Price comparison website Moneysupermarket said it annual core earnings would be at the upper end of expectations after third-quarter trading came in ahead of expectations, driven by customers switching financial products.
Revenue for the three months to September 30 rose 33% to £102m. Sales in the company’s money channel were up 42% “with particularly attractive products available in banking”.
In Home Services, broadband and mobile saw good growth, Moneysupermarket said, noting that September marked the anniversary of the closure of the energy switching market as gas prices started to soar and households were hit with crippling bills.
“The conditions in the wholesale energy market and the introduction of government support measures, including the Energy Price Guarantee, mean it is unlikely that energy switching will return in 2023,” it added.
Travel weakened during the quarter as consumer sentiment softened demand with revenue around half of pre-pandemic levels.
“The cost-of-living crisis makes our purpose of helping households save money as important as ever. This quarter was another good performance. There are early signs of improving trends in the Insurance market, and in Money more consumers are finding attractive products to switch to,” said chief executive Peter Duffy.
Reporting by Frank Prenesti for Sharecast.com
