Moneysupermarket.com was the top riser on the FTSE 350 in early trade on Tuesday after the comparison group raised their full year guidance on higher demand from consumers.
Moneysupermarket.com’s are enjoying increased use of their tools as the cost-of-living crisis and rising energy prices encourage consumers to seek out better deals.
“The cost-of-living crisis makes our purpose of helping households save money as important as ever. This quarter was another good performance,” said Peter Duffy, CEO of Moneysupermarket Group.
“There are early signs of improving trends in the Insurance market, and in Money more consumers are finding attractive products to switch to. Our strong brands are well equipped to support consumers at this critical time.”
Revenue for the 9 months to end September rose 24% to £295m with big percentage increases in their money and travel units.
The strong performance so far this year has meant the Moneysupermarket.com board now see full-year EBITDA towards the upper end of market expectations.
“Newspapers and mainstream news websites are full of stories giving personal finance tips and a large majority will recommend shopping around for better deals. Therefore, one might expect sales momentum to remain strong for Moneysupermarket well into 2023,” said Russ Mould, investment director at AJ Bell.
Moneysupermarket.com shares were over 6% higher at the time of writing.