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18 Apr 2018 07:00
18 April 2018 - Moneysupermarket.com Group PLC Q1 Trading Update
Moneysupermarket.com Group PLC, the UK's leading price comparison website, reports trading results for the quarter ending 31 March 2018.
Revenues | Q1 2018
£M | Q1 2017 *Re-presented £M | Growth y-o-y
(%) |
Insurance | 47.1 | 45.4 | 4% |
Money | 23.1 | 23.3 | -1% |
Home Services | 11.5 | 10.0 | 15% |
Core Group Revenues | 81.7 | 78.6 | 4% |
Other Revenues | 6.5 | 6.4 | 3% |
Total | 88.3 | 85.0 | 4% |
The Group delivered quarterly performance in line with expectations with revenues up 4%.
The drivers of trading in the first quarter were:
§ Strong Insurance switching underpinned by competitive pricing.
§ Money switching reduced without the strong promotional products of the previous quarter.
§ Home Services saw strong growth in core energy switching.
Mark Lewis, CEO of Moneysupermarket.com Group, said:
"Trading is on track in this year of transformation as we reinvent the business to help people save more money. We are expanding our product engineering hub in Manchester to improve the customer journeys on our sites and plan to unlock future growth with the agreement to acquire Decision Tech - a leader in home communications price comparison and white label B2B comparison services."
Outlook:
The Group continues to benefit from its diversified portfolio, built to help households save money. The Board remains confident of meeting current market expectations.
For further information, contact:
Matthew Price, Chief Financial Officer - Matthew.Price@moneysupermarket.com / 0207 379 5151
Jo Britten, Investor Relations Director - Jo.Britten@moneysupermarket.com / 0789 646 9380
William Clutterbuck, Maitland - wclutterbuck@maitland.co.uk / 0207 379 5151
Notes:
Market expectations for Adjusted EBITDA comes from the analyst consensus on our investor website and are in a range of £123.7m to £128.1m, with an average of £127.2m.
Adjusted EBITDA - Will adjust operating profit for items considered non-underlying to the trading operations of the Group and before interest, tax and other costs associated with the use of assets that support the generation of these earnings.
*New format: - As detailed in our year end results announcement, we have re-presented our revenue statement to reflect the new organisation structure. The move from a brand to a vertical led organisation has meant that we have revised our internal reporting and it is therefore appropriate that this is reflected externally. The key changes include reflecting the MoneySavingExpert revenue to the appropriate vertical (Insurance, Money and Home Services). The main constituent parts of Other Revenues include Travel and Shopping. We will provide both current and previous disclosures at the interim results.
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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