A COMBINATION of rising utility prices and the cold weather sending more Brits on holiday has buoyed MoneySupermarket, the price comparison website.
The company said yesterday that revenues in the first quarter of the year had risen 13 per cent year-on-year, even though income from the money section it is best known for fell. As costs stayed steady, the firm’s earnings before interest, tax, depreciation and amortisation – a key indicator of profitability – were up 30 per cent.
Home Services, the part of the business that allows consumers to compare utility prices, saw sales increase by 80 per cent, while the travel section was up 23 per cent. The rise in turnover was also down to last year’s acquisition of Martin Lewis’s MoneySavingExpert.com, although revenues were up 10 per cent even with this stripped out.
MoneySupermarket makes money by taking a commission when it passes customers onto sellers. “The benefits of our increasingly diversified business are evident,” chief executive Peter Plumb said. “We generated strong growth in our insurance, home services and travel businesses which more than offset lower demand in our money business where savings revenues continue to be impacted by the government’s Funding for Lending Scheme.”