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(Alliance News) - Price comparison website Moneysupermarket.com Group PLC on Tuesday posted a strong first quarter, thanks to its insurance and travel channels.
The Chester, England-based company said that revenue in the first quarter of 2023 climbed 15% to GBP106.3 million from GBP92.3 million.
Insurance revenue jumped 23% to GBP50.6 million from GBP41.1 million. This makes it Moneysupermarket's largest division.
The company's Travel arm saw revenue surge by 63% to GBP5.4 million from GBP3.3 million, on the back of its Covid-19 recovery.
Conditions in the wholesale energy market and the introduction of UK government support measures, including the Energy Price Guarantee, meaning it is unlikely that energy switching will return in 2023, Moneysupermarket said.
Looking ahead, Moneysupermarket said it is confident in delivering full-year market expectations. Markets currently expect earnings before interest, tax, depreciation and amortisation to be between GBP121.1 million to GBP129.2 million. In 2022, the company reported Ebitda of GBP115.5 million.
Chief Executive Officer Peter Duffy said: "This is a strong performance led by recovery in Insurance and Travel. Our strategy of making it easier for people to save on more of their bills is going well and means we're helping consumers cope with cost of living pressures."
Shares in Moneysupermarket were up 1.8% to 252.60 pence each in London on Tuesday morning.
By Sophie Rose; Alliance News reporter
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