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(Alliance News) - Moneysupermarket.com Group PLC on Tuesday said revenue for its first quarter fell by 20% compared to 2020.
The price comparison website announced its first quarter revenue was GBP85.5 million, down from GBP107.3 million the year before.
Revenue dropped across all of its businesses for the three months, with the company blaming the "disruption" caused by the pandemic along with the "continuation of tightened lending criteria". Insurance revenue was down 21%, Money by 26%, Home Services by 15% and 'Other' by 14%.
The company noted that its Insurance segment performance overall was broadly consistent throughout the quarter. Within Money, however, the quarter was hurt initially by lower year-on-year search demand for credit products and the continuation of tightened lending criteria.
In Home Services, while savings available from energy switching were significantly lower than a year ago, energy performance improved from January into February and March.
Within the 'Other' unit, performance was mixed as TravelSupermarket revenue remained negligible due to travel restrictions, while Decision Tech continued its double-digit growth in both B2B and B2C.
Despite the disappointing results the firm remained optimistic, saying some areas, such as its broadband comparison service, were performing well, and it still expected full-year results "in line with market expectations".
Shares were down 0.4% in London on Tuesday morning at 269.40 pence each.
Chief Executive Peter Duffy said: "We are moving ahead with our updated strategy, enhancing how we manage our data and starting to attract customers more efficiently. Several channels remain impacted by Covid-19, but we are well positioned to weather this period and return shortly to profitable growth."
By Will Paige; willpaige@alliancenews.com
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