Moneysupermarket.com Group has released its trading update for the first quarter of 2024, revealing a growth in revenue across various sectors.
The group's total revenue reached £114.6 million for the quarter ended March 31, 2024, marking an 8% increase from £106.3 million in the same period last year.
The insurance sector also experienced the most notable growth, with revenues increasing by 21% to £61.4 million, up from £50.6 million in Q1 2023. This rise was attributed to continued high levels of consumer switching in car and home insurance products, alongside a significant year-on-year increase in car insurance premiums.
Conversely, the money segment saw a slight decline, dropping by 3% to £26.0 million, compared to £26.9 million in the previous year. This was partly due to a reduction in attractive banking offers early in the year, despite strong performance in credit card switching.
Home services revenue also decreased by 8% to £8.8 million, down from £9.6 million, amid ongoing competition in the broadband market. The company previously indicated that it does not anticipate a significant increase in revenue from energy switching, which remained minimal.
The travel sector showed some resilience with a 10% increase in revenue to £6.0 million, up from £5.4 million, indicating growth in a competitive market.
The cashback category, meanwhile, saw a marginal increase of 1%, with revenue reaching £15.2 million, driven by momentum in services including the new Quidco Compare feature launched on the group platform in 2023.
Additionally, Moneysupermarket.com reported continued growth in its SuperSaveClub, a loyalty and rewards programme initiated in September 2023. Membership has surpassed 300,000, expanding to include 10 products and providing members with more savings opportunities.
According to the group, club members are purchasing more products and are more likely to visit the site directly rather than through paid sources.
Peter Duffy, CEO of Moneysupermarket Group, emphasised the company's commitment to consumer savings.
“Our mission is to help households save money,” Duffy said. “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.”
Looking forward, the board expects the adjusted EBITDA for the year to align with current market expectations, maintaining a positive outlook for the company's performance in the coming months.
Elsewhere for the group’s board, Moneysupermarket also recently announced the appointment of Jonathan Bewes as an independent non-executive director and chair designate of the board of directors.
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