Q1 earnings up 5% at Moneysupermarket
PRICE comparison website Moneysupermarket.com has made a good start to the year with an increase in both sales and earnings.
The group, based in Ewloe, near Chester, said first quarter revenues rose by 8% while earnings before interest, tax, depreciation and amortisation (EBITDA) were up 5%, in line with the board’s expectations.
The business earns money from commission on the sale of mortgages, credits cards, insurance and holidays.
It has four divisions – insurance, money, travel and home services. There was a significant increase in sales in the travel and home services divisions, up 41% and 59% respectively. Money rose by 4% and insurance was down by 4%. Income from the MoneySaving Expert website was up by 30%.
The group said revenues in the first few weeks of the second quarter were flat compared to last year.
Chief executive Peter Plumb said: “Helped by our increasingly diversified business, this was a good first quarter given the headwinds we’ve faced since last year. Our investment programme is on track, including the delivery later this year of the best shopping experience for insurance customers, on mobile or desktop. The investment we are making in technology for the Money business is beginning to work well.”
