Moneysupermarket.com Group has issued its trading update for the first quarter of 2024.
Revenue at the Ewloe-headquartered firm was £114.6 million, up 8% on the same period last year.
The Group saw continued strong revenue growth in car and home insurance, with high levels of switching sustained. Consumers are still seeing significantly increased car insurance premiums year on year, it said. Revenue for insurance services reached £61.4 million, an increase of 21%.
A strong performance in credit card switching supported growth in borrowing products, but the Group noted that in banking there were fewer attractive banking offers at the start of the year compared to Q1 2023.
A competitive market for broadband resulted in continued softness in switching, and the Group has previously announced that it does not expect revenue from energy switching to notably increase from 2023, when revenues were immaterial.
The Group reported continued growth in SuperSaveClub member numbers, a loyalty and rewards programme launched in September 2023. The club now has more than 300,000 members and has expanded to 10 products. Compared to traditional MoneySuperMarket visitors, club members to date are purchasing more products, and are more likely to go to the Group directly than through paid sources.
The Board said it continued to anticipate that adjusted EBITDA for the year will be in line with current market expectations.
Peter Duffy, CEO of Moneysupermarket Group, said:
“Our 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.”
