Deal-hungry consumers lift Moneysupermarket
PRICE comparison company Moneysupermarket.com has been boosted by increasing numbers of hard-pressed consumers looking for the best deals on savings accounts, home insurance and utility bills.
The company, based in Ewloe near Chester, said in a trading update ahead of its annual meeting that it is trading “well ahead” of the same “relatively weak” period last year.
Internet revenues and visitors in the three months to the end of March are 22% and 13% ahead respectively.
The strongest performer was the Money division, where revenues were up 28%, where there was high demand for both credit-related and savings products.
Strong revenue growth of 24% was also seen in insurance, with home insurance leading the way, but motor and travel also healthy.Visitor volumes were 20% higher.
In Home Services, revenues rose 23%, driven by an increase in the utilities sector. The picture was somewhat mixed in Travel, where traffic surged 22% after the launch of a new advertising campaign. Revenues were flat though as a result of low consumer confidence and the turbulence in the Middle East, which was a further barrier to travel.
Trading since the end of March has continued to be strong, the company said.
Chief executive Peter Plumb added: “Moneysupermarket.com has made a strong start to 2011 – building on the momentum from a great performance last year when we saved our customers £750m.
“Given the uncertain outlook for consumer spending, our offer has never been more relevant for consumers. Against that backdrop, we remain confident that our clear programme of continued investment in technology and brand will ensure Moneysupermarket.com makes further good progress this year.”
