individual balance was £2160876 2013 £2045484
fair values
the group’s financial assets and liabilities are principally shortterm in nature and therefore their fair value is not materially different 
from their carrying value the valuation method for the group’s financial assets and liabilities can be defined as follows
level 1 quoted prices unadjusted in active markets for identical assets or liabilities
level 2 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly ie as 
prices or indirectly ie derived from prices
level 3 inputs for the asset or liability that are not based on observable market data unobservable inputs
all financial assets and liabilities are valued at amortised cost there have been no transfers between levels in the year
the directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial 
statements approximate their fair values
liquidity risk management
the group manages liquidity risk by maintaining adequate reserves and banking facilities by continuously monitoring forecast and actual 
cash flows details of additional undrawn facilities that the group has at its disposal to further reduce liquidity risks are set out below
year ended 
31 december  
2014 
£000
year ended 
31 december 
2013 
£000
unsecured bank loan facilities with a maturity date of 30 september 2016
– amount used 30000 60000
– amount unused 30000 10000
during the year a net repayment of £30000000 was made against the banking facility
18 sharebased payments
share incentive plan scheme sip
upon listing the company granted £3000 of ordinary shares at the price of £170 per ordinary share to each eligible employee free of 
charge if an employee left within one year of listing all of these ordinary shares were forfeit between one and two years of listing 
50 were forfeit between two and three years of listing 20 were forfeit and after three years of listing none were forfeit 948184 
shares were issued under the share incentive plan scheme in 2007 on 31 july 2010 eligible employees became entitled to receive their 
allocation of free shares 33225 2013 18409 shares have been withdrawn from the trust by employees during the period and a 
further 62227 remain held in trust 2013 95452
long term incentive plan scheme ltip
during 2011 conditional awards were made over 3945803
1
 ordinary shares under the moneysupermarketcom group plc long term 
incentive plan scheme to senior employees ‘2011 ltips’ under this scheme up to 50 of the shares were to vest at the end of a three 
year period dependent upon the absolute total shareholder return of the company against a target set at the start of the period and 
up to 50 of the shares were to vest at the end of a three year period dependent upon the total shareholder return of the company 
relative to a comparator group of defined companies on 9 march 2014 the awards vested in full following full achievement of the 
performance criteria 84 moneysupermarket annual report  accounts 2014
financial statements
18 sharebased payments continued 
during 2012 conditional awards were made over 3148724
1
 ordinary shares under the moneysupermarketcom group plc long term 
incentive plan scheme to senior employees 2012 ltips under this scheme up to 70 of the award vests at the end of a three year 
period dependent upon the achievement of a specified average growth rate in adjusted ebitda from 31 december 2011 to 
31 december 2014 and up to 30 of the award vests at the end of a three year period dependent upon the total shareholder return 
‘tsr’ of the company relative to a comparator group of defined companies
during 2013 conditional awards were made over 2324186
1
 ordinary shares under the moneysupermarketcom group plc long term 
incentive plan scheme to senior employees 2013 ltips under this scheme up to 70 of the award vests at the end of a three year 
period dependent upon the achievement of a specified average growth rate in adjusted ebitda from 31 december 2012 to 
31 december 2015 and up to 30 of the award vests at the end of a three year period dependent upon the total shareholder return 
‘tsr’ of the company relative to a comparator group of defined companies
during 2014 conditional awards were made over 2393584
1
 ordinary shares under the moneysupermarketcom group plc long term 
incentive plan scheme to senior employees 2014 ltips under this scheme up to 70 of the award vests at the end of a three year 
period dependent upon the achievement of a specified average growth rate in adjusted ebitda from 31 december 2013 to 
31 december 2016 and up to 30 of the award vests at the end of a three year period dependent upon the total shareholder return 
‘tsr’ of the company relative to a comparator group of defined companies
1 the figures for the awards made in 2011 2012 2013 and 2014 are the maximum available if the performance targets are met in full representing 150 of the 
actual awards made
sharesave scheme
during 2011 the group established an hmrc approved savings scheme available to all employees the scheme allows employees to 
save an amount of their net pay into a savings account each month and at the end of the three year period choose to either receive 
