Last checked at 20 Apr 2017 07:00
20 April 2017 - Moneysupermarket.com Group PLC Trading Update
The financial and operational information in this statement relates to the period 1 January to 31 March 2017 unless otherwise stated.
The Group had a solid overall start to the year, with Group revenues up 2%. Performance across the business was as follows:
Revenues for the three months to 31 March 2017 | ||
£M | Growth y-o-y (%) | |
MoneySuperMarket.com - Insurance - Money - Home Services | 76.1 44.5 22.3 9.3 | 0 23 (2) (45) |
MoneySavingExpert.com | 10.7 | (4) |
TravelSupermarket.com | 5.9 | 12 |
Intragroup revenues | (7.7) | - |
Group revenues | 85.0 | 2 |
The key drivers in the first quarter were as follows:
- The strong insurance performance continued and is attributable to a buoyant switching market and to Group data and pricing initiatives.
- While the core Money business of credit cards and loans continued to deliver good growth, this progress was obscured by the exceptional current account switching deals available in the comparative period last year.
- No energy collective switch took place in the quarter, lowering Home Services performance and MoneySavingExpert.com where revenue is also recognised.
Mark Lewis, CEO of Moneysupermarket.com Group, commented:
"MoneySuperMarket.com helps its customers cut their motor and home insurance and energy bills by on average £1,000. This is the same, after tax, as a £1,470 pay rise. And we also help find better deals on credit cards, loans, broadband, holidays and a range of other products.
"We are committed to making it even easier to save, and our next collective energy switch will be a fantastic way for families to beat rising fuel costs." *
Outlook:
The Board remains confident of meeting full year market expectations.
Notes:
Market expectations of Adjusted Operating Profit from the analyst consensus on our investor website are in a range of £112.6m to £117.4m, with an average of £114.7m. Adjusted Operating Profit is Operating Profit adjusted for the amortisation of acquisition-related intangible assets, and other items that are significant in size or non-recurring in nature.
* We are confident of being able to launch a collective energy switch in the coming weeks. We anticipate the volume will be smaller than the prior year.
For further information, contact:
Matthew Price, Chief Financial Officer William Clutterbuck, Maitland
Tel: 0207 379 5151 Tel: 0207 379 5151
This Trading 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.