Moneysupermarket energy switching revenues jump 200pc

A sharp increase in people changing energy providers has provided a staggering revenue boost to price comparison site Moneysupermarket's energy switching service.

In a statement this morning, the web-based business said that revenues from switching were up almost 200 per cent in the fourth quarter, in the wake of the price hike announcements from energy firms towards the end of last year.

Peter Plumb, chief executive, said:

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 MoneySavingExpert helping more people switch their energy supplier than ever before.

Shares initially dropped on the news this morning. At pixel time, they were down 0.1 per cent.

Group revenues were up 16 per cent in the period. The board expects full-year revenues to go up by about 10 per cent to £225.5m.

Plumb added, in reference to the recent ruling on the company's car insurance service:

We welcome the recent Competition Commission announcement that aims to stop those of our competitors who have been actively trying to prevent us from delivering our 'best price' strategy to our customers.

At the end of 2013, Moneysupermarket had net debt of £21.1m.

The company will put out its results for the full year of 4 March.