Last checked at 20 Apr 2021 07:00
20 April 2021
Q1 2021 update
Moneysupermarket.com Group PLC reports trading results for the quarter ended 31 March 2021
Revenue | Q1 2021 | Q1 2020 | Growth |
£m | £m | % | |
Insurance | 41.0 | 51.9 | (21) |
Money | 18.1 | 24.5 | (26) |
Home Services | 16.6 | 19.4 | (15) |
Other | 9.8 | 11.5 | (14) |
Total | 85.5 | 107.3 | (20) |
First quarter performance in line with expectations, given ongoing market disruption
· Insurance performance overall was broadly consistent throughout the quarter. Car and home saw a slight decline versus the prior year. Life was down and travel revenue remained negligible, with both lapping strong 2020 comparables.
· Within Money, the quarter was impacted initially by lower year-on-year search demand for credit products and the continuation of tightened lending criteria. However, as the quarter progressed, we saw a gradual improvement in both conversion and demand. Banking benefited from some promotional offers in February and March.
· Within Home Services, while savings available from energy switching were significantly lower than in Q1 2020, energy performance improved from January into February and March. This was helped by the MSE collective switch and the energy price cap announcement. Broadband continued to perform well throughout the quarter.
· Within Other, TravelSupermarket revenue remained negligible due to travel restrictions. Decision Tech continued its double-digit growth in both B2B and B2C. During the quarter, we received notice of termination from a large volume B2B partner, with effect from July 2021. In 2020 this partner contributed c.£15m of revenue and EBITDA in the low single-digit millions.
Outlook
Group performance to date has been in line with expectations and the factors influencing our performance are unchanged from those outlined with our preliminary results. The Board therefore expects full-year performance to be in line with market expectations.
Peter Duffy, CEO of Moneysupermarket Group, said:
"We continue to help millions of households save money on their bills through lockdown and the energy price cap rise. 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."
*Notes: Adjusted EBITDA is operating profit before depreciation, amortisation and impairment and adjusted for other non-underlying costs. Market expectations of adjusted EBITDA for 2021 from the analyst consensus on our investor website are in a range of £97.1m to £118.5m, with an average of £108.7m.
For further information, contact:
Scilla Grimble, Chief Financial Officer scilla.grimble@moneysupermarket.com / 0203 826 4667
Ian Gibson, Strategy & IR Director ian.gibson@moneysupermarket.com / 07974 197742
William Clutterbuck, Maitland/AMO wclutterbuck@maitland.co.uk / 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.