Savers boost moneysupermarket’s coffers
MONEYSUPERMARKET.COM achieved double-digit growth in revenues and earnings during the first quarter of 2012.
Revenues were up 14% and ebitda up 12% on the same period last year, while visits to the Moneysupermarket.com website were 15% ahead, although visits to its Travelsupermarket channel were 15% lower.
The company, which is based at Ewloe, near Chester, said that revenues within its money channel had enjoyed the biggest growth, increasing by 22% on a 20% uplift in visitor volumes.
Sales from non-credit products such as savings accounts, current accounts and channel advertising grew by the biggest amount – up 42%. It added that slower growth in credit card revenues was more than offset by higher revenues from loans.
Sales of insurance products were 13% higher and home services 12% higher, but sales fell in its travel division by 11%. “Market conditions continue to be challenging across the flights and hotels channels, with consumers continuing to manage their discretionary spending tightly,” the company said.
Despite this, the company said that its financial position remains strong, and that it finished the quarter with a cash pile of £36.6m. It has also made a strong start to its second financial quarter since the end of March.
Chief executive Peter Plumb said: “Moneysupermarket.com has made a good start to 2012 .We have seen solid growth in our Money and Insurance businesses as consumers continue to use us to make their money go further. We have continued to invest in both our brand and technology which should mean the group is well placed to make further progress through the course of the year.”
