Moneysupermarket on track despite low interest rate drag

Moneysupermarket.com Group said it was on track to meet forecasts for a record year after a resurge in insurance offset flat a flat period for credit card and loan switching in the third quarter.

October was said to have "traded well" and despite lower interest rates subduing both savings and current account switching by around £0.8m compared to last year, the board remains confident of meeting full year expectations.

Group revenues of £84.9m in the three months to 30 September were up 12% on the same period last year, meaning the top line is up 10% to £242.5m for the year to date.

A return to strong growth for insurance sees strong momentum in the final months of the year, which the FTSE 250 company said was helped by investment in technology and the benefit of enhanced data interaction with providers.

Credit cards and loans contributed high single digit growth, though saving switching remains depressed by low interest rates, meaning the segment was flat in the quarter.

But MoneySavingExpert ran its biggest ever collective switch, helping over 180,000 households cut their annual energy bills, with the Energy segment continuing its impressive growth.

"The group is on track for a record year," said chief executive Peter Plumb, pointing to the improvement in insurance and 44% growth from home services switching.

"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."