In its latest trading update for Q3 2023, Moneysupermarket Group highlighted a substantial 14% surge in revenue, primarily propelled by remarkable growth in the realms of insurance and travel.
The insurance segment remained a standout performer, displaying consistent and robust growth across all essential channels. A notable increase in policy shifts within the realms of car and home insurance persisted, buoyed by the ongoing rise in premium rates and a rebound in volumes post the introduction of the FCA General Insurance Pricing regulations last year.
In the domain of financial services, the money sector reported resilient banking performance, aided by various promotions in current accounts. However, the group also noted that this quarter was compared against a period of exceptionally strong savings and current account deals witnessed last year. The prevailing high-interest rate environment continues to influence borrowing product conversions.
Within the home services sphere, there was a persistent softness in broadband switching, partially mitigated by substantial growth in mobile switching. Conversely, the energy sector displayed no substantial shifts in customer preferences.
The travel sector, meanwhile, exhibited a growth trajectory as the broader market steadily recovers, notably fuelled by an upswing in package holidays. Cashback, on the other hand, faced ongoing challenges, particularly in the retail and telecoms sectors during this period.
Overall, Moneysupermarket said that it is confident in its resilient business model and ongoing strategic advancements. It has also expressed confidence in meeting market expectations for the full year, aligning with its steady growth trajectory.
“We help millions of people save money on their bills. While headwinds in some of our markets persist, we’re making progress on our strategy – expanding our offering while attracting and retaining customers more efficiently. We’re particularly excited to have launched a rewards and loyalty programme under the MoneySuperMarket brand, the SuperSaveClub. It’s very simple – if we help customers save more, we will drive profitable growth for the group,” CEO Peter Duffy said.
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