Last checked at 18 Apr 2023 07:00
18 April 2023
Q1 2023 trading update
Moneysupermarket.com Group PLC reports trading results for the quarter ended 31 March 2023
Strong trading performance supported by recovery in Insurance and Travel
Revenue | Q1 2023 | Q1 2022 | Growth |
£m | £m | % | |
Insurance | 50.6 | 41.1 | 23 |
Money | 26.9 | 24.8 | 9 |
Home Services | 9.6 | 9.1 | 5 |
Travel | 5.4 | 3.3 | 63 |
Cashback | 15.1 | 14.6 | 3 |
Inter-vertical eliminations | (1.2) | (0.6) | n.m. |
Total | 106.3 | 92.3 | 15 |
· One year after the introduction of the FCA General Insurance pricing regulations which significantly reduced the market in Q1 2022, car has recovered strongly supported by double-digit growth in market switching volumes. Travel insurance also grew with revenue at c.50% above 2019 levels.
· Money growth reflected strong promotional offers in banking, although this was partially offset by the continuing weakness in borrowing conversion, particularly in loans.
· Home Services performance benefitted from attractive mobile offers. Whilst we launched our first fixed energy tariff since October 2021 at the end of March, it was a limited size collective deal that will have no material impact on revenue. We still do not expect a significant energy switching market in 2023.
· Travel grew strongly as the sector continues to recover.
· In Cashback, good growth in travel offset lower activity in other channels amid the weaker consumer spending environment.
Outlook
The factors affecting our markets are unchanged from those outlined in our preliminary results in February. The Board continues to be confident of delivering market expectations for the year.
Peter Duffy, CEO of Moneysupermarket Group, 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."
Notes:
The new inter-vertical eliminations revenue line reflects transactions where revenue in Cashback and Travel has also been recorded as cost of sales in other verticals. 2022 comparatives table restated on the same basis.
Market expectations of adjusted EBITDA for 2023 from the analyst consensus on our investor website are in a range of £121.1m to £129.2m, with an average of £124.8m.
For further information, contact:
Niall McBride, Chief Financial Officer niall.mcbride@moneysupermarket.com / 0203 826 4700
Alvaro Aguilar, Strategy & IR Director alvaro.aguilar@moneysupermarket.com / 0203 846 2760
Ronke Fadipe, IR Manager ronke.fadipe@moneysupermarket.com / 0203 846 2434
William Clutterbuck, H/Advisors Maitland wclutterbuck@h-advisors.global / 07785 292617
This statement may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules, Disclosure Guidance and Transparency Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date such statements are published. The information in this release is based on management information.