The latest financials from Moneysupermarket show that revenue in the third quarter of 2023 was up 14%, driven by strong growth in Insurance and Travel.
The comparison site specialist reported high levels of switching in car and home insurance, supported by ongoing premium inflation and rebounding volumes post the FCA General Insurance Pricing regulations introduced last year.
“In Money, robust banking performance was assisted by several promotions in current accounts, although we were lapping a period of very strong savings and current account deals last year. The high interest rate environment continues to impact conversion for borrowing products. Home Services saw continued softness in broadband switching, partially but not fully offset by strong growth in mobile switching. We continue to see no material switching in energy.”
The company also reported strong demand on Travel cover, no surprise over the summer and school holidays break.
Outlook
“Our resilient business model, combined with ongoing strategic progress gives the Board continued confidence that the Group will deliver in line with market expectations for the full year.” says Moneysupermarket.
Peter Duffy, CEO of Moneysupermarket Group, said:
“We help millions of people save money on their bills. While headwinds in some of our markets persist, we’re making progress on our strategy – expanding our offering while attracting and retaining customers more efficiently. We’re particularly excited to have launched a rewards and loyalty programme under the MoneySuperMarket brand, the SuperSaveClub. It’s very simple – if we help customers save more, we will drive profitable growth for the Group.”
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