Utility switching is boost to price comparison site

CONSUMERS looking for the best energy prices boosted Moneysupermarket’s trading in the fourth quarter by 16 per cent compared to the same period last year, the firm said yesterday.

Full year revenues are expected to increase by around 10 per cent to £225.5m, up from £204.8m in 2012.

Hikes in energy prices drove consumers to the company’s website, which allows customers to compare utilities, insurance and energy prices.

Moneysupermarket had a strong second half thanks chiefly to our ability to help UK householders beat the autumn energy price hikes with both Moneysupermarket and Money Saving Expert helping more people switch their energy supplier than ever before,” said Moneysupermarket group chief executive Peter Plumb.

Revenues from energy switching were particularly strong, almost 200 per cent ahead thanks to utility company’s energy price rise announcements early in the fourth quarter.

Group revenues, excluding Money Saving Expert, also increased by 16 per cent, with revenues from home services and travel outpacing the same period last year. Money and insurance continued to trade in line with third quarter trends.

Plumb also said that his firm welcomes the recent Competition Commission announcement that he said “aims to stop those of our competitors who have been actively trying to prevent us from delivering our ‘best price’ strategy to our customers”.

Moneysupermarket’s share price dropped by nearly one per cent yesterday, to close at 196.6p a share.

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