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17 Oct 2019 07:00
17 October 2019
Q3 2019 Update: Revenue grows 4% as energy outperforms
Moneysupermarket.com Group PLC reports trading results for the quarter ended 30 September 2019
| 3 months to 30 September 2019 | 9 months to 30 September 2019 | ||
| £m | Growth % | £m | Growth % |
Insurance | 49.9 | 3 | 146.0 | 3 |
Money | 20.6 | (5) | 67.2 | 1 |
Home services | 17.7 | 21 | 51.9 | 40 |
Other revenue* | 12.7 | 10 | 35.1 | 41 |
Total | 100.9 | 4 | 300.2 | 11 |
*Other revenue in Q3 includes £6.6m attributable to Decision Technologies which was acquired 9 August 2018
§ Insurance grew in a subdued premium environment despite some volatility in our natural search rankings
§ Money underperformed due to the continuing challenges in product availability
§ Energy switching remained strong due to the great provider offers and large customer savings
Mark Lewis, CEO of Moneysupermarket Group, said:
"The group continued to grow in the quarter, with strong trading in energy showing that there are still big savings to be made by customers even though the price cap is lower.
"Even better, our Reinvent strategy continues to do more for our customers - the new MoneySuperMarket Energy Monitor service means our customers need never overpay for energy ever again."
Outlook:
We expect the overall trading dynamics to continue to the end of the year and within that Money to weaken. The Board remains confident of meeting current market expectations for the full year.
For further information, contact:
Scilla Grimble Chief Financial Officer Scilla.Grimble@moneysupermarket.com / 0207 379 5151
Jo Britten Investor Relations Director Jo.Britten@moneysupermarket.com / 0789 646 9380
William Clutterbuck Maitland AMO wclutterbuck@maitland.co.uk / 0207 379 5151
Notes:
Adjusted EBITDA is operating profit adjusted for depreciation, amortisation and other non-underlying costs including strategy related costs.
Market expectations for the 12 months to 31 December 2019 (from the analyst consensus on our investor website) are in a range of £138.1m to £144.6m, with an average of £141.9m.
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.
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