REG - Moneysupermarket.com - Q3 2023 Update

MONYAnnouncement

17/10/2023 07:00

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RNS Number : 2789Q  Moneysupermarket.com Group PLC  17 October 2023

  17 October 2023

Q3 2023 update

 

Moneysupermarket.com Group PLC trading update for the quarter ended 30
September 2023

 

Growth led by insurance switching; confident in delivering full year
expectations

 

                              Revenue for the 3 months ended 30 September 2023      Revenue for the 9 months ended 30 September 2023
                              £m                         Growth(-)(1) %             £m                         Growth(1) %
 Insurance                    62.3                       38                         167.9                      28
 Money                        25.2                       (10)                       77.1                       (5)
 Home Services                10.3                       (1)                        28.9                       (1)
 Travel                       6.1                        31                         17.7                       38
 Cashback                     13.9                       (3)                        43.0                       -
 Inter-vertical eliminations  (2.2)                      181                        (5.2)                      138
 Total                        115.6                      14                         329.4                      12

 

Revenue in the quarter up 14%, driven by strong growth in Insurance and
Travel.

 

·     Continued strong growth in all core Insurance channels.  High
levels of switching in car and home insurance has continued, supported by
ongoing premium inflation and rebounding volumes post the FCA General
Insurance Pricing regulations introduced last year.

 

·    In Money, robust banking performance was assisted by several
promotions in current accounts, although we were lapping a period of very
strong savings and current account deals last year.  The high interest rate
environment continues to impact conversion for borrowing products.

 

·     Home Services saw continued softness in broadband switching,
partially but not fully offset by strong growth in mobile switching. We
continue to see no material switching in energy.

 

·     Travel continued to grow as the wider market recovers, with strength
in package holidays.

 

·     Cashback has continued to face headwinds in retail and telecoms in
the period.

 

Outlook

 

Our resilient business model, combined with ongoing strategic progress gives
the Board continued confidence that the Group will deliver in line with market
expectations for the full year.

 

Peter Duffy, CEO of Moneysupermarket Group, said:

 

"We help millions of people save money on their bills.   While headwinds in
some of our markets persist, we're making progress on our strategy - expanding
our offering while attracting and retaining customers more efficiently.
We're particularly excited to have launched a rewards and loyalty programme
under the MoneySuperMarket brand, the SuperSaveClub.  It's very simple - if
we help customers save more, we will drive profitable growth for the Group."

 

Notes: Adjusted EBITDA is operating profit before depreciation, amortisation
and impairment and adjusted for other non-underlying costs. Market
expectations of adjusted EBITDA for 2023 from the analyst consensus on our
investor website are in a range of £128.6m to £132.2, with an average of
£129.5m.

(1) Growth has been updated to reflect re-statement of revenues for the
inter-vertical eliminations revenue line for transactions where revenue in
Cashback and Travel has also been recorded as cost of sales in other
verticals.

 

For further information, contact:

Niall McBride, Chief Financial Officer
niall.mcbride@moneysupermarket.com (mailto:niall.mcbride@moneysupermarket.com)
/ 0203 826 4688

Emma Darke, Head of IR
emma.darke@moneysupermarket.com (mailto:emma.darke@moneysupermarket.com)  /
0203 846 2524

William Clutterbuck, H/Advisors Maitland   wclutterbuck@h-advisors.global
(mailto: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 achievements expressed or implied by such
forward looking statements. Except as required by the Listing 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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