Price comparison websites may no longer be seen as a threat to brokers’ business, but their momentum seems to show no signs of quelling.
The latest example came today as Moneysupermarket.com Group revealed it is on track to meet forecasts for a record breaking year – with insurance sales driving its growth despite a flat period in other aspects of its business.
During the three months up to September 30 the group’s revenues reached £84.9 million – that’s a rise of 12% compared to the same period last year. It’s top line has climbed by 10% in the year to date, standing at £242.5 million.
The momentum reportedly continued last month too, with the company claiming that October “traded well” with insurance enjoying particularly strong momentum, alongside energy contract sales. Credit cards and loans meanwhile saw flat growth due to low interest rates.
“The group is on track for a record year,” said chief executive Peter Plumb, highlighting 44% growth in home services switching, as quoted by
Digital Look.
“Our technology platform is allowing innovative services to be pioneered, including MoneySavingExpert's Credit Club and Moneysupermarket’s mobile App service.
“Moneysupermarket is well placed to lead the market in helping many more households save more money on their household bills in the years ahead.”
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