back their savings or use them to buy ordinary shares in the company at a discounted exercise price the exercise price for the 2011 
sharesave scheme was fixed at 896p per share on 1 november 2014 the awards vested enabling participants to buy shares at the 
exercise price of 896p the market price of a share on 1 november 2014 was 2000p
during 2012 the group established a further hmrc approved scheme available to all employees on the same basis as the scheme 
established in 2011 the exercise price for the 2012 sharesave scheme was fixed at 1076p per share
during 2013 the group established a further hmrc approved scheme available to all employees on the same basis as the schemes 
established in 2011 and 2012 the exercise price for the 2013 sharesave scheme was fixed at 1375p per share
during 2014 the group established a further hmrc approved scheme available to all employees on the same basis as the schemes 
established in 2011 2012 and 2013 the exercise price for the 2014 sharesave scheme was fixed at 1495p per share
movements in the year
the following table illustrates the number and weighted average exercise price waep of and movements in share options during the 
year the number of awards in the table represents the number awarded of which up to 150 could vest
number waep
outstanding at 1 january 2013 7066590 £000
ltip awards made during the year 1549457 £000
ltip awards vested and exercised during the year 3136257 £000
ltip awards forfeit during the year 680185 £000
ltip awards lapsed during the year – £000
outstanding at 31 december 2013 4799605 £000
ltip awards made during the year 1595722 £000
ltip awards vested and exercised during the year 1921093 £000
ltip awards forfeit during the year 434580 £000
ltip awards lapsed during the year – £000
outstanding at 31 december 2014 4039654 £000
notes to the consolidated  
financial statements continued 85 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
18 sharebased payments continued 
the following table lists the inputs to the blackscholes models and monte carlo simulations used for the schemes for the year ended 
31 december 2014
2014 
sharesave
2013 
sharesave
2012 
sharesave
2014 
ltip
2013 
ltip
2012 
ltip
fair value at grant date £ 071 033 039 186 191 132
share price £ 200 155 138 186 191 131
exercise price £ 150 138 108 00 00 00
expected volatility  523 453 330 507 453 336
expected life of optionaward years 30 30 30 30 30 30
weighted average remaining contractual life years 28 18 07 22 12 05
expected dividend yield  39 37 35 00 00 00
riskfree interest rate  23 28 26 26 28 26
expected volatility has been estimated by considering historic average share price volatility for the company or similar companies staff 
attrition has been assessed based on historic retention rates
the share option charge in the consolidated statement of comprehensive income can be attributed to the following types of share 
option and share award
2014 
£000
2013 
£000
long term incentive plan scheme 1968 2240
sharesave scheme 84 79
2052 2319
19 operating lease commitments
the future minimum lease commitments under noncancellable operating leases are as follows
plant and 
equipment 
31 december 
2014 
£000
plant and 
equipment 
31 december 
2013 
£000
land and 
buildings 
31 december 
2014 
£000
land and 
buildings 
31 december 
2013 
£000
operating lease commitment payments
within one year 13 76 632 632
between two and five years 5 17 2529 2529
over five years – – 1844 2476
18 93 5005 5637
20 pensions and other postemployment benefit plans
the group operates a defined contribution pension scheme based on base salary the assets of the scheme are held separately from 
those of the group in an independently administered fund the amounts charged to the consolidated statement of comprehensive 
income represent the contributions payable to the scheme in respect of the accounting period in the year ended 31 december 2014 
£1159786 of contributions were charged to the consolidated statement of comprehensive income 2013 £1011017 as at 
31 december 2014 £131817 2013 £132387 of contributions were outstanding on the balance sheet
21 commitments and contingencies
the group is a defendant in a small number of disputes incidental to its operations which in aggregate are not expected to have a 
material adverse effect on the group provision has been made for the expected settlement where the group believes a payment will 
be made to settle the dispute 86 moneysupermarket annual report  accounts 2014
financial statements
22 related party transactions
the group has the following investments in subsidiaries and associates
country of 
incorporation
ownership 
interest 
principal 
activity
moneysupermarketcom financial group limited uk 100 holding company
moneysupermarketcom limited uk 100 internet price comparison
moneysupermarketcom financial group holdings limited uk 100 holding company
moneysavingexpertcom limited uk 100 personal finance website
travelsupermarketcom limited uk 100 dormant
insuresupermarketcom limited uk 100 dormant
mortgage 2000 limited uk 100 financial intermediary services
making millionaires limited uk 100 holding company
moneysupermarket limited uk 100 dormant
icero gmbh germany 100 dormant
betcomparecom limited uk 100 dormant
financial services net limited uk 100 financial intermediary services
local daily deals limited uk 100 dormant
the company is the ultimate parent entity of the group intercompany transactions with wholly owned subsidiaries have been 
excluded from this note as per the exemption offered in ias 24
transactions with key management personnel
in addition to their salaries the group also provides noncash benefits to directors and executive officers directors and executive 
officers also participate in the group’s long term incentive plan scheme see note 18
gerald corbett michael wemms bruce carnegiebrown simon nixon peter plumb graham donoghue paul doughty matthew price 
robin klein and sally james in total received dividends from the group totalling £6820037 2013 £34763898 gerald corbett and 
paul doughty ceased to be directors on 23 april 2014 
there were no amounts outstanding to the company or any future commitments of the company as at 31 december 2014 2013 nil
key management personnel compensation
key management defined as the executive management team received the following compensation during the year
31 december 
2014 
£000
31 december 
2013 
£000
shortterm employee benefits 2148 2048
sharebased payments 1511 1786
postemployment benefits 341 330
4000 4164
in addition to the above the executive management team received a bonus of £2663000 2013 £2106000 in relation to the  
reporting period
23 disposal of associate
on 7 may 2014 moneysupermarketcom financial group limited sold its investment in hd decisions limited to a third party the 
investment was sold for a maximum consideration of up to £71m including a deferred element payable of up to £19m of which nil is 
recognised in these accounts dependent upon the achievement of certain financial targets the profit on disposal of hd decisions 
limited was £39m any chargeable gain arising would be exempt from corporation tax under the substantial shareholdings exemption
the share of profit recognised in the year was £59000 2013 £175000
notes to the consolidated  
financial statements continued 87 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
note
31 december 
2014 
£000
31 december 
2013 
£000
fixed assets
investments 5 181688 181688
goodwill 6 43434 66322
intangible assets 7 279 667
total fixed assets 225401 248677
current assets
debtors including amounts falling due in more than one year £215201 2013 £157194 8 11 247689 278862
cash at bank and in hand 8763 1713
total current assets 256452 280575
creditors amounts falling due within one year 9 174205 118592
net current assets 82247 161983
creditors amounts falling due after one year 10 29970 83540
net assets 277678 327120
capital and reserves
share capital 13 109 108
share premium 13 202217 201841
other reserves 13 16942 16942
profit and loss account 13 58410 108229
shareholders’ funds 277678 327120
the financial statements were approved by the board of directors and authorised for issue on 2 march 2015 they were signed on its 
behalf by
peter plumb
chief executive officer
matthew price
chief financial officer
registered number 6160943
company balance sheet
at 31 december 2014 88 moneysupermarket annual report  accounts 2014
financial statements
1 accounting policies
basis of preparation
the financial statements are prepared under the historical cost convention and in accordance with applicable united kingdom 
accounting standards
no profit and loss account is presented for the company as permitted by section 408 of the companies act 2006 the loss after tax for the 
company was £10468000 2013 profit of £187483000 no dividends were received or paid in the year 2013 £200000000 received
the auditor’s remuneration for audit and other services is disclosed in note 5 to the consolidated financial statements
the company has taken the exemption in frs 1 5a and consequently no cash flow statement is presented for the company
use of estimates and judgements
the preparation of financial statements requires management to make judgements estimates and assumptions that affect the 
application of accounting policies and the reported amounts of assets liabilities income and expenses actual results may differ from 
these estimates
estimates and underlying assumptions are reviewed on an ongoing basis revisions to accounting estimates are recognised in the 
period in which the estimate is revised and in any future periods affected
the most significant areas of estimation uncertainty and areas where critical judgements are made in applying accounting policies that 
have a material effect on the financial statements are listed below the uncertainties encountered and judgements made are 
described in more detail in the accompanying notes
• note 4 contingent consideration and remuneration
investments
investments are shown at cost less provision for impairment
bank borrowings
interestbearing bank loans and overdrafts are recorded at the proceeds received net of direct issue costs finance charges including 
direct issue costs are accounted for on an accruals basis in profit or loss using the effective interest method and are added to the 
carrying amount of the instrument to the extent that they are not settled in the period in which they arise
intangible assets
goodwill
