Last checked at 12 Apr 2022 07:00
12 April 2022
Q1 2022 update
Moneysupermarket.com Group PLC reports trading results for the quarter ended 31 March 2022
Revenue | Q1 2022 | Q1 2021 | Growth |
£m | £m | % | |
Insurance | 41.1 | 41.0 | 0 |
Money | 24.8 | 18.1 | 37 |
Home Services | 9.1 | 26.0 | (65) |
Travel | 3.2 | 0.4 | 796 |
Cashback | 14.1 | - | n.m. |
Total | 92.3 | 85.5 | 8 |
Recovery in Money and Travel offset by energy market disruption
· Following the recent implementation of the FCA General Insurance pricing regulations, providers continue to evolve their strategic responses. In the quarter there were signs of higher retention rates at insurers meaning less switching. Competition for search traffic was intense. We continue to progress our initiatives in Insurance including the launch of the MSE multi-compare tool for car insurance at the end of Q1.
Travel insurance continued to recover with revenue close to 2019 levels.
· Money grew strongly, led by recovery in borrowing. Banking performed well driven by good availability of promotional offers.
· Home Services traded in line with Q4 2021, with no energy revenue as expected.
· Travel recorded its best quarter in two years given strengthening demand as Covid restrictions were lifted. We continued to unlock revenue synergies within Ice Travel Group.
· Cashback trading benefited from the recovery in travel but was offset by lower volume in other channels. The Group now powers travel insurance switching on Quidco.
Outlook
The factors affecting our markets are unchanged from those outlined in our preliminary results in February. The Board continues to expect full-year EBITDA to increase to around 2020 levels, with profit weighted to the second half.
Peter Duffy, CEO of Moneysupermarket Group, said:
"We are pleased with the strong recovery in Money and Travel, and continue to execute well against our strategy. With cost-of-living increases adding pressure to consumer budgets, our distinctive brands remain well positioned to help households save money in a broad range of areas."
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, 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.