REG - Moneysupermarket.com - Q1 2024 Update

Moneysupermarket.ComAnnouncement

16/04/2024 07:00

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RNS Number : 7075K  Moneysupermarket.com Group PLC  16 April 2024

  16 April 2024

Q1 2024 update

 

Moneysupermarket.com Group PLC trading update for the quarter ended 31 March
2024

 

Continued strong growth in insurance; full year guidance in line.

 

 Revenue                      Q1 2024  Q1 2023  Growth
                              £m       £m       %
 Insurance                    61.4     50.6     21
 Money                        26.0     26.9     (3)
 Home Services                8.8      9.6      (8)
 Travel                       6.0      5.4      10
 Cashback                     15.2     15.1     1
 Inter-vertical eliminations  (2.8)    (1.2)    130
 Total                        114.6    106.3    8

 

Revenue in the quarter up 8%, with growth sustained in Insurance.

 

á      Insurance - strong revenue growth in car and home insurance
continued, with high levels of switching sustained. Consumers are still seeing
significantly increased car insurance premiums year on year.

 

á      Money - strong performance in credit card switching supported
growth in borrowing products. In banking there were fewer attractive banking
offers at the start of the year compared to Q1 2023.

 

á    Home Services - continued softness in broadband switching in a
competitive market. As previously announced, we do not expect revenue from
energy switching to notably increase from 2023, when revenues were immaterial.

 

á      In Travel, we continued to grow in a competitive market and in
Cashback, growth reflects momentum in services, including Insurance, where we
launched Quidco Compare on the Group platform in 2023.

 

SuperSaveClub

We saw continued growth in SuperSaveClub member numbers, our loyalty and
rewards programme launched in September 2023. We now have over 300,000 members
and have expanded to 10 products, giving customers more ways to save with us.
Compared to traditional MoneySuperMarket visitors, Club members to date are
purchasing more products, and are more likely to come to us directly than
through paid sources.

 

Outlook

The Board continues to anticipate that adjusted EBITDA for the year will be in
line with current market expectations*.

 

Peter Duffy, CEO of Moneysupermarket Group, said:

 

ÒOur mission is to help households save money. We are delighted to see
momentum in SuperSaveClub continue, with more customers able to save more
money across more products.  By helping UK households save on their bills, we
create sustainable and profitable growth for the Group.Ó

 

Notes: Adjusted EBITDA is operating profit before depreciation, amortisation
and impairment and adjusted for other non-underlying costs.

* Market expectations of adjusted EBITDA for 2024 from the analyst consensus
on our investor website is £139.8m with a range of £133.7m to £143.7m.

 

For further information, contact:

Niall McBride, Chief Financial Officer
niall.mcbride@moneysupermarket.com (mailto:niall.mcbride@moneysupermarket.com)
/ 0203 826 4688

Emma Darke, Head of IR
emma.darke@moneysupermarket.com (mailto:emma.darke@moneysupermarket.com)  /
0203 846 2524

William Clutterbuck, H/Advisors Maitland
william.clutterbuck@h-advisors.global
(mailto:william.clutterbuck@h-advisors.global)  / 07785 292617

 

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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