Full year results (28 Feb) from price comparison site Moneysupermarket.com (MONY) reveal pressure on margins and revenue behind 2016 levels in the first two months of 2017. The shares were punished heavily on the news.

Liberum analyst Ian Whittaker says his key fear about the stock, that increased marketing spend to counter competition would undermine profitability, is realised by these results.

Gross margins for 2016 fall from 80% to 74.8% and guidance is for a further fall to 73% in 2017. (TS)