goodwill is recognised on the acquisition of trade and assets representing any excess of the fair value of the consideration given over 
the fair value of the identifiable assets and liabilities acquired the amounts are capitalised and written off on a straightline basis over 
its useful economic life which is five years provision is made for any impairment
o t h e r	i n t a n g i b l e	a s s e t s
the cost of other intangible assets acquired in a business combination is fair value at the date of acquisition where this can be 
measured reliably after initial recognition intangible assets are carried at cost less any accumulated amortisation and any accumulated 
impairment losses all of the company’s intangible assets have been identified as having finite useful lives as such they are amortised 
on a straightline basis over their useful economic life and assessed for impairment whenever there is an indication that the intangible 
asset may be impaired the estimated useful lives are as follows
customer lists 3 years
for accounting purposes customer lists have been identified separately customer lists allow the company to undertake targeted 
marketing activities
sharebased payment transactions
the group’s share schemes allow certain group employees to acquire ordinary shares in the company the fair value of share awards 
made is recognised as an employee expense with a corresponding increase in equity the fair value is measured at award date and 
spread over the period during which the employees become unconditionally entitled to the awards the fair value of the awards made 
is measured using an option valuation model taking into account the terms and conditions upon which the awards were made the 
amount recognised as an expense is adjusted to reflect the number of share awards expected to vest subsidiaries are recharged for 
the amount recognised as sharebased payments relating to awards to their employees the fair value of the recharge is recognised 
over the vesting period
dividends
dividends receivable are recognised when the company’s right to receive payment is established dividends payable to the company’s 
shareholders are recognised as a liability and deducted from shareholders’ equity in the period in which the shareholders’ right to 
receive payment is established
notes to the company 
financial statements 89 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
1 accounting policies continued
taxation
tax on the profit or loss for the year comprises current and deferred tax tax is recognised in the profit and loss account except to the 
extent that it relates to items recognised directly in equity in which case it is recognised in equity
current tax is the expected tax payable on the taxable income for the year using tax rates in force for the year 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 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 substantially enacted at the balance sheet date
2 sharebased payments
the analysis and disclosures in relation to sharebased payments are given in the consolidated financial statements in note 18
3 staff numbers and cost
the average number of persons employed by the company including directors during the year analysed by category was as follows
number of
employees
31 december
2014
number of
employees
31 december
2013
administration 3 3
the aggregate payroll costs of these persons were as follows
31 december
2014
£000
31 december
2013
£000
wages and salaries 1155 1047
social security costs 159 144
other pension costs 210 190
sharebased payments 930 1112
2454 2493
in addition to the above these persons received a bonus of £1538000 2013 £1220000 in relation to the reporting period
4 acquisitions
moneysavingexpertcom mse
on 21 september 2012 the company purchased trade and certain assets from martin lewis for an initial consideration of £645m the 
initial consideration of £645m was settled by a cash payment of £340m and £305m of equity represented by 221m ordinary shares in 
the company in addition a contingent amount of up to £270m payable in part against the achievement of certain nonfinancial 
metrics and in part at the discretion of the company board is dependent on the continued employment of martin lewis for three years 
following the acquisition part of this payment is due to individuals who were employed by mse at the point of acquisition and who 
remain in employment at the end of the earnout period with the remainder payable to martin lewis
the amounts due to mse employees have been accounted for separate to the business combination as remuneration the fair value of 
this element will be charged to the company profit and loss account over the earnout period at the balance sheet date the fair value of 
the contingent amount was £13m 2013 £17m and £03m 2013 £06m has been charged to the company profit and loss account 
during the period as an employment expense
in accordance with frs 7 fair values in acquisition accounting the fair value of the remaining contingent amount is included in the cost 
of acquisition at the balance sheet date management have calculated the fair value of this as £185m 2013 £232m this will be 
reviewed at each balance sheet date
