Moneysupermarket revenue rises but holiday markets challenging

Group revenue at price comparison website Moneysupermarket.com rose in the first quarter although revenue from TravelSuperMarket.com declined in a tough market.

Group revenues in the quarter from 1 January to the end of March rose 9% to £83.7m. MoneySuperMarket.com revenue was up 12% year-on-year to £76m while revenue at MoneySavingExpert.com was 43% higher at £11.2m. TravelSupermarket.com. however, saw a 24% decline to £5.3m.

Within the MoneySuperMarket.com brand, Insurance revenue was down 2%, but Money and Home Services experienced 21% and 39% growth, respectively.

The company said Money was driven primarily by credit cards and current accounts while Insurance benefited from additional marketing.

Chief executive officer Peter Plumb said: "In the first three months of the year a record 1.7 million families used Moneysupermarket.com group to save money on their household bills, which allowed us to grow revenues by 9%.

“Our collective energy switches are becoming ever more popular. The recent CMA report not only emphasised the importance of price comparison sites to encourage energy competition, but also looks set to make it easier for us to help even more customers.”

The company said it remained confident of meeting its full-year expectations.

At 0917 BST, Moneysupermarket shares were up 0.3% to 322.90p.