Moneysupermarket on track as revenues rise by 4%

Price comparison website Moneysupermarket said its quarterly performance matched expectations, in a trading statement today.

The group, based in Ewloe, near Chester, reported a 4% rise in revenues to £88.3m.

It said the drivers of trading in its first quarter were strong insurance switching, underpinned by competitive pricing, home services, which saw strong growth in core energy switching, although money switching reduced, without the strong promotional products of the previous quarter.

Revenues for insurance were up 4% to £47.1m, home services showed a 15% improvement to £11.5m, while money fell by 1% to £23.1m.

Core group revenues jumped by 4% to £81.7m, while other revenues improved 3% to £6.5m.

Chief executive Mark Lewis said today: “Trading is on track in this year of transformation as we reinvent the business to help people save more money.

“We are expanding our product engineering hub in Manchester to improve the customer journeys on our sites and plan to unlock future growth with the agreement to acquire Decision Tech – a leader in home communications price comparison and white label business to business comparison services.”

Looking ahead, the group said it continues to benefit from its diversified portfolio, built to help households save money, and the board remains confident of meeting current maret expectations.

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