Flying start for Moneysupermarket
ONLINE price comparison platform Moneysupermarket has reported a strong start to its new financial year, with revenues surging 25% to £76.6m.
The group, headquartered in Ewloe, Deesidem near Chester, said although it does not expect this “exceptional” growth rate to continue, it is still upbeat on prospects for the full year.
In the three months to March 31, all sectors saw double digit grow, with insurance up 12% to £36.8m, money 24% to £18.8m and home services a dramatic 141% to £12.3m.
The group, whose latest TV ad features Sharon Osborne and a character called ‘Dave’ strutting down a street in hotpants and high heels, said insurance had benefited from the improvements to customers’ experience; hrowth in money was driven primarily by personal loans and credit cards. Current accounts also performed well due to attractive interest rates on offer by some providers.
Meanwhile home services benefited from the success of the collective switch offer and sustained consumer focus on energy prices.
Chief executive Peter Plumb said: “The first quarter saw strong growth across all three brands, with over 1.5 million families saving money on their household bills through the Moneysupermarket Group.
“As expected, second quarter growth is slowing from the 25% performance of the first quarter. Our technology investment programme is on track to make it easier for people to save money on whichever device they choose to access our site.”
The company attributed part of its strong growth to a weak comparative period in Q1 2014 and said revenues had slowed in April as expected.
