Moneysupermarket.com Group PLC 1st Quarter Results (4809W)
18 Avril 2023 - 8:00AM
UK Regulatory
TIDMMONY
RNS Number : 4809W
Moneysupermarket.com Group PLC
18 April 2023
18 April 2023
Q1 2023 trading update
Moneysupermarket.com Group PLC reports trading results for the
quarter ended 31 March 2023
Strong trading performance supported by recovery in Insurance
and Travel
Revenue Q1 2023 Q1 2022 Growth
GBPm GBPm %
----------------------------- -------- -------
Insurance 50.6 41.1 23
Money 26.9 24.8 9
Home Services 9.6 9.1 5
Travel 5.4 3.3 63
----------------------------- -------- -------- -------
Cashback 15.1 14.6 3
----------------------------- -------- -------- -------
Inter-vertical eliminations (1.2) (0.6) n.m.
----------------------------- -------- -------- -------
Total 106.3 92.3 15
----------------------------- -------- -------- -------
-- One year after the introduction of the FCA General Insurance
pricing regulations which significantly reduced the market in Q1
2022, car has recovered strongly supported by double-digit growth
in market switching volumes. Travel insurance also grew with
revenue at c.50% above 2019 levels.
-- Money growth reflected strong promotional offers in banking,
although this was partially offset by the continuing weakness in
borrowing conversion, particularly in loans.
-- Home Services performance benefitted from attractive mobile
offers. Whilst we launched our first fixed energy tariff since
October 2021 at the end of March, it was a limited size collective
deal that will have no material impact on revenue. We still do not
expect a significant energy switching market in 2023.
-- Travel grew strongly as the sector continues to recover.
-- In Cashback, good growth in travel offset lower activity in
other channels amid the weaker consumer spending environment.
Outlook
The factors affecting our markets are unchanged from those
outlined in our preliminary results in February. The Board
continues to be confident of delivering market expectations for the
year.
Peter Duffy, CEO of Moneysupermarket Group, said:
"This is a strong performance led by recovery in Insurance and
Travel. Our strategy of making it easier for people to save on more
of their bills is going well and means we're helping consumers cope
with cost of living pressures."
Notes:
The new inter-vertical eliminations revenue line reflects
transactions where revenue in Cashback and Travel has also been
recorded as cost of sales in other verticals. 2022 comparatives
table restated on the same basis.
Market expectations of adjusted EBITDA for 2023 from the analyst
consensus on our investor website are in a range of GBP121.1m to
GBP129.2m, with an average of GBP124.8m.
For further information, contact:
Niall McBride, Chief Financial Officer niall.mcbride@moneysupermarket.com / 0203 826 4700
Alvaro Aguilar, Strategy & IR Director alvaro.aguilar@moneysupermarket.com / 0203 846 2760
Ronke Fadipe, IR Manager ronke.fadipe@moneysupermarket.com / 0203 846 2434
William Clutterbuck, H/Advisors Maitland wclutterbuck@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
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undertakes no obligation to update, revise or change any
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occurring after the date such statements are published. The
information in this release is based on management information.
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