Good morning and welcome to MONY's full year results for 2023. I'm Peter Duffy, CEO, and I'll be joined later in the presentation by Niall McBride, our CFO. So this morning we announced record revenues of over GBP 430 million. That's up 11%. Flat gross margins, as expected, an EBITDA of GBP 132 million, which was up 14%. We've helped hundreds of thousands of households in the UK save an estimated GBP 2.7 billion in 2023. In 2022, that number was GBP 1.8 billion. Our revenue growth was fueled by exceptional trading in insurance, where we again won market share in a very strong switching market. In terms of strategy, the data work I've told you about previously is now complete, and the tech platform and the marketing infrastructure we've put in place are starting to deliver.
This work has marked a major milestone by allowing us to launch new initiatives in two key areas. Firstly, membership-based customer propositions, the app from MoneySavingExpert, MoneySuperMarket Super Save Club, and of course, Quidco. And we're now on a path that shifts us from mainly transactional-based interactions towards something that also includes approaches more akin to a membership model. More of that later. And then secondly, we've made huge strides expanding the services we offer to our partners. 2023 saw us grow our B2B offering. We launched a car and home insurance product to white-label partners, and we've now won six new and notable brands. We're using our data platform to launch an innovative partner data insight product that we're going to be calling Market Boost. And then finally, we've also successfully rolled out increasingly sophisticated tenancy solutions. That's paid slots on our sites.
So it's worth pointing out that the group is now so much more than the original MoneySuperMarket price comparison business. We are a tech-based savings platform that not only supports our own well-trusted brands, MoneySuperMarket, MoneySavingExpert, and Quidco, but also those of third-party businesses. The services we provide span general insurance, money, home services, travel, and then cashback. We have strength in our breadth. So we're also proud of how we do things. We are on track to reach operational net zero by 2030. And in 2023, we were ranked top in our sector on the FTSE Women Leaders Review. And we've just come fifth in the Inclusive Top 50 U.K. Employers list. All this translates to a highly effective and profitable business with strong operating cash flow, efficient capital allocation, and growth from core and new markets.
I'll be back in just a minute to talk more about strategy and delivery. I'm now going to hand over to Niall, who'll talk you through our trading performance and what we're seeing in our main markets.
Thanks, Peter, and good morning, everyone. We've had a record year, hitting revenues of over GBP 430 million, which is growth of 11%. We have done well across the group, but in particular in car and home insurance, where we have won share in a growing market. EBITDA grew 14%, reflecting gross margins maintained alongside continued robust cost management. The result of all of this is that adjusted basic EPS is up 12%. Operating cash flows were GBP 102 million, with tech investment broadly flat at GBP 10.5 million and dividends up 3%, having returned to dividend growth at the half-year. I'm now going to take you through our performance in each of our product lines, followed by costs and cash generation, before wrapping up with outlook for the year ahead. The insurance switching market has been exceptionally strong.
2023 saw significant premium price increases as insurers sought to pass on the rising cost of claims. The average car insurance premium accelerated through the year and was up 35% in November. It has recently showed some signs of stabilizing. Home insurance premium inflation, which tends to lag car insurance, has gained momentum. By the end of the year, prices were up 34% on 2022. Rising premiums, plus the cost of living squeeze, has resulted in high levels of search traffic on our sites, with customers seeking a better deal. On top of that, insurers continue to innovate in response to the FCA's general insurance pricing regulations. On our site, we've introduced a record 96 new products since GIP came into force as providers compete to differentiate and attract new customers. This increasing complexity makes our service more valuable for customers than ever.
Our insurance business has performed ahead of the market, growing 28%. We grew in all four of our largest insurance products: car, home, travel, and life. In car and home, we want a greater share of that growing market. Our gains in market share were supported by the work we've done on efficient acquisition, which improved our conversion on top of the increasingly differentiated customer propositions, including our price promise, customer journey improvements, and growth in our B2B offering. Turning now to MONY, where the market backdrop remains largely unchanged from the half-year. Following a run of 14 rate hikes from December 2021, the Bank of England held base rates at 5.25% since August, a 15-year high. Provider activity has remained similar on our sites year-over-year, and we have not seen significant changes in risk appetite or eligibility criteria.
For borrowing products, although search traffic was strong, conversion, reflecting those higher costs of borrowing, was weaker, especially in loans and mortgages. That impacted our performance there. Banking products have benefited from higher interest rates, leading to increased demand for current accounts, where we had our biggest ever year. The balance of these factors means that revenue is down 3% on 2022. Remember, that 2022 was a record year for us, with a very significant one-off attractive offer in savings. It's been another good year for us at MONY. We're pleased to hold on to the vast majority of growth from 2022. MONY is up 33% on 2021. Next up, home services. Well, first, I'll take you through the energy market. In 2023, we only had a few small switching deals, and the energy market remained highly subdued.
