(Alliance News) - Moneysupermarket.com Group PLC on Tuesday said it will be increasing its guidance for the year following growth ahead of expectations in the third quarter.
For the three months ended September 30, the Chester, England-based price comparison site operator reported total revenue of GBP101.9 million, up 33% from a year prior.
Moneysupermarket attributed this result to strong growth in its money and travel channels, revenue in the the former of which rose 42% to GBP28.1 million.
Insurance revenue rose by 10% to GBP45.3 million. In that category, travel insurance growth moderated but was still strong, Moneysupermarket said, with revenue around 15% higher than the 2019 level.
The company said revenue growth those segments was partially offset by declines in car and home, "although market switching volumes did improve to single-digit declines compared to the double-digit declines seen in the first half", it said.
Broadband and mobile had seen good growth in home services, Moneysupermarket said, though revenue fell by 26% to GBP10.3 million.
Conditions in the wholesale energy market and the introduction of UK government support measures, including the Energy Price Guarantee, mean it is unlikely that energy switching will return in 2023, Moneysupermarket said.
"The cost-of-living crisis makes our purpose of helping households save money as important as ever. This quarter was another good performance," said Chief Executive Officer Peter Duffy.
Looking forward, he added: "There are early signs of improving trends in the insurance market, and in money more consumers are finding attractive products to switch to. Our strong brands are well-equipped to support consumers at this critical time."
The company expects annual earnings before interest, tax, depreciation and amortisation to be at the upper end of market expectations.
Broker Peel Hunt put the range of market expectations for annual Ebitda at GBP108.5 million to GBP115.5 million. Adjusted Ebitda in 2021 was GBP100.5 million.
Moneysupermarket.com shares were trading 4.9% higher at 208.40 pence each in London on Tuesday morning. Peel Hunt has a 250p price target on the stock and a 'buy' recommendation.
By Holly Beveridge; hollybeveridge@alliancenews.com
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