Price comparison site says revenues higher in first quarter
Continued strong switching at renewal boosted Moneysupermarket.com’s revenues in the first quarter of this year.
The price comparison site said that “Strong insurance switching, underpinned by competitive pricing” drove a 4% gain in insurance revenues to £47.1m in the first quarter.
Overall revenues in January-March, including money and home energy services rose 4% to £88.3m, the company said in a trading update to the Stock Exchange.
Chief executive Mark Lewis said: “Trading is on track in this year of transformation as we reinvent the business to help people save more money.
“We are expanding our product engineering hub in Manchester to improve the customer journeys on our sites and plan to unlock future growth with the agreement to acquire Decision Tech - a leader in home communications price comparison and white label B2B comparison services.”
Lewis said the group remains confident of meeting current market expectations. Analysts currently expect the company to post full year earnings before interest, tax, depreciation and amortisation of about £127m.