Moneysupermarket’s new Money Super Seven
(Picture: Moneysupermarket)Consumers under pressure to make their budgets stretch further have given a boost to comparison site Moneysupermarket as it reported a better-than-expected leap in third-quarter sales.
Revenue swelled to £102 million for the three months to September 2022, up 33% on the previous year, led by 42% growth in the firm’s ‘Money’ division, as consumers shop around for the best deals for credit cards, loans and mortgages. The Wales-based business said it expected earnings to land at the upper end of market expectations.
Moneysupermarket boss Peter Duffy said: "The cost-of-living crisis makes our purpose of helping households save money as important as ever.
“There are early signs of improving trends in the Insurance market, and in Money more consumers are finding attractive products to switch to.”
Moneysupermarket shares climbed 6% to 211p this morning. Its shares are up 4% over the past year, bucking the trend of other online comparison businesses who have seen a marked decline in their market cap since the start of the year. Shares in Auto Trader have fallen 28% since January, while Rightmove shares have fallen 39% over the same period.
Moneysupermarket founder Simon Nixon, became a billionaire after the firm floated on the London stock exchange in 2007. His wealth now stands at $1.2 billion (£1.1 billion), according to Forbes.
The business bought money advice website MoneySavingExpert from founder Martin Lewis in a £87 million deal in 2012. Lewis continues to hold a small stake in the firm, according to Refinitiv data.
