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Moneysupermarket takes Q3 hit from tighter lending, energy prices
StockMarketWire.com
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Online comparison site Moneysupermarket.com reported a 16% fall in revenue in the third quarter of 2020 amid tighter bank lending conditions.
Revenue for the first nine months of this year reached £268.4 million, down 11% on the same period in 2019.
The company cited a fall in the energy price cap and rise in wholesale price of energy, which meant that 'savings available to customers fell sharply' and switching 'reduced substantially'.
While motor insurance grew, the company said it was not seeing growth in other core insurance channels.
'We have seen little improvement in lending criteria or banking product availability, and the travel market remains severely disrupted,' it stated.
New CEO Paul Duffy said: 'Our markets continue to be impacted by COVID-19, which is affecting our current performance. However, the group benefits from strong brands and high levels of cash conversion, so we are well positioned to weather this period of economic uncertainty and deliver future growth.'
Story provided by StockMarketWire.com
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