Price comparison service Moneysupermarket.com (LON:MONY) reported a 4 percent growth in revenue in the first quarter, confirming that trading was “on track” for the year.
Revenue in the three months to March rose to £88.3 million, up from £85 million last year, boosted by insurance switching and competitive prices.
Revenues for insurance rose 4 percent to £47.1 million, while its home services division recorded a 15 percent boost to £11.5 million. Money fell by 1 percent to £23.1 million.
“Trading is on track in this year of transformation as we reinvent the business to help people save more money,” chief executive Mark Lewis said.
“We are expanding our product engineering hub in Manchester to improve the customer journeys on our sites and plan to unlock future growth with the agreement to acquire Decision Tech – a leader in home communications price comparison and white label B2B comparison services.”
Going forward the group said it continues to benefit from its diversified portfolio and it remains confident of meeting full-year expectations.
Last month the Ewloe-headquartered company announced the acquisition of rival site Decision Technologies, a comparison site focused on the home communications sector. Its portfolio includes broadbandchoices.co.uk, offering internet service comparison for consumers and businesses.
Decision Technologies and its 40-strong staff will continue to operate from its current offices. The company has a forecasted £3.6 million adjusted EBITDA for the year to 31 March 2018.
Shares in Moneysupermarket.com are currently trading up 14 percent at 283.90 (0812GMT).
