Last checked at 16 Apr 2024 10:52
The 'Q1 2024 Update' announcement released on 16 April at 7am under RNS No 7075K has been reformatted.
All material details remain unchanged.
The full text is shown below.
16 April 2024
Q1 2024 update
Moneysupermarket.com Group PLC trading update for the quarter ended 31 March 2024
Continued strong growth in insurance; full year guidance in line.
Revenue | Q1 2024 | Q1 2023 | Growth |
£m | £m | % | |
Insurance | 61.4 | 50.6 | 21 |
Money | 26.0 | 26.9 | (3) |
Home Services | 8.8 | 9.6 | (8) |
Travel | 6.0 | 5.4 | 10 |
Cashback | 15.2 | 15.1 | 1 |
Inter-vertical eliminations | (2.8) | (1.2) | 130 |
Total | 114.6 | 106.3 | 8 |
Revenue in the quarter up 8%, with growth sustained in Insurance.
· Insurance - strong revenue growth in car and home insurance continued, with high levels of switching sustained. Consumers are still seeing significantly increased car insurance premiums year on year.
· Money - strong performance in credit card switching supported growth in borrowing products. In banking there were fewer attractive banking offers at the start of the year compared to Q1 2023.
· Home Services - continued softness in broadband switching in a competitive market. As previously announced, we do not expect revenue from energy switching to notably increase from 2023, when revenues were immaterial.
· In Travel, we continued to grow in a competitive market and in Cashback, growth reflects momentum in services, including Insurance, where we launched Quidco Compare on the Group platform in 2023.
SuperSaveClub
We saw continued growth in SuperSaveClub member numbers, our loyalty and rewards programme launched in September 2023. We now have over 300,000 members and have expanded to 10 products, giving customers more ways to save with us. 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.
Outlook
The Board continues to anticipate that adjusted EBITDA for the year will be in line with current market expectations*.
Peter Duffy, CEO of Moneysupermarket Group, 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."
Notes: Adjusted EBITDA is operating profit before depreciation, amortisation and impairment and adjusted for other non-underlying costs.
* Market expectations of adjusted EBITDA for 2024 from the analyst consensus on our investor website is £139.8m with a range of £133.7m to £143.7m.
For further information, contact:
Niall McBride, Chief Financial Officer niall.mcbride@moneysupermarket.com / 0203 826 4688
Emma Darke, Head of IR emma.darke@moneysupermarket.com / 0203 846 2524
William Clutterbuck, H/Advisors Maitland william.clutterbuck@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 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.