during 2014 the business contributed revenue of £148m 2013 £132m and a net loss of £81m 2013 £88m to the company profit 
and loss account for the year 90 moneysupermarket annual report  accounts 2014
financial statements
5 investments
shares in
subsidiary
undertakings
£000
cost and net book value
at 31 december 2013 and 31 december 2014 181688
the investment represents the company’s holding in moneysupermarketcom financial group holdings limited which was obtained 
via a share for share exchange during 2012 in which the company exchanged its existing shareholding in moneysupermarketcom 
financial group limited for the entire share capital of moneysupermarketcom financial group holdings limited
6 goodwill
total
£000
cost
at 1 january 2014 89190
contingent consideration fair value adjustment 5062
at 31 december 2014 84128
amortisation
at 1 january 2014 22868
charged during the year 17826
at 31 december 2014 40694
net book value
at 31 december 2013 66322
at 31 december 2014 43434
in september 2012 the company purchased certain trade and assets from martin lewis for consideration of up to £915m with an 
initial consideration of £645m paid on completion and contingent amounts of up to £270m payable dependent in part on the 
achievement of certain nonfinancial performance criteria and in part at the company’s discretion
the acquisition gave rise to £900m of goodwill which is being amortised over a period of five years
as required by frs 7 fair values in acquisition accounting management have reviewed the fair value of the contingent amounts 
expected to be payable in the future at the balance sheet date this has resulted in a £51m 2013 £08m reduction in the fair value of 
the contingent amounts and a corresponding £51m 2013 £08m reduction in goodwill recognised on acquisition
7 intangible assets
customer lists
£000
cost
at 31 december 2013 and 31 december 2014 1163
amortisation
at 1 january 2013 496
charged during the year 388
at 31 december 2014 884
net book value
at 31 december 2013 667
at 31 december 2014 279
8 debtors
31 december
2014
£000
31 december
2013
£000
amount due from subsidiary undertakings 247015 278283
other debtors 459 422
deferred tax asset note 11 215 157
247689 278862
notes to the company 
financial statements continued 91 moneysupermarket annual report  accounts 2014
financial statements general governance overview strategic report
9 creditors amounts falling due within one year
31 december
2014
£000
31 december
2013
£000
contingent consideration 19505 –
amount owed to subsidiary undertakings 152315 116140
accruals 2385 2452
174205 118592
10 creditors amounts falling due after one year
31 december
2014
£000
31 december
2013
£000
contingent consideration – 23959
borrowings 29970 59581
29970 83540
11 deferred tax
31 december
2014
£000
31 december
2013
£000
at beginning of year 157 39
profit and loss account credit 58 118
deferred tax asset at end of year 215 157
the elements of deferred taxation are as follows
shortterm timing differences 215 157
total deferred tax asset 215 157
12 dividends
31 december
2014
£000
31 december
2013
£000
declared and paid during the year
equity dividends on ordinary shares
final dividend for 2012 394p per share – 21169
special dividend for 2013 1292p per share – 70026
interim dividend for 2013 216p per share – 11707
final dividend for 2013 512p per share 27899 –
interim dividend for 2014 231p per share 12587 –
proposed for approval not recognised as a liability at 31 december
equity dividends on ordinary shares
final dividend for 2014 569p per share 31032 –
13 capital and reserves
the following rights attached to the shares in issue during the year
ordinary shares
the holders of ordinary shares were entitled to returns of capital receive a dividend and vote
issued and fully paid
number of shares
ordinary 
shares
at 1 january 2014 542014578
issued on exercising of ltip share awards 2881639
issued on exercising of saye options 478719
at 31 december 2014 545374936 92 moneysupermarket annual report  accounts 2014
financial statements
13 capital and reserves continued
£
ordinary 
shares
at 1 january 2014 108403
issued on exercising of ltip share awards 576
issued on exercising of saye options 96
at 31 december 2014 109075
the group has a long term incentive plan under which conditional nil cost awards of ordinary shares in the company have been made 
to certain directors and employees of the group and an hmrc approved save as you earn scheme sharesave eligible to all 
employees see note 18 of the consolidated financial statements
other reserves
share 
premium 
£000
other 
reserves 
£000
profit and 
loss account 
£000
at 1 january 2013 201824 16942 22177
total recognised profit in year – – 187483
equity dividends – – 102902
sharebased payment – – 2319
distribution in relation to ltip – – 848
new shares issued 17 – –
at 31 december 2013 201841 16942 108229
total recognised loss in year – – 10468
equity dividends – – 40486
sharebased payment – – 2052
distribution in relation to ltip – – 917
new shares issued 376 – –
at 31 december 2014 202217 16942 58410
other reserves represents the merger reserve for £16923000 generated upon the acquisition of moneysupermarketcom financial 
group limited by the company as discussed in the consolidated statement of changes in equity and a capital redemption reserve for 
£19000 arising from the acquisition of 95294118 deferred shares of 002p by the company from simon nixon
14 related party transactions
the company has taken the exemption in frs 83 not to disclose transactions with other group companies
notes to the company 
financial statements continued 93 moneysupermarket annual report  accounts 2014
governance overview strategic report general financial statements
registered office and registered number
moneysupermarket house 
st david’s park 
ewloe 
chester ch5 3uz 
no 6160943
telephone 44 01244 665700
website wwwmoneysupermarketcom
company secretary
darren drabble
financial advisorsstockbrokers
credit suisse securities europe limited
one cabot square 
london e14 4qj
ubs limited
1 finsbury avenue
london ec2m 2pp
auditor
kpmg llp
1 st peter’s square 
manchester m2 3ae
solicitors
herbert smith freehills llp
exchange house
primrose street
london ec2a 2hs
addleshaw goddard llp
100 barbirolli square
manchester m2 3ab
principal bankers
lloyds banking group plc
city office
po box 1000 bx1 1lt
financial pr
the maitland consultancy limited
orion house
5 upper st martin’s lane
london wc2h 9ea
registrar
capita asset services
the registry
34 beckenham road
beckenham
kent br3 4tu
telephone 0871 200 1536 uk
calls cost 10p per minute plus network extras
lines are open 830am530pm mondayfriday
44 020 3008 2245 overseas
email moneysupermarketsharescapitacouk
enquiring about your shareholding
if you want to ask or need any information about your 
shareholding please contact our registrar see contact details in 
the opposite column alternatively if you have internet access 
you can access the group’s shareholder portal at 
wwwmoneysupermarketsharescom where you can view and 
manage all aspects of your shareholding securely
investor relations website
the investor relations section of our website  
wwwmoneysupermarketcom provides further information for 
anyone interested in the group in addition to the annual report 
and share price company announcements including the half year 
and full year results announcements and associated 
presentations are also published there
dividend mandates
if you wish to have dividends paid directly into a bank or building 
society account you should contact our registrar see contact 
details in the opposite column or visit the group’s shareholder 
portal at wwwmoneysupermarketsharescom where you can set 
up or amend a dividend mandate this method of payment 
removes the risk of delay or loss of dividend cheques in the post 
and ensures that your account is credited on the due date 
dividend reinvestment plan drip
you can choose to reinvest dividends received to purchase 
further shares in the company through a drip a drip application 
form is available from our registrar see contact details on the 
left
share dealing service
you can buy or sell the company’s shares in a simple and 
convenient way via the capita share dealing service either online 
wwwcapitadealcom or by telephone 0871 664 0364 calls cost 
10p per minute plus network extras lines are open 
800am430pm mondayfriday 
please note that the directors of the company are not seeking to 
encourage shareholders to either buy or sell shares in the 
company shareholders in any doubt about what action to take 
are recommended to seek financial advice from an independent 
financial advisor authorised by the financial services and markets 
act 2000
electronic communications
you can elect to receive shareholder communications 
electronically by contacting our registrar see contact details in 
the opposite column this will save on printing and distribution 
costs creating environmental benefits when you register you 
will be sent a notification to say when shareholder 
communications are available on our website and you will be 
provided with a link to that information
cautionary note regarding forward looking statements
this annual report includes statements that are forward looking 
in nature forward looking statements involve known and 
unknown risks assumptions uncertainties and other factors 
which may cause the actual results performance or achievements 
of the group to be materially different from any future results 
performance or achievements expressed or implied by such 
forward looking statements except as required by the listing 
rules disclosure and transparency rules and applicable law the 
company undertakes no obligation to update revise or change 
any forward looking statements to reflect events or developments 
occurring on or after the date of this annual report
shareholder information 94 moneysupermarket annual report  accounts 2014
general
declaration date of 2014 final dividend 3 march 2015
announcement of 2014 full year results 3 march 2015
exdividend date of 2014 final dividend 26 march 2015
record date of 2014 final dividend 27 march 2015
trading update 30 april 2015
annual general meeting 30 april 2015
payment date of 2014 final dividend 8 may 2015
half year end 30 june 2015
announcement of 2015 half year results july 2015
trading update november 2015
full year end 31 december 2015
announcement of 2015 full year results march 2016
 exact dates to be confirmed
further copies of this annual report are available from the company’s registered office or may be accessed on the investor relations 
section of the group’s website at wwwmoneysupermarketcom
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
financial calendar 95 moneysupermarket annual report  accounts 2014
governance overview strategic report general financial statements
notes 96 moneysupermarket annual report  accounts 2014
general
notes moneysupermarketcom group plc
telephone 01244 665700
web wwwmoneysupermarketcom
registered in england no 6160943 
registered office moneysupermarket house
st david’s park ewloe chester ch5 3uz
moneysupermarketcom group plc annual report and accounts 2014


Summary:
 since 1999 we have been helping 
uk households save money on 
their household bills and finances 
we help consumers through three 
leading brands 
moneysupermarket 
travelsupermarket and 
moneysavingexpert
our strategic priorities
our strategy is to build on our core 
business of helping customers to 
find the right product investing in 
our technology customer data and 
tools allows us to build deeper 
relationships delivering more value 
to both customers and providers
our performance
we increased the number of 
people engaging with us this 
helped grow our revenues and 
market shares our technology 
investment programme is 
ongoing
we launched new platforms for 
several of our channels in the 
late autumn our new car 
insurance site went into live test 
our new platforms leverage 
technology investment across our 
brands and services 
our customer account myprofile 
allowed more than 15m 
customers to keep their data up 
to date and use it to save money 
with us we recruited 23m new 
customers who want to do 
business with us in our money 
channels we worked hard to get 
marketleading products
we made significant 
improvements to our crm  
and organic search capability 
helping providers reach the right 
customers 
we take pride in being a 
profitable and efficient company 
that has a clear focus on its 
customers we delivered on these 
goals in 2014
best site
be the easiest way for 
customers to find providers  
and products
earn customer 
loyalty
be the destination brand for 
users and customers
preferred partner
be the best way for 
providers to acquire 
customers
core values
one team always making 
things better for customers 
colleagues and providers
our vision
we help every household make 
the most of their money
customers
we provide our customers with 
free easy to use online services 
so they can search for a wide 
range of products and find the 
product most suited to their 
needs
how do we make money
for the majority of our services 
we receive a small fee from the 
provider for customers who take 
out a product
at a glance
02 moneysupermarket annual report  accounts 2014 our new kpis from 2015
measuring our performance 
against our strategy is key to our 
future
our future
we continue to focus on delivering 
our technology investment and 
deepening our understanding of 
our customers – to help them 
make the most of their money
our principal risks
our business is building 
relationships and trust with 
customers and providers
225m 3
average monthly  
unique visitors
158m 17
unique adults choosing  
to share data
38 1
net promoter score
£143bn 16
savings made by customers
723 12
number of providers
£248m 10
revenue
£87m 12
adjusted operating profit
£84m 14
operating cash flow
£161m £9m
investment in technology
65 1
marketing margin
2015 will see exciting innovation in 
travelsupermarket continued 
rollout of new technology to more 
moneysupermarket channels and 
new tools for moneysavingexpert
the sites need to continually 
adapt to changing customer 
needs there is a risk that our 
technology takes longer to 
implement than planned or does 
not deliver the expected benefits 
to customers and returns to the 
group
we will continue to add new 
channels to myprofile we will 
offer customers a greater range 
of services and analysisbased 
insights to help them save money
the group needs to continue to 
invest in its brands and its 
product offerings there are 
always risks that we make 
mistakes in these our 
relationships with our customers 
are dependent on our ability to 
protect the data they choose to 
leave with us 
we will use our data tools 
analytics and position as the only 
major independent price 
comparison website to develop 
relationships with providers and 
secure market leading exclusive 
products for customers
our business is dependent on 
providers continuing to want to 
acquire new customers and to 
want to use price comparison 
websites for this
our strategy focuses on efficiency 
and on our customers in 2015 
we will measure ourselves on 
adjusted operating profit rather 
than adjusted ebitda reflecting 
our technology investment
weakness in the uk economy 
could reduce the range of 
attractive products available for 
our customers which could 
impact our revenues and 
margins
note the figures for kpis represent 2014 performance compared to 2013
financial statements general governance overview strategic report
03 moneysupermarket annual report  accounts 2014