Revenues rise at Moneysupermarket
Revenues are rising at Moneysupermarket as it continues to recover from a challenging period for the online comparison group.
Revealing its results for the six months to 30 June the Ewloe-headquartered business noted that group revenues were up 19% on the same period in 2021 to £193.2m as it noted there was a strong performance in Money and travel channels but that this was “partially offset by closure of the energy switching market”.
The strong performance was driven by a 698% growth in its travel division when compared to the previous year, which delivered £8m of revenue in the first half of the year. This coupled with a 50% growth in its money market and continued growth in insurance counterbalanced the drop off experienced by its home services market which saw revenues fall by almost two thirds to £18.8m,
Noting a performance ahead of expectations for the first half of the year, Peter Duffy, CEO at Moneysupermarket Group said that the business is “doing all we can to help the British consumer” amidst the ongoing cost of living crisis.
Duffy added that despite some difficulties the business had “performed well with strong profit growth” and that it was “making strategic progress towards becoming a flexible tech-led savings platform, with all our core data now in Google Cloud Platform”.
Looking ahead the group warned that the “rest of the year will be influenced by macro developments in travel and the ongoing transition to a steady state in the car and home insurance markets” as a result of the FCA General Insurance Pricing regulations. Despite this and the expected closure of the energy switching market, the board stated it is confident in “delivering adjusted EBITDA around the upper end of market expectations for the year”.
Russ Mould, investment director at Manchester investment platform, AJ Bell, said: “Surging energy prices have made it almost impossible for Moneysupermarket to help consumers find better energy deals, because there aren’t any.
“Nonetheless, its half-year results have still beaten expectations thanks to strong demand for comparing products in the money and travel channels.
“People under financial pressure might be able to save a few quid by switching financial products, and the pent-up demand for a week in the sun will have seen holidaymakers shop around for the best travel insurance deals.”
