(Alliance News) - Moneysupermarket.com Group PLC on Tuesday reported higher quarterly revenue, driven by its insurance arm.
The Chester, England-based price comparison website said revenue in the first quarter of 2024 rose 7.8% to GBP114.6 million from GBP106.3 million a year earlier.
Growth was driven by its insurance arm, which saw revenue shoot up 21% to GBP61.4 million.
Moneysupermarket also said it has seen "continued growth" in SuperSaveClub member numbers, its loyalty and rewards programme launched in September last year. It now has over 300,000 members and has expanded to 10 products.
"Compared to traditional MoneySuperMarket visitors, Club members to date are purchasing more products, and are more likely to come to us directly than through paid sources," it noted.
Looking ahead, Moneysupermarket anticipates adjusted earnings before interest, tax, depreciation and amortisation for the year to be in line with current market expectations. Markets are currently eyeing adjusted Ebitda to be in the range of GBP133.7 million to GBP143.7 million, up from GBP131.9 million in 2023.
Chief Executive Peter Duffy said: "Our mission is to help households save money. We are delighted to see momentum in SuperSaveClub continue, with more customers able to save more money across more products. By helping UK households save on their bills, we create sustainable and profitable growth for the group."
Shares in Moneysupermarket were down 1.4% to 217.40 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News senior reporter
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Moneysupermarket.Com (MONY)