Last checked at 11 Oct 2018 07:00
11 October 2018
Q3 2018 Update: Trading continues on track
Moneysupermarket.com Group PLC reports trading results for the quarter ending 30 September 2018.
| Revenues for the three months to 30 September 2018 | Revenues for the nine months to 30 September 2018 | ||
| £M | Growth y-o-y (%) | £M | Growth y-o-y (%) |
Insurance | 48.7 | 2 | 142.0 | 3 |
Money | 21.8 | 7 | 66.3 | 3 |
Home Services | 14.6 | 0 | 37.0 | 12 |
Core Group Revenues | 85.1 | 2 | 245.3 | 4 |
Other Revenues * | 11.3 | 59 | 24.8 | 23 |
Total | 96.4 | 7 | 270.1 | 6 |
The drivers of trading in the third quarter were:
§ Insurance remained in growth despite a falling premium cycle.
§ Positive momentum in Money continued, supported by attractive products and improving conversion.
§ Switching rates in Energy remained strong against tough comparatives. Good provider offers and the work we have done on customer experience meant we performed well ahead of the outlook we set out at the interim results.
§ Other Revenues includes £4.6m attributable to Decision Technologies, which completed in early August. This was offset by package holidays and car hire which were both impacted by the summer's hot weather.
Mark Lewis, CEO of Moneysupermarket Group, said:
"Trading continues on track as we reinvent the business to help our customers save more money. Decision Tech is now on board with its B2B comparison expertise. Energy switching in our Home Services business was better than expected with customers taking advantage of great 18 month fixed deals to beat rising prices."
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 the full year.
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 £127.2m to £131.2m, with an average of £128.7m. Consensus includes estimates for Decision Technologies Limited.
Adjusted EBITDA - Operating Profit adjusted for amortisation of acquisition related intangible assets, depreciation, amortisation and other non-underlying costs (including impairments and strategy related costs).
* Total group growth excluding the DT revenues was 2% Q3 and 4% YTD.
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.