Moneysupermarket posts better-than-expected results due to surging demand for bank comparison services
Price comparison website Moneysupermarket today said its first half performance was “ahead of expectations” after 19 per cent higher revenues saw its pre tax profits grow 20 per cent compared to last year.
The website said its financial performance was boosted by returning demand from travel insurance comparison services and “exceptional” trading in its banking comparison division in the second quarter of 2022.
The return of global travel saw revenues from Moneysupermarket’s travel division return to 60 per cent of pre-pandemic levels in generating revenues of £8m for the first six months of the year.
The boom in demand for banking comparison services also saw revenues from Moneysupermarket’s money division surge 64 per cent to highs of £53m.
However, the firm said strong trading in its travel and banking divisions by the closure of its energy comparison business, as it said it now expects the energy switching market to remain closed for the rest of the year.
The closure of the energy switching market saw revenues from the website’s “home services” business drop 50 per cent to £18.8m for the first half of 2022.
Moneysupermarket chief executive Peter Duffy said: “As the cost-of-living crisis bites, we’re doing all we can to help the British consumer. We’ve performed well with strong profit growth despite some mixed end markets.”
“At the same time we’re making strategic progress towards becoming a flexible tech-led savings platform, with all our core data now in Google Cloud Platform,” Duffy added.