Good morning, everyone, and welcome to the MONY Group 2024 full-year results. I'm Peter Duffy, CEO, and later in the presentation, I'll be joined by Niall McBride, our CFO. I'm pleased to say that 2024 was another strong year for the group, helping households save money and achieving both financial and strategic milestones. We saved households an estimated GBP 2.9 billion. That's up from GBP 2.7 billion in 2023, which in turn drove revenue of GBP 439 million. That's up 2%, and adjusted EBITDA of GBP 142 million. That's up 7%. Both record numbers for the group as we remain focused on delivering profitable growth. Our revenue growth was driven by a good first-half performance in insurance, where we continue to see record-switching volumes, and in cashback, which grew despite the soft retail market. This was underpinned by strong cost control.
We delivered on our strategy to grow both sides of our marketplace. We generated momentum across our member-based propositions. That's the MoneySuperMarket SuperSaveClub, the MSE App, and Quidco, and we are particularly encouraged by the performance of the SuperSaveClub, which now has over 1 million members. Our provider services, which include B2B, Market Boost, and tenancy, also perform well. In B2B, we added six more brands to our platform. That takes us to 35 brands live, and it includes household names like Rightmove and Auto Trader. This great progress wouldn't have been possible without our hardworking teams. We are proud to be accredited as a real Living Hours employer. That's alongside our real Living Wage certification. We've held on to our position as number one for women on boards in the technology sector, and we continue to stand together with CALM as our charity.
And finally, we remain on track to reach operational Net Zero by 2030. Now, over the last few years, you've heard me talk about strength in our breadth, which gives us resilience as different markets go through their respective cycles at different times. This was the case again in 2024. And with the completion of our technology transformation, we are now well-positioned to take advantage of all that AI can offer over the coming years. We are already making great strides in using AI to advance our customer proposition, more of which I'll come on to later. So, all of this translates to a highly effective and resilient business with strong operating cash flow and efficient capital allocation that is well-positioned to continue to deliver sustained and consistent profitable growth.
So, as a result, alongside our ordinary dividend, which is up 3% for FY 2024, we are announcing a share buyback program of up to GBP 30 million this morning, which will deliver enhanced value for our shareholders. I'll be back shortly to provide more detail on our strategic and operational performance during 2024, but first, let me hand it over to Niall to run you through our trading performance during the year and the dynamics in our main markets.
Thanks, Peter, and good morning, everyone. As Peter said, 2024 has been a year of continued strategic progress. We have furthered our member-based propositions, adding tools and functionality that drive enhanced engagement with our customers in addition to making good financial progress. The group delivered revenue of GBP 439 million for the year, which is growth of 2%, largely driven by good performance in insurance, particularly in the first half, despite easing premium inflation. We've expanded group profitability by 7% this year, delivering our highest-ever Adjusted EBITDA at GBP 142 million, assisted by strong cost control, including careful focus on efficiency improvements. Adjusted Basic Earnings Per Share is up 5% to GBP 17.1, and operating cash flows were up 13% to GBP 116 million. We've increased our 2024 dividend by 3% in line with our progressive policy, and we have also announced a share buyback program of up to GBP 30 million.
Let me now take you through the performance and market dynamics within each of our segments, followed by cost, cash, and capital allocation. I'll then wrap up with the outlook for 2025. In insurance, we delivered revenue of GBP 236 million as growth of 7%. Premium price inflation continued to normalize during the year, exiting the year at + 2% in car and +1 6% in home. Despite the easing levels of premium inflation, we continue to see record-switching volumes for car and home insurance. This is a result of sustained high absolute pricing for policies supported by the greater number of products available to consumers in the market. To put that in context, the average car insurance quote is now 48% higher than it was before the implementation of general insurance pricing in 2021.
Now, although insurance prices remain elevated, there are still great deals available for consumers on our platform. MONY continues to win on best price versus the competition, which supported our ability to remain in growth. All other insurance products also performed well, including life insurance, which saw growth, particularly in Q4, and travel insurance, which saw an uplift in performance during the second half. Turning now to our performance in MONY, borrowing delivered good growth during the year for the first time since the September 2022 mini-budget. This was predominantly driven by a strong performance in credit card switching. However, the sustained higher interest rates impacted conversion in both loans and mortgages, though we did see an improving trend in loans during the second half. We also made good strategic progress, improving the experience for customers on our sites.
For example, consumers can now easily see what credit limits and APRs they are eligible for as part of the user journey, rather than simply being shown an indicative estimate. In banking, there were fewer attractive current account offers available during the year as providers began to focus more on profitability than in 2023, resulting in lower levels of switching. As a result, MONY delivered revenue of GBP 98 million, down 2%, but it is worth remembering that during 2023, we had a very strong performance in savings and current account deals. In cashback, growth was primarily driven by the strong performance of Quidco, which launched in the first half of 2023, leveraging the common group platform. This was slightly offset by the retail segment, which remained challenging due to weak consumer confidence. This broadly reflects the wider softness in the online retail market.
Travel within cashback was supported by deepening key strategic partnerships, including launching new campaigns which delivered good results. Alongside this, we focused on improving the user experience to drive member engagement through increased personalization and AI tools, as well as bigger discounts with our double cashback days. As a result, cashback delivered revenue of GBP 61 million, up 2%. On to home services, which represents 8% of group revenue. We finished the year down 7% at GBP 36 million, driven by soft conditions in broadband and mobile. Revenue from energy grew but remained immaterial, in line with our previous guidance. In broadband, traffic remained robust with ongoing improvements to our sites, including new AI-powered campaigns. However, conversion continued to be impacted as a result of action taken by providers on customer retention and acquisition.
In energy, we saw an increased number of switching deals during the year, with six providers live on our sites at the end of December. Although it's great to have more deals available, offers remain far from the levels seen before the energy crisis, which limits their appeal to consumers. For example, in January 2020, consumers were saving around 30% versus their default tariff by switching, whereas today, consumers might save just around 10%. With the ban on acquisition-only tariffs now in place until at least March 31st, 2026, providers remain cautious about offering more compelling deals. In travel, which is made up of our icelolly.com and Travel Supermarket brands and represents 4% of group revenue, we delivered GBP 19.6 million in revenue, which is down 5% on 2023. We had a good start to the year with a very strong January and Q1.
Package holiday performance remained solid throughout the year, but the market became increasingly competitive, resulting in higher marketing costs across the sector. In the second half, we began trialing a change in our marketing mix with a greater focus on social, with initial good results. In addition, we completed the migration of our marketing tech stack, enabling expansion into new products to drive growth. As an example, in late 2024, we launched a new cruise offering. We launched SuperSave Club in late 2023 with the aim of enhancing the experience for our consumers, rewarding them for their loyalty while also getting customers to come to us directly again and again. In the second half of 2024, this has proven to be even more important as we've seen the cost of PPC escalate by 19% compared to the first half.
We are very pleased to now have 1 million members in the club. These members are buying more, have a higher average revenue per user, and a lower cost of acquisition in comparison to non-club customers. Purchases through the SuperSave Club now represent 12% of group sales. In 2025, we will seek to grow the club further. As part of this, we are trialing a first purchase reward, which will allow members to take a cash reward following their initial purchase. We see significant potential to grow the club, and our 2024 metrics indicate that every 1 million increase in club members could translate to a 1% improvement in gross margin. Gross profit was down 1% to GBP 291 million, and gross margin decreased from 68% to 66%.
Margin was impacted by increased PPC costs resulting from increasingly competitive markets as we progressed through the year, as well as the growth in B2B, which has structurally lower margins. Adjusted EBITDA was up 7% to GBP 142 million, and EBITDA margin grew by one percentage point to 32%. This was driven by our continued focus on cost control and automation during the year, resulting in a 9% reduction in operating costs. Distribution expenses were down 18%, primarily driven by lower production costs from TV advertising materials created in 2023. Administrative expenses decreased by 7% as we delivered further automation and efficiency gains. At the year-end, headcount was down 9% on the prior year, resulting in a 4% reduction in people costs during 2024. Moving out of cash flow, we continue to enjoy strong cash conversion with operating cash flow up 13%.
Cash outflows on investing include GBP 13 million of capital expenditure in line with our previous guidance. Having repaid the final installments on the term loan for the acquisition of Quidco totaling GBP 30 million in 2024, we returned to a net cash position of GBP 8 million at the end of the year. MONY Group has an established and disciplined capital allocation policy focused on the creation of long-term sustainable shareholder value through organic and acquisitive growth and shareholder returns. In 2024, we increased our operational cash generation by 13% to GBP 116 million, turned net cash positive after repaying the Quidco term loan, and increased our cash conversion to 91%. Our robust balance sheet and strong cash generation underpins the board's decision to recommend a final dividend of GBP 9.20 per share, representing a total dividend of GBP 12.50 per share, an increase of 3% in 2024 in line with our progressive policy.
The strength of our balance sheet and cash flow conversion also now gives us the flexibility to commence enhanced distributions to shareholders, and today, we are announcing a share buyback program of up to GBP 30 million, which will be funded by our expected cash generation in 2025. Our recent trading performance, coupled with momentum in our strategic execution, gives the board confidence that we will deliver adjusted EBITDA for 2025 broadly within our current published consensus. Despite headwinds in the car insurance switching market, the strength in our breadth provides us with resilience, and we continue to see other opportunities for growth across the business. We anticipate operating cost inflation, excluding depreciation and amortization, to be largely mitigated through our ongoing focus on cost efficiency. We remain well positioned to continue to deliver sustainable, profitable growth, and with that, I'll now hand you back to Peter.
Thanks for that, Niall. So let me start with a quick reminder of our strategy before giving more detail on the operational progress in 2024. This slide shows our two-sided marketplace. The left side relates to growing our loyal engaged members. Price comparison websites have traditionally relied on expensive third-party media to attract customers, but our member-based propositions are focusing on transforming our customer base from transactional users into long-term members. And this will deliver increased transaction volumes, growing revenue per user, enhanced loyalty by offering compelling reasons for members to come back time and time again, greater opportunity for cross-sell and renewal, and reduced cost of sales by encouraging customers to come to us directly. Now, this last point is especially key in the light of the increasingly competitive PPC market that Niall mentioned earlier.
Our member-based propositions are central to enabling us to grow sustainably while reducing our reliance on this increasingly expensive customer acquisition method. And then the right-hand side is all about giving providers even more reason to use us, enabling the best consumer experience with quick and easy customer journeys, accessing unique data insights from our proprietary data, offering providers a competitive edge over their peers, increasing conversion, enabling providers to acquire new customers more cost-effectively, and then targeting ways to promote their products with our tailored tenancy slots. The bottom of the wheel relates to our leading data and tech, which we completed our data migration this time last year, and the broader tech re-platforming work is now also largely complete, moving us onto leading technologies.
Now, before I jump into the detail of our 2024 operational progress, I did just want to highlight three key metrics to show you how this transformation has already enabled us to improve the business when compared with 2019, so on a like-for-like basis, we have grown gross margin by 4 percentage points. We've increased revenue per full-time employee by over 40%, and we've held OpEx to just an 8% increase, and that's despite inflation running at circa 25% across the period, so let me take you through each area of our strategy in turn, starting with our member-based models and the SuperSave Club particularly. Of our three member-based models, we expect the MoneySuperMarket SuperSave Club to have the biggest impact. We launched it in September 2023 and have rapidly built it out across 2024.
The club now covers 12 products, which account for 90% of our sales, and it's proved compelling with customers. We now have over 1 million members. So, to briefly remind you of what the club offers the customer, we give a cash reward for every purchase. We guarantee best price, and then we make it easy for customers to save again and again by using their data to skip lengthy application forms. And then we also offer free credit monitoring services as well as specially selected retailer discounts, which all drive further engagement with the app. We now have a solid cohort of customers who have passed their one-year anniversary as members. So I'm pleased to share some further data that shows that the club is achieving what we hoped. First, 38% more members are coming directly for the second purchase. That's versus traditional MoneySuperMarket users.
Secondly, SuperSave Club members are more engaged, showing a 2x increase in their propensity to engage with CRM and a 5x increase in their preparedness to take up the MoneySuperMarket app. Thirdly, club members are buying more from us. We have seen a threefold increase in both renewals and members buying a second product from us. And then finally, and despite it only being 15 months old, SuperSave Club members are already generating 12% of total group sales. Now, we are still early in this journey, and we are yet to have full visibility on how year-two cohorts will behave, but it's clear that the club is growing customer loyalty and retention, which in turn will reduce our reliance on paid-for marketing. The growth rate of members is accelerating in line with our expectations, and importantly, we continue to see significant headroom for continued member growth.
If you think about the one million members we have today, that's less than 10% of our active customer number. So we would expect to convert a good proportion of these into club members in the coming years. Our other two membership propositions are also performing well. Two years since the launch of the MoneySavingExpert app, downloads are up 93% to 1.8 million, averaging 460,000 MAUs during the year. In addition, more than 9.3 million customers now receive the MSE tip email. That's up from 9.1 million in FY23. And we further improved the MSE app in the year. We've increased personalization, offering a suite of tools that help users gain greater control of their finances, and we've launched an improved and highly differentiated Credit Club. And then finally, we've added a home insurance compare product in addition to motor.
Quidco, our cashback offering, is enjoying an improved and increasingly personalized user experience, and that's key to driving revenue per user, repeat engagement, customer loyalty, and enhanced conversion. Now, before I move on to update you on progress with our enhanced provider services, let me first show you a quick video we've prepared, which showcases some of the key features and developments within each of our member-based propositions, so I hope that gives you a bit more flavor of how our member propositions and the new tools we're developing are really helping to improve the customer experience, which is all helping to deliver increased engagements and enhanced customer loyalty, and there's plenty more to come here.
Moving on to services to help our providers become better businesses, starting first with B2B, which uses the MONY Group Tech Platform to power switching services for third-party brands who want to offer their own comparison service. This extends our reach and market share with limited incremental costs to us. Our B2B proposition is now available across car, home, broadband, mobile, and energy. In FY 2024, B2B revenue was up 49%. That is driven in part by scaling of existing partnerships as well as through the growth of new partners. We now have 35 B2B partners live. Then lastly, onto our final two services, Market Boost and tenancy. Market Boost is a relatively new service. We launched it in 2023, and it uses our first-party data to help providers better understand how they perform on our platform.
It was initially available in our MONY products, but we've now rolled it out across 2024 into insurance and broadband, and we now have around 80 providers benefiting from the service. And then onto tenancy, our targeted advertising slots that enable partners to promote their products to specific cohorts of customers. Tenancy is now available across all core product lines, and during 2024, we began trying it at the SuperSave Club. Revenue from tenancy was up 6% in FY 2024, and we see a strong opportunity for further growth in this area. The bottom of the wheel relates to our migration onto leading technologies. This work is now largely completed, and it's a key enabler for the rollout of our AI implementation, which we are very excited about. AI solutions are now live across our customer operations.
They have transformed the approach we are taking in marketing to content generation, and we have begun to deploy it successfully to build our new user experiences with some of our core journeys, and this includes our new financially powered Agent AI, our first agentic solution, which guides customers through our comparison journeys with increased confidence and ease. In this example, we're bringing together a customer's credit report and quote data to provide a more personalized and real-time balance transfer repayment illustration and credit card comparison. Our future focus with AI is to build out new consumer propositions, continue the internal transformation of the business, and equip our people to become leading proponents of a technology, so to wrap up, we have delivered a strong performance both operationally and financially in 2024, shown by our Adjusted EBITDA growth, our strong cash generation, and our robust financial position.
We have achieved this while maintaining an efficient cost base despite a backdrop of market and economic volatility. The sustained momentum has enabled us to grow the dividend by 3% this year, and we've announced a share buyback program of up to GBP 30 million. It reflects continued confidence in the execution of our strategy, and importantly, it enables us to retain significant capacity to support future growth. Our strategy, coupled with our differentiated and diversified proposition, continues to position the group well for sustained and profitable growth into 2025. We remain excited about the continued opportunity for growth across our two-sided marketplace. Thank you for listening, and Niall and I look forward to taking your questions a bit later on this morning.