Moneysupermarket.com Group has reported strong trading results for the first quarter of the year following a resurgence in its insurance and travel. The price comparison giant posted a group revenue of £106.3m in Q1 2023, up 15% from £92.3m in the same quarter last year.
The Flintshire-headquartered firm saw strong performances in its insurance and travel channels as both sectors continued to recover following the pandemic. Travel insurance also grew with revenue at around 50% above 2019 levels.
Its money channel saw revenues total £26.9m in the first quarter ending 31 March 2023, up from £24.8m in Q1 2022, reflecting the strong promotional offers in banking though partially offset by the continuing weakness in borrowing conversion, particularly in loans.
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The results mark one year since the introduction of the FCA General Insurance pricing regulations which significantly reduced the market in Q1 2022. However, the company said car insurance has recovered strongly supported by double-digit growth in market switching volumes.
While, good growth in travel and insurance offset lower activity in Moneysupermarket’s other channels, such as cashback, amid weaker consumer spending.
On the company’s outlook, the board said it was confident in delivering market expectations for the year ahead, despite the challenging macroeconomic environment and ongoing uncertainty in the energy market.
Chief executive Peter Duffy 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."
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