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Pin to quick picksMoneysupermarket.Com Regulatory News (MONY)

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Q3 2023 Update

17 Oct 2023 07:00

RNS Number : 2789Q
Moneysupermarket.com Group PLC
17 October 2023

17 October 2023

Q3 2023 update

Moneysupermarket.com Group PLC trading update for the quarter ended 30 September 2023

Growth led by insurance switching; confident in delivering full year expectations

Revenue for the 3 months ended 30 September 2023

Revenue for the 9 months ended 30 September 2023

£m

Growth-1 %

£m

Growth1 %

Insurance

62.3

38

167.9

28

Money

25.2

(10)

77.1

(5)

Home Services

10.3

(1)

28.9

(1)

Travel

6.1

31

17.7

38

Cashback

13.9

(3)

43.0

-

Inter-vertical eliminations

(2.2)

181

(5.2)

138

Total

115.6

14

329.4

12

Revenue in the quarter up 14%, driven by strong growth in Insurance and Travel.

· Continued strong growth in all core Insurance channels. High levels of switching in car and home insurance has continued, supported by ongoing premium inflation and rebounding volumes post the FCA General Insurance Pricing regulations introduced last year.

· In Money, robust banking performance was assisted by several promotions in current accounts, although we were lapping a period of very strong savings and current account deals last year. The high interest rate environment continues to impact conversion for borrowing products.

· Home Services saw continued softness in broadband switching, partially but not fully offset by strong growth in mobile switching. We continue to see no material switching in energy.

· Travel continued to grow as the wider market recovers, with strength in package holidays.

· Cashback has continued to face headwinds in retail and telecoms in the period.

Outlook

Our resilient business model, combined with ongoing strategic progress gives the Board continued confidence that the Group will deliver in line with market expectations for the full year.

Peter Duffy, CEO of Moneysupermarket Group, said:

"We help millions of people save money on their bills. While headwinds in some of our markets persist, we're making progress on our strategy - expanding our offering while attracting and retaining customers more efficiently. We're particularly excited to have launched a rewards and loyalty programme under the MoneySuperMarket brand, the SuperSaveClub. It's very simple - if we help customers save more, we will drive 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 2023 from the analyst consensus on our investor website are in a range of £128.6m to £132.2, with an average of £129.5m.

1 Growth has been updated to reflect re-statement of revenues for the inter-vertical eliminations revenue line for transactions where revenue in Cashback and Travel has also been recorded as cost of sales in other verticals.

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 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 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
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Date   Source Headline
19th Aug 20167:00 amRNSHolding(s) in Company
12th Aug 20164:36 pmRNSHolding(s) in Company
11th Aug 20162:57 pmRNSHolding(s) in Company
5th Aug 20168:48 amRNSDirector/PDMR Shareholding
3rd Aug 20167:00 amRNSDirectorate Change
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1st Aug 20168:00 amRNSBlock listing Interim Review
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29th Jun 20164:55 pmRNSHolding(s) in Company
29th Jun 20163:16 pmRNSHolding(s) in Company
3rd Jun 20163:08 pmRNSHolding(s) in Company
31st May 20167:00 amRNSHolding(s) in Company
19th May 20166:09 pmRNSHolding(s) in Company
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29th Apr 20168:00 amRNSTotal Voting Rights
26th Apr 20168:45 amRNSDirector Declaration
22nd Apr 20167:00 amRNSAppointment of Joint Corporate Broker
21st Apr 20168:44 amRNSResult of AGM
20th Apr 20163:00 pmRNSResult of AGM
20th Apr 20167:00 amRNSTrading Statement
31st Mar 20167:00 amRNSTotal Voting Rights
22nd Mar 20164:00 pmRNSDirector/PDMR Shareholding
22nd Mar 20168:35 amRNSDirector/PDMR Shareholding
18th Mar 20168:02 amRNSAnnual Financial Report
16th Mar 20169:46 amRNSHolding(s) in Company
16th Mar 20167:00 amRNSCompletion of Sale of MoneySupermarket by S. Nixon
15th Mar 20164:35 pmRNSIntended Share Sale of MoneySupermarket by S.Nixon
15th Mar 201611:24 amRNSInvestigation by OFGEM: Update
1st Mar 20167:00 amRNSFinal Results
29th Feb 201612:22 pmRNSTotal Voting Rights
25th Feb 20167:00 amRNSDirector Declaration
22nd Feb 20163:24 pmRNSHolding(s) in Company
18th Feb 20164:42 pmRNSHolding(s) in Company
16th Feb 20168:33 amRNSHolding(s) in Company
12th Feb 201610:30 amRNSHolding(s) in Company
8th Feb 20167:00 amRNSHolding(s) in Company
1st Feb 20167:00 amRNSBlocklisting Interim Review
29th Jan 20167:00 amRNSTotal Voting Rights
21st Jan 20163:11 pmRNSHolding(s) in Company
15th Jan 20167:00 amRNSPost Close Trading Update
5th Jan 20168:42 amRNSHolding(s) in Company
31st Dec 20157:00 amRNSTotal Voting Rights
7th Dec 20158:56 amRNSHolding(s) in Company
3rd Dec 201511:00 amRNSHolding(s) in Company
2nd Dec 20159:08 amRNSDirector/PDMR Shareholding
2nd Dec 20157:56 amRNSSale of shares by Simon Nixon
2nd Dec 20157:47 amRNSCompletion of Sale by S.Nixon in MoneySupermarket

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