MoneySuperMarket half year revenue hits £158m

COMPARISON site Moneysupermarket.com has enjoyed another strong first half, with revenues up by 10% to £158m.

The group, which has its head office in Ewloe near Chester and a product engineering team based in Manchester, operates through three major brands – MoneySuperMarket, MoneySavingExpert and TravelSuperMarket. The flagship brand, MoneySuperMarket, is split into three product lines, insurance, money and home services.

Last year, the group saw revenues jump 25% on the back of a television advert featuring a character called Dave, dancing in high heels.  It is further investing in another marketing push, which it expects to impact on adjusted operating profit, predicted to grow by 6% to £54m for the half year to the end of June.

Revenue from money, home services and insurance products all grew year-on-year, with  home services growing an impressive 43% to  £25.1m.

Its TravelSuperMarket brand continued to see revenues shrink considerably, down 19% to £11.1m – something the company has previously said was down to a challenging holiday market, with remedial work at TravelSuperMarket.com is likely to continue through much of 2016.

MoneySavingExpert.com, acquired by the group in 2012 for £87m, saw revenues jump 32% year-on-year to £19.3m.

Peter Plumb, chief executive of Moneysupermarket Group, said: “Moneysupermarket made another strong start to the year, growing revenues by 10% and saving customers a record £890m.

“As UK families prepare for life after the Brexit vote, with potentially rising energy prices, rising insurance prices and lower interest rates, our trusted brands and services will be there to make sure household bills are as low and easy to switch as possible.

“Moneysupermarket is a pure play digital business, with a strong balance sheet and a new technology platform built to deliver personalised market leading services no matter what device people use to manage their money in the turbulent years ahead.”