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Moneysupermarket first-quarter revenue falls 20%
StockMarketWire.com
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Price comparison service Moneysupermarket said its first-quarter revenue had dropped 20%.
The company, however, said it expected its full-year results to be in line with market expectations.
'Group performance to date has been in line with expectations and the factors influencing our performance are unchanged from those outlined with our preliminary results,' the company said.
Revenue for the three months through March fell to £85.5 million, down from $107.3 million year-on-year.
The company said the performance of its insurance division overall was broadly consistent throughout the quarter.
Car and home insurance saw a slight decline versus the prior year, while life was down and travel revenue remained negligible.
In the money division, the quarter was impacted initially by lower year-on-year search demand for credit products and the continuation of tightened lending criteria.
'However, as the quarter progressed, we saw a gradual improvement in both conversion and demand. Banking benefited from some promotional offers in February and March,' Moneysupermarket said.
In home services, while while savings available from energy switching were significantly lower, energy performance improved from January into February and March.
Story provided by StockMarketWire.com
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