Moneysupermarket.com CEO to step down; first half profit rises

(Reuters) - Price comparison website Moneysupermarket.com Group Plc said Chief Executive Peter Plumb would step down by May next year, but did not cite any reasons for his departure.

Plumb, who took over as chief executive in 2009, has seen the company's share price jump from 45 pence to 302 pence and its adjusted earnings before interest, taxes, depreciation and amortisation rise at a 20 percent compound annual growth rate, Chairman Bruce Carnegie-Brown said.

"This looks a net negative for us as we think he has done a good job, but certainly not indicative of issues/problems," Investec analysts wrote in a note.

Plumb is stepping down citing personal reasons and he has not planned a new position yet, Investec analysts said.

Shares in the company fell as much as 5 percent on Wednesday on the London Stock Exchange.

The company said a formal process to appoint Plumb's successor had begun.

Peel Hunt analysts said Plumb's resignation would interest and possibly unsettle the market.

"This change comes at a time of broader corporate moves within the PCW (price comparison website) sector, suggesting a swift resolution would be welcome," Peel Hunt analysts said.

The company, which started as a mortgage listings firm in 1993, reported a 6 percent rise in adjusted operating profit at 53.8 million pounds in the six months to June 30, in line with its guidance.

Revenue rose 10 percent with strong growth in its money and home services, said the company, whose brands include TravelSupermarket.com and MoneySavingExpert.com.

The group, which calls itself the largest price comparison website operating in the UK, saw single-digit growth in July and said it was confident of delivering its expectations for the full year.

Analysts expect it to post an operating profit of 98.10 million pounds for the year, according to Thomson Reuters data.

MoneySuperMarket.com shares were down 4.5 percent at 288.5 pence at 0757 GMT, underperforming the Stoxx Europe 600 Eur Price Index.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier)