Q3 Trading Statement

RNS Number : 1653D

Moneysupermarket.com Group PLC

18 October 2022

 

  18 October 2022

Q3 2022 update

Moneysupermarket.com Group PLC reports trading results for the quarter ended 30 September 2022

Growth in the quarter ahead of expectations; guidance increased for the year

	Revenue for the 3 months ended 30 September 2022		Revenue for the 9 months ended 30 September 2022
	£m	Growth %	£m	Growth %
Insurance	45.3	10	131.1	8
Money	28.1	42	81.1	47
Home Services	10.3	(26)	29.1	(51)
Travel	4.5	204	12.4	402
Cashback	13.7	n.m.	41.3	n.m.
Total*	101.9	33	295.0	24

*Revenue excluding Cashback increased by 15% in the quarter and 6% for the 9 month period

Revenue in the quarter, excluding Cashback, grew 15%, driven by strong growth in Money and travel channels.

· In Insurance, travel insurance growth moderated but was still strong with revenue around 15% higher than 2019 levels. This growth was partially offset by car and home, although market switching volumes did improve to single-digit declines compared to the double-digit declines seen in the first half. Premium inflation accelerated in Q3, which drove higher search volumes.

· There was continued strong growth in all channels in Money with particularly attractive products available in banking.

· In Home Services, broadband and mobile saw good growth. September marked the anniversary of the closure of the energy switching market. The conditions in the wholesale energy market and the introduction of government support measures, including the Energy Price Guarantee, mean it is unlikely that energy switching will return in 2023.

· Whilst delivering significant year-on-year growth, Travel weakened during the quarter as consumer sentiment softened demand. Revenue was around half of pre-pandemic levels.

· Consistent with the first half, Cashback benefitted from the recovery in travel, offset by lower volumes in other channels.

Outlook

Our Q3 performance was ahead of expectations, particularly in Money. Factors affecting our performance for 2022 are unchanged from those outlined in our interim results in July. The Board expects full-year EBITDA to be towards the upper end of market expectations.

Peter Duffy, CEO of Moneysupermarket Group, said:

"The cost-of-living crisis makes our purpose of helping households save money as important as ever. This quarter was another good performance. There are early signs of improving trends in the Insurance market, and in Money more consumers are finding attractive products to switch to. Our strong brands are well equipped to support consumers at this critical time."

Notes: Adjusted EBITDA is operating profit before depreciation, amortisation and impairment and adjusted for other non-underlying costs. Market expectations of adjusted EBITDA for 2022 from the analyst consensus on our investor website are in a range of £108.5m to £115.5m, with an average of £110.5m.

For further information, contact:

Scilla Grimble, Chief Financial Officer      [e-mail] / 0203 826 4667

Alvaro Aguilar, Strategy & IR Director    [e-mail] / 0203 846 2760

Ronke Fadipe, IR Manager    [e-mail]   / 0203 846 2434

William Clutterbuck, H/Advisors Maitland   [e-mail] / 07785 292617

This statement may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date such statements are published. The information in this release is based on management information.

 

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