We were pleased to offer these deals to customers, but they in themselves do not signal the return of a material switching market. That said, we continue to work with our partners to offer deals to customers when they become available. MSE continues to provide support to consumers on energy. The lower wholesale prices in the energy sector are encouraging. However, high levels of volatility remain, and providers are cautious. We're not expecting an increase in revenues from energy switching in 2024. Moving away from energy now and onto the rest of the home services vertical. Revenue was down 2%, mainly because of softer broadband switching in a competitive market. Ofcom have stated that demand for home internet was reduced slightly between 2022 and 2023. Traffic to our site for broadband was steady, but conversion dropped, reflecting the subdued and competitive market, meaning revenues were down.
On the other hand, revenue from mobile switching was strong, with good promotions and new handset launches supporting double-digit growth. Finally, travel and cashback. Travel is made up of our icelolly.com and TravelSupermarket brands. This business delivered 33% growth, with continued strength in package holidays. Remember that travel insurance is captured within our insurance business. We invested in travel in 2023, launching a new TV ad for the TravelSupermarket brand for the first time in seven years, as well as further developing our tech stack. Cashback was flat despite continuing headwinds from falling online retail spending. We delivered strong growth in insurance products on Quidco, following the launch of Quidco Compare on the MoneySuperMarket Group tech platform. We unlocked synergies across Quidco and MoneySuperMarket by replacing legacy journeys with MoneySuperMarket Group comparison tech across motor and home insurance.
In addition, Quidco is now on the Group CRM platform, enabling more personalized campaigns. And finally, we invested in TV and radio advertising to aid member growth momentum. Gross profit was up 11% to GBP 292 million, while gross margin was maintained as expected at 68%. This is a result of growth in insurance and more efficient spending in PPC, offset by cashback and B2B, both of which have structurally lower margins. We expanded our EBITDA margin, now 31%, with EBITDA up 14% ahead of the 11% growth in revenue. We chose to increase distribution costs by 4% in the year. This reflects investments in new TV and radio campaigns for Quidco and TravelSupermarket, as well as the planned continued investment in the MoneySuperSeven campaign, including the launch of the SuperSaveClub. This aside, our operating costs, excluding non-cash items, increased 8%.
Included within this was the full-year effect of the integration of Podium. Like for like, therefore, this is 6%. We continue to manage our underlying costs, including closing regional offices, and delivered efficiency gains from simplifying our technology estate. For 2024, we expect operating costs, excluding depreciation and amortization, to increase by a low- to mid-single-digit %. Moving now to cash flow, we continue to have strong operating cash conversion. A working capital outflow of GBP 4.1 million reflects an increase in receivables following the growth in revenues. Cash outflows on investing include GBP 11 million of cash capital expenditure and GBP 10 million of deferred consideration in respect of Quidco. Finally, we had higher tax payments following the increase in the corporate tax rate for the year, as well as some changes to tax payment schedules.
Overall, our leverage remained comfortable at 0.2 times net debt to EBITDA and has continued to lower throughout the year. We expect CAPEX in 2024 to be in the range of GBP 11 million-GBP 13 million, as we support the delivery of strategic initiatives. Our capital allocation policy remains unchanged, as we continue to prioritize investment for organic growth, then our dividend commitment, followed by M&A, and finally enhanced distributions to shareholders. So to recap, it's been a strong year: record revenues, growing EBITDA and margins. All that was despite no material revenues from energy switching. As we look into this year, I've included a summary of some of the guidance points on the slide. For the first few weeks of the year, trading has seen similar trends to those at the end of Q4. On energy, we do not expect any increase in energy switching revenue in 2024.
In insurance, we expect comparatives will become tougher, particularly as we move into the second half. Bringing that together, the continued trading performance and momentum in our strategic execution gives the board confidence of delivering within the current range of market consensus. And as such, the board have increased the dividend by 3%, following the return to dividend growth at the half. I'll now hand you back to Peter. Thanks, Niall. So here's a slide you've all seen before. The price comparison sector has typically sold product solutions that customers use once a year, all resulting in the sector's high advertising spend to stay front of mind. Our strategy tackles this. So on the left, efficient acquisition. The more effectively we're able to reach and convert customers, the more efficiently we can use or reduce this spend. Next, the middle pillar, retain and grow.
This really is a great prize to unlock: how we can get our customers to come back to us and save year after year directly, and then how we can get them to save more with us by buying more of the wealth of additional products that we offer across the group. The last pillar, expanding our offer, growing the products and services to give U.K. households more ways to save with us. This is all underpinned by our data, our common tech, our scalable platform that's been essential for unlocking the rest of our strategy. We've now made a lot of progress. Starting at our foundation, the data work, that's now complete. It's centralized, it's standardized, and available instantly. The change? We can now see customers as customers rather than as a series of individual and isolated product sales.
Dialogue, our question platform, now processes around 75% of customer inquiries on core MoneySuperMarket product lines. It will increasingly use that rich, real-time data to dynamically ask more personalized questions, making journeys quicker and simpler. Building out our scalable common platform is well advanced and already delivering benefits. As an example, we can onboard providers' products more simply and quickly. Important because it can give users more choices and often better prices. Over the last couple of years, we've launched a whopping 96 new motor and home insurance products. We put a record 60 live in 2023. The simplification of tech is vital across our group. It's increasingly aided by the use of AI. Building things once and then using them multiple times has already allowed us to cut around 20% of our code base, and more of that to come.
And because we're now working with software partners on the latest versions of their cloud-based products, we're rolling out AI-supported approaches to aid our development teams. Now, moving to the left, efficient acquisition. In marketing, our brands are performing strongly, demonstrated by more than 20% growth in direct-to-site traffic on MoneySuperMarket. We showcased some of the exciting adverts at the beginning of the presentation. The MoneySuperSeven, led by Dame Judi Dench, are as strong as ever. Martin Lewis and the brilliant team at MoneySavingExpert have helped millions of users again in 2023. And Quidco and TravelSupermarket are back on TV, building brand recognition. And underpinning all of this is our best-in-class marketing technology. On pay-per-click advertising, we're using algorithmic bidding. That's reduced cost per click in the year. SEO, now all on the group platform, is being enhanced by AI. The result?
We've improved the speed that we can begin to update a page by more than 75%. And that frees up our experts to deliver exciting new content. And then finally, on CRM, our group platform is now live across our estate, including Quidco, enabling us to be more personalized and relevant, enhancing campaigns again with the use of AI. So the data, the tech, and the marketing infrastructure is now in place. And whilst we will continue to optimize our approaches to make these even more efficient and effective, our focus is firmly on how to unlock the opportunity of our two-sided marketplace. So this chart shows you how we're going to do this. On the customer side, we're building high-value branded propositions to increase loyalty, reduce dependency on paid traffic, and grow revenue per user, in turn unlocking rebuy and crossbuy.
On the provider side, we are enhancing our range of services because we want to become providers' first choice for cost-effectively acquiring targeted cohorts of customers. And as I say, the work that we've done on data tech and marketing is the launchpad to do all this. So let me now take you through these plans, starting with our member models or our clubs. So the Super Save Club is our new MoneySuperMarket loyalty and reward program. It was trialed in May, and it was rolled out in September. So the club is aiming to drive loyalty, encouraging customers to come directly to us time and time again so they can save money on more of their household bills. Over time, this is designed to reduce customer acquisition cost, increase customer engagement, and therefore drive returns.
This program is set up to help more customers save money by three things: one, promising best prices; two, rewarding members for every additional purchase; and three, rewarding members for spreading the word to friends and family. The more of our products we launch on the club, the more opportunities for our club members to save, to buy more, and then to save more. So we started the trial in May with 4 products. We moved quickly to full rollout in September, and we've already added another 3 products. So it's very early days, but so far, we're really pleased with progress, and we're excited by the potential. Almost 200,000 members have now joined the club. We need to see how customer behavior matures before sharing detail.
But directionally, I can say that we're seeing more customers come directly to us rather than via paid sources, and they're going on to buy more products from us. So whilst it will take a few cycles before we can see the full effect of the club, early indications are encouraging. We'll continue to add more ways for customers to earn rewards, thereby strengthening the proposition and the value to members. Now, in parallel, we're building out a second membership model, the MoneySavingExpert app. As a reminder, MSE is our content brand where we don't spend a penny on advertising. Traffic is entirely generated by the customer advocacy of Martin Lewis and the brilliant MSE team. So it builds traffic, customer interaction, and stickiness for the benefit of a wider MONY Group. We launched the app in mid-2022.
It basically makes it super easy for users to get the MSE content they know and love. We've now had over 1.1 million downloads. We're enjoying 420,000 monthly active users. That's a terrific performance in such a short period of time. Last summer, you'll remember we were quick to launch the MSE ChatGPT. That was an experimental tool to use AI to give auto-generated yet personalized answers to money-saving questions. And crucially, the primary information source was MSE itself. So that ensured users got information that they could trust. Now, personalization is key to the app. We're building out My MSE. It includes Bill Buster. That's a service that tracks your main bills and then alerts you when you can save. The MSE app is a different sort of membership model to MoneySuperMarket SuperSaveClub.
It's one based on the currency of content and providing impartial help from the most trusted brand in financial services. It's one where users can increasingly use tools to investigate their financial health as well as receive information about their financial needs. Then finally, Quidco. The Quidco membership model is the importance of a group because it takes us out of solely annual contract savings opportunities into more frequent engagement with our members. We now power seven Quidco Compared products through the group tech stack. That includes car, home, pet insurance. They were all launched in 2023. We've moved Quidco onto the group marketing platform, again in the middle of 2023. That's allowed us to drive operational efficiency but also deliver more personalized and targeted campaigns. Combined with our return-to-TV advertising, this has supported member growth momentum.
Now, the next step is incorporating cashback retail and travel offers that are powered by Quidco into the MoneySuperMarket SuperSaveClub. That is planned for later this year. And that's going to give us further opportunity to improve cross-sell across the platform. Now, the other side of our marketplace is an enhanced approach to provider services, again made possible by our investment in data and our scalable platform. The advantage of our scalable platform is that we can add new products or new partners within our existing infrastructure. And then on data, we can leverage the network effect of our large user base. So here I want to draw your attention to three further areas we're currently working on: provider tenancy, a new provider proposition that we're calling Market Boost, and then B2B.
So starting with tenancy, by which I mean the advertising spots we offer to providers to promote their products across the site. So this was already offered in home services. We then trialed it more broadly in 2022, and we've rolled it out to all our key product lines in 2023. Revenue from tenancy is up double digits in the year, and we see an opportunity to grow this further. During 2023, we extended the designated spots beyond our results pages, and we've begun to introduce audience segmentation. Now, next, we're launching a new service that we're calling Market Boost. That's a data service using our first-party data to help providers understand how they perform on the platform so they can offer our users even better deals. Now, we're still in the early stages.
So far, we're only live on loans, but that's going to roll out across more product lines over the coming months. And then finally, our B2B proposition, which utilizes the group platform for switching services that we host for third-party brands. This extends both reach and market share. It leverages our technology investment to increase our customer base without compromising our existing customers. So revenues from B2B were up around two-thirds in the year. We launched our B2B car insurance journey in early 2023. Home insurance came in the middle of the year. And we quickly then won six B2B car insurance partners. We've got an exciting pipeline of additional partners coming. We're looking forward to onboarding those in the coming months. And our B2B services have also been extended into our joint venture Podium. That's our mortgage business, where we now power Rightmove's broker mortgage offering.
We also became Rightmove's B2B broadband partner for their customers in the year as well. So we want to become a one-stop shop for B2B partners who are looking to offer comparison services. As we extend our platform across the breadth of our offerings, we're going to be able to scale across more industries. And by using our platform to support comparison journeys for other brands, we have the opportunity to become the tech platform of choice to power an industry. Now, moving on to metrics, we're focused on attracting more customers and users at an efficient cost of acquisition, getting those members to do more with us, both in terms of rebuy and crossbuy, and therefore unlocking the potential of the group. Across MoneySuperMarket and Quidco, we now have 14.2 million active users. That's up over a million on 2022.
We're acquiring these users more efficiently as we optimize PPC, SEO, and brand marketing. We've also seen improved revenue per active user as we encourage members to do more with us. We've delivered an uptick in cross-product inquiry now at 24%. Our data work means we're now tracking this across more of our products. Just to say, it's still too early to see any of the effects in Super Save Club within this metric. So all in all, good strategic progress. Our hard work resulted in record revenues, in EBITDA growth, and in us winning market share. The data transformation is now complete, and we're making great progress adding exciting propositions to our tech platform. Our marketing infrastructure is firing on all cylinders.
We hit a major milestone as we launched propositions to reduce our dependency on paid traffic by rewarding customers for coming directly to us and growing loyalty by then unlocking and rebuying crossbuy, in turn growing revenue per user. Our performance in 2023 and our confidence in the continued strategic delivery means that we're delighted to have grown the dividend by 3%. We're also confident in delivering another year of progress in 2024. Thank you for your time this morning. Niall and I are looking forward to taking questions on the call at 9:30 A.M.