Moneysupermarket shares spike on news that energy supplier switching will see it beat earnings expectations


Price comparison website Moneysupermarket.com Group has put its strong fourth-quarter start down to households switching energy suppliers, and said that this would help it beat its earnings forecast for the financial year. Shares have rocketed on the news. (Release)

The company saw reported revenues in the first weeks of October up 25 per cent like-for-like, and revenues for the last third quarter up five per cent. Consumers, it said, have been seeking better deals in the face of rapidly hiked energy bills.

It expects its earnings for the full year to be mid-single digit percentage ahead of analysts' expectations.

Revenues in travel were 35 per cent ahead of 2012's third quarter, with visitor volumes increasing 19 per cent.

Moneysupermarket.com has also announced, in a separate statement this morning, that Matthew Price, currently finance director at Costa Coffee, has been appointed as chief financial officer. He succeeds Paul Doughty, who stepped down at the end of July.

Price will be appointed in the first quarter of next year, with the date yet to be confirmed. Before holding a number of directorships at various Costa companies, he held financial roles at Sodexo and Sainsbury's.

Related articles