Insurance performance keeps Moneysupermarket.com on track
The first-quarter performance of Moneysupermarket.com, headquartered near Chester, has been bolstered by a strong performance in its insurance division.
Group revenue is up year on year 2% to £85m in the three months to March 31, but £44.5m of that was in insurance – a boost of 23%.
Income from money was £22.3m, down 2%, while home services took a 45% hit, down to £9.3m.
MoneySavingExpert revenue fell 4% to £10.7m, but TravelSupermarket.com rose 12% to £5.9m, while Intragroup income suffered a £7.7m deficit.
The firm said that while the core Money business of credit cards and loans continued to deliver good growth, this progress was obscured by the exceptional current account switching deals available in the comparative period last year.
No energy collective switch took place in the quarter, lowering home services performance and MoneySavingExpert.com.
Moneysupermarket.com Group chief executive Mark Lewis said: “MoneySuperMarket.com helps its customers cut their motor and home insurance and energy bills by on average £1,000.
“This is the same, after tax, as a £1,470 pay rise. And we also help find better deals on credit cards, loans, broadband, holidays and a range of other products.
“We are committed to making it even easier to save, and our next collective energy switch will be a fantastic way for families to beat rising fuel costs.”
The company added that it is confident of meeting its full-year market expectations.
