# Moneysupermarket.com Group PLC continues strong growth in insurance; full year guidance in line

- Link: https://www.directorstalkinterviews.com/moneysupermarket.com-group-plc-continues-strong-growth-in-insurance-full-year-guidance-in-line/4121151732
- Published: 2024-04-16T07:56:58+01:00
- Author: Amilia Stone

Moneysupermarket.com Group PLC trading update for the quarter ended 31 March 2024

**Continued strong growth in insurance; full year guidance in line.**

| **Revenue** | **Q1 2024** | **Q1 2023** | **Growth** | 
|  | **£m** | **£m** | **%** | 
| Insurance | 61.4 | 50.6 | 21 | 
| Money | 26.0 | 26.9 | (3) | 
| Home Services | 8.8 | 9.6 | (8) | 
| Travel | 6.0 | 5.4 | 10 | 
| Cashback | 15.2 | 15.1 | 1 | 
| Inter-vertical eliminations | (2.8) | (1.2) | 130 | 
| **Total** | **114.6** | **106.3** | **8** |

Revenue in the quarter up 8%, with growth sustained in Insurance.

á      Insurance – strong revenue growth in car and home insurance continued, with
high levels of switching sustained. Consumers are still seeing significantly increased
car insurance premiums year on year.

á      Money – strong performance in credit card switching supported growth in borrowing
products. In banking there were fewer attractive banking offers at the start of 
the year compared to Q1 2023.  

á    Home Services – continued softness in broadband switching in a competitive 
market. As previously announced, we do not expect revenue from energy switching 
to notably increase from 2023, when revenues were immaterial.

á      In Travel, we continued to grow in a competitive market and in Cashback, 
growth reflects momentum in services, including Insurance, where we launched Quidco
Compare on the Group platform in 2023.

**SuperSaveClub**

We saw continued growth in SuperSaveClub member numbers, our loyalty and rewards
programme launched in September 2023. We now have over 300,000 members and have 
expanded to 10 products, giving customers more ways to save with us. Compared to
traditional MoneySuperMarket visitors, Club members to date are purchasing more 
products, and are more likely to come to us directly than through paid sources.

**Outlook**

The Board continues to anticipate that adjusted EBITDA for the year will be in line
with current market expectations*.

Peter Duffy, CEO of Moneysupermarket Group, said:

_ÒOur mission is to help households save money. We are delighted to see momentum
in SuperSaveClub continue, with more customers able to save more money across more
products.  By helping UK households save on their bills, we create sustainable and
profitable growth for the Group.Ó_

Notes: Adjusted EBITDA is operating profit before depreciation, amortisation and
impairment and adjusted for other non-underlying costs.

* Market expectations of adjusted EBITDA for 2024 from the analyst consensus on 
our investor website is £139.8m with a range of £133.7m to £143.7m.

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