Moneysupermarket.com reported a 19% rise in revenue in its first quarter results on Thursday, sending shares up.
The price comparison website said revenues grew to £104.9 million for the quarter ending March 31 2019, compared to £88.3 million during the same period a year ago.
Moneysupermarket.com attributed the strong performance to ‘attractive offers’ alongside the introduction of Ofgem’s energy price cap, which led to a rise in energy switching from customers.
Commenting on the future outlook, the company said that performance of its home services in the first quarter had been ‘exceptional’, rising by 70% on the year before.
Moneysupermarket.com said it expects this to moderate during the course of the year.
The firm said its expectations for the year remain unchanged.
Mark Lewis, CEO of Moneysupermarket.com Group, commented on the latest quarter:
“The reinvent strategy continues with a strong first quarter of trading, notably helping a record number of customers beat the rising energy price cap. MoneySuperMarket innovation continues, we have new branding and advertising to remind everyone how we can help them with their finances and ‘get money calm’ and new products like Credit Monitor are on the site.”
Moneysupermarket.com is listed on the London Stock Exchange and is a constituent of the FTSE-250.
In 2012, the group purchased MoneySavingExpert.com for £80 million.
Shares in the firm (LON:MONY) are currently +7.98% on the back of the results.