Key points:
- Moneysupermarket reports Q3 trading statement
- The company said full-year EBITDA is expected to be towards the upper end of expectations
- Moneysupermarket shares rose over 6%
Moneysupermarket's (LON: MONY) revenue grew in the third quarter, while it expects profit to be at the upper end of market expectations, the company said in a statement on Tuesday.
Moneysupermarket shares increased 6.45% following its announcement.
The company reported total revenue of £101.9 million in the third quarter, up from £76.4 million a year prior, driven by increases in money and travel channels.
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Furthermore, revenue for the nine months ended 30 September increased to £295 million.
“The cost-of-living crisis makes our purpose of helping households save money as important as ever,” said CEO of Moneysupermarket.com Peter Duffy.
Duffy added: “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.”
Moneysupermarket saw growth of 10% in its insurance market and 42% in its money segment for the third quarter. However, it stated that in insurance, travel insurance growth moderated “but was still strong with revenue around 15% higher than 2019 levels.” In addition, “premium inflation accelerated in Q3, which drove higher search volumes.”
After its third-quarter performance exceeded expectations, the company said it now expects full-year EBITDA to be towards the upper end of market expectations.
Meanwhile, Moneysupermarket shares have gained 21% over the last six months, as the cost of living crisis has benefitted comparison sites as consumers seek cheaper alternatives.