Last checked at 1 Nov 2016 07:00
1 November 2016 - Moneysupermarket.com Group PLC Trading Update
Moneysupermarket.com Group PLC, the UK's leading price comparison websites, delivered a strong quarterly performance, with revenues up 12%. The group is benefitting from its diversified portfolio aimed at helping every household make the most of their money.
Performance across the business was as follows:
Revenues for the three months to 30 September 2016 | Revenues for the nine months to 30 September 2016 | |||
£M | Growth y-o-y (%) | £M | Growth y-o-y (%) | |
MoneySuperMarket.com - Insurance - Money - Home Services | 76.0 42.5 19.6 13.9 | 13 12 0 44 | 218.2 117.8 61.3 39.1 | 13 6 11 43 |
MoneySavingExpert.com | 9.1 | 8 | 28.5 | 23 |
TravelSupermarket.com | 6.9 | (5) | 17.9 | (14) |
Intragroup revenues | (7.1) | (22.1) | ||
Group revenues | 84.9 | 12 | 242.5 | 10 |
The drivers of trading in the third quarter were:
- Strong growth in insurance and increasing momentum, helped by our investment in technology and the benefit of enhanced data interaction with providers.
- Our core market of Credit Cards and Loans contributed high single digit growth; however low interest rates significantly depressed Savings switching.
- Energy continued its impressive growth trajectory with MoneySavingExpert running its biggest ever collective switch, which ended on the 3rd October.
- TravelSupermarket turnaround is on track in preparation for the key January trading period.
Peter Plumb, CEO of Moneysupermarket.com Group, commented:
"The Group is on track for a record year, insurance is back to strong growth and MoneySavingExpert's latest collective energy switch was the biggest ever; helping over 180,000 households cut their annual energy bills.
"Our technology platform is allowing innovative services to be pioneered, including MoneySavingExpert's Credit Club and MoneySuperMarket's mobile App service.
"Moneysupermarket is well placed to lead the market in helping many more households save more money on their household bills in the years ahead."
Outlook:
The business traded well in October and insurance growth continues to accelerate. Lower interest rates subdued both savings and current account switching by around £0.8 million compared to last year. The Board remains confident of meeting full year expectations.
For further information, contact:
Matthew Price, Chief Financial Officer
Tel: 0207 379 5151
William Clutterbuck, Maitland
Tel: 0207 379 5151
Notes:
Market expectations from the analyst consensus on our investor website - Average Adjusted Operating Profit £105.9m. Adjusted operating profit - Operating profit adjusted for the amortisation of acquisition-related intangible assets and the contingent payable in relation to the acquisition of MoneySavingExpert.com and any other exceptional items.
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.