Moneysupermarket shares were up 1.9% to 175.9p in early morning trading on Tuesday after the insurance company announced an 8% growth in revenue in its Q1 2022 trading update.
The company reported a rise in revenue to £92.3 million from £85.5 million over the last quarter, with a particular rebound in travel insurance, which hit close to 2019 levels with £3.2 million compared to £400,000 in Q1 2021.
Moneysupermarket highlighted a high rate of retention across its customer base and noted the upcoming launch of its MSE multi-compare tool for car insurance scheduled for launch at the end of Q1 2022 to increase its presence in the market.
The firm celebrated a strong growth in money, which was led by a recovering in borrowing with a 37% increase to £24.8 million against £18.1 million in Q1 2021.
The company also noted an advancement in its banking division, which was reportedly driven by the wide reach of its promotional offers.
Moneysupermarket highlighted that its cashback trading benefited from the recovery in travel, however its regained ground was offset by lower volume in other channels.
The insurance group said that the factors affecting its market remained unchanged from those outlined in its February preliminary results, and that the Board currently anticipates full-year EBITDA to rise to 2020 levels, with its profit weighted in the second half.
“We are pleased with the strong recovery in Money and Travel, and continue to execute well against our strategy,” said Moneysupermarket CEO Peter Duffy.
“With cost-of-living increases adding pressure to consumer budgets, our distinctive brands remain well positioned to help households save money in a broad range of areas.”