Moneysupermarket.com Group PLC 1st Quarter Results (4809W)

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           [e-mail] / 0203 826 4700 
   Alvaro Aguilar, Strategy & IR Director          [e-mail] / 0203 846 2760 
   Ronke Fadipe, IR Manager                          [e-mail] / 0203 846 2434 
   William Clutterbuck, H/Advisors Maitland      [e-mail] / 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, Disclosure Guidance and Transparency 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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April 18, 2023 02:00 ET (06:00 